UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December
31, 2015
Commission file number 000-04217
ACETO CORPORATION
(Exact name of registrant as specified in its charter)
New York |
|
11-1720520 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer Identification
Number) |
4 Tri Harbor Court,
Port Washington, NY 11050 |
(Address of principal executive offices) (Zip Code) |
(516) 627-6000
(Registrant's telephone number, including area
code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes x
No ¨
Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate website, if any, every interactive data file required to be submitted and posted pursuant to Rule
405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).
Yes x
No ¨
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check
one):
Large accelerated filer ¨ |
Accelerated filer x |
|
|
Non-accelerated filer ¨ (Do not check if
a smaller reporting company) |
Smaller reporting company ¨ |
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
Yes ¨
No x
The registrant had 29,551,873 shares of common stock outstanding
as of February 1, 2016.
ACETO CORPORATION AND SUBSIDIARIES
QUARTERLY REPORT FOR THE PERIOD ENDED DECEMBER
31, 2015
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION |
|
|
|
|
Item 1. |
Financial Statements |
3 |
|
|
|
|
Condensed Consolidated Balance Sheets – December 31, 2015
(unaudited) and June 30, 2015 |
3 |
|
|
|
|
Condensed Consolidated Statements of Income – Six Months
Ended December 31, 2015 and 2014 (unaudited) |
4 |
|
|
|
|
Condensed Consolidated Statements of Income – Three Months
Ended December 31, 2015 and 2014 (unaudited) |
5 |
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income –
Three and Six Months Ended December 30, 2015 and 2014 (unaudited) |
6 |
|
|
|
|
Condensed Consolidated Statements of Cash Flows – Six
Months Ended December 31, 2015 and 2014 (unaudited) |
7 |
|
|
|
|
Notes to Condensed Consolidated Financial Statements (unaudited) |
8 |
|
|
|
|
Report of Independent Registered Public Accounting Firm |
21 |
|
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition
and Results of Operations |
22 |
|
|
|
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
35 |
|
|
|
Item 4. |
Controls and Procedures |
35 |
|
|
|
PART II. OTHER INFORMATION |
|
|
|
|
Item 1. |
Legal Proceedings |
36 |
|
|
|
Item 1A. |
Risk Factors |
36 |
|
|
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
37 |
|
|
|
Item 3. |
Defaults Upon Senior Securities |
37 |
|
|
|
Item 4. |
Mine Safety Disclosures |
37 |
|
|
|
Item 5. |
Other Information |
37 |
|
|
|
Item 6. |
Exhibits |
37 |
|
|
|
Signatures |
37 |
|
|
|
Exhibits |
|
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ACETO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per-share amounts)
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 54,349 | | |
$ | 34,020 | |
Investments | |
| 2,396 | | |
| 3,416 | |
Trade receivables, less allowance for doubtful accounts
(December 31, 2015, $610; June 30, 2015, $691) | |
| 152,196 | | |
| 161,521 | |
Other receivables | |
| 9,026 | | |
| 10,611 | |
Inventory | |
| 105,575 | | |
| 95,596 | |
Prepaid expenses and other current assets | |
| 3,482 | | |
| 3,096 | |
Deferred income tax asset, net | |
| 2,153 | | |
| 2,050 | |
Total current assets | |
| 329,177 | | |
| 310,310 | |
| |
| | | |
| | |
Property and equipment, net | |
| 10,376 | | |
| 10,456 | |
Property held for sale | |
| 6,574 | | |
| 6,574 | |
Goodwill | |
| 67,853 | | |
| 67,870 | |
Intangible assets, net | |
| 83,387 | | |
| 78,997 | |
Deferred income tax asset, net | |
| 20,532 | | |
| 9,972 | |
Other assets | |
| 6,495 | | |
| 5,595 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 524,394 | | |
$ | 489,774 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Current portion of long-term debt | |
$ | 197 | | |
$ | 10,197 | |
Accounts payable | |
| 57,441 | | |
| 54,962 | |
Accrued expenses | |
| 44,956 | | |
| 59,841 | |
Total current liabilities | |
| 102,594 | | |
| 125,000 | |
| |
| | | |
| | |
Long-term debt, net | |
| 115,885 | | |
| 99,960 | |
Long-term liabilities | |
| 7,336 | | |
| 7,542 | |
Environmental remediation liability | |
| 2,487 | | |
| 2,995 | |
Deferred income tax liability | |
| 10,235 | | |
| 66 | |
Total liabilities | |
| 238,537 | | |
| 235,563 | |
| |
| | | |
| | |
Commitments and contingencies (Note 6) | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ equity: | |
| | | |
| | |
Preferred stock, 2,000 shares authorized; no shares
issued and outstanding | |
| - | | |
| - | |
Common stock, $.01 par value, 75,000 shares authorized
at December 31, 2015 and 40,000 shares authorized at June 30, 2015; 29,551 and 29,147 shares issued and outstanding at December
31, 2015 and June 30, 2015, respectively | |
| 296 | | |
| 292 | |
Capital in excess of par value | |
| 111,630 | | |
| 93,807 | |
Retained earnings | |
| 181,215 | | |
| 167,208 | |
Accumulated other comprehensive
loss | |
| (7,284 | ) | |
| (7,096 | ) |
Total shareholders’ equity | |
| 285,857 | | |
| 254,211 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY | |
$ | 524,394 | | |
$ | 489,774 | |
See accompanying notes to condensed consolidated financial statements
and accountants’ review report.
ACETO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited and in thousands, except per-share
amounts)
| |
Six Months Ended December 31 | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Net sales | |
$ | 265,174 | | |
$ | 254,568 | |
Cost of sales | |
| 194,725 | | |
| 196,898 | |
Gross profit | |
| 70,449 | | |
| 57,670 | |
| |
| | | |
| | |
Selling, general and administrative expenses | |
| 36,879 | | |
| 37,253 | |
Research and development expenses | |
| 3,961 | | |
| 1,122 | |
Operating income | |
| 29,609 | | |
| 19,295 | |
| |
| | | |
| | |
Other (expense) income: | |
| | | |
| | |
Interest expense | |
| (2,609 | ) | |
| (2,041 | ) |
Interest and other income, net | |
| 1,076 | | |
| 876 | |
| |
| (1,533 | ) | |
| (1,165 | ) |
| |
| | | |
| | |
Income before income taxes | |
| 28,076 | | |
| 18,130 | |
Provision for income taxes | |
| 10,508 | | |
| 6,694 | |
Net income | |
$ | 17,568 | | |
$ | 11,436 | |
| |
| | | |
| | |
Basic income per common share | |
$ | 0.60 | | |
$ | 0.40 | |
Diluted income per common share | |
$ | 0.60 | | |
$ | 0.39 | |
| |
| | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | |
Basic | |
| 29,049 | | |
| 28,679 | |
Diluted | |
| 29,495 | | |
| 29,191 | |
See accompanying notes to condensed consolidated financial statements
and accountants’ review report.
ACETO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited and in thousands, except per-share
amounts)
| |
Three Months Ended December 31 | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Net sales | |
$ | 131,674 | | |
$ | 123,765 | |
Cost of sales | |
| 95,806 | | |
| 93,746 | |
Gross profit | |
| 35,868 | | |
| 30,019 | |
| |
| | | |
| | |
Selling, general and administrative expenses | |
| 19,246 | | |
| 18,970 | |
Research and development expenses | |
| 2,531 | | |
| 377 | |
Operating income | |
| 14,091 | | |
| 10,672 | |
| |
| | | |
| | |
Other (expense) income: | |
| | | |
| | |
Interest expense | |
| (1,855 | ) | |
| (1,005 | ) |
Interest and other income, net | |
| 857 | | |
| 818 | |
| |
| (998 | ) | |
| (187 | ) |
| |
| | | |
| | |
Income before income taxes | |
| 13,093 | | |
| 10,485 | |
Provision for income taxes | |
| 4,823 | | |
| 3,877 | |
Net income | |
$ | 8,270 | | |
$ | 6,608 | |
| |
| | | |
| | |
Basic income per common share | |
$ | 0.28 | | |
$ | 0.23 | |
Diluted income per common share | |
$ | 0.28 | | |
$ | 0.23 | |
| |
| | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | |
Basic | |
| 29,115 | | |
| 28,740 | |
Diluted | |
| 29,599 | | |
| 29,204 | |
See accompanying notes to condensed consolidated financial statements
and accountants’ review report.
ACETO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
(unaudited and in thousands)
| |
Six Months Ended December 31, | | |
Three Months Ended December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| |
Net income | |
$ | 17,568 | | |
$ | 11,436 | | |
$ | 8,270 | | |
$ | 6,608 | |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments | |
| (526 | ) | |
| (6,957 | ) | |
| (1,592 | ) | |
| (2,482 | ) |
Change in fair value of interest rate swaps | |
| (149 | ) | |
| 153 | | |
| - | | |
| (99 | ) |
Reclassification for realized loss on interest rate swap
included in interest expense | |
| 487 | | |
| - | | |
| 487 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive income | |
$ | 17,380 | | |
$ | 4,632 | | |
$ | 7,165 | | |
$ | 4,027 | |
See accompanying notes to condensed consolidated financial statements
and accountants’ review report.
ACETO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(unaudited and in thousands)
| |
Six Months Ended December 31, | |
| |
2015 | | |
2014 | |
Operating activities: | |
| | | |
| | |
Net income | |
$ | 17,568 | | |
$ | 11,436 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 6,225 | | |
| 5,973 | |
Amortization of debt issuance costs and debt discount | |
| 691 | | |
| - | |
Provision for doubtful accounts | |
| (49 | ) | |
| 211 | |
Non-cash stock compensation | |
| 3,206 | | |
| 2,279 | |
Deferred income taxes | |
| (184 | ) | |
| (648 | ) |
Earnings on equity investment in joint venture | |
| (748 | ) | |
| (1,342 | ) |
Changes in assets and liabilities: | |
| | | |
| | |
Trade accounts receivable | |
| 9,021 | | |
| (28,265 | ) |
Other receivables | |
| 2,041 | | |
| (488 | ) |
Inventory | |
| (10,418 | ) | |
| 4,547 | |
Prepaid expenses and other current assets | |
| (400 | ) | |
| (1,086 | ) |
Other assets | |
| (11 | ) | |
| 1,129 | |
Accounts payable | |
| 2,649 | | |
| 1,547 | |
Accrued expenses and other liabilities | |
| (13,323 | ) | |
| 4,791 | |
Net cash provided by operating activities | |
| 16,268 | | |
| 84 | |
| |
| | | |
| | |
Investing activities: | |
| | | |
| | |
Purchases of investments | |
| (37 | ) | |
| (1,101 | ) |
Sales of investments | |
| 1,023 | | |
| - | |
Payments for intangible assets | |
| (9,850 | ) | |
| (940 | ) |
Purchases of property and equipment, net | |
| (725 | ) | |
| (511 | ) |
Net cash used in investing activities | |
| (9,589 | ) | |
| (2,552 | ) |
| |
| | | |
| | |
Financing activities: | |
| | | |
| | |
Payment of cash dividends | |
| (3,563 | ) | |
| (3,473 | ) |
Proceeds from exercise of stock options | |
| 384 | | |
| 955 | |
Excess tax benefit on stock option exercises and restricted stock | |
| 1,030 | | |
| 660 | |
Payment of contingent consideration | |
| (1,500 | ) | |
| (1,500 | ) |
Proceeds from convertible senior notes | |
| 143,750 | | |
| - | |
Payment for debt issuance costs | |
| (5,153 | ) | |
| - | |
Proceeds from sold warrants | |
| 13,685 | | |
| - | |
Purchase of call option (hedge) | |
| (27,174 | ) | |
| - | |
Termination payment for interest rate swap | |
| (420 | ) | |
| - | |
Borrowings of bank loans | |
| 15,500 | | |
| 7,000 | |
Repayment of bank loans | |
| (122,599 | ) | |
| (4,245 | ) |
Net cash provided by (used in) financing activities | |
| 13,940 | | |
| (603 | ) |
| |
| | | |
| | |
Effect of exchange rate changes on cash | |
| (290 | ) | |
| (2,610 | ) |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| 20,329 | | |
| (5,681 | ) |
Cash and cash equivalents at beginning of period | |
| 34,020 | | |
| 42,897 | |
Cash and cash equivalents at end of period | |
$ | 54,349 | | |
$ | 37,216 | |
See accompanying notes to condensed consolidated financial statements
and accountants’ review report
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
(1) Basis of Presentation
The condensed consolidated financial statements
of Aceto Corporation and subsidiaries (“Aceto” or the “Company”) included herein have been prepared by
the Company and reflect all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows for all periods presented. Interim results are not necessarily indicative of results
which may be achieved for the full year.
The preparation of financial statements in
conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, revenues and expenses reported in those financial statements and the disclosure
of contingent assets and liabilities at the date of the financial statements. These judgments can be subjective and complex, and
consequently actual results could differ from those estimates and assumptions. The Company’s most critical accounting policies
relate to revenue recognition; allowance for doubtful accounts; inventory; goodwill and other indefinite-life intangible assets;
long-lived assets; environmental matters and other contingencies; income taxes; and stock-based compensation.
These condensed consolidated financial statements
do not include all disclosures associated with consolidated financial statements prepared in accordance with GAAP. Accordingly,
these statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained
in the Company’s Form 10-K for the year ended June 30, 2015.
(2) Stock-Based Compensation
At the annual meeting of shareholders of the
Company, held on December 15, 2015, the Company’s shareholders approved the Aceto Corporation 2015 Equity Participation
Plan (the “2015 Plan”). Under the 2015 Plan, grants of stock options, stock appreciation rights, restricted stock,
restricted stock units and other stock-based awards (“Stock Awards”) may be offered to employees, non-employee directors,
consultants and advisors of the Company, including the chief executive officer, chief financial officer and other named executive
officers. The maximum number of shares of common stock of the Company that may be issued pursuant to Stock Awards granted under
the 2015 Plan will not exceed, in the aggregate, 4,250 shares. Stock Awards that are intended to qualify as “performance-based
compensation” for purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended, may be granted. Performance-based
awards may be granted, vested and paid based on the attainment of specified performance goals.
At the annual meeting of shareholders of the
Company, held on December 6, 2012, the Company’s shareholders approved the amended and restated Aceto Corporation 2010 Equity
Participation Plan (the “2010 Plan”). Under the 2010 Plan, grants of stock options, restricted stock, restricted stock
units, stock appreciation rights, and stock bonuses may be made to employees, non-employee directors and consultants of the Company.
The maximum number of shares of common stock of the Company that may be issued pursuant to awards granted under the 2010 Plan
will not exceed, in the aggregate, 5,250 shares. In addition, restricted stock may be granted to an eligible participant in lieu
of a portion of any annual cash bonus earned by such participant. Such award may include additional shares of restricted stock
(premium shares) greater than the portion of bonus paid in restricted stock. The restricted stock award is vested at issuance
and the restrictions lapse ratably over a period of years as determined by the Board of Directors, generally three years. The
premium shares vest when all the restrictions lapse, provided that the participant remains employed by the Company at that time.
During the six months ended December 31, 2015,
the Company granted 219 shares of restricted common stock to its employees that vest over three years, 14 shares of restricted
stock to its non-employee directors, which vest over approximately one year as well as 46 restricted stock units to its employees
that have varying vest dates through August 2016. In addition, the Company also issued a target grant of 142 performance-vested
restricted stock units, which grant could be as much as 248 units if certain performance criteria and market conditions are met.
Performance-vested restricted stock units will cliff vest 100% at the end of the third year following grant in accordance with
the performance metrics set forth in the applicable employee performance-vested restricted stock unit grant.
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
During the year ended June 30, 2015, the Company
granted 165 shares of restricted common stock to its employees that vest over three years and 12 shares of restricted common stock
to its non-employee directors, which vest over approximately one year as well as 67 restricted stock units that have varying vest
dates through August 2016. In addition, the Company also issued a target grant of 116 performance-vested restricted stock units,
which grant could be as much as 203 if certain performance criteria and market conditions are met. Performance-vested restricted
stock units will cliff vest 100% at the end of the third year following grant in accordance with the performance metrics set forth
in the applicable employee performance-vested restricted stock unit grant.
For the three and six months ended December
31, 2015, the Company recorded stock-based compensation expense of approximately $1,733 and $3,195, respectively, related to restricted
common stock and restricted stock units. For the three and six months ended December 31, 2014, the Company recorded stock-based
compensation expense of approximately $1,142 and $2,245 respectively, related to restricted common stock and restricted stock
units. As of December 31, 2015, the total unrecognized compensation cost related to restricted stock awards and restricted stock
units is approximately $11,462.
(3) Common Stock
At the annual meeting of shareholders of the
Company, held on December 15, 2015, the Company’s shareholders approved the proposal to amend
Aceto’s Certificate of Incorporation to increase the total number of authorized shares of common stock from 40,000 shares
to 75,000 shares.
On February 4, 2016, the Company's board of
directors declared a regular quarterly dividend of $0.06 per share which is scheduled to be paid on March 25, 2016 to shareholders
of record as of March 11, 2016.
On December 3, 2015, the Company's board of
directors declared a regular quarterly dividend of $0.06 per share which was paid on December 28, 2015 to shareholders of record
as of December 17, 2015.
On September 10, 2015, the Company's board
of directors declared a regular quarterly dividend of $0.06 per share which was paid on October 2, 2015 to shareholders of record
as of September 21, 2015.
On May 8, 2014, the Board of Directors of
the Company authorized the continuation of the Company’s stock repurchase program, expiring in May 2017. Under the stock
repurchase program, the Company is authorized to purchase up to 5,000 shares of common stock in open market or private transactions,
at prices not to exceed the market value of the common stock at the time of such purchase.
The Board of Directors has authority under
the Company’s Restated Certificate of Incorporation to issue shares of preferred stock with voting and other relative rights
to be determined by the Board of Directors.
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
(4) Net Income Per Common Share
Basic income per common share is based on
the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive
effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding
and diluted weighted average shares outstanding:
| |
Six Months Ended December 31, | | |
Three Months Ended December 31, | |
| |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| |
| | |
| | |
| | |
| |
Weighted average shares outstanding | |
| 29,049 | | |
| 28,679 | | |
| 29,115 | | |
| 28,740 | |
Dilutive effect of stock options
and restricted stock awards and units | |
| 446 | | |
| 512 | | |
| 484 | | |
| 464 | |
Diluted weighted average shares outstanding | |
| 29,495 | | |
| 29,191 | | |
| 29,599 | | |
| 29,204 | |
The Convertible Senior Notes (see Note 5) will only be included
in the dilutive net income per share calculations using the treasury stock method during periods in which the average market price
of Aceto’s common stock was above the applicable conversion price of the Convertible Senior Notes, or $33.215 per share,
and the impact would not be anti-dilutive.
(5) Debt
Long-term debt
| |
December 31, 2015 | | |
June 30, 2015 | |
| |
| | |
| |
Convertible Senior Notes, net | |
$ | 113,024 | | |
$ | - | |
Revolving Bank Loans | |
| - | | |
| 45,000 | |
Term Bank Loans | |
| - | | |
| 62,000 | |
Mortgage | |
| 3,058 | | |
| 3,157 | |
| |
| 116,082 | | |
| 110,157 | |
Less current portion | |
| 197 | | |
| 10,197 | |
| |
$ | 115,885 | | |
$ | 99,960 | |
Convertible Senior Notes
In November 2015, Aceto offered $125,000 aggregate
principal amount of Convertible Senior Notes due 2020 (the "Notes") in a private offering to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, Aceto granted the initial purchasers for
the offering an option to purchase up to an additional $18,750 aggregate principal amount pursuant to the initial purchasers’
option to purchase additional notes, which was exercised in November 2015. Therefore the total offering was $143,750 aggregate
principal amount. The Notes are unsecured obligations of Aceto and rank senior in right of payment to any of Aceto’s subordinated
indebtedness, equal in right of payment to all of Aceto’s unsecured indebtedness that is not subordinated, effectively junior
in right of payment to any of Aceto’s secured indebtedness to the extent of the value of the assets securing such indebtedness
and structurally junior in right of payment to all indebtedness and other liabilities (including trade payables) of Aceto’s
subsidiaries. Interest will be payable semi-annually in arrears. The Notes will be convertible into cash, shares of Aceto common
stock or a combination thereof, at Aceto’s election, upon the satisfaction of specified conditions and during certain periods.
The Notes will mature in November 2020.
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
After deducting the underwriting discounts
and commissions and other expenses (including the net cost of the bond hedge and warrant, discussed below), the net proceeds from
the offering was approximately $125,108. The Notes pay 2.0% interest semi-annually in arrears on May 1 and November 1 of each
year, starting on May 1, 2016. The Notes are convertible into 4,327,864 shares of common stock, based on an initial conversion
price of $33.215 per share.
Holders may convert all or any portion of
their notes, in multiples of $1,000 principal amount, at their option at any time prior to the close of business on the business
day immediately preceding May 1, 2020 only under the following circumstances: (i) during any calendar quarter commencing after
the calendar quarter ended on December 31, 2015 (and only during such calendar quarter), if the last reported sale price of the
common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on
the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on
each applicable trading day, (ii) during the five consecutive business day period after any five consecutive trading day period
(which is referred to as the “measurement period”) in which the trading price per $1,000 principal amount of Notes
for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Aceto’s
common stock and the conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events.
Upon conversion by the holders, the Company
may elect to settle such conversion in shares of its common stock, cash, or a combination thereof. As a result of its cash conversion
option, the Company separately accounted for the value of the embedded conversion option as a debt discount (with an offset to
capital in excess of par value) of $27,241. The value of the embedded conversion option was determined based on the estimated
fair value of the debt without the conversion feature, which was determined using an expected present value technique (income
approach) to estimate the fair value of similar non-convertible debt (see Note 7); the debt discount is being amortized as additional
non-cash interest expense using the effective interest method over the term of the Notes.
Offering costs
of $5,153 have been allocated to the debt and equity components in proportion to the allocation of proceeds to the components,
as debt issuance costs and equity issuance costs, respectively. The debt issuance costs of $4,177 are being amortized as additional
non-cash interest expense using the straight-line method over the term of the debt, since this method was not significantly different
from the effective interest method. The $976 portion allocated to equity issuance costs was charged to capital in excess of par
value. As discussed in Note 8, the Company adopted Accounting Standards Update 2015-03, Interest—Imputation of
Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs in the second quarter of fiscal 2016. The
Company presents debt issuance costs as a direct deduction from the carrying value of the debt liability rather than showing the
debt issuance costs as a deferred charge on the balance sheet.
In connection with
the offering of the Notes, Aceto entered into privately negotiated convertible note hedge transactions with option counterparties,
which are affiliates of certain of the initial purchasers. The convertible note hedge transactions are expected generally to reduce
the potential dilution to Aceto’s common stock and/or offset any cash payments Aceto is required to make in excess of the
principal amount of converted notes upon any conversion of notes. Aceto also entered into privately negotiated warrant transactions
with the option counterparties. The warrant transactions could separately have a dilutive effect to the extent that the market
price per share of Aceto’s common stock as measured over the applicable valuation period at the maturity of the warrants
exceeds the applicable strike price of the warrants. By entering into these transactions with the option counterparties, the Company
issued convertible debt and a freestanding “call-spread.” A call-spread consists of Aceto’s (1) purchasing a
call option on its own shares with an exercise price of $33.215 and (2) writing a call option on its own shares at a higher strike
price of $44.71(premium of 75%) (i.e., issuing a warrant). The purchased call option has an exercise price equal to the conversion
price of Aceto’s convertible debt, which economically reduces the potential common stock dilution that may arise from the
conversion of the Notes. The written call option has a higher strike price to partially finance the purchased call option. Since
the convertible note hedge and warrant are both indexed to the Company’s common stock and otherwise would be classified
as equity, Aceto recorded both elements as equity, resulting in a net reduction to capital in excess
of par value of $13,489.
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
The carrying value
of the Notes is as follows:
| |
December 31, 2015 | |
| |
| |
Principal amount | |
$ | 143,750 | |
Unamortized debt discount | |
| (26,654 | ) |
Unamortized debt issuance costs | |
| (4,072 | ) |
Net carrying value | |
$ | 113,024 | |
The following table
sets forth the components of total “interest expense” related to the Notes recognized in the accompanying consolidated
statements of income for the three and six months ended December 31:
| |
December 31, 2015 | |
| |
| |
Contractual coupon | |
$ | 354 | |
Amortization of debt discount | |
| 587 | |
Amortization of debt issuance costs | |
| 104 | |
| |
$ | 1,045 | |
Credit Facilities
On October 28,
2015, the Company entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”), which amended
and restated in its entirety the Credit Agreement, dated as of April 30, 2014 with three domestic financial institutions, as amended
on June 25, 2015 by Amendment No. 1 to the Credit Agreement (together, the “First Amended Credit Agreement”).
The A&R Credit Agreement increases the aggregate available revolving commitment under the First
Amended Credit Agreement from $75,000 to an initial aggregate available revolving commitment of $150,000 (the “Initial Revolving
Commitment”), which may be increased in accordance with the terms and conditions of the A&R Credit Agreement by an aggregate
amount not to exceed $100,000 (the “Expansion Commitment” and, together with the Initial Revolving Commitment, the
“Revolving Commitment”). Under the A&R Credit Agreement, the Company may borrow, repay and reborrow loans up to
the Revolving Commitment from and as of October 28, 2015, to but excluding the earlier of October 28, 2020 and the termination
of the Revolving Commitment, in amounts up to, but not exceeding at any one time, the Revolving Commitment. The A&R Credit
Agreement does not provide for any term loan commitment. The proceeds from initial borrowings under the A&R Credit Agreement
have been used to repay all amounts outstanding pursuant to the term loan commitment and revolving loan commitment under Aceto’s
First Amended Credit Agreement. The proceeds from the issuance of the Notes were used to pay initial borrowings under the A&R
Credit Agreement. As of December 31, 2015, there were no amounts outstanding under the A&R Credit Agreement.
The A&R Credit Agreement provides for
(i) Eurodollar Loans (as such term is defined in the A&R Credit Agreement), (ii) ABR Loans (as such term is defined in the
A&R Credit Agreement) or (iii) a combination thereof. Borrowings under the A&R Credit Agreement will bear interest per
annum at a base rate or, at the Company’s option, LIBOR, plus an applicable margin ranging from 0.00% to 0.75% in the case
of ABR Loans, and 1.00% to 1.75% in the case of Eurodollar Loans. The applicable interest rate margin percentage will be determined
by the Company’s senior secured net leverage ratio.
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
The A&R Credit Agreement, similar to Aceto’s
First Amended Credit Agreement, provides that commercial letters of credit shall be issued to provide the primary payment mechanism
in connection with the purchase of any materials, goods or services in the ordinary course of business. The Company had open letters
of credit of approximately $0 and $21 at December 31, 2015 and June 30, 2015 respectively.
The A&R Credit Agreement, like Aceto’s
First Amended Credit Agreement, provides for a security interest in substantially all of the personal property of the Company
and certain of its subsidiaries. The A&R Credit Agreement contains several financial covenants including, among other things,
maintaining a minimum level of debt service. Under the A&R Credit Agreement, the Company and its subsidiaries are also subject
to certain restrictive covenants, including, among other things, covenants governing liens, limitations on indebtedness, limitations
on guarantees, limitations on sales of assets and sales of receivables, and limitations on loans and investments. The Company
was in compliance with all covenants at December 31, 2015.
Mortgage
On June 30, 2011, the Company entered into
a mortgage payable for $3,947 on its new corporate headquarters, in Port Washington, New York. This mortgage payable is secured
by the land and building and is being amortized over a period of 20 years. The mortgage payable, which was modified in October
2013, bears interest at 4.92% per annum as of December 31, 2015 and matures on June 30, 2021.
(6) Commitments, Contingencies and Other Matters
The Company and its subsidiaries are subject
to various claims which have arisen in the normal course of business. The Company provides for costs related to contingencies
when a loss from such claims is probable and the amount is reasonably determinable. In determining whether it is possible to provide
an estimate of loss, or range of possible loss, the Company reviews and evaluates its litigation and regulatory matters on a quarterly
basis in light of potentially relevant factual and legal developments. If the Company determines an unfavorable outcome is not
probable or reasonably estimable, the Company does not accrue for a potential litigation loss. While the Company has determined
that there is a reasonable possibility that a loss has been incurred, no amounts have been recognized in the financial statements,
other than what is discussed below, because the amount of the liability cannot be reasonably estimated at this time.
In fiscal years 2011, 2009, 2008 and 2007,
the Company received letters from the Pulvair Site Group, a group of potentially responsible parties (PRP Group) who are working
with the State of Tennessee (the State) to remediate a contaminated property in Tennessee called the Pulvair site. The PRP Group
has alleged that Aceto shipped hazardous substances to the site which were released into the environment. The State has begun
administrative proceedings against the members of the PRP Group and Aceto with respect to the cleanup of the Pulvair site and
the PRP Group has begun to undertake cleanup. The PRP Group is seeking a settlement of approximately $1,700 from the Company for
its share to remediate the site contamination. Although the Company acknowledges that it shipped materials to the site for formulation
over twenty years ago, the Company believes that the evidence does not show that the hazardous materials sent by Aceto to the
site have significantly contributed to the contamination of the environment and thus believes that, at most, it is a de minimis
contributor to the site contamination. Accordingly, the Company believes that the settlement offer is unreasonable. Management
believes that the ultimate outcome of this matter will not have a material adverse effect on the Company's financial condition
or liquidity.
The Company has environmental remediation
obligations in connection with Arsynco, Inc. (“Arsynco”), a subsidiary formerly involved in manufacturing chemicals
located in Carlstadt, New Jersey, which was closed in 1993 and is currently held for sale. Based on continued monitoring of the
contamination at the site and the approved plan of remediation, Arsynco received an estimate from an environmental consultant
stating that the costs of remediation could be between $16,500 and $18,300. Remediation commenced in fiscal 2010, and as of December
31, 2015 and June 30, 2015, a liability of $10,571 and $11,079, respectively, is included in the accompanying consolidated balance
sheets for this matter. In accordance with GAAP, management believes that the majority of costs incurred to remediate the site
will be capitalized in preparing the property which is currently classified as held for sale. An appraisal of the fair value of
the property by a third-party appraiser supports the assumption that the expected fair value after the remediation is in excess
of the amount required to be capitalized. However, these
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
matters, if resolved in a manner different
from those assumed in current estimates, could have a material adverse effect on the Company’s financial condition, operating
results and cash flows when resolved in a future reporting period.
In connection with the environmental remediation
obligation for Arsynco, in July 2009, Arsynco entered into a settlement agreement with BASF Corporation (“BASF”),
the former owners of the Arsynco property. In accordance with the settlement agreement, BASF paid for a portion of the prior remediation
costs and going forward, will co-remediate the property with the Company. The contract requires that BASF pay $550 related to
past response costs and pay a proportionate share of the future remediation costs. Accordingly, the Company had recorded a gain
of $550 in fiscal 2009. This $550 gain relates to the partial reimbursement of costs of approximately $1,200 that the Company
had previously expensed. The Company also recorded an additional receivable from BASF, with an offset against property held for
sale, representing its estimated portion of the future remediation costs. The balance of this receivable for future remediation
costs as of December 31, 2015 and June 30, 2015 is $4,756 and $4,985, respectively, which is included in the accompanying consolidated
balance sheets.
In March 2006, Arsynco received notice from
the United States Environmental Protection Agency (“EPA”) of its status as a PRP under the Comprehensive Environmental
Response, Compensation and Liability Act (CERCLA) for a site described as the Berry’s Creek Study Area (“BCSA”).
Arsynco is one of over 150 PRPs which have potential liability for the required investigation and remediation of the site. The
estimate of the potential liability is not quantifiable for a number of reasons, including the difficulty in determining the extent
of contamination and the length of time remediation may require. In addition, any estimate of liability must also consider the
number of other PRPs and their financial strength. In July 2014, Arsynco received notice from the U.S. Department of Interior
(“USDOI”) regarding the USDOI’s intent to perform a Natural Resource Damage (NRD) Assessment at the BCSA. Arsynco
has to date declined to participate in the development and performance of the NRD assessment process. Based on prior practice
in similar situations, it is possible that the State may assert a claim for natural resource damages with respect to the Arsynco
site itself, and either the federal government or the State (or both) may assert claims against Arsynco for natural resource damages
in connection with Berry's Creek; any such claim with respect to Berry's Creek could also be asserted against the approximately
150 PRPs which the EPA has identified in connection with that site. Any claim for natural resource damages with respect to the
Arsynco site itself may also be asserted against BASF, the former owner of the Arsynco property. In September 2012, Arsynco entered
into an agreement with three of the other PRPs that had previously been impleaded into New Jersey Department of Environmental
Protection, et al. v. Occidental Chemical Corporation, et al., Docket No. ESX-L-9868-05 (the "NJDEP Litigation") and
were considering impleading Arsynco into the same proceeding. Arsynco entered into an agreement to avoid impleader. Pursuant to
the agreement, Arsynco agreed to (1) a tolling period that would not be included when computing the running of any statute of
limitations that might provide a defense to the NJDEP Litigation; (2) the waiver of certain issue preclusion defenses in the NJDEP
Litigation; and (3) arbitration of certain potential future liability allocation claims if the other parties to the agreement
are barred by a court of competent jurisdiction from proceeding against Arsynco. In July 2015, Arsynco was contacted by an allocation
consultant retained by a group of the named PRPs, inviting Arsynco to participate in the allocation among the PRPs’ investigation
and remediation costs relating to the BCSA. Arsynco declined that invitation. Since an amount of the liability cannot be reasonably
estimated at this time, no accrual is recorded for these potential future costs. The impact of the resolution of this matter on
the Company’s results of operations in a particular reporting period is not currently known.
A subsidiary of the Company markets certain
agricultural protection products which are subject to the Federal Insecticide, Fungicide and Rodenticide Act (FIFRA). FIFRA requires
that test data be provided to the EPA to register, obtain and maintain approved labels for pesticide products. The EPA requires
that follow-on registrants of these products compensate the initial registrant for the cost of producing the necessary test data
on a basis prescribed in the FIFRA regulations. Follow-on registrants do not themselves generate or contract for the data. However,
when FIFRA requirements mandate that new test data be generated to enable all registrants to continue marketing a pesticide product,
often both the initial and follow-on registrants establish a task force to jointly undertake the testing effort. The Company is
presently a member of several such task force groups, which requires payments for such memberships. In addition, in connection
with our agricultural protection business, the Company plans to acquire product registrations and related data filed with the
United States Environmental Protection Agency to support such registrations and other supporting data for several products. The
acquisition of these product
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
registrations and related data filed with
the United States Environmental Protection Agency as well as payments to various task force groups could approximate $2,360 through
fiscal 2016, of which $0 has been accrued as of December 31, 2015 and June 30, 2015 respectively.
On April 30, 2014, Rising, a wholly owned
subsidiary of Aceto, acquired 100% of the issued and outstanding membership interests of PACK. PACK, a national marketer and distributor
of generic prescription and over-the-counter pharmaceutical products, had headquarters in Buffalo Grove, Illinois, a suburb of
Chicago, Illinois. The purchase agreement provided for a three-year earn-out of up to $15,000 in cash based on the achievement
of certain performance-based targets. As of December 31, 2015 and June 30, 2015, the Company accrued $833 and $783, respectively,
related to this contingent consideration. Any necessary future adjustments to this amount will be recorded as an income statement
charge at that time.
(7) Fair Value Measurements
GAAP defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement
date. GAAP establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions
based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of
three levels:
Level 1 – Quoted market prices in active markets
for identical assets or liabilities;
Level 2 – Inputs other than Level 1 inputs that
are either directly or indirectly observable; and
Level 3 – Unobservable inputs that are not corroborated
by market data.
On a recurring basis, Aceto measures at fair
value certain financial assets and liabilities, which consist of cash equivalents, investments and foreign currency contracts.
The Company classifies cash equivalents and investments within Level 1 if quoted prices are available in active markets. Level
1 assets include instruments valued based on quoted market prices in active markets which generally include corporate equity securities
publicly traded on major exchanges. Time deposits are short-term in nature and are accordingly valued at cost plus accrued interest,
which approximates fair value, and are classified within Level 2 of the valuation hierarchy. The Company uses foreign currency
futures contracts to minimize the risk caused by foreign currency fluctuation on its foreign currency receivables and payables
by purchasing futures with one of its financial institutions. Futures are traded on regulated U.S. and international exchanges
and represent commitments to purchase or sell a particular foreign currency at a future date and at a specific price. Aceto’s
foreign currency derivative contracts are classified within Level 2 as the fair value of these hedges is primarily based on observable
futures foreign exchange rates. At December 31, 2015, the Company had foreign currency contracts outstanding that had a notional
amount of $66,685. Unrealized losses on hedging activities for the six months ended December 31, 2015
and 2014 was $757 and $1,001, respectively, and are included in interest and other income, net, in the condensed consolidated
statements of income. The contracts have varying maturities of less than one year.
In conjunction with the Credit Agreement,
dated as of April 30, 2014, the Company entered into an interest rate swap on April 30, 2014 for an additional interest cost of
1.63% on a notional amount of $25,750, which had been designated as a cash flow hedge. The expiration date of this interest rate
swap was April 30, 2019. In November 2015, the Company terminated the interest rate swap agreement resulting in a termination
payment of $420, which is included in interest expense in the condensed consolidated statements of income for the three and six
months ended December 31, 2015. Pursuant to the requirements of the Credit Agreement, dated December 31, 2010, the Company was
required to deliver Hedging Agreements (as defined in the agreement) fixing the interest rate on not less than $20,000 of the
term loan at that time. Accordingly, in March 2011, the Company entered into an interest rate swap for an additional interest
cost of 1.91% on a notional amount of $20,000, which had been designated as a cash flow hedge and which expired on December 31,
2015. Aceto’s interest rate swaps were previously classified within Level 2 as the fair value of this hedge was primarily
based on observable interest rates.
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
As of December 31, 2015 and June 30, 2015,
the Company had $833 and $783, respectively, of contingent consideration related to the PACK acquisition, which was completed
in April 2014 and $365 and $359, respectively, of contingent consideration related to the acquisition of a company in France,
which occurred in December 2013. In addition, as of June 30, 2015, the Company had $1,480, of contingent consideration that was
recorded at fair value in the Level 3 category, which related to the acquisition of Rising that was completed during fiscal 2011.
The Rising contingent consideration was paid in September 2015. The contingent consideration was calculated using the present
value of a probability weighted income approach.
During the fourth
quarter of each fiscal year, the Company evaluates goodwill and indefinite-lived intangibles for impairment at the reporting unit
level using a cash flow model using Level 3 inputs. Additionally, on a nonrecurring basis,
the Company uses fair value measures when analyzing asset impairment. Long-lived assets and certain identifiable intangible assets
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable. If it is determined such indicators are present and the review indicates that the assets will not be
fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are
reduced to estimated fair value. Measurements based on undiscounted cash flows are considered to be Level 3 inputs.
In November 2015, the Company issued $143,750
aggregate principal amount of Notes (see Note 5). Since Aceto has the option to cash settle the potential conversion of the Notes
in cash, the Company separated the embedded conversion option feature from the debt feature and accounts for each component separately,
based on the fair value of the debt component assuming no conversion option. The calculation of the fair value of the debt component
required the use of Level 3 inputs, and was determined by calculating the fair value of similar non-convertible debt, using a
theoretical borrowing rate of 6.5%. The value of the embedded conversion option was determined using
an expected present value technique (income approach) to estimate the fair value of similar non-convertible debt and included
utilization of convertible investors’ credit assumptions and high yield bond indices. A
portion of the offering proceeds was used to simultaneously enter into privately negotiated convertible note hedge transactions
with option counterparties, which are affiliates of certain of the initial purchasers in the offering of the Notes and privately
negotiated warrant transactions with the option counterparties (see Note 5). The Company calculated the fair value of the bond
hedge based on the price that was paid to purchase the call. The Company also calculated the fair value of the warrant based on
the price at which the affiliate purchased the warrants from the Company. Since the convertible note hedge and warrant are both
indexed to the Company’s common stock and otherwise would be classified as equity, Aceto recorded both elements as equity,
resulting in a net reduction to capital in excess of par value of $13,489.
The carrying values of all financial instruments
classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of these
instruments. The fair values of the Company’s notes receivable and short-term and long-term bank loans were based upon current
rates offered for similar financial instruments to the Company.
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
The following tables summarize the valuation of the Company’s
financial assets and liabilities which were determined by using the following inputs at December 31, 2015 and June 30, 2015:
| |
Fair Value Measurements at December 31, 2015 Using | |
| |
| |
| |
Quoted Prices in Active Markets
(Level 1) | | |
Significant Other Observable
Inputs (Level 2) | | |
Significant Unobservable Inputs
(Level 3) | | |
Total | |
| |
| | |
| | |
| | |
| |
Cash equivalents: | |
| | | |
| | | |
| | | |
| | |
Time deposits | |
| - | | |
$ | 6,190 | | |
| - | | |
$ | 6,190 | |
| |
| | | |
| | | |
| | | |
| | |
Investments: | |
| | | |
| | | |
| | | |
| | |
Time deposits | |
| - | | |
| 2,396 | | |
| - | | |
| 2,396 | |
| |
| | | |
| | | |
| | | |
| | |
Foreign currency contracts - assets (1) | |
| - | | |
| 88 | | |
| - | | |
| 88 | |
Foreign currency contracts - liabilities (2) | |
| - | | |
| 836 | | |
| - | | |
| 836 | |
Contingent consideration (3) | |
| - | | |
| - | | |
$ | 1,198 | | |
| 1,198 | |
| (1) | Included in “Other receivables” in the accompanying
Condensed Consolidated Balance Sheet as of December 31, 2015. |
| (2) | Included in “Accrued expenses” in
the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. |
| (3) | Included in “Long-term liabilities” in the accompanying
Condensed Consolidated Balance Sheet as of December 31, 2015. |
| |
Fair Value Measurements at June 30, 2015 Using | |
| |
| |
| |
Quoted Prices in Active
Markets (Level 1) | | |
Significant Other Observable
Inputs (Level 2) | | |
Significant Unobservable Inputs
(Level 3) | | |
Total | |
| |
| | |
| | |
| | |
| |
Cash equivalents: | |
| | | |
| | | |
| | | |
| | |
Time deposits | |
| - | | |
$ | 6,376 | | |
| - | | |
$ | 6,376 | |
| |
| | | |
| | | |
| | | |
| | |
Investments: | |
| | | |
| | | |
| | | |
| | |
Time deposits | |
| - | | |
| 3,416 | | |
| - | | |
| 3,416 | |
| |
| | | |
| | | |
| | | |
| | |
Foreign currency contracts - assets (4) | |
| - | | |
| 119 | | |
| - | | |
| 119 | |
Foreign currency contracts - liabilities (5) | |
| - | | |
| 767 | | |
| - | | |
| 767 | |
Derivative liability for interest rate swap (6) | |
| - | | |
| 338 | | |
| - | | |
| 338 | |
Contingent consideration (7) | |
| - | | |
| - | | |
$ | 2,622 | | |
| 2,622 | |
| (4) | Included in “Other receivables” in the accompanying
Condensed Consolidated Balance Sheet as of June 30, 2015. |
| (5) | Included in “Accrued expenses” in
the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015. |
| (6) | $13 included in “Accrued expenses” and $325 included
in “Long-term liabilities” in the accompanying Consolidated Balance Sheet
as of June 30, 2015. |
| (7) | $1,480 included in “Accrued expenses” and $1,142 included
in “Long-term liabilities” in the accompanying Consolidated Balance Sheet
as of June 30, 2015. |
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
(8) Recent Accounting Pronouncements
In November 2015, the Financial Accounting
Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Income Taxes (Topic 740)
Balance Sheet Classification of Deferred Assets. This ASU is intended to simplify the presentation of deferred taxes
on the balance sheet and will require an entity to present all deferred tax assets and deferred tax liabilities as non-current
on the balance sheet. Under the current guidance, entities are required to separately present deferred taxes as current or non-current.
Netting deferred tax assets and deferred tax liabilities by tax jurisdiction will still be required under the new guidance. This
guidance will be effective for Aceto beginning in the first quarter of fiscal 2018, with early adoption in fiscal 2017 permitted.
The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements.
In September 2015, the FASB issued ASU 2015-16,
Business Combinations (Topic 805); Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires that
an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement
period in the reporting period in which the adjustments amounts are determined. This is in contrast to existing guidance that
requires retrospective adjustments to provisional amounts recognized in a business combination. This guidance is effective for
fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not believe that this
updated standard will have a material impact on the Company’s consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11,
Inventory (Topic 330) – Simplifying the Measurement of Inventory. This ASU requires
that an entity measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling
prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This
guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.
The Company is currently evaluating the impact of adopting this guidance.
In April 2015, the FASB issued ASU 2015-03,
Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The FASB
issued ASU 2015-03 to simplify the presentation of debt issuance costs related to a recognized debt liability to present the debt
issuance costs as a direct deduction from the carrying value of the debt liability rather than showing the debt issuance costs
as a deferred charge on the balance sheet. In August 2015, the FASB issued ASU 2015-15, Interest—Imputation of Interest
(Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,
which clarified that debt issuance costs associated with line of credit arrangements may continue to be presented as an asset,
regardless of whether there are any outstanding borrowings on the line of credit arrangement. This guidance is effective for fiscal
years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. As previously
discussed in Note 5, the Company adopted ASU 2015-03 during the second quarter of fiscal year 2016.
In February 2015, the FASB issued ASU 2015-02,
Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 changes the analysis that a reporting
entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal
years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption
in an interim period. The Company believes the adoption of ASU 2015-02 will not have an impact on its consolidated financial statements.
In August 2014, the FASB issued ASU 2014-15,
Presentation of Financial Statements-Going Concern (Subtopic 205-40). This ASU provides guidance to determine when and
how to disclose going-concern uncertainties in the financial statements. The new standard requires management to assess an entity’s
ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. ASU 2014-15 will
be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. ASU 2014-15
will be effective for the Company beginning June 30, 2017. The Company does not believe that this pronouncement will have an impact
on its consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09,
Revenue from Contracts with Customers (Topic 606), which is the new comprehensive revenue recognition standard that will
supersede all existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize
revenue when it transfers
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
promised goods
or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange
for those goods or services. In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim
and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original
effective date of December 15, 2016. The Company is currently evaluating the impact of adopting this guidance.
(9) Segment Information
The Company's business is organized along
product lines into three principal segments: Human Health, Pharmaceutical Ingredients and Performance Chemicals.
Human Health - includes finished dosage
form generic drugs and nutraceutical products.
Pharmaceutical Ingredients – includes
pharmaceutical intermediates and active pharmaceutical ingredients (“APIs”).
Performance Chemicals - The Performance
Chemicals segment is made up of two product groups: Specialty Chemicals and Agricultural Protection Products. Specialty Chemicals
include a variety of chemicals used in the manufacture of plastics, surface coatings, cosmetics, textiles, fuels and lubricants
perform to their designed capabilities. Dye and pigment intermediates are used in the color-producing industries such as textiles,
inks, paper, and coatings. Organic intermediates are used in the production of agrochemicals.
Agricultural Protection Products include herbicides,
fungicides and insecticides that control weed growth as well as control the spread of insects and other microorganisms that can
severely damage plant growth.
The Company's
chief operating decision maker evaluates performance of the segments based on net sales, gross profit and income before income
taxes. Unallocated corporate amounts are deemed by the Company as administrative, oversight costs, not managed by the segment
managers. The Company does not allocate assets by segment because the chief operating decision maker does not review the assets
by segment to assess the segments' performance, as the assets are managed on an entity-wide basis. During
all periods presented, our chief operating decision maker has been the Chief Executive Officer of the Company. In
accordance with GAAP, the Company has aggregated certain operating segments into reportable segments because they have similar
economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products
and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d)
the methods used to distribute their products or provide their services; and (e) the nature of the regulatory environment.
Six Months Ended December 31, 2015 and 2014:
| |
Human Health | | |
Pharmaceutical Ingredients | | |
Performance
Chemicals | | |
Unallocated Corporate | | |
Consolidated Totals | |
2015 | |
| | | |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 116,526 | | |
$ | 72,655 | | |
$ | 75,993 | | |
$ | - | | |
$ | 265,174 | |
Gross profit | |
| 42,047 | | |
| 12,222 | | |
| 16,180 | | |
| - | | |
| 70,449 | |
Income (loss) before income taxes | |
| 21,297 | | |
| 3,781 | | |
| 6,804 | | |
| (3,806 | ) | |
| 28,076 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
2014 | |
| | | |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 104,503 | | |
$ | 70,556 | | |
$ | 79,509 | | |
$ | - | | |
$ | 254,568 | |
Gross profit | |
| 30,872 | | |
| 13,076 | | |
| 13,722 | | |
| - | | |
| 57,670 | |
Income (loss) before income taxes | |
| 12,429 | | |
| 3,860 | | |
| 4,820 | | |
| (2,979 | ) | |
| 18,130 | |
ACETO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(unaudited and in thousands, except per-share
amounts)
Three Months Ended December 31, 2015 and 2014:
| |
Human Health | | |
Pharmaceutical Ingredients | | |
Performance
Chemicals | | |
Unallocated Corporate | | |
Consolidated Totals | |
2015 | |
| | | |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 59,045 | | |
$ | 34,295 | | |
$ | 38,334 | | |
$ | - | | |
$ | 131,674 | |
Gross profit | |
| 21,738 | | |
| 6,108 | | |
| 8,022 | | |
| - | | |
| 35,868 | |
Income (loss) before income taxes | |
| 10,794 | | |
| 1,682 | | |
| 3,260 | | |
| (2,643 | ) | |
| 13,093 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
2014 | |
| | | |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 55,424 | | |
$ | 32,579 | | |
$ | 35,762 | | |
$ | - | | |
$ | 123,765 | |
Gross profit | |
| 16,331 | | |
| 6,926 | | |
| 6,762 | | |
| - | | |
| 30,019 | |
Income (loss) before income taxes | |
| 6,972 | | |
| 2,327 | | |
| 2,896 | | |
| (1,710 | ) | |
| 10,485 | |
Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Aceto Corporation
We have reviewed the condensed consolidated
balance sheet of Aceto Corporation and subsidiaries as of December 31, 2015 and related condensed consolidated statements of income
and comprehensive income for the three-month and six-month periods ended December 31, 2015 and 2014, and cash flows for the six-month
periods ended December 31, 2015 and 2014 included in the accompanying Securities and Exchange Commission Form 10-Q for the period
ended December 31, 2015. These interim financial statements are the responsibility of the Company’s management.
We conducted our reviews in accordance with
standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists
principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters.
It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight
Board, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly,
we do not express such an opinion.
Based on our reviews, we are not aware of
any material modifications that should be made to the condensed consolidated financial statements referred to above for them to
be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance
with standards of the Public Company Accounting Oversight Board, the consolidated balance sheet of Aceto Corporation and subsidiaries
as of June 30, 2015, and the related consolidated statements of income, comprehensive income, shareholders’ equity and cash
flows for the year then ended (not presented herein); and in our report dated September 11, 2015, we expressed an unqualified
opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated
balance sheet as of June 30, 2015, is fairly stated, in all material respects, in relation to the consolidated balance sheet from
which it has been derived.
/s/ BDO USA, LLP
Melville, New York
February 5, 2016
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
CAUTIONARY STATEMENT RELATING TO THE SAFE HARBOR
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This Quarterly Report contains forward-looking
statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained
in this Quarterly Report may not occur. Generally, these statements relate to our business plans or strategies, projected or anticipated
benefits or other consequences of our plans or strategies, financing plans, projected or anticipated benefits from acquisitions
that we may make, or projections involving anticipated revenues, earnings or other aspects of our operating results or financial
position, and the outcome of any contingencies. Any such forward-looking statements are based on current expectations, estimates
and projections of management. We intend for these forward-looking statements to be covered by the safe-harbor provisions for
forward-looking statements. Words such as “may,” “will,” “expect,” “believe,”
“anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,”
and their opposites and similar expressions are intended to identify forward-looking statements. We caution you that these statements
are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many
of which are beyond our control that may influence the accuracy of the statements and the projections upon which the statements
are based. Factors that could cause actual results to differ materially from those set forth or implied by any forward-looking
statement include, but are not limited to, our ability to remain competitive with competitors, risks associated with the generic
product industry, dependence on a limited number of suppliers, risks associated with healthcare reform and reductions in reimbursement
rates, difficulty in predicting revenue stream and gross profit, industry and market changes, the effect of fluctuations in operating
results on the trading price of our common stock, risks associated with holding a significant amount of debt, inventory levels,
reliance on outside manufacturers, risks of incurring uninsured environmental and other industry specific liabilities, governmental
approvals and regulations, risks associated with hazardous materials, potential violations of government regulations, product
liability claims, reliance on Chinese suppliers, potential changes to Chinese laws and regulations, potential changes to laws
governing our relationships in India, fluctuations in foreign currency exchange rates, tax assessments, changes in tax rules,
global economic risks, risk of unsuccessful acquisitions, effect of acquisitions on earnings, indemnification liabilities, terrorist
activities, reliance on key executives, litigation risks, volatility of the market price of our common stock, changes to estimates,
judgments and assumptions used in preparing financial statements, failure to maintain effective internal controls, and compliance
with changing regulations, as well as other risks and uncertainties discussed in our reports filed with the Securities and Exchange
Commission, including, but not limited to, our Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and other filings.
Copies of these filings are available at www.sec.gov.
Any one or more of these uncertainties, risks
and other influences could materially affect our results of operations and whether forward-looking statements made by us ultimately
prove to be accurate. Our actual results, performance and achievements could differ materially from those expressed or implied
in these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether
from new information, future events or otherwise.
NOTE REGARDING DOLLAR AMOUNTS
In this quarterly report, all dollar amounts
are expressed in thousands, except for per-share amounts.
The following
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide
the readers of our financial statements with a narrative discussion about our business. The MD&A is provided as a supplement
to and should be read in conjunction with our financial statements and the accompanying notes.
Executive Summary
We are reporting net sales of $265,174 for
the six months ended December 31, 2015, which represents a 4.2% increase from the $254,568 reported in the comparable prior period.
Gross profit for the six months ended December 31, 2015 was $70,449 and our gross margin was 26.6% as compared to gross profit
of $57,670 and gross
margin of 22.7%
in the comparable prior period. Our selling, general and administrative costs (“SG&A”) for the six months ended
December 31, 2015 decreased to $36,879 from $37,253 which we reported in the prior period. Our net income increased to $17,568,
or $0.60 per diluted share, compared to net income of $11,436, or $0.39 per diluted share in the prior period.
Our financial position as of December 31,
2015 remains strong, as we had cash and cash equivalents and short-term investments of $56,745, working capital of $226,583 and
shareholders’ equity of $285,857.
Our business is separated into three principal
segments: Human Health, Pharmaceutical Ingredients and Performance Chemicals.
Products that fall within the Human Health
segment include finished dosage form generic drugs and nutraceutical products.
Aceto sells
niche generic prescription products and over-the-counter pharmaceutical products under its Rising label to leading wholesalers,
chain drug stores, distributors and mass merchandisers. As part of an “asset-light” model, finished dose generic products
are developed in collaboration with selected pharmaceutical development partners and with networks of finished dosage form manufacturing
partners. Leveraging our extensive experience supplying active pharmaceutical ingredients and pharmaceutical intermediates, Aceto
entered the end-user segment of the generic pharmaceuticals industry in 2010 through the acquisition of Rising Pharmaceuticals
(“Rising”), a U.S. marketer and distributor of finished dosage form generics founded in the early 1990’s. To
supplement organic growth and further expand into the U.S. generic pharmaceuticals industry, Rising Pharmaceuticals acquired PACK
Pharmaceuticals, a national marketer and distributor of generic prescription and over-the-counter pharmaceutical products, in
April, 2014. During fiscal 2015, PACK was integrated with Rising and is now part of Rising’s operations in New Jersey. PACK
had a very similar business model to Rising including operating in collaboration with selected pharmaceutical development and
manufacturing partners, focusing on niche products and selling generic prescription products and over-the-counter pharmaceutical
products to leading wholesalers, chain drug stores, distributors and mass market merchandisers. The development and distribution
of pharmaceutical products is highly competitive. Rising and PACK compete against many established manufacturers, suppliers and
distributors that have substantially greater financial and other resources. To compete effectively, the Company seeks to consistently
produce high-quality, reliable and effective products, while focusing on pricing and contract terms, service levels and supplier
reliability. The strategically important and complementary business combination of PACK with our Rising business further increased
the mix of higher margin finished dosage generic pharmaceuticals in Aceto’s revenue base and doubled the size of our development
pipeline of new generic products. Rising Pharmaceuticals, a wholly-owned subsidiary of Aceto,
is an integral component of Aceto's strategy towards becoming a Human Health oriented company.
According to an IMS Health press release on
November 18, 2015, “more than half of the world’s population will live in countries where medicine use will exceed
one dose per person per day by 2020, up from 31 percent in 2005, as the “medicine use gap” between developed and pharmerging
markets narrows. According to new research released by the IMS Institute for Healthcare Informatics, total spending on medicines
will reach $1.4 trillion by 2020 due to greater patient access to chronic disease treatments and breakthrough innovations in drug
therapies. Global spending is forecast to grow at a 4-7 percent compound annual rate over the next five years.” The IMS
report, entitled, Global Medicines Use in 2020: Outlook and Implications, projects that “total global spend for pharmaceuticals
will increase by $349 billion on a constant-dollar basis, compared with $182 billion during the past five years. Spending is measured
at the ex-manufacturer level before adjusting for rebates, discounts, taxes and other adjustments that affect net sales received
by manufacturers. The impact of these factors is estimated to reduce growth by $90 billion, or approximately 25 percent of the
growth forecast through 2020.”
In the Human Health segment, Aceto also supplies
the raw materials used in the production of nutritional and packaged dietary supplements, including vitamins, amino acids, iron
compounds and biochemicals used in pharmaceutical and nutritional preparations.
The Pharmaceutical Ingredients segment has
two product groups: Active Pharmaceutical Ingredients (APIs) and Pharmaceutical Intermediates.
We supply APIs to many of the major generic
drug companies, who we believe view Aceto as a valued partner in their effort to develop and market generic drugs. The process
of introducing a new API from pipeline to market spans a number of years and begins with Aceto partnering with a generic pharmaceutical
manufacturer and jointly selecting an API, several years before the expiration of a composition of matter patent, for future genericizing.
We then identify the appropriate supplier, and concurrently utilizing our global technical network, work to ensure they meet standards
of quality to comply with regulations. Our client, the generic pharmaceutical company, will submit the Abbreviated New Drug Application
(ANDA) for U.S. Food and Drug Administration (FDA) approval or European-equivalent approval. The introduction of the API to market
occurs after all the development testing has been completed and the ANDA or European-equivalent is approved and the patent expires
or is deemed invalid. Aceto has a pipeline of APIs at various stages of development both in the United States and Europe. Additionally,
as the pressure to lower the overall cost of healthcare increases, Aceto has focused on, and works very closely with our customers
to develop new API opportunities to provide alternative, more economical, second-source options for existing generic drugs. By
leveraging our worldwide sourcing, regulatory and quality assurance capabilities, we provide to generic drug manufacturers an
alternative, economical source for existing API products.
Aceto has long been a supplier of pharmaceutical
intermediates, the complex chemical compounds that are the building blocks used in producing APIs. Faced with significant economic
pressures as well as ever-increasing regulatory barriers, innovative drug companies look to Aceto as a source for high quality
intermediates. Aceto employs, on occasion, the same second source strategy for our pharmaceutical intermediates business that
we use in our API business. As manufacturers find their margins under pressure, they continue to look for ways to reduce costs.
Utilizing our global sourcing, regulatory support and quality assurance network, Aceto works with the large and small pharmaceutical
companies, sourcing lower cost, quality pharmaceutical intermediates that meet the same high level standards adhered to by their
current commercial products.
According to an IMS Health press release on
April 14, 2015, a new report, entitled, Medicine Use and Spending Shifts: A Review of the Use of Medicines in the U.S. in 2014,
“found that total dollars spent on medications in the U.S. rose 13.1 percent on a nominal basis last year, up from a 3.2
percent increase in 2013. Primary drivers include higher spending on innovative new treatment options, the lower impact of patent
expiries and increases in list prices of branded medicines. The factors that came together to drive the extraordinary spending
growth in 2014 are expected to have less impact in future years, resulting in more moderate levels of growth.”
The Performance Chemicals segment includes specialty chemicals
and agricultural protection products.
Aceto is a major supplier to many different
industrial segments that require outstanding performance from chemical raw materials and additives. We provide chemicals used
in the manufacture of plastics, surface coatings, cosmetics, textiles, fuels and lubricants perform to their designed capabilities.
These additive specialty products include antioxidants, photoinitiators, catalysts, curatives, brighteners and adhesion promoters.
Aceto is a supplier of chemicals to ecofriendly
technologies. For example, we supply ultraviolet photo initiators which allow inks and coatings to be cured by ultraviolet light
instead of solvents, as well as curing agents and optical brighteners for powder (non-solvent) coatings.
Aceto provides various specialty chemicals
for the food, beverage, fragrance, paper and film industries. Aceto’s raw materials are also used in sophisticated technology
products, such as high-end electronic parts (circuit boards and computer chips) and binders for specialized rocket fuels.
We also provide organic intermediates and
colorants including automotive, industrial and residential coatings, dyes for textiles for both natural and synthetic fibers,
FDA-approved colorants for foods and pharmaceuticals and high quality agrochemicals.
According to a January 15, 2016 Federal Reserve Statistical Release,
in the fourth quarter of calendar year 2015, the index for consumer durables, which impacts the Specialty Chemicals business of
the Performance Chemicals segment, is expected to grow at an annual rate of 1.3%.
Aceto’s agricultural protection products
include herbicides, fungicides and insecticides which control weed growth as well as the spread of insects and microorganisms
that can severely damage plant growth. The agricultural world is
dependent on a large variety of deterrent
products and we believe Aceto has become a valued partner to the generic agricultural industry by providing quality functional
products. One of Aceto’s most widely used agricultural protection products is a sprout inhibitor that extends the storage
life of potatoes. Other products are used in sugar cane, rice, corn, cotton, fruit and nut growing applications. We work with
the large agrochemical distributors to provide alternate sources for key products. Utilizing our global sourcing and regulatory
capabilities, we identify and qualify manufacturers either producing the product or with knowledge of the chemistry necessary
to produce the product and then file an application with the EPA for a product registration. Aceto has ongoing working relationships
with manufacturers in China and India to determine which of the non-patented, or generic, agricultural protection products they
produce can be effectively marketed in the Western world. The combination of our global sourcing and regulatory capabilities makes
the generic agricultural market a niche for us and we will continue to offer new product additions in this market as we move forward.
In the National Agricultural Statistics Services release dated June 30, 2015, the total crop acreage planted in the United States
in 2015 remained relatively flat at 326 million acres compared to 327 million acres in 2014. The number of peanut acres planted
in 2015 increased 18% from 2014 levels while sugarcane acreage harvested increased 3% from 2014. In addition, the potato acreage
harvested in 2015 rose approximately 1% from the 2014 level.
We believe our main business strengths are
sourcing, regulatory support, quality assurance and marketing and distribution. We distribute more than 1,100 chemical compounds
used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings and industrial
chemical industries. With business operations in ten countries, we believe that our global reach is distinctive in the industry,
enabling us to source and supply quality products on a worldwide basis. Leveraging local professionals, we source more than two-thirds
of our products from Asia, buying from approximately 500 companies in China and 200 in India.
In this MD&A, we explain our general financial
condition and results of operations, including, among other things, the following:
| · | factors
that affect our business |
| · | our
earnings and costs in the periods presented |
| · | changes
in earnings and costs between periods |
| · | the
impact of these factors on our overall financial condition |
As you read this MD&A section, refer to
the accompanying condensed consolidated statements of income, which present the results of our operations for the three and six
months ended December 31, 2015 and 2014. We analyze and explain the differences between periods in the specific line items of
the condensed consolidated statements of income.
Critical Accounting Estimates and Policies
As disclosed in our Form 10-K for the year
ended June 30, 2015, the discussion and analysis of our financial condition and results of operations is based on our consolidated
financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. In preparing
these financial statements, we were required to make estimates and assumptions that affect the amounts of assets, liabilities,
revenues and expenses, and related disclosure of contingent assets and liabilities. We regularly evaluate our estimates including
those related to allowances for bad debts, revenue recognition, partnered products, inventories, goodwill and indefinite-life
intangible assets, long-lived assets, environmental and other contingencies, income taxes and stock-based compensation. We base
our estimates on various factors, including historical experience, advice from outside subject-matter experts, and various assumptions
that we believe to be reasonable under the circumstances, which together form the basis for our making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Since June 30, 2015, there have been no significant changes to the assumptions and estimates related to those critical accounting
estimates and policies.
RESULTS OF OPERATIONS
Six Months Ended December 31, 2015 Compared to Six Months Ended
December 31, 2014
| |
Net
Sales by Segment Six
months ended December 31, | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
Comparison 2015 | |
| |
2015 | | |
2014 | | |
Over/(Under) 2014 | |
| |
| | |
% of | | |
| | |
% of | | |
$ | | |
% | |
Segment | |
Net sales | | |
Total | | |
Net sales | | |
Total | | |
Change | | |
Change | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Human Health | |
$ | 116,526 | | |
| 43.9 | % | |
$ | 104,503 | | |
| 41.1 | % | |
$ | 12,023 | | |
| 11.5 | % |
Pharmaceutical Ingredients | |
| 72,655 | | |
| 27.4 | | |
| 70,556 | | |
| 27.7 | | |
| 2,099 | | |
| 3.0 | |
Performance Chemicals | |
| 75,993 | | |
| 28.7 | | |
| 79,509 | | |
| 31.2 | | |
| (3,516 | ) | |
| (4.4 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 265,174 | | |
| 100.0 | % | |
$ | 254,568 | | |
| 100.0 | % | |
$ | 10,606 | | |
| 4.2 | % |
| |
Gross
Profit by Segment Six
months ended December 31, | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
Comparison 2015 | |
| |
2015 | | |
2014 | | |
Over/(Under) 2014 | |
| |
Gross | | |
% of | | |
Gross | | |
% of | | |
$ | | |
% | |
Segment | |
Profit | | |
Sales | | |
Profit | | |
Sales | | |
Change | | |
Change | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Human Health | |
$ | 42,047 | | |
| 36.1 | % | |
$ | 30,872 | | |
| 29.5 | % | |
$ | 11,175 | | |
| 36.2 | % |
Pharmaceutical Ingredients | |
| 12,222 | | |
| 16.8 | | |
| 13,076 | | |
| 18.5 | | |
| (854 | ) | |
| (6.5 | ) |
Performance Chemicals | |
| 16,180 | | |
| 21.3 | | |
| 13,722 | | |
| 17.3 | | |
| 2,458 | | |
| 17.9 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross profit | |
$ | 70,449 | | |
| 26.6 | % | |
$ | 57,670 | | |
| 22.7 | % | |
$ | 12,779 | | |
| 22.2 | % |
Net Sales
Net sales increased $10,606, or 4.2%, to $265,174
for the six months ended December 31, 2015, compared with $254,568 for the prior period. We reported sales increases in our Human
Health and Pharmaceutical Ingredients business segments while our Performance Chemicals business segment declined from the prior
period.
Human Health
Net sales for the Human Health segment increased
by $12,023 for the six months ended December 31, 2015, to $116,526, which represents an 11.5% increase over net sales of $104,503
for the prior period, largely driven by an increase in sales of Rising products of $11,797. The increase in Rising sales is primarily
driven by price increases on certain products, which resulted in additional sales of $17,391, as well as new generic product launches
during the past two years that contributed $4,294 of the increase in sales.
Pharmaceutical Ingredients
Net sales for the Pharmaceutical Ingredients
segment increased $2,099 or 3.0% to $72,655, when compared to the prior period net sales of $70,556. The increase in sales for
this segment is due in part to an $8,318 rise in sales of APIs sold abroad, specifically by our Singapore and German operations.
This increase is partially offset by a decline of $6,101 in sales of intermediates, which represent key components used in the
manufacture of certain drug products. The primary reason for the decline in intermediates is due to lack of demand and timing
of orders for several products, the majority of which are expected to be realized in future quarters.
Performance Chemicals
Net sales for the Performance Chemicals segment
was $75,993 for the six months ended December 31, 2015, representing a decrease of $3,516 or 4.4%, from net sales of $79,509 for
the prior period. The primary reason for the decrease in net sales for Performance Chemicals is a decline of $5,184 in domestic
sales of products sold by our Specialty Chemicals business. This decrease in domestic specialty chemicals sales includes a $3,628
drop in sales of agricultural, pigment and miscellaneous intermediates, as well as an $863 decline in sales of polymer additives.
In addition, overall sales of Specialty Chemicals are down due to the government devaluation of the Chinese Renminbi, as well
as the severe drop in oil prices, resulting in reduced customer pricing. The decreases in the Specialty Chemicals business are
partially offset by an increase of $1,774 in sales of our agricultural protection products, primarily from a rise in the volume
of sales of our sprout inhibitor products, which extends the storage life of potatoes.
Gross Profit
Gross profit increased $12,779 to $70,449
(26.6% of net sales) for the six months ended December 31, 2015, as compared to $57,670 (22.7% of net sales) for the prior period.
Human Health
Human Health segment’s gross profit
of $42,047 for the six months ended December 31, 2015 increased $11,175, or 36.2%, over the prior period. The gross margin of
36.1% was higher than the prior period’s gross margin of 29.5%. The increase in gross profit and gross margin in the Human
Health segment predominantly relates to price increases on certain Rising products, which yielded additional gross profit of $13,387.
Pharmaceutical Ingredients
Pharmaceutical Ingredients’ gross profit
of $12,222 for the six months ended December 31, 2015 decreased $854, or 6.5%, over the prior period. The gross margin of 16.8%
was lower than the prior period’s gross margin of 18.5%. The decrease in both gross profit and gross margin is predominantly
the result of the decline in the sales volume of reorders of a certain API which typically yields a significantly higher gross
margin.
Performance Chemicals
Gross profit for the Performance Chemicals
segment increased to $16,180 for the six months ended December 31, 2015, versus $13,722 for the prior year, an increase of $2,458,
or 17.9%. The gross margin at 21.3% for the six months ended December 31, 2015 was also higher than the prior year’s gross
margin of 17.3%. The increase in gross profit is due to $1,626 rise in gross profit for the Agricultural Protection Products business,
primarily due to increased sales volume of a sprout inhibitor that extends the storage life of potatoes, as well as a favorable
product mix on an herbicide used on sugar cane. The Performance Chemicals segment also experienced favorable gross margin impact
in the Specialty Chemicals business resulting in overall increased gross profit of $832, due to a decline in sales of lower margin
products, as well as $376 of duty refunds related to the Generalized System of Preferences, a tariff system which expired in July
2013 and was not renewed until July 2015.
Selling, General and Administrative Expenses
SG&A decreased $374, or 1.0%, to $36,879
for the six months ended December 31, 2015 compared to $37,253 for the prior period. As a percentage of sales, SG&A decreased
from 14.6% to 13.9% for the six months ended December 31, 2015 versus the prior period. SG&A declined from the prior year
primarily due to a $225 charge for separation and relocation costs that occurred in the first quarter of fiscal 2015, as well
as a $260 decline in provision for bad debts.
Research and Development Expenses
Research and development expenses (“R&D”)
increased to $3,961 for the six months ended December 31. 2015 compared to $1,122 for the prior period. R&D expenses represent
investment in our generic finished dosage form product pipeline, which includes both Rising and PACK products. The majority of
the R&D expenses are milestone based, which was the primary cause for such increase and will likely cause fluctuation from
quarter to quarter.
Operating Income
For the six months ended December 31, 2015
operating income was $29,609 compared to $19,295 in the prior period, an increase of $10,314 or 53.5%.
Interest Expense
Interest expense was $2,609 for the six months
ended December 31, 2015, an increase of $568 or 27.8% from the prior period. The increase is primarily due to a $420 payment associated
with the termination of an interest rate swap, as well as $587 amortization of the debt discount associated
with the offering of Convertible Senior Notes.
Provision for Income Taxes
The effective tax rate for the six months
ended December 31, 2015 increased to 37.4% compared to 36.9% for the prior period. The increase in the effective tax rate was
due to the mix of profits from the higher tax rate jurisdiction of the United States compared to Europe in fiscal 2016.
Three Months Ended December 31, 2015 Compared to Three Months
Ended December 31, 2014
| |
Net
Sales by Segment Three
months ended December 31, | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
Comparison 2015 | |
| |
2015 | | |
2014 | | |
Over/(Under) 2014 | |
| |
| | |
% of | | |
| | |
% of | | |
$ | | |
% | |
Segment | |
Net sales | | |
Total | | |
Net sales | | |
Total | | |
Change | | |
Change | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Human Health | |
$ | 59,045 | | |
| 44.8 | % | |
$ | 55,424 | | |
| 44.8 | % | |
$ | 3,621 | | |
| 6.5 | % |
Pharmaceutical Ingredients | |
| 34,295 | | |
| 26.1 | | |
| 32,579 | | |
| 26.3 | | |
| 1,716 | | |
| 5.3 | |
Performance Chemicals | |
| 38,334 | | |
| 29.1 | | |
| 35,762 | | |
| 28.9 | | |
| 2,572 | | |
| 7.2 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 131,674 | | |
| 100.0 | % | |
$ | 123,765 | | |
| 100.0 | % | |
$ | 7,909 | | |
| 6.4 | % |
| |
Gross
Profit by Segment Three
months ended December 30, | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
Comparison 2015 | |
| |
2015 | | |
2014 | | |
Over/(Under) 2014 | |
| |
Gross | | |
% of | | |
Gross | | |
% of | | |
$ | | |
% | |
Segment | |
Profit | | |
Sales | | |
Profit | | |
Sales | | |
Change | | |
Change | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Human Health | |
$ | 21,738 | | |
| 36.8 | % | |
$ | 16,331 | | |
| 29.5 | % | |
$ | 5,407 | | |
| 33.1 | % |
Pharmaceutical Ingredients | |
| 6,108 | | |
| 17.8 | | |
| 6,926 | | |
| 21.3 | | |
| (818 | ) | |
| (11.8 | ) |
Performance Chemicals | |
| 8,022 | | |
| 20.9 | | |
| 6,762 | | |
| 18.9 | | |
| 1,260 | | |
| 18.6 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross profit | |
$ | 35,868 | | |
| 27.2 | % | |
$ | 30,019 | | |
| 24.3 | % | |
$ | 5,849 | | |
| 19.5 | % |
Net Sales
Net sales increased $7,909, or 6.4%, to $131,674
for the three months ended December 31, 2015, compared with $123,765 for the prior period. We reported sales increases in all
three of our business segments.
Human Health
Net sales for the Human Health segment increased
by $3,621 for the three months ended December 31, 2015, to $59,045, which represents a 6.5% increase over net sales of $55,424
for the prior period, largely driven by an increase in sales of Rising products of $4,526. The increase in Rising sales is primarily
driven by price increases on certain products.
Pharmaceutical Ingredients
Net sales for the Pharmaceutical Ingredients
segment increased by $1,716 or 5.3% for the three months ended December 31, 2015 to $34,295, when compared to the prior period
net sales of $32,579. The increase in sales for this segment is due in part to a $4,318 rise in sales of APIs sold abroad, specifically
by our Singapore and German operations. This increase is partially offset by a decline of $1,728 in sales of intermediates, which
represent key components used in the manufacture of certain drug products. The primary reason for the decline in intermediates
is
due to lack of demand and timing of orders
for several products, the majority of which are expected to be realized in future quarters.
Performance Chemicals
Net sales for the Performance Chemicals segment
was $38,334 for the three months ended December 31, 2015, representing an increase of $2,572 or 7.2%, from net sales of $35,762
for the prior period. The primary reason for the increase in net sales for Performance Chemicals is an increase of $2,576 in sales
of our agricultural protection products, primarily from a rise in the sales volume of our sprout inhibitor products, which extends
the storage life of potatoes.
Gross Profit
Gross profit increased $5,849 to $35,868 (27.2%
of net sales) for the three months ended December 31, 2015, as compared to $30,019 (24.3% of net sales) for the prior period.
Human Health
Human Health segment’s gross profit
of $21,738 for the three months ended December 31, 2015 increased $5,407, or 33.1%, over the prior period. The gross margin of
36.8% was higher than the prior period’s gross margin of 29.5%. The increase in gross profit and gross margin in the Human
Health segment relates to increased gross profit of $5,547 experienced on Rising products, primarily driven by price increases
on certain products.
Pharmaceutical Ingredients
Pharmaceutical Ingredients’ gross profit
of $6,108 for the three months ended December 31, 2015 decreased $818, or 11.8%, over the prior period. The gross margin of 17.8%
was lower than the prior period’s gross margin of 21.3%. The decrease in both gross profit and gross margin is predominantly
the result of the decline in the sales volume of reorders of a certain API which typically yields a significantly higher gross
margin.
Performance Chemicals
Gross profit for the Performance Chemicals
segment increased to $8,022 for the three months ended December 31, 2015, versus $6,762 for the prior year, an increase of $1,260,
or 18.6%. The gross margin of 20.9% for the three months ended December 31, 2015 was also higher than the prior year’s gross
margin of 18.9%. The increase in gross profit and gross margin is primarily due to $745 rise in gross profit on Specialty Chemicals
due to favorable gross margin impact of a reduction in sales of lower margin products.
Selling, General and Administrative Expenses
SG&A was relatively flat when compared
to the prior period, increasing $276, or 1.5%, to $19,246 for the three months ended December 31, 2015. As a percentage of sales,
SG&A decreased from 15.3% to 14.6% for the three months ended December 31, 2015 versus the prior period.
Research and Development Expenses
R&D expenses increased to $2,531 for the
three months ended December 31, 2015 compared to $377 for the prior period. R&D expenses represent investment in our generic
finished dosage form product pipeline, which includes both Rising and PACK products. The majority of the R&D expenses are
milestone based, which was the primary cause for such increase and will likely cause fluctuation from quarter to quarter.
Operating Income
For the three months ended December 31, 2015
operating income was $14,091 compared to $10,672 in the prior period, an increase of $3,419 or 32.0%.
Interest Expense
Interest expense was $1,855 for the three
months ended December 31, 2015, an increase of $850 or 84.6% from the prior period. The increase is primarily due to a $420 payment
associated with the termination of an interest rate swap, as well as $587 amortization of the debt
discount associated with the offering of Convertible Senior Notes.
Provision for Income Taxes
The effective tax rate for the three months ended December 31,
2015 was relatively consistent at 36.8% compared to 37.0% for the prior period.
Liquidity and Capital Resources
Cash Flows
At December 31, 2015, we had $54,349 in cash,
of which $24,533 was outside the United States, $2,396 in short-term investments, all of which is held outside the United States,
and $116,082 in long-term debt (including the current portion), all of which is an obligation in the United States. Working capital
was $226,583 at December 31, 2015 compared to $185,310 at June 30, 2015. The $24,533 of cash held outside of the United States
is fully accessible to meet any liquidity needs of our business located in any of the countries in which we operate. The majority
of the cash located outside of the United States is held by our European operations and can be transferred into the United States.
Although these amounts are fully accessible, transferring these amounts into the United States or any other countries could have
certain tax consequences. We intend to indefinitely reinvest these undistributed earnings and have no plan for further repatriation.
A deferred tax liability will be recognized when we expect that we will recover undistributed earnings of our foreign subsidiaries
in a taxable manner, such as through receipt of dividends or sale of the investments. A portion of our cash is held in operating
accounts that are with third party financial institutions. While we monitor daily the cash balances in our operating accounts
and adjust the cash balances as appropriate, these cash balances could be impacted if the underlying financial institutions fail
or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to
cash in our operating accounts.
Our cash position at December 31, 2015 increased
$20,329 from the amount at June 30, 2015.
Operating activities for the six months ended
December 31, 2015 provided cash of $16,268 for this period, as compared to cash provided of $84 for the comparable period. The
$16,268 was comprised of $17,568 in net income and $9,141 derived from adjustments for non-cash items less a net $10,441 decrease
from changes in operating assets and liabilities. The non-cash items included $6,225 in depreciation and amortization expense,
$748 of earnings on an equity investment in a joint venture, $184 for deferred income taxes, $691 for amortization of debt issuance
costs and debt discount and $3,206 in non-cash stock compensation expense. Trade accounts receivable decreased $9,021 during the
six months ended December 31, 2015, predominantly due to a slight improvement in days sales outstanding at our Agricultural Protection
Products subsidiary, as well as Aceto Corporation. In addition, due to timing of sales with the fiscal quarter ended December
31, 2015, trade receivables declined at our Rising subsidiary. Other receivables decreased $2,041 due primarily to a decrease
in value added taxes receivables for our
France
subsidiary, as well as the timing of domestic income taxes paid. Inventories increased by $10,418 and accounts payable
increased by $2,649 due primarily to increased inventories held in stock by our Agricultural Protection Products subsidiary
as a result of a ramp-up in orders for products expected to be shipped in the third quarter of fiscal 2016. Accrued expenses
and other liabilities decreased $13,323 due to a decrease in accrued compensation as
fiscal 2015 performance award payments were made in September 2015, as well as a decline in price concessions and partnered
products liabilities for our Rising subsidiary and payment of a rebate in conjunction with our Agricultural Protection
Products business. Our cash position at December 31, 2014 decreased $5,681 from the amount at June 30, 2014. Operating
activities for the six months ended December 31, 2014 provided cash of $84 for this period. The $84 was comprised of $11,436
in net income and $6,473 derived from adjustments for non-cash items less a net $17,825 decrease from changes in operating
assets and liabilities.
Investing activities for the six months ended
December 31, 2015 used cash of $9,589. This use of cash reflects purchases of intangible assets and property and equipment of
$10,575, partially offset by sales of investments in time deposits of $1,023. In September 2015, we purchased three ANDAs for
the products Ciprofloxacin Ophthalmic Solution 3%, Levofloxacin Ophthalmic Solution 0.5%, and Diclofenac Sodium Ophthalmic Solution
0.1% from Nexus Pharmaceuticals. Also in September 2015, we purchased three ANDAs from a subsidiary of Endo International plc
for the products Methimazole Tablets, Glycopyrrolate Tablets and Meclizine Tablets. In addition, in September 2014, we purchased
three ANDAs from Par Pharmaceuticals, of which Dutasteride Softgel Capsules 0.5mg was launched in November 2015. Investing activities
for the six months ended December 31, 2014 used cash of $2,552, for purchases of property and equipment and intangible assets
and investments.
Financing activities for the six months ended
December 31, 2015 provided cash of $13,940. In November 2015, we offered $143,750 of 2% convertible senior notes due 2020 in a
private offering. In conjunction with the issuing of the notes, we paid $5,153 for debt issuance costs, purchased a hedge for
$27,174 and received $13,685 in proceeds from the sale of warrants. In addition, as a direct result of the convertible debt offering,
we repaid $122,599 of bank borrowings. Financing activities also included $1,500 payment of contingent consideration to the former
owners of Rising, bank borrowings of $15,500, $420 payment for terminating an interest rate swap, $3,563 payment of cash dividends
and $1,030 of excess income tax benefits on stock option exercises and restricted stock. Financing activities for the six months
ended December 31, 2014 used cash of $603 primarily from $4,245 of repayment of bank borrowings, $3,473 payment of cash dividends
and $1,500 payment of contingent consideration to the former owners of Rising. This use of cash was offset by bank borrowings
of $7,000, proceeds of $955 received from the exercise of stock options and $660 of excess income tax benefit on stock option
exercises and restricted stock.
Credit Facilities
We have available credit facilities with certain
foreign financial institutions. At December 31, 2015, the Company had available lines of credit with foreign financial institutions
totaling $7,265, all of which are available for borrowing by the respective foreign territories. We are not subject to any financial
covenants under these arrangements.
On October 28,
2015, the Company entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”), which amended
and restated in its entirety the Credit Agreement, dated as of April 30, 2014 with three domestic financial institutions, as amended
on June 25, 2015 by Amendment No. 1 to the Credit Agreement (together, the “First Amended Credit Agreement”).
The A&R Credit Agreement increases the aggregate available revolving commitment under the First
Amended Credit Agreement from $75,000 to an initial aggregate available revolving commitment of $150,000 (the “Initial Revolving
Commitment”), which may be increased in accordance with the terms and conditions of the A&R Credit Agreement by an aggregate
amount not to exceed $100,000 (the “Expansion Commitment” and, together with the Initial Revolving Commitment, the
“Revolving Commitment”). Under the A&R Credit Agreement, the Company may borrow, repay and reborrow loans up to
the Revolving Commitment from and as of October 28, 2015 to but excluding the earlier of October 28, 2020 and the termination
of the Revolving Commitment, in amounts up to, but not exceeding at any one time, the Revolving Commitment. The A&R Credit
Agreement does not provide for any term loan commitment. The proceeds from initial borrowings under the A&R Credit Agreement
have been used to repay all amounts outstanding pursuant to the term loan commitment and revolving loan commitment under the First
Amended Credit Agreement. The proceeds from the issuance of the Notes were used to pay initial borrowings under the A&R Credit
Agreement. As of December 31, 2015, there were no amounts outstanding under the A&R Credit Agreement.
The A&R Credit Agreement provides for
(i) Eurodollar Loans (as such terms are defined in the A&R Credit Agreement), (ii) ABR Loans (as such terms are defined in
the A&R Credit Agreement) or (iii) a combination thereof. Borrowings under the A&R Credit Agreement will bear interest
per annum at a base rate or, at the Company’s option, LIBOR, plus an applicable margin ranging from 0.00% to 0.75% in the
case of ABR Loans, and 1.00% to 1.75% in the case of Eurodollar Loans. The applicable interest rate margin percentage will be
determined by the Company’s senior secured net leverage ratio.
The A&R Credit Agreement, similar to the
First Amended Credit Agreement, provides that commercial letters of credit shall be issued to provide the primary payment mechanism
in connection with the purchase of any materials, goods or services in the ordinary course of business. The Company had open letters
of credit of approximately $0 and $21 at December 31, 2015 and June 30, 2015 respectively.
The A&R Credit Agreement, like the First
Amended Credit Agreement, provides for a security interest in substantially all of the personal property of the Company and certain
of its subsidiaries. The A&R Credit Agreement contains several financial covenants including, among other things, maintaining
a minimum level of debt service. Under the A&R Credit Agreement, the Company and its subsidiaries are also subject to certain
restrictive covenants, including, among other things, covenants governing liens, limitations on indebtedness, limitations on guarantees,
limitations on sales of assets and sales of receivables, and limitations on loans and investments. We were in compliance with
all covenants at December 31, 2015.
Working Capital Outlook
Working capital
was $226,583 at December 31, 2015 versus $185,310 at June 30, 2015. We continually evaluate
possible acquisitions of or investments in businesses that are complementary to our own, and such transactions may require the
use of cash.
In October 2015, we filed a universal shelf
registration statement with the SEC, which is now effective, to allow us to potentially offer an indeterminate principal amount
and number of securities in the future with a proposed maximum aggregate offering price of up to $200,000. Under the shelf registration
statement, we will have the flexibility to publicly offer and sell from time to time common stock, debt securities, preferred
stock, warrants and units or any combination of such securities.
In November 2015, we offered $125,000 aggregate
principal amount of 2% Convertible Senior Notes due 2020 in a private offering to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933, as amended. In addition, we granted the initial purchasers for the offering an option to
purchase up to an additional $18,750 aggregate principal amount pursuant to the initial purchasers’ option to purchase additional
notes, which was exercised in November 2015. Therefore the total offering was $143,750 aggregate principal amount. The remaining
net proceeds received from the offering, after paying down our credit facilities and costs associated with the offering and a
related hedge transaction, will be used for general corporate purposes, which may include funding research, development and product
manufacturing, acquisitions or investments in businesses, products or technologies that are complementary to Aceto’s own,
increasing working capital and funding capital expenditures.
In connection with our agricultural protection
business, we plan to continue to acquire product registrations and related data filed with the United States Environmental Protection
Agency as well as payments to various task force groups, which could approximate $2,360 through fiscal 2016.
In connection with the PACK acquisition, the
purchase agreement provides for a three-year earn-out of up to $15,000 in cash based on the achievement of certain performance-based
targets. As of December 31, 2015, we had accrued $833 related to this contingent consideration.
In connection with our environmental remediation
obligation for Arsynco, we anticipate paying $8,084 towards remediation of the property in the next twelve months.
We believe that our cash, other liquid assets,
operating cash flows, borrowing capacity and access to the equity capital markets, taken together, provide adequate resources
to fund ongoing operating expenditures, the repayment of our bank loans and the anticipated continuation of cash dividends for
the next twelve months.
Impact of Recent Accounting Pronouncements
In November 2015, the Financial Accounting
Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Income Taxes (Topic 740)
Balance Sheet Classification of Deferred Assets. This ASU is intended to simplify the presentation of deferred taxes
on the balance sheet and will require an entity to present all deferred tax assets and deferred tax liabilities as non-current
on the balance sheet. Under the current guidance, entities are required to separately present deferred taxes as current or non-current.
Netting deferred tax assets and deferred tax liabilities by tax jurisdiction will still be required under the new guidance. This
guidance is effective for annual periods, beginning after December 15, 2016, and interim periods within those annual periods.
The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements.
In September 2015, the FASB issued ASU 2015-16,
Business Combinations (Topic 805); Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires that
an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement
period in the reporting period in which the adjustments amounts are determined. This is in contrast to existing guidance that
requires retrospective adjustments to provisional amounts recognized in a business combination. This guidance is effective for
fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not believe that this
updated standard will have a material impact on the Company’s consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11,
Inventory (Topic 330) – Simplifying the Measurement of Inventory. This ASU requires
that an entity measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling
prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This
guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.
The Company is currently evaluating the impact of adopting this guidance.
In April 2015, the FASB issued ASU 2015-03,
Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The FASB
issued ASU 2015-03 to simplify the presentation of debt issuance costs related to a recognized debt liability to present the debt
issuance costs as a direct deduction from the carrying value of the debt liability rather than showing the debt issuance costs
as a deferred charge on the balance sheet. In August 2015, the FASB issued ASU 2015-15, Interest—Imputation of Interest
(Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,
which clarified that debt issuance costs associated with line of credit arrangements may continue to be presented as an asset,
regardless of whether there are any outstanding borrowings on the line of credit arrangement. This guidance is effective for fiscal
years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. As previously
discussed, the Company adopted ASU 2015-03 during the second quarter of fiscal year 2016.
In February 2015, the FASB issued ASU 2015-02,
Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 changes the analysis that a reporting
entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal
years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption
in an interim period. The Company believes the adoption of ASU 2015-02 will not have an impact on its consolidated financial statements.
In August 2014, the FASB issued ASU 2014-15,
Presentation of Financial Statements-Going Concern (Subtopic 205-40). This ASU provides guidance to determine when and
how to disclose going-concern uncertainties in the financial statements. The new standard requires management to assess an entity’s
ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. ASU 2014-15 will
be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. ASU 2014-15
will be effective for the Company beginning June 30, 2017. The Company does not believe that this pronouncement will have an impact
on its consolidated financial statements.
In May 2014,
the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is the new comprehensive revenue
recognition standard that will supersede all existing revenue recognition guidance under U.S. GAAP. The standard's core principle
is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects
the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB
voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that
date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The Company
is currently evaluating the impact of adopting this guidance.
Item 3. Quantitative and Qualitative Disclosures
About Market Risk
Market Risk Sensitive Instruments
The market risk inherent in our market-risk-sensitive
instruments and positions is the potential loss arising from adverse changes in investment market prices, foreign currency exchange-rates
and interest rates.
Investment Market Price Risk
We had short-term investments of $2,396 at
December 31, 2015 and $3,416 at June 30, 2015. Those short-term investments consisted of time deposits. Time deposits are short-term
in nature and are accordingly valued at cost plus accrued interest, which approximates fair value.
Foreign Currency Exchange Risk
In order to reduce the risk of foreign currency
exchange rate fluctuations, we hedge some of our transactions denominated in a currency other than the functional currencies applicable
to each of our various entities. The instruments used for hedging are short-term foreign currency contracts (futures). The changes
in market value of such contracts have a high correlation to price changes in the currency of the related hedged transactions.
At December 31, 2015, we had foreign currency contracts outstanding that had a notional amount of $66,685. At June 30, 2015 our
outstanding foreign currency contracts had a notional amount of $51,252. The difference between the fair market value of the foreign
currency contracts and the related commitments at inception and the fair market value of the contracts and the related commitments
at December 31, 2015 was not material.
We are subject to risk from changes in foreign
exchange rates for our subsidiaries that use a foreign currency as their functional currency and are translated into U.S. dollars.
These changes result in cumulative translation adjustments, which are included in accumulated other comprehensive income (loss).
On December 31, 2015, we had translation exposure to various foreign currencies, with the most significant being the Euro. The
potential loss as of December 31, 2015, resulting from a hypothetical 10% adverse change in quoted foreign currency exchange rates
amounted to $7,599. On June 30, 2015 such potential loss amounted to $7,440. Actual results may differ.
Interest rate risk
Due to our financing, investing and cash-management
activities, we are subject to market risk from exposure to changes in interest rates. We utilize a balanced mix of debt maturities
along with both fixed-rate and variable-rate debt to manage our exposure to changes in interest rates. Our financial instrument
holdings were analyzed to determine their sensitivity to interest rate changes. In this sensitivity analysis, we used the same
change in interest rate for all maturities. All other factors were held constant. If there were an adverse change in interest
rates of 10%, the expected effect on net income related to our financial instruments would be immaterial. However, there can be
no assurances that interest rates will not significantly affect our results of operations.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
are designed to provide reasonable assurance that information
required to be disclosed in the reports that
we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in
the rules and forms of the Securities and Exchange Commission. Our disclosure controls and procedures are also designed to ensure
that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated
to our management, including our principal executive and principal financial officer, to allow timely decisions regarding required
disclosure. Our chief executive officer and chief financial officer, with assistance from other members of our management, have
reviewed the effectiveness of our disclosure controls and procedures as of December 31, 2015 and, based on their evaluation, have
concluded that the disclosure controls and procedures were effective as of such date.
Changes in Internal Control Over Financial
Reporting
There has been no change in our internal control
over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during our fiscal quarter
ended December 31, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over
financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
As previously described in our Form 10-K for
the year ended June 30, 2015, we are subject to various environmental proceedings for which there were no material changes during
the three months ended December 31, 2015.
Item 1A. Risk Factors
In
November 2015, we offered $143,750,000 aggregate principal amount of Convertible Senior Notes due 2020 (the "Notes")
in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
We have set
forth below certain risk factors pertaining to the Notes. In addition to the information set forth below and other risk factors
set forth in this report, you should carefully consider the risk factors disclosed under Part I - “Item 1A. Risk Factors”
in our Form 10-K for the year ended June 30, 2015. All such risk factors could materially adversely affect our business, financial
condition, operating results and cash flows. The risks and uncertainties described herein and in our Form 10-K for the year ended
June 30, 2015 are not the only ones we face. Additionally, risks and uncertainties not currently known to us or that we currently
deem immaterial also may materially adversely affect our business, financial condition, operating results or cash flows.
We
may not have the ability to raise the funds necessary to settle conversions of the Notes that we issued in November 2015 or to
repurchase such Notes upon a fundamental change, and our senior secured credit facility contains, and our future debt may contain,
limitations on our ability to pay cash upon conversion or repurchase of such Notes.
Holders of our Notes will have the
right to require us to repurchase their notes upon the occurrence of certain fundamental events (each, a “fundamental change”)
at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and
unpaid interest, if any. In addition, upon conversion of the Notes, unless we elect to deliver solely shares of our common stock
to settle such conversion (other than paying cash in lieu of delivering any fractional share), we will be required to make cash
payments in respect of the Notes being converted. However, we may not have enough available cash or be able to obtain financing
at the time we are required to make repurchases of notes surrendered therefor or pay cash upon conversions of notes being converted.
In addition, our ability to repurchase the Notes or to pay cash upon conversions of the Notes is limited by agreements governing
our existing senior secured credit facility, and may be further limited by law, by regulatory authority or by agreements governing
our future indebtedness. Our failure to repurchase notes at a time when the repurchase is required by the indenture governing
the Notes or to pay any cash payable on future conversions of the Notes as required by the indenture would constitute a default
under the indenture. A default under the indenture or the fundamental change itself could, if not cured within applicable time
periods, lead to a default under agreements governing our existing senior secured credit facility, and could also lead to a default
under agreements governing our future indebtedness. If the repayment of the related indebtedness were to be accelerated after
any applicable notice or grace periods, we may not have sufficient funds to repay the indebtedness and repurchase the Notes or
make cash payments upon conversions thereof.
Our senior secured credit facility
limits our ability to pay any cash amount upon the conversion or repurchase of the Notes.
Our existing senior secured credit facility
prohibits us from making any cash payments on the conversion or repurchase of the Notes if an event of default exists under that
facility or if, after giving effect to such conversion or repurchase (and any additional indebtedness incurred in connection with
such conversion or a repurchase), we would not be in pro forma compliance with our financial covenants under that facility. Any
new credit facility that we may enter into in the future may have similar restrictions. Our failure to make cash payments upon
the conversion or repurchase of the Notes as required under the terms of the Notes would permit holders of the Notes to accelerate
our obligations under the Notes.
The conditional conversion feature
of the Notes, if triggered, may adversely affect our financial condition and operating results.
In the event the conditional conversion
feature of the Notes is triggered, holders of notes will be entitled to convert the Notes at any time during specified periods
at their option. If one or more holders elect to convert their notes, unless we elect to satisfy our conversion obligation by delivering
solely shares of our common stock (other than paying cash in lieu of delivering any fractional share), we would be required to
settle a portion or all of our conversion obligation through the payment of cash, which could adversely affect our liquidity. In
addition, even if holders do not elect to convert their notes, we could be required under applicable accounting rules to reclassify
all or a portion of the outstanding principal of the Notes as a current rather than long-term liability, which would result in
a material reduction of our net working capital.
The accounting method for convertible
debt securities that may be settled in cash, such as the Notes, could have a material effect on our reported financial results.
In May 2008, the Financial Accounting
Standards Board (“FASB”) issued FASB Staff Position No. APB 14-1, Accounting for Convertible Debt Instruments That
May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement), which has subsequently been codified as Accounting
Standards Codification 470-20, Debt with Conversion and Other Options (“ASC 470-20”). Under ASC 470-20, an entity must
separately account for the liability and equity components of the convertible debt instruments (such as the Notes) that may be
settled entirely or partially in cash upon conversion in a manner that reflects the issuer’s economic interest cost. The
effect of ASC 470-20 on the accounting for the Notes is that the equity component is required to be included in the capital in
excess of par value section of shareholders’ equity on our consolidated balance sheet, and the value of the equity component
would be treated as original issue discount for purposes of accounting for the debt component of the Notes. As a result, we will
be required to record a greater amount of non-cash interest expense in current periods presented as a result of the amortization
of the discounted carrying value of the Notes to their face amount over the term of the Notes. We will report lower net income
in our financial results because ASC 470-20 will require interest to include both the current period’s amortization of the
debt discount and the instrument’s coupon interest, which could adversely affect our reported or future financial results,
the trading price of our common stock and the trading price of the Notes.
In addition, under certain circumstances, convertible debt instruments (such as the Notes) that may be settled
entirely or partly in cash are currently accounted for utilizing the treasury stock method, the effect of which is that the shares
issuable upon conversion of the Notes are not included in the calculation of diluted earnings per share except to the extent that
the conversion value of the Notes exceeds their principal amount. Under the treasury stock method, for diluted earnings per share
purposes, the transaction is accounted for as if the number of shares of common stock that would be necessary to settle such excess
are issued (which is the policy we intend to follow for settling such excess). If we are unable to use the treasury stock method
in the future for the shares issuable upon conversion of the Notes, then our diluted earnings per share would be adversely affected.
Item 2. Unregistered Sales of Equity Securities and
Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits
3.1 |
Amended and Restated Certificate of Incorporation |
|
|
3.2 |
Amendment to the Amended and Restated Certificate of Incorporation |
|
|
4.1 |
Indenture, dated November 16, 2015 between ACETO Corporation
and Citibank, N.A. (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated November 16, 2015). |
4.2 |
Form of Global 2.00% Convertible Senior Note due
2020 (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K dated November 16, 2015). |
|
|
10.1 |
Aceto Corporation 2015 Equity Participation Plan (incorporated
by reference to Appendix B to our Definitive Proxy Statement on Schedule 14A filed on October 26, 2015). |
|
|
10.2 |
Amended and Restated Credit Agreement, dated as of October 28,
2015, by and among Aceto Corporation, the other loan parties thereto, JPMorgan Chase Bank N.A., as administrative agent, Wells
Fargo Bank, National Association, as syndication agent, and the lenders party thereto (incorporated by reference to Exhibit
10.1 to our Current Report on Form 8-K dated October 28, 2015). |
|
|
10.3 |
Purchase Agreement, dated November 10, 2015, by and among ACETO
Corporation and Wells Fargo Securities, LLC and J.P. Morgan Securities LLC, as representatives of the initial purchasers named
therein (incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K dated November 12, 2015). |
|
|
10.4 |
Convertible Note Hedge Confirmation, dated November 10, 2015,
between ACETO Corporation and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.2 to our Current
Report on Form 8-K dated November 12, 2015). |
|
|
10.5 |
Convertible Note Hedge Confirmation, dated November 10, 2015,
between ACETO Corporation and JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.3 to our
Current Report on Form 8-K dated November 12, 2015). |
|
|
10.6 |
Warrant Confirmation, dated November 10, 2015, between ACETO
Corporation and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.4 to our Current Report on
Form 8-K dated November 12, 2015). |
|
|
10.7 |
Warrant Confirmation, dated November 10, 2015, between ACETO
Corporation and JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.5 to our Current Report
on Form 8-K dated November 12, 2015). |
|
|
10.8 |
Amendment No. 1 to the Amended and Restated Credit Agreement,
dated as of October 28, 2015, by and among Aceto Corporation, the other loan parties thereto, JPMorgan Chase Bank, N.A., as
administrative agent, Wells Fargo Bank, National Association, as syndication agent, and the lenders party thereto (incorporated
by reference to Exhibit 10.6 to our Current Report on Form 8-K dated November 12, 2015). |
|
|
10.9 |
Additional Convertible Note Hedge Confirmation, dated November
18, 2015, between Aceto Corporation and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.1
to our Current Report on Form 8-K dated November 23, 2015). |
|
|
10.10 |
Additional Convertible Note Hedge Confirmation, dated November
18, 2015, between Aceto Corporation and JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.2
to our Current Report on Form 8-K dated November 23, 2015). |
|
|
10.11 |
Additional Warrant Confirmation, dated November 18, 2015, between
Aceto Corporation and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.3 to our Current Report
on Form 8-K dated November 23, 2015). |
|
|
10.12 |
Additional Warrant Confirmation, dated November 18, 2015, between
Aceto Corporation and JPMorgan Chase Bank, National Association (incorporated by reference to Exhibit 10.4 to our Current
Report on Form 8-K dated November 23, 2015). |
|
|
15.1 |
Letter from BDO USA, LLP regarding unaudited interim financial
information |
31.1 |
Certifications of Principal Executive Officer pursuant
to Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
31.2 |
Certifications of Principal Financial Officer pursuant to Rule
13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
32.1* |
Certifications of Chief Executive Officer pursuant to 18 U.S.C.
Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
32.2* |
Certifications of Chief Financial Officer pursuant to 18 U.S.C.
Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
101.INS |
XBRL Instance Document |
|
|
101.SCH |
XBRL Taxonomy Extension Schema Document |
|
|
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document |
|
|
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |
*Furnished, not filed
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
ACETO CORPORATION |
|
|
|
|
|
|
|
DATE |
February 5, 2016 |
|
BY |
/s/ Salvatore Guccione |
|
|
|
|
Salvatore Guccione, President and Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
DATE |
February 5, 2016 |
|
BY |
/s/ Douglas Roth |
|
|
|
|
Douglas Roth, Chief Financial Officer |
|
|
|
|
(Principal Financial and Accounting Officer) |
Exhibit 3.1
RESTATED CERTIFICATE OF INCORPORATION
-OF-
ACETO CORPORATION
(Under Section 807 of the Business Corporation
Law)
Pursuant to Section 807 of the Business Corporation Law of the
State of New York (“BCL”), I, the undersigned officer of ACETO CORPORATION, a New York corporation (the “Corporation”),
do hereby certify:
1. The
name of the Corporation is Aceto Corporation. The name under which the Corporation was formed is Aceto Chemical Co. Inc.
2. The
Certificate of Incorporation was filed by the Department of State of New York on the 13th day of June, 1947.
3. The
Certificate of Incorporation, as heretofore amended, is hereby amended or changed to effect one or more of the amendments or changes
authorized by the BCL, to wit:
(a) to
change the purposes of the Corporation to include any lawful act or activity for which corporations may be organized under the
BCL as permitted under Section 402(a)(2) of the BCL;
(b) to
change the Board of Directors’ authority to issue preferred stock as permitted under Section 502 of the BCL, without altering
the number of authorized shares of the Corporation’s common stock or preferred stock;
(c) to
change the post-office address to which the Secretary of State shall mail a copy of any process against the Corporation served
upon him as required by Section 402(a)(7) and (8) of the BCL;
(d) to
eliminate the statement that the Corporation is to have perpetual existence, as it is no longer required under Section 402(a)(9)
of the BCL;
(e) to
change the size of the Board of Directors and provide authority to the Board of Directors to amend the Corporation’s bylaws
as permitted under Sections 402(c) and 601(a) of the BCL, respectively;
(f) to
strike out provisions relating to transactions between the Corporation and its directors and officers, provisions relating to the
removal of directors and provisions relating to the Board of Directors of the Corporation in the management of the business of
the Corporation, as such provisions are not required by the BCL to be included in the Certificate of Incorporation and are duplicative
of provisions contained in the Corporation’s bylaws.;
(g) to
change provisions relating to the indemnification of the Corporation’s directors and officers as authorized by Article 7
of the BCL;
(h) to
change provisions denying preemptive rights to the shareholders of the Corporation as permitted under Section 622 of the BCL; and
(i) to change provisions relating to
the elimination, to the extent permitted by applicable law, of the personal liability of directors of the Corporation to the Corporation
and its shareholders for monetary damages for any breach of duty in such capacity as authorized by Article 7 of the BCL.
4. To
accomplish the foregoing amendments, the following Articles of the Certificate of Incorporation are hereby amended, and when applicable,
renumbered, to read as set forth in the same, renumbered or newly added Articles of the Certificate of Incorporation as hereinafter
restated:
(a) Article
SECOND of the Certificate of Incorporation relating to the purpose or purposes for which this Corporation is formed is amended
in its entirety to read as follows:
SECOND: The Corporation
is formed to engage in any lawful act or activity for which corporations may be organized under the Business Corporation Law of
the State of New York, provided that the corporation is not formed to engage in any act or activity which requires the consent
or approval of any state official, department, board, agency or other body without such consent or approval first being obtained.
(b) Article
THIRD of the Certificate of Incorporation relating to the authorized shares of the Corporation is amended in its entirety to read
as follows:
THIRD: (A) The
aggregate number of shares which the Corporation shall have authority to issue is 42,000,000 shares, of which 40,000,000 shares
shall be Common Stock, par value $.01 per share, and 2,000,000 shares shall be Preferred Stock, par value $2.50 per share,
issuable in a series.
(B) Subject to limitations
prescribed by law, the Board is authorized to provide for the issuance of shares of the Preferred Stock in one or more series,
to establish the number of shares in each series, to fix the designation, relative rights, preferences and limitations of the shares
of each such series and to cause to be filed in the Department of State of the State of New York, such certificates as may be required
in connection therewith by the Business Corporation Law of the State of New York.
(c) Article
FOURTH relating to service of process and the county location of the Corporation’s office is amended in its entirety to set
forth only the county location of the Corporation’s office and to read as follows:
FOURTH: The county, within this state,
in which the office of the corporation is to be located is Nassau County.
(d) Article
FIFTH relating to the duration of the Corporation is amended in its entirety to set forth the current address of the Corporation’s
office and service of process and to read as follows:
FIFTH: The Secretary
of State of the State of New York is hereby designated as the agent of the Corporation upon whom process in any action or proceeding
may be served; the office of the Corporation shall be located in the 4 Tri Harbor Court, Port Washington, New York 11050; and the
address to which the Secretary of State shall mail a copy of process in any action or proceeding against the corporation served
upon him or her as agent of the Corporation is 4 Tri Harbor Court, Port Washington, New York 11050.
(e) Article
SIXTH relating to the size of the Board of Directors is amended in its entirety to read as follows:
SIXTH: Subject always
to the Bylaws made by the stockholders, the Board may make Bylaws and from time to time may alter, amend or repeal any Bylaws,
but any Bylaws made the Board may be altered or repealed by the stockholders. The number of directors of the Corporation
shall be such as from time to time shall be fixed by the Bylaws of the Corporation, but shall not be less than three or greater
than nine.
(f) Article
SEVENTH relating to transactions between the Corporation and its directors and officers, the removal of directors and the Board
of Directors of the Corporation in the management of the business of the Corporation, is amended in its entirety to provide for
indemnification of directors and officers of the Corporation and to read as follows:
SEVENTH: The Corporation
shall indemnify to the fullest extent permitted by the Business Corporation Law of the State New York any person made, or threatened
to be made, a party to an action or proceeding, whether civil or criminal, including an action by or in the right of the Corporation
or any other corporation of any type or kind, domestic or foreign, or any partnership, joint venture, trust, employee benefit plan
or other enterprise, which any director or officer of the Corporation served in any capacity at the request of the Corporation,
by reason of the fact that he, his testator or intestate, was a director or officer of the Corporation, or served such other corporation,
partnership, joint venture, trust employee benefit plan or other enterprise in any capacity, against judgments, fines, amounts
paid in settlement and reasonable expenses, including attorney’s fees actually and necessarily incurred as a result of such
action or proceeding, or any appeal therein; provided, however, that this indemnification shall not be
deemed exclusive of any other rights to which a director or officer seeking indemnification or advancement of expenses may be entitled,
whether provided by law or contained in the Certificate of Incorporation or Bylaws, or a resolution of shareholders, a resolution
of the Board, or an agreement provided for such indemnification. The Corporation shall have the power to purchase and maintain
insurance to cover (i) directors, officers, employees, agents, attorneys, trustees and other representatives and (ii) the
Corporation for any obligation relating to indemnification. The intent of the foregoing indemnification provisions is both to confirm
and to expand upon the indemnification provided by the Business Corporation Law of the State of New York as from time to time amended
so as to maintain and continue to attract persons of high quality to serve the Corporation as officers, directors, employees, agents
or in similar capacities.
(g) Article
EIGHTH relating to preemptive rights of the shareholders is amended in its entirety to eliminate the liability of directors of
the Corporation to the extent permitted under law, and to read as follows:
EIGHTH: To the fullest
extent permitted by the Business Corporation Law of the State of New York as presently in effect or hereafter amended, a director
of the Corporation shall not be personally liable to the Corporation or its shareholders for monetary damages for any breach of
duty as a director. If the Business Corporation Law of the State of New York is amended after approval by the shareholders
of this Article to authorize corporate action further eliminating or limiting the personal liability of the directors, then the
liability of a director of the Corporation shall be, without further corporate action, eliminated or limited to the fullest extent
permitted by the Business Corporation Law of the State of New York, as so amended. No repeal or modification of this
Article shall adversely affect any right or protection of a director of the Corporation existing at the date of such repeal or
modification or create any liability or adversely effect such right or protection with respect to any act or omission occurring
prior to such repeal or modification.
(h) Former
Article EIGHTH relating to the preemptive rights of the shareholders has been renumbered to add new Article NINTH and is hereby
amended in its entirety to read as follows:
NINTH: No holder of
any shares of any class shall have any preemptive right to purchase any other shares or securities of any class which may at any
time be sold or offered by the Corporation.
5. This
Restated Certificate of Incorporation of the Corporation, as amended hereby, was authorized by the Board of Directors of the Corporation
and by the vote of a majority of holders of all of the outstanding shares of the Corporation entitled to vote thereon at a meeting
duly called and held.
6. To
effect the foregoing amendments, the Certificate of Incorporation, as amended, is hereby restated as amended in its entirety to
read as follows:
FIRST: The name of the corporation is ACETO CORPORATION.
SECOND: The Corporation is formed to engage in any
lawful act or activity for which corporations may be organized under the Business Corporation Law of the State of New York, provided
that the corporation is not formed to engage in any act or activity which requires the consent or approval of any state official,
department, board, agency or other body without such consent or approval first being obtained.
THIRD: (A) The aggregate number of shares which
the Corporation shall have authority to issue is 42,000,000 shares, of which 40,000,000 shares shall be Common Stock, par value
$.01 per share, and 2,000,000 shares shall be Preferred Stock, par value $2.50 per share, issuable in a series.
(B) Subject to limitations prescribed by law, the Board
is authorized to provide for the issuance of shares of the Preferred Stock in one or more series, to establish the number of shares
in each series, to fix the designation, relative rights, preferences and limitations of the shares of each such series and to cause
to be filed in the Department of State of the State of New York, such certificates as may be required in connection therewith by
the Business Corporation Law of the State of New York.
FOURTH: The county, within this state, in which the
office of the corporation is to be located is Nassau County.
FIFTH: The Secretary of State of the State of New
York is hereby designated as the agent of the Corporation upon whom process in any action or proceeding may be served; the office
of the Corporation shall be located in the 4 Tri Harbor Court, Port Washington, New York 11050; and the address to which the
Secretary of State shall mail a copy of process in any action or proceeding against the corporation served upon him or her as agent
of the Corporation is 4 Tri Harbor Court, Port Washington, New York 11050.
SIXTH: Subject always to the Bylaws made by the stockholders,
the Board may make Bylaws and from time to time may alter, amend or repeal any Bylaws, but any Bylaws made the Board may be altered
or repealed by the stockholders. The number of directors of the Corporation shall be such as from time to time shall
be fixed by the Bylaws of the Corporation, but shall not be less than three or greater than nine.
SEVENTH: The Corporation shall indemnify to the fullest
extent permitted by the Business Corporation Law of the State New York any person made, or threatened to be made, a party to an
action or proceeding, whether civil or criminal, including an action by or in the right of the Corporation or any other corporation
of any type or kind, domestic or foreign, or any partnership, joint venture, trust, employee benefit plan or other enterprise,
which any director or officer of the Corporation served in any capacity at the request of the Corporation, by reason of the fact
that he, his testator or intestate, was a director or officer of the Corporation, or served such other corporation, partnership,
joint venture, trust employee benefit plan or other enterprise in any capacity, against judgments, fines, amounts paid in settlement
and reasonable expenses, including attorney’s fees actually and necessarily incurred as a result of such action or proceeding,
or any appeal therein; provided, however, that this indemnification shall not be deemed exclusive of any
other rights to which a director or officer seeking indemnification or advancement of expenses may be entitled, whether provided
by law or contained in the Certificate of Incorporation or Bylaws, or a resolution of shareholders, a resolution of the Board,
or an agreement provided for such indemnification. The Corporation shall have the power to purchase and maintain insurance to cover
(i) directors, officers, employees, agents, attorneys, trustees and other representatives and (ii) the Corporation for
any obligation relating to indemnification. The intent of the foregoing indemnification provisions is both to confirm and to expand
upon the indemnification provided by the Business Corporation Law of the State of New York as from time to time amended so as to
maintain and continue to attract persons of high quality to serve the Corporation as officers, directors, employees, agents or
in similar capacities.
EIGHTH: To the fullest extent permitted by the Business
Corporation Law of the State of New York as presently in effect or hereafter amended, a director of the Corporation shall not be
personally liable to the Corporation or its shareholders for monetary damages for any breach of duty as a director. If the Business
Corporation Law of the State of New York is amended after approval by the shareholders of this Article to authorize corporate action
further eliminating or limiting the personal liability of the directors, then the liability of a director of the Corporation shall
be, without further corporate action, eliminated or limited to the fullest extent permitted by the Business Corporation Law of
the State of New York, as so amended. No repeal or modification of this Article shall adversely affect any right or protection
of a director of the Corporation existing at the date of such repeal or modification or create any liability or adversely effect
such right or protection with respect to any act or omission occurring prior to such repeal or modification.
NINTH: No holder of any shares of any class shall
have any preemptive right to purchase any other shares or securities of any class which may at any time be sold or offered by the
Corporation.
[Signature Page Follows]
IN
WITNESS WHEREOF, this Restated Certificate of Incorporation has been duly executed and delivered by the undersigned authorized
officer of the Corporation on the 9th day of November 2015.
|
ACETO CORPORATION |
|
|
|
|
|
|
/s/ |
Steven Rogers |
|
|
Name: |
Steven Rogers |
|
|
Title: |
Senior Vice President, |
|
|
|
General Counsel and |
|
|
|
Corporate Secretary |
|
RESTATED CERTIFICATE
OF INCORPORATION
OF
ACETO CORPORATION
UNDER SECTION 807
OF
THE BUSINESS
CORPORATION LAW OF THE STATE OF NEW YORK
Filer:
Lowenstein Sandler LLP
1251 Avenue of the Americas,
New York, New York 10020
Exhibit 3.2
CERTIFICATE OF AMENDMENT
OF THE CERTIFICATE OF INCORPORATION
OF
ACETO CORPORATION
(UNDER SECTION 805 OF THE BUSINESS CORPORATION
LAW)
The undersigned, being the president and the secretary of Aceto
Corporation, do hereby certify and set forth:
| 1. | The name of the corporation is ACETO CORPORATION. The corporation was originally formed under the name ACETO CHEMICAL CO. INC. |
| 2. | The Certificate of Incorporation was originally filed with the Department of State of the State of New York on June 13, 1947,
and was superseded by a Restated Certificate of Incorporation filed with the Department of State of the State of New York on November
9, 2015. |
| 3. | The Amendment to the Certificate of Incorporation affected by this Certificate of Amendment is to increase the number of authorized
common shares, $.01 par value, from 40,000,000 to 75,000,000. The Amendment to the Certificate of Incorporation affected by this
Certificate of Amendment does not affect any change in the 2,000,000 shares of Preferred Stock, par value $2.50 per share, authorized
pursuant to Article THIRD of the Certificate of Incorporation. |
| 4. | To accomplish the foregoing, paragraph THIRD(A) of the Certificate of Incorporation, which refers to shares, is hereby amended
as follows: |
“THIRD(A) The aggregate number of shares which
the Corporation shall have authority to issue is 77,000,000 shares, of which 75,000,000 shares shall be Common Stock, par value
$.01 per share, and 2,000,000 shares shall be Preferred Stock, par value $2.50 per share, issuable in series.”
| 5. | The Amendment to the Certificate of Incorporation effected by this Certificate of Amendment was authorized by the vote of the
board of directors followed by a vote of a majority of all outstanding shares entitled to vote thereon at a meeting of shareholders. |
[Remainder of page intentionally
left blank]
IN WITNESS WHEREOF, this Certificate
has been subscribed this 15th day of December 2015, by the undersigned who affirm the statements made herein are true
under the penalties of perjury.
|
/s/ Salvatore Guccione |
|
Salvatore Guccione |
|
President and Chief Executive Officer |
|
|
|
/s/ Steven Rogers |
|
Steven Rogers |
|
General Counsel and Secretary |
CERTIFICATE OF AMENDMENT
OF THE CERTIFICATE OF INCORPORATION OF
ACETO CORPORATION
(UNDER SECTION 805 OF THE BUSINESS CORPORATION
LAW)
Filed by: |
Lowenstein Sandler LLP, c/o Joseph Mignone |
|
|
(Name) |
|
|
|
|
|
1251 Avenue of the Americas |
|
|
(Mailing address) |
|
|
|
|
|
New York, New York 10020 |
|
|
(City, State and Zip code) |
|
Exhibit 15.1
February 5, 2016
Aceto Corporation
Port Washington, New York
We are aware that Aceto Corporation and subsidiaries
has incorporated by reference in its Registration Statements on Form S-3 (No. 333-207394) and Form S-8 (No. 333-187353, No. 333-174834,
No. 333-149586, No. 33-38679, No. 333-90929, and No. 333-110653) our report dated February 5, 2016, relating to the Company’s
unaudited interim consolidated financial statements appearing in its quarterly report on Form 10-Q for the quarter ended December
31, 2015. Pursuant to Regulation C under the Securities Act of 1933, that report is not considered a part of the registration statement
prepared or certified by our firm or a report prepared or certified by our firm within the meaning of Sections 7 and 11 of the
Act. It should be noted that we have not performed any procedures subsequent to February 5, 2016.
/s/ BDO USA, LLP
Melville, New York
Exhibit 31.1
CERTIFICATION
I, Salvatore Guccione, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Aceto Corporation (the “Registrant”); |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods
presented in this report; |
| 4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
| a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared; |
| b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and |
| d) | disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during
the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial
reporting; and |
| 5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors
(or persons performing the equivalent functions): |
| a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial
information; and |
| b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal control over financial reporting. |
Dated: February 5, 2016
/s/ Salvatore Guccione |
|
President and Chief Executive Officer |
|
(Principal Executive Officer) |
|
Exhibit 31.2
CERTIFICATION
I, Douglas Roth, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Aceto Corporation (the “Registrant”); |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods
presented in this report; |
| 4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
| a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared; |
| b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and |
| d) | disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during
the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial
reporting; and |
| 5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors
(or persons performing the equivalent functions): |
| a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial
information; and |
| b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s
internal control over financial reporting. |
Dated: February 5, 2016
/s/ Douglas Roth |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION
In connection with the Quarterly Report of Aceto
Corporation, a New York corporation (the “Company”), on Form 10-Q for the period ended December 31, 2015 as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), I, Salvatore Guccione, President and Chief
Executive Officer, certify, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to my knowledge:
| (1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
/s/ Salvatore Guccione |
|
President and Chief Executive Officer |
(Principal Executive Officer) |
|
February 5, 2016 |
|
Exhibit 32.2
CERTIFICATION
In connection with the Quarterly Report of Aceto
Corporation, a New York corporation (the “Company”), on Form 10-Q for the period ended December 31, 2015 as filed with
the Securities and Exchange Commission on the date hereof (the “Report”), I, Douglas Roth, Chief Financial Officer
of the Company, certify, pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that to my knowledge:
| (1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
/s/ Douglas Roth |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
February 5, 2016 |
|
v3.3.1.900
X |
- DefinitionIf the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 54,349
|
$ 34,020
|
Investments |
2,396
|
3,416
|
Trade receivables, less allowance for doubtful accounts (December 31, 2015, $610; June 30, 2015, $691) |
152,196
|
161,521
|
Other receivables |
9,026
|
10,611
|
Inventory |
105,575
|
95,596
|
Prepaid expenses and other current assets |
3,482
|
3,096
|
Deferred income tax asset, net |
2,153
|
2,050
|
Total current assets |
329,177
|
310,310
|
Property and equipment, net |
10,376
|
10,456
|
Property held for sale |
6,574
|
6,574
|
Goodwill |
67,853
|
67,870
|
Intangible assets, net |
83,387
|
78,997
|
Deferred income tax asset, net |
20,532
|
9,972
|
Other assets |
6,495
|
5,595
|
TOTAL ASSETS |
524,394
|
489,774
|
Current liabilities: |
|
|
Current portion of long-term debt |
197
|
10,197
|
Accounts payable |
57,441
|
54,962
|
Accrued expenses |
44,956
|
59,841
|
Total current liabilities |
102,594
|
125,000
|
Long-term debt, net |
115,885
|
99,960
|
Long-term liabilities |
7,336
|
7,542
|
Environmental remediation liability |
2,487
|
2,995
|
Deferred income tax liability |
10,235
|
66
|
Total liabilities |
$ 238,537
|
$ 235,563
|
Commitments and contingencies (Note 6) |
|
|
Shareholders' equity: |
|
|
Preferred stock, 2,000 shares authorized; no shares issued and outstanding |
|
|
Common stock, $.01 par value, 75,000 shares authorized at December 31, 2015 and 40,000 shares authorized at June 30, 2015; 29,551 and 29,147 shares issued and outstanding at December 31, 2015 and June 30, 2015, respectively |
$ 296
|
$ 292
|
Capital in excess of par value |
111,630
|
93,807
|
Retained earnings |
181,215
|
167,208
|
Accumulated other comprehensive loss |
(7,284)
|
(7,096)
|
Total shareholders' equity |
285,857
|
254,211
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 524,394
|
$ 489,774
|
X |
- DefinitionProperty, plant and equipment that is held for sale apart from normal operations and anticipated to be sold in more than one year due to special circumstances.
+ References
+ Details
Name: |
acet_PropertyHeldForSaleNoncurrent |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccountsPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3-4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3 -Subparagraph a(1) -Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value of the obligation (known or estimated) arising from requirements to perform activities to remediate one or more sites, payable after twelve months or beyond the next operating cycle if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 10 -Subparagraph (d)(1) -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13207-110859
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349
+ Details
Name: |
us-gaap_AccruedEnvironmentalLossContingenciesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionValue received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5
+ Details
Name: |
us-gaap_AdditionalPaidInCapitalCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.18) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.9) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6801-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a),19) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CommitmentsAndContingencies |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31917-109318
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31931-109318
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31928-109318
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31958-109318
+ Details
Name: |
us-gaap_DeferredTaxAssetsNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31931-109318
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31928-109318
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31958-109318
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31917-109318
+ Details
Name: |
us-gaap_DeferredTaxAssetsNetNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31931-109318
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31958-109318
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31917-109318
+ Details
Name: |
us-gaap_DeferredTaxLiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after other than temporary impairment (OTTI) accretion, of investments in debt securities classified as held-to-maturity, expected to be converted to cash, sold or exchanged within one year or the normal operating cycle.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26626-111562
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=51813488&loc=d3e22054-111558
+ Details
Name: |
us-gaap_HeldToMaturitySecuritiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16212-109274
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph ((a)(1),(b)) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275
+ Details
Name: |
us-gaap_IntangibleAssetsNetExcludingGoodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 35 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51655945&loc=d3e3927-108312
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
+ Details
Name: |
us-gaap_InventoryNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.32) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LongTermDebtCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LongTermDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_OtherAssetsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_OtherLiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe carrying amount of other receivables, net, due within one year of the balance sheet date (or one operating cycle, if longer) from third parties or arising from transactions not separately disclosed.
+ References
+ Details
Name: |
us-gaap_OtherReceivablesNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5
+ Details
Name: |
us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe cumulative amount of the reporting entity's undistributed earnings or deficit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31(a)(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Statement Of Financial Position [Abstract] |
|
|
Trade receivables, allowance for doubtful accounts (in dollars) |
$ 610
|
$ 691
|
Preferred stock, shares authorized |
2,000
|
2,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
75,000
|
40,000
|
Common stock, shares issued |
29,551
|
29,147
|
Common stock, shares outstanding |
29,551
|
29,147
|
X |
- DefinitionA valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5074-111524
+ Details
Name: |
us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFace amount or stated value per share of common stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfFinancialPositionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 131,674
|
$ 123,765
|
$ 265,174
|
$ 254,568
|
Cost of sales |
95,806
|
93,746
|
194,725
|
196,898
|
Gross profit |
35,868
|
30,019
|
70,449
|
57,670
|
Selling, general and administrative expenses |
19,246
|
18,970
|
36,879
|
37,253
|
Research and development expenses |
2,531
|
377
|
3,961
|
1,122
|
Operating income |
14,091
|
10,672
|
29,609
|
19,295
|
Other (expense) income: |
|
|
|
|
Interest expense |
(1,855)
|
(1,005)
|
(2,609)
|
(2,041)
|
Interest and other income, net |
857
|
818
|
1,076
|
876
|
Other (expense) income, Total |
(998)
|
(187)
|
(1,533)
|
(1,165)
|
Income before income taxes |
13,093
|
10,485
|
28,076
|
18,130
|
Provision for income taxes |
4,823
|
3,877
|
10,508
|
6,694
|
Net income |
$ 8,270
|
$ 6,608
|
$ 17,568
|
$ 11,436
|
Basic income per common share (in dollars per share) |
$ 0.28
|
$ 0.23
|
$ 0.60
|
$ 0.40
|
Diluted income per common share (in dollars per share) |
$ 0.28
|
$ 0.23
|
$ 0.60
|
$ 0.39
|
Weighted average shares outstanding: |
|
|
|
|
Basic (in shares) |
29,115
|
28,740
|
29,049
|
28,679
|
Diluted (in shares) |
29,599
|
29,204
|
29,495
|
29,191
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(a),(d)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_CostOfGoodsAndServicesSold |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.23) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1,2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncomeStatementAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).
+ References
+ Details
Name: |
us-gaap_InterestAndOtherIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_NonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NonoperatingIncomeExpenseAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ References
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 730 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 985 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756
+ Details
Name: |
us-gaap_ResearchAndDevelopmentExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionTotal revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_SalesRevenueNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 30 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51677171&loc=d3e3636-108311
+ Details
Name: |
us-gaap_SellingGeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Weighted-Average Number of Common Shares Outstanding -URI http://asc.fasb.org/extlink&oid=6528421
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Statement of Comprehensive (loss) Income [Abstract] |
|
|
|
|
Net income |
$ 8,270
|
$ 6,608
|
$ 17,568
|
$ 11,436
|
Other comprehensive income: |
|
|
|
|
Foreign currency translation adjustments |
(1,592)
|
(2,482)
|
(526)
|
(6,957)
|
Change in fair value of interest rate swaps |
|
(99)
|
(149)
|
153
|
Reclassification for realized loss on interest rate swap included in interest expense |
487
|
|
487
|
|
Comprehensive income |
$ 7,165
|
$ 4,027
|
$ 17,380
|
$ 4,632
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831223
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e557-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -Subparagraph (b,c) -URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 10A -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph c -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 10A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Operating activities: |
|
|
Net income |
$ 17,568
|
$ 11,436
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
6,225
|
5,973
|
Amortization of debt issuance costs and debt discount |
691
|
|
Provision for doubtful accounts |
(49)
|
211
|
Non-cash stock compensation |
3,206
|
2,279
|
Deferred income taxes |
(184)
|
(648)
|
Earnings on equity investment in joint venture |
(748)
|
(1,342)
|
Changes in assets and liabilities: |
|
|
Trade accounts receivable |
9,021
|
(28,265)
|
Other receivables |
2,041
|
(488)
|
Inventory |
(10,418)
|
4,547
|
Prepaid expenses and other current assets |
(400)
|
(1,086)
|
Other assets |
(11)
|
1,129
|
Accounts payable |
2,649
|
1,547
|
Accrued expenses and other liabilities |
(13,323)
|
4,791
|
Net cash provided by operating activities |
16,268
|
84
|
Investing activities: |
|
|
Purchases of investments |
(37)
|
(1,101)
|
Sales of investments |
1,023
|
|
Payments for intangible assets |
(9,850)
|
(940)
|
Purchases of property and equipment, net |
(725)
|
(511)
|
Net cash used in investing activities |
(9,589)
|
(2,552)
|
Financing activities: |
|
|
Payment of cash dividends |
(3,563)
|
(3,473)
|
Proceeds from exercise of stock options |
384
|
955
|
Excess tax benefit on stock option exercises and restricted stock |
1,030
|
660
|
Payment of contingent consideration |
(1,500)
|
(1,500)
|
Proceeds from convertible senior notes |
143,750
|
|
Payment for debt issuance costs |
(5,153)
|
|
Proceeds from sold warrants |
13,685
|
|
Purchase of call option (hedge) |
(27,174)
|
|
Termination payment for interest rate swap |
(420)
|
|
Borrowings of bank loans |
15,500
|
7,000
|
Repayment of bank loans |
(122,599)
|
(4,245)
|
Net cash provided by (used in) financing activities |
13,940
|
(603)
|
Effect of exchange rate changes on cash |
(290)
|
(2,610)
|
Net increase (decrease) in cash |
20,329
|
(5,681)
|
Cash and cash equivalents at beginning of period |
34,020
|
42,897
|
Cash and cash equivalents at end of period |
$ 54,349
|
$ 37,216
|
X |
- DefinitionRepresents cash outflow from payment of contingent consideration.
+ References
+ Details
Name: |
acet_PaymentOfContingentConsideration |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for a financial contract between two parties, the buyer and the seller of a convertible note call option which hedges the potential common stock dilution that may arise from the conversion of the notes, accounted for as an equity transaction.
+ References
+ Details
Name: |
acet_PaymentsForConvertibleBondHedgeFinancingActivities |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for a termination payment for interest rate swap.
+ References
+ Details
Name: |
acet_TerminationPaymentForInterestRateSwap |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_AmortizationOfFinancingCostsAndDiscounts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_DepreciationAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details
Name: |
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 20 -Section 55 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=32706628&loc=d3e11374-113907
+ Details
Name: |
us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThis item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.12) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 11 -Article 7
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of accrued expenses and other operating obligations not separately disclosed in the statement of cash flows.
+ References
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInInventories |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherReceivables |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details
Name: |
us-gaap_PaymentOfFinancingAndStockIssuanceCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionCash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details
Name: |
us-gaap_PaymentsOfDividends |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
+ Details
Name: |
us-gaap_PaymentsToAcquireIntangibleAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow associated with the purchase of all investments (debt, security, other) during the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
+ Details
Name: |
us-gaap_PaymentsToAcquireInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
+ Details
Name: |
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from bank borrowing during the year.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
+ Details
Name: |
us-gaap_ProceedsFromBankDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details
Name: |
us-gaap_ProceedsFromConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from issuance of rights to purchase common shares at predetermined price (usually issued together with corporate debt).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
+ Details
Name: |
us-gaap_ProceedsFromIssuanceOfWarrants |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from sales of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
+ Details
Name: |
us-gaap_ProceedsFromSaleOfShortTermInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
+ Details
Name: |
us-gaap_ProceedsFromStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.5) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ProvisionForDoubtfulAccounts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow to settle a bank borrowing during the year.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details
Name: |
us-gaap_RepaymentsOfBankDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.3.1.900
Basis of Presentation
|
6 Months Ended |
Dec. 31, 2015 |
Basis Of Presentation [Abstract] |
|
Basis of Presentation |
(1) Basis of Presentation
The condensed consolidated financial statements of Aceto Corporation and subsidiaries (“Aceto” or the “Company”) included herein have been prepared by the Company and reflect all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented. Interim results are not necessarily indicative of results which may be achieved for the full year.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in those financial statements and the disclosure of contingent assets and liabilities at the date of the financial statements. These judgments can be subjective and complex, and consequently actual results could differ from those estimates and assumptions. The Company’s most critical accounting policies relate to revenue recognition; allowance for doubtful accounts; inventory; goodwill and other indefinite-life intangible assets; long-lived assets; environmental matters and other contingencies; income taxes; and stock-based compensation.
These condensed consolidated financial statements do not include all disclosures associated with consolidated financial statements prepared in accordance with GAAP. Accordingly, these statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended June 30, 2015.
|
X |
- References
+ Details
Name: |
acet_BasisOfPresentationAbstract |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccounting |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Stock-Based Compensation
|
6 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock-Based Compensation |
(2) Stock-Based Compensation
At the annual meeting of shareholders of the Company, held on December 15, 2015, the Company’s shareholders approved the Aceto Corporation 2015 Equity Participation Plan (the “2015 Plan”). Under the 2015 Plan, grants of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards (“Stock Awards”) may be offered to employees, non-employee directors, consultants and advisors of the Company, including the chief executive officer, chief financial officer and other named executive officers. The maximum number of shares of common stock of the Company that may be issued pursuant to Stock Awards granted under the 2015 Plan will not exceed, in the aggregate, 4,250 shares. Stock Awards that are intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended, may be granted. Performance-based awards may be granted, vested and paid based on the attainment of specified performance goals.
At the annual meeting of shareholders of the Company, held on December 6, 2012, the Company’s shareholders approved the amended and restated Aceto Corporation 2010 Equity Participation Plan (the “2010 Plan”). Under the 2010 Plan, grants of stock options, restricted stock, restricted stock units, stock appreciation rights, and stock bonuses may be made to employees, non-employee directors and consultants of the Company. The maximum number of shares of common stock of the Company that may be issued pursuant to awards granted under the 2010 Plan will not exceed, in the aggregate, 5,250 shares. In addition, restricted stock may be granted to an eligible participant in lieu of a portion of any annual cash bonus earned by such participant. Such award may include additional shares of restricted stock (premium shares) greater than the portion of bonus paid in restricted stock. The restricted stock award is vested at issuance and the restrictions lapse ratably over a period of years as determined by the Board of Directors, generally three years. The premium shares vest when all the restrictions lapse, provided that the participant remains employed by the Company at that time.
During the six months ended December 31, 2015, the Company granted 219 shares of restricted common stock to its employees that vest over three years, 14 shares of restricted stock to its non-employee directors, which vest over approximately one year as well as 46 restricted stock units to its employees that have varying vest dates through August 2016. In addition, the Company also issued a target grant of 142 performance-vested restricted stock units, which grant could be as much as 248 units if certain performance criteria and market conditions are met. Performance-vested restricted stock units will cliff vest 100% at the end of the third year following grant in accordance with the performance metrics set forth in the applicable employee performance-vested restricted stock unit grant.
During the year ended June 30, 2015, the Company granted 165 shares of restricted common stock to its employees that vest over three years and 12 shares of restricted common stock to its non-employee directors, which vest over approximately one year as well as 67 restricted stock units that have varying vest dates through August 2016. In addition, the Company also issued a target grant of 116 performance-vested restricted stock units, which grant could be as much as 203 if certain performance criteria and market conditions are met. Performance-vested restricted stock units will cliff vest 100% at the end of the third year following grant in accordance with the performance metrics set forth in the applicable employee performance-vested restricted stock unit grant.
For the three and six months ended December 31, 2015, the Company recorded stock-based compensation expense of approximately $1,733 and $3,195, respectively, related to restricted common stock and restricted stock units. For the three and six months ended December 31, 2014, the Company recorded stock-based compensation expense of approximately $1,142 and $2,245 respectively, related to restricted common stock and restricted stock units. As of December 31, 2015, the total unrecognized compensation cost related to restricted stock awards and restricted stock units is approximately $11,462.
|
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14
+ Details
Name: |
us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Common Stock
|
6 Months Ended |
Dec. 31, 2015 |
Equity [Abstract] |
|
Common Stock |
(3) Common Stock
At the annual meeting of shareholders of the Company, held on December 15, 2015, the Company’s shareholders approved the proposal to amend Aceto’s Certificate of Incorporation to increase the total number of authorized shares of common stock from 40,000 shares to 75,000 shares.
On February 4, 2016, the Company's board of directors declared a regular quarterly dividend of $0.06 per share which is scheduled to be paid on March 25, 2016 to shareholders of record as of March 11, 2016.
On December 3, 2015, the Company's board of directors declared a regular quarterly dividend of $0.06 per share which was paid on December 28, 2015 to shareholders of record as of December 17, 2015.
On September 10, 2015, the Company's board of directors declared a regular quarterly dividend of $0.06 per share which was paid on October 2, 2015 to shareholders of record as of September 21, 2015.
On May 8, 2014, the Board of Directors of the Company authorized the continuation of the Company’s stock repurchase program, expiring in May 2017. Under the stock repurchase program, the Company is authorized to purchase up to 5,000 shares of common stock in open market or private transactions, at prices not to exceed the market value of the common stock at the time of such purchase.
The Board of Directors has authority under the Company’s Restated Certificate of Incorporation to issue shares of preferred stock with voting and other relative rights to be determined by the Board of Directors.
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494
Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644
Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C
+ Details
Name: |
us-gaap_StockholdersEquityNoteDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Net Income Per Common Share
|
6 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Net Income Per Common Share |
(4) Net Income Per Common Share
Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:
|
|
Six Months Ended December 31, |
|
|
Three Months Ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
29,049 |
|
|
|
28,679 |
|
|
|
29,115 |
|
|
|
28,740 |
|
Dilutive effect of stock options and restricted stock awards and units |
|
|
446 |
|
|
|
512 |
|
|
|
484 |
|
|
|
464 |
|
Diluted weighted average shares outstanding |
|
|
29,495 |
|
|
|
29,191 |
|
|
|
29,599 |
|
|
|
29,204 |
|
The Convertible Senior Notes (see Note 5) will only be included in the dilutive net income per share calculations using the treasury stock method during periods in which the average market price of Aceto’s common stock was above the applicable conversion price of the Convertible Senior Notes, or $33.215 per share, and the impact would not be anti-dilutive.
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for earnings per share.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_EarningsPerShareTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Debt
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Debt |
(5) Debt
Long-term debt
|
|
December 31, 2015 |
|
|
June 30, 2015 |
|
|
|
|
|
|
|
|
Convertible Senior Notes, net |
|
$ |
113,024 |
|
|
$ |
- |
|
Revolving Bank Loans |
|
|
- |
|
|
|
45,000 |
|
Term Bank Loans |
|
|
- |
|
|
|
62,000 |
|
Mortgage |
|
|
3,058 |
|
|
|
3,157 |
|
|
|
|
116,082 |
|
|
|
110,157 |
|
Less current portion |
|
|
197 |
|
|
|
10,197 |
|
|
|
$ |
115,885 |
|
|
$ |
99,960 |
|
Convertible Senior Notes
In November 2015, Aceto offered $125,000 aggregate principal amount of Convertible Senior Notes due 2020 (the "Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. In addition, Aceto granted the initial purchasers for the offering an option to purchase up to an additional $18,750 aggregate principal amount pursuant to the initial purchasers’ option to purchase additional notes, which was exercised in November 2015. Therefore the total offering was $143,750 aggregate principal amount. The Notes are unsecured obligations of Aceto and rank senior in right of payment to any of Aceto’s subordinated indebtedness, equal in right of payment to all of Aceto’s unsecured indebtedness that is not subordinated, effectively junior in right of payment to any of Aceto’s secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally junior in right of payment to all indebtedness and other liabilities (including trade payables) of Aceto’s subsidiaries. Interest will be payable semi-annually in arrears. The Notes will be convertible into cash, shares of Aceto common stock or a combination thereof, at Aceto’s election, upon the satisfaction of specified conditions and during certain periods. The Notes will mature in November 2020.
After deducting the underwriting discounts and commissions and other expenses (including the net cost of the bond hedge and warrant, discussed below), the net proceeds from the offering was approximately $125,108. The Notes pay 2.0% interest semi-annually in arrears on May 1 and November 1 of each year, starting on May 1, 2016. The Notes are convertible into 4,327,864 shares of common stock, based on an initial conversion price of $33.215 per share.
Holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at their option at any time prior to the close of business on the business day immediately preceding May 1, 2020 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ended on December 31, 2015 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the five consecutive business day period after any five consecutive trading day period (which is referred to as the “measurement period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Aceto’s common stock and the conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events.
Upon conversion by the holders, the Company may elect to settle such conversion in shares of its common stock, cash, or a combination thereof. As a result of its cash conversion option, the Company separately accounted for the value of the embedded conversion option as a debt discount (with an offset to capital in excess of par value) of $27,241. The value of the embedded conversion option was determined based on the estimated fair value of the debt without the conversion feature, which was determined using an expected present value technique (income approach) to estimate the fair value of similar non-convertible debt (see Note 7); the debt discount is being amortized as additional non-cash interest expense using the effective interest method over the term of the Notes.
Offering costs of $5,153 have been allocated to the debt and equity components in proportion to the allocation of proceeds to the components, as debt issuance costs and equity issuance costs, respectively. The debt issuance costs of $4,177 are being amortized as additional non-cash interest expense using the straight-line method over the term of the debt, since this method was not significantly different from the effective interest method. The $976 portion allocated to equity issuance costs was charged to capital in excess of par value. As discussed in Note 8, the Company adopted Accounting Standards Update 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs in the second quarter of fiscal 2016. The Company presents debt issuance costs as a direct deduction from the carrying value of the debt liability rather than showing the debt issuance costs as a deferred charge on the balance sheet.
In connection with the offering of the Notes, Aceto entered into privately negotiated convertible note hedge transactions with option counterparties, which are affiliates of certain of the initial purchasers. The convertible note hedge transactions are expected generally to reduce the potential dilution to Aceto’s common stock and/or offset any cash payments Aceto is required to make in excess of the principal amount of converted notes upon any conversion of notes. Aceto also entered into privately negotiated warrant transactions with the option counterparties. The warrant transactions could separately have a dilutive effect to the extent that the market price per share of Aceto’s common stock as measured over the applicable valuation period at the maturity of the warrants exceeds the applicable strike price of the warrants. By entering into these transactions with the option counterparties, the Company issued convertible debt and a freestanding “call-spread.” A call-spread consists of Aceto’s (1) purchasing a call option on its own shares with an exercise price of $33.215 and (2) writing a call option on its own shares at a higher strike price of $44.71(premium of 75%) (i.e., issuing a warrant). The purchased call option has an exercise price equal to the conversion price of Aceto’s convertible debt, which economically reduces the potential common stock dilution that may arise from the conversion of the Notes. The written call option has a higher strike price to partially finance the purchased call option. Since the convertible note hedge and warrant are both indexed to the Company’s common stock and otherwise would be classified as equity, Aceto recorded both elements as equity, resulting in a net reduction to capital in excess of par value of $13,489.
The carrying value of the Notes is as follows:
|
|
December 31, 2015 |
|
|
|
|
|
Principal amount |
|
$ |
143,750 |
|
Unamortized debt discount |
|
|
(26,654 |
) |
Unamortized debt issuance costs |
|
|
(4,072 |
) |
Net carrying value |
|
$ |
113,024 |
|
The following table sets forth the components of total “interest expense” related to the Notes recognized in the accompanying consolidated statements of income for the three and six months ended December 31:
|
|
December 31, 2015 |
|
|
|
|
|
Contractual coupon |
|
$ |
354 |
|
Amortization of debt discount |
|
|
587 |
|
Amortization of debt issuance costs |
|
|
104 |
|
|
|
$ |
1,045 |
|
Credit Facilities
On October 28, 2015, the Company entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”), which amended and restated in its entirety the Credit Agreement, dated as of April 30, 2014 with three domestic financial institutions, as amended on June 25, 2015 by Amendment No. 1 to the Credit Agreement (together, the “First Amended Credit Agreement”). The A&R Credit Agreement increases the aggregate available revolving commitment under the First Amended Credit Agreement from $75,000 to an initial aggregate available revolving commitment of $150,000 (the “Initial Revolving Commitment”), which may be increased in accordance with the terms and conditions of the A&R Credit Agreement by an aggregate amount not to exceed $100,000 (the “Expansion Commitment” and, together with the Initial Revolving Commitment, the “Revolving Commitment”). Under the A&R Credit Agreement, the Company may borrow, repay and reborrow loans up to the Revolving Commitment from and as of October 28, 2015, to but excluding the earlier of October 28, 2020 and the termination of the Revolving Commitment, in amounts up to, but not exceeding at any one time, the Revolving Commitment. The A&R Credit Agreement does not provide for any term loan commitment. The proceeds from initial borrowings under the A&R Credit Agreement have been used to repay all amounts outstanding pursuant to the term loan commitment and revolving loan commitment under Aceto’s First Amended Credit Agreement. The proceeds from the issuance of the Notes were used to pay initial borrowings under the A&R Credit Agreement. As of December 31, 2015, there were no amounts outstanding under the A&R Credit Agreement.
The A&R Credit Agreement provides for (i) Eurodollar Loans (as such term is defined in the A&R Credit Agreement), (ii) ABR Loans (as such term is defined in the A&R Credit Agreement) or (iii) a combination thereof. Borrowings under the A&R Credit Agreement will bear interest per annum at a base rate or, at the Company’s option, LIBOR, plus an applicable margin ranging from 0.00% to 0.75% in the case of ABR Loans, and 1.00% to 1.75% in the case of Eurodollar Loans. The applicable interest rate margin percentage will be determined by the Company’s senior secured net leverage ratio.
The A&R Credit Agreement, similar to Aceto’s First Amended Credit Agreement, provides that commercial letters of credit shall be issued to provide the primary payment mechanism in connection with the purchase of any materials, goods or services in the ordinary course of business. The Company had open letters of credit of approximately $0 and $21 at December 31, 2015 and June 30, 2015 respectively.
The A&R Credit Agreement, like Aceto’s First Amended Credit Agreement, provides for a security interest in substantially all of the personal property of the Company and certain of its subsidiaries. The A&R Credit Agreement contains several financial covenants including, among other things, maintaining a minimum level of debt service. Under the A&R Credit Agreement, the Company and its subsidiaries are also subject to certain restrictive covenants, including, among other things, covenants governing liens, limitations on indebtedness, limitations on guarantees, limitations on sales of assets and sales of receivables, and limitations on loans and investments. The Company was in compliance with all covenants at December 31, 2015.
Mortgage
On June 30, 2011, the Company entered into a mortgage payable for $3,947 on its new corporate headquarters, in Port Washington, New York. This mortgage payable is secured by the land and building and is being amortized over a period of 20 years. The mortgage payable, which was modified in October 2013, bears interest at 4.92% per annum as of December 31, 2015 and matures on June 30, 2021.
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Commitments, Contingencies and Other Matters
|
6 Months Ended |
Dec. 31, 2015 |
Commitments And Contingencies Disclosure [Abstract] |
|
Commitments, Contingencies and Other Matters |
(6) Commitments, Contingencies and Other Matters
The Company and its subsidiaries are subject to various claims which have arisen in the normal course of business. The Company provides for costs related to contingencies when a loss from such claims is probable and the amount is reasonably determinable. In determining whether it is possible to provide an estimate of loss, or range of possible loss, the Company reviews and evaluates its litigation and regulatory matters on a quarterly basis in light of potentially relevant factual and legal developments. If the Company determines an unfavorable outcome is not probable or reasonably estimable, the Company does not accrue for a potential litigation loss. While the Company has determined that there is a reasonable possibility that a loss has been incurred, no amounts have been recognized in the financial statements, other than what is discussed below, because the amount of the liability cannot be reasonably estimated at this time.
In fiscal years 2011, 2009, 2008 and 2007, the Company received letters from the Pulvair Site Group, a group of potentially responsible parties (PRP Group) who are working with the State of Tennessee (the State) to remediate a contaminated property in Tennessee called the Pulvair site. The PRP Group has alleged that Aceto shipped hazardous substances to the site which were released into the environment. The State has begun administrative proceedings against the members of the PRP Group and Aceto with respect to the cleanup of the Pulvair site and the PRP Group has begun to undertake cleanup. The PRP Group is seeking a settlement of approximately $1,700 from the Company for its share to remediate the site contamination. Although the Company acknowledges that it shipped materials to the site for formulation over twenty years ago, the Company believes that the evidence does not show that the hazardous materials sent by Aceto to the site have significantly contributed to the contamination of the environment and thus believes that, at most, it is a de minimis contributor to the site contamination. Accordingly, the Company believes that the settlement offer is unreasonable. Management believes that the ultimate outcome of this matter will not have a material adverse effect on the Company's financial condition or liquidity.
The Company has environmental remediation obligations in connection with Arsynco, Inc. (“Arsynco”), a subsidiary formerly involved in manufacturing chemicals located in Carlstadt, New Jersey, which was closed in 1993 and is currently held for sale. Based on continued monitoring of the contamination at the site and the approved plan of remediation, Arsynco received an estimate from an environmental consultant stating that the costs of remediation could be between $16,500 and $18,300. Remediation commenced in fiscal 2010, and as of December 31, 2015 and June 30, 2015, a liability of $10,571 and $11,079, respectively, is included in the accompanying consolidated balance sheets for this matter. In accordance with GAAP, management believes that the majority of costs incurred to remediate the site will be capitalized in preparing the property which is currently classified as held for sale. An appraisal of the fair value of the property by a third-party appraiser supports the assumption that the expected fair value after the remediation is in excess of the amount required to be capitalized. However, these matters, if resolved in a manner different from those assumed in current estimates, could have a material adverse effect on the Company’s financial condition, operating results and cash flows when resolved in a future reporting period.
In connection with the environmental remediation obligation for Arsynco, in July 2009, Arsynco entered into a settlement agreement with BASF Corporation (“BASF”), the former owners of the Arsynco property. In accordance with the settlement agreement, BASF paid for a portion of the prior remediation costs and going forward, will co-remediate the property with the Company. The contract requires that BASF pay $550 related to past response costs and pay a proportionate share of the future remediation costs. Accordingly, the Company had recorded a gain of $550 in fiscal 2009. This $550 gain relates to the partial reimbursement of costs of approximately $1,200 that the Company had previously expensed. The Company also recorded an additional receivable from BASF, with an offset against property held for sale, representing its estimated portion of the future remediation costs. The balance of this receivable for future remediation costs as of December 31, 2015 and June 30, 2015 is $4,756 and $4,985, respectively, which is included in the accompanying consolidated balance sheets.
In March 2006, Arsynco received notice from the United States Environmental Protection Agency (“EPA”) of its status as a PRP under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) for a site described as the Berry’s Creek Study Area (“BCSA”). Arsynco is one of over 150 PRPs which have potential liability for the required investigation and remediation of the site. The estimate of the potential liability is not quantifiable for a number of reasons, including the difficulty in determining the extent of contamination and the length of time remediation may require. In addition, any estimate of liability must also consider the number of other PRPs and their financial strength. In July 2014, Arsynco received notice from the U.S. Department of Interior (“USDOI”) regarding the USDOI’s intent to perform a Natural Resource Damage (NRD) Assessment at the BCSA. Arsynco has to date declined to participate in the development and performance of the NRD assessment process. Based on prior practice in similar situations, it is possible that the State may assert a claim for natural resource damages with respect to the Arsynco site itself, and either the federal government or the State (or both) may assert claims against Arsynco for natural resource damages in connection with Berry's Creek; any such claim with respect to Berry's Creek could also be asserted against the approximately 150 PRPs which the EPA has identified in connection with that site. Any claim for natural resource damages with respect to the Arsynco site itself may also be asserted against BASF, the former owner of the Arsynco property. In September 2012, Arsynco entered into an agreement with three of the other PRPs that had previously been impleaded into New Jersey Department of Environmental Protection, et al. v. Occidental Chemical Corporation, et al., Docket No. ESX-L-9868-05 (the "NJDEP Litigation") and were considering impleading Arsynco into the same proceeding. Arsynco entered into an agreement to avoid impleader. Pursuant to the agreement, Arsynco agreed to (1) a tolling period that would not be included when computing the running of any statute of limitations that might provide a defense to the NJDEP Litigation; (2) the waiver of certain issue preclusion defenses in the NJDEP Litigation; and (3) arbitration of certain potential future liability allocation claims if the other parties to the agreement are barred by a court of competent jurisdiction from proceeding against Arsynco. In July 2015, Arsynco was contacted by an allocation consultant retained by a group of the named PRPs, inviting Arsynco to participate in the allocation among the PRPs’ investigation and remediation costs relating to the BCSA. Arsynco declined that invitation. Since an amount of the liability cannot be reasonably estimated at this time, no accrual is recorded for these potential future costs. The impact of the resolution of this matter on the Company’s results of operations in a particular reporting period is not currently known.
A subsidiary of the Company markets certain agricultural protection products which are subject to the Federal Insecticide, Fungicide and Rodenticide Act (FIFRA). FIFRA requires that test data be provided to the EPA to register, obtain and maintain approved labels for pesticide products. The EPA requires that follow-on registrants of these products compensate the initial registrant for the cost of producing the necessary test data on a basis prescribed in the FIFRA regulations. Follow-on registrants do not themselves generate or contract for the data. However, when FIFRA requirements mandate that new test data be generated to enable all registrants to continue marketing a pesticide product, often both the initial and follow-on registrants establish a task force to jointly undertake the testing effort. The Company is presently a member of several such task force groups, which requires payments for such memberships. In addition, in connection with our agricultural protection business, the Company plans to acquire product registrations and related data filed with the United States Environmental Protection Agency to support such registrations and other supporting data for several products. The acquisition of these product registrations and related data filed with the United States Environmental Protection Agency as well as payments to various task force groups could approximate $2,360 through fiscal 2016, of which $0 has been accrued as of December 31, 2015 and June 30, 2015 respectively.
On April 30, 2014, Rising, a wholly owned subsidiary of Aceto, acquired 100% of the issued and outstanding membership interests of PACK. PACK, a national marketer and distributor of generic prescription and over-the-counter pharmaceutical products, had headquarters in Buffalo Grove, Illinois, a suburb of Chicago, Illinois. The purchase agreement provided for a three-year earn-out of up to $15,000 in cash based on the achievement of certain performance-based targets. As of December 31, 2015 and June 30, 2015, the Company accrued $833 and $783, respectively, related to this contingent consideration. Any necessary future adjustments to this amount will be recorded as an income statement charge at that time.
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51674963&loc=d3e12565-110249
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Fair Value Measurements
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
(7) Fair Value Measurements
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. GAAP establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels:
Level 1 – Quoted market prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable; and
Level 3 – Unobservable inputs that are not corroborated by market data.
On a recurring basis, Aceto measures at fair value certain financial assets and liabilities, which consist of cash equivalents, investments and foreign currency contracts. The Company classifies cash equivalents and investments within Level 1 if quoted prices are available in active markets. Level 1 assets include instruments valued based on quoted market prices in active markets which generally include corporate equity securities publicly traded on major exchanges. Time deposits are short-term in nature and are accordingly valued at cost plus accrued interest, which approximates fair value, and are classified within Level 2 of the valuation hierarchy. The Company uses foreign currency futures contracts to minimize the risk caused by foreign currency fluctuation on its foreign currency receivables and payables by purchasing futures with one of its financial institutions. Futures are traded on regulated U.S. and international exchanges and represent commitments to purchase or sell a particular foreign currency at a future date and at a specific price. Aceto’s foreign currency derivative contracts are classified within Level 2 as the fair value of these hedges is primarily based on observable futures foreign exchange rates. At December 31, 2015, the Company had foreign currency contracts outstanding that had a notional amount of $66,685. Unrealized losses on hedging activities for the six months ended December 31, 2015 and 2014 was $757 and $1,001, respectively, and are included in interest and other income, net, in the condensed consolidated statements of income. The contracts have varying maturities of less than one year.
In conjunction with the Credit Agreement, dated as of April 30, 2014, the Company entered into an interest rate swap on April 30, 2014 for an additional interest cost of 1.63% on a notional amount of $25,750, which had been designated as a cash flow hedge. The expiration date of this interest rate swap was April 30, 2019. In November 2015, the Company terminated the interest rate swap agreement resulting in a termination payment of $420, which is included in interest expense in the condensed consolidated statements of income for the three and six months ended December 31, 2015. Pursuant to the requirements of the Credit Agreement, dated December 31, 2010, the Company was required to deliver Hedging Agreements (as defined in the agreement) fixing the interest rate on not less than $20,000 of the term loan at that time. Accordingly, in March 2011, the Company entered into an interest rate swap for an additional interest cost of 1.91% on a notional amount of $20,000, which had been designated as a cash flow hedge and which expired on December 31, 2015. Aceto’s interest rate swaps were previously classified within Level 2 as the fair value of this hedge was primarily based on observable interest rates.
As of December 31, 2015 and June 30, 2015, the Company had $833 and $783, respectively, of contingent consideration related to the PACK acquisition, which was completed in April 2014 and $365 and $359, respectively, of contingent consideration related to the acquisition of a company in France, which occurred in December 2013. In addition, as of June 30, 2015, the Company had $1,480, of contingent consideration that was recorded at fair value in the Level 3 category, which related to the acquisition of Rising that was completed during fiscal 2011. The Rising contingent consideration was paid in September 2015. The contingent consideration was calculated using the present value of a probability weighted income approach.
During the fourth quarter of each fiscal year, the Company evaluates goodwill and indefinite-lived intangibles for impairment at the reporting unit level using a cash flow model using Level 3 inputs. Additionally, on a nonrecurring basis, the Company uses fair value measures when analyzing asset impairment. Long-lived assets and certain identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are reduced to estimated fair value. Measurements based on undiscounted cash flows are considered to be Level 3 inputs.
In November 2015, the Company issued $143,750 aggregate principal amount of Notes (see Note 5). Since Aceto has the option to cash settle the potential conversion of the Notes in cash, the Company separated the embedded conversion option feature from the debt feature and accounts for each component separately, based on the fair value of the debt component assuming no conversion option. The calculation of the fair value of the debt component required the use of Level 3 inputs, and was determined by calculating the fair value of similar non-convertible debt, using a theoretical borrowing rate of 6.5%. The value of the embedded conversion option was determined using an expected present value technique (income approach) to estimate the fair value of similar non-convertible debt and included utilization of convertible investors’ credit assumptions and high yield bond indices. A portion of the offering proceeds was used to simultaneously enter into privately negotiated convertible note hedge transactions with option counterparties, which are affiliates of certain of the initial purchasers in the offering of the Notes and privately negotiated warrant transactions with the option counterparties (see Note 5). The Company calculated the fair value of the bond hedge based on the price that was paid to purchase the call. The Company also calculated the fair value of the warrant based on the price at which the affiliate purchased the warrants from the Company. Since the convertible note hedge and warrant are both indexed to the Company’s common stock and otherwise would be classified as equity, Aceto recorded both elements as equity, resulting in a net reduction to capital in excess of par value of $13,489.
The carrying values of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of these instruments. The fair values of the Company’s notes receivable and short-term and long-term bank loans were based upon current rates offered for similar financial instruments to the Company.
The following tables summarize the valuation of the Company’s financial assets and liabilities which were determined by using the following inputs at December 31, 2015 and June 30, 2015:
|
|
Fair Value Measurements at December 31, 2015 Using |
|
|
|
|
|
|
|
Quoted Prices in Active Markets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
- |
|
|
$ |
6,190 |
|
|
|
- |
|
|
$ |
6,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
- |
|
|
|
2,396 |
|
|
|
- |
|
|
|
2,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency contracts - assets (1) |
|
|
- |
|
|
|
88 |
|
|
|
- |
|
|
|
88 |
|
Foreign currency contracts - liabilities (2) |
|
|
- |
|
|
|
836 |
|
|
|
- |
|
|
|
836 |
|
Contingent consideration (3) |
|
|
- |
|
|
|
- |
|
|
$ |
1,198 |
|
|
|
1,198 |
|
|
(1) |
Included in “Other receivables” in the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. |
|
(2) |
Included in “Accrued expenses” in the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. |
|
(3) |
Included in “Long-term liabilities” in the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. |
|
|
Fair Value Measurements at June 30, 2015 Using |
|
|
|
|
|
|
|
Quoted Prices in Active Markets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
- |
|
|
$ |
6,376 |
|
|
|
- |
|
|
$ |
6,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
- |
|
|
|
3,416 |
|
|
|
- |
|
|
|
3,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency contracts - assets (4) |
|
|
- |
|
|
|
119 |
|
|
|
- |
|
|
|
119 |
|
Foreign currency contracts - liabilities (5) |
|
|
- |
|
|
|
767 |
|
|
|
- |
|
|
|
767 |
|
Derivative liability for interest rate swap (6) |
|
|
- |
|
|
|
338 |
|
|
|
- |
|
|
|
338 |
|
Contingent consideration (7) |
|
|
- |
|
|
|
- |
|
|
$ |
2,622 |
|
|
|
2,622 |
|
|
(4) |
Included in “Other receivables” in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015. |
|
(5) |
Included in “Accrued expenses” in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015. |
|
(6) |
$13 included in “Accrued expenses” and $325 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2015. |
|
(7) |
$1,480 included in “Accrued expenses” and $1,142 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2015. |
|
X |
- References
+ Details
Name: |
us-gaap_FairValueDisclosuresAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611
+ Details
Name: |
us-gaap_FairValueDisclosuresTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Recent Accounting Pronouncements
|
6 Months Ended |
Dec. 31, 2015 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
|
Recent Accounting Pronouncements |
(8) Recent Accounting Pronouncements
In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Assets. This ASU is intended to simplify the presentation of deferred taxes on the balance sheet and will require an entity to present all deferred tax assets and deferred tax liabilities as non-current on the balance sheet. Under the current guidance, entities are required to separately present deferred taxes as current or non-current. Netting deferred tax assets and deferred tax liabilities by tax jurisdiction will still be required under the new guidance. This guidance will be effective for Aceto beginning in the first quarter of fiscal 2018, with early adoption in fiscal 2017 permitted. The Company does not believe this new accounting standard update will have a material impact on its consolidated financial statements.
In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805); Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires that an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments amounts are determined. This is in contrast to existing guidance that requires retrospective adjustments to provisional amounts recognized in a business combination. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company does not believe that this updated standard will have a material impact on the Company’s consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) – Simplifying the Measurement of Inventory. This ASU requires that an entity measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting this guidance.
In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The FASB issued ASU 2015-03 to simplify the presentation of debt issuance costs related to a recognized debt liability to present the debt issuance costs as a direct deduction from the carrying value of the debt liability rather than showing the debt issuance costs as a deferred charge on the balance sheet. In August 2015, the FASB issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which clarified that debt issuance costs associated with line of credit arrangements may continue to be presented as an asset, regardless of whether there are any outstanding borrowings on the line of credit arrangement. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. As previously discussed in Note 5, the Company adopted ASU 2015-03 during the second quarter of fiscal year 2016.
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company believes the adoption of ASU 2015-02 will not have an impact on its consolidated financial statements.
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40). This ASU provides guidance to determine when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. ASU 2014-15 will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. ASU 2014-15 will be effective for the Company beginning June 30, 2017. The Company does not believe that this pronouncement will have an impact on its consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The Company is currently evaluating the impact of adopting this guidance.
|
X |
- References
+ Details
Name: |
us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=6507316
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Direct Effects of a Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=6510796
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22583-107794
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Indirect Effects of a Change in Accounting Principle -URI http://asc.fasb.org/extlink&oid=6515603
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22580-107794
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Accounting Change -URI http://asc.fasb.org/extlink&oid=6503790
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Retrospective Application -URI http://asc.fasb.org/extlink&oid=6523989
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305
Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305
+ Details
Name: |
us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Segment Information
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Segment Information |
(9) Segment Information
The Company's business is organized along product lines into three principal segments: Human Health, Pharmaceutical Ingredients and Performance Chemicals.
Human Health - includes finished dosage form generic drugs and nutraceutical products.
Pharmaceutical Ingredients – includes pharmaceutical intermediates and active pharmaceutical ingredients (“APIs”).
Performance Chemicals - The Performance Chemicals segment is made up of two product groups: Specialty Chemicals and Agricultural Protection Products. Specialty Chemicals include a variety of chemicals used in the manufacture of plastics, surface coatings, cosmetics, textiles, fuels and lubricants perform to their designed capabilities. Dye and pigment intermediates are used in the color-producing industries such as textiles, inks, paper, and coatings. Organic intermediates are used in the production of agrochemicals.
Agricultural Protection Products include herbicides, fungicides and insecticides that control weed growth as well as control the spread of insects and other microorganisms that can severely damage plant growth.
The Company's chief operating decision maker evaluates performance of the segments based on net sales, gross profit and income before income taxes. Unallocated corporate amounts are deemed by the Company as administrative, oversight costs, not managed by the segment managers. The Company does not allocate assets by segment because the chief operating decision maker does not review the assets by segment to assess the segments' performance, as the assets are managed on an entity-wide basis. During all periods presented, our chief operating decision maker has been the Chief Executive Officer of the Company. In accordance with GAAP, the Company has aggregated certain operating segments into reportable segments because they have similar economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d) the methods used to distribute their products or provide their services; and (e) the nature of the regulatory environment.
Six Months Ended December 31, 2015 and 2014:
|
|
Human Health |
|
|
Pharmaceutical Ingredients |
|
|
Performance Chemicals |
|
|
Unallocated Corporate |
|
|
Consolidated Totals |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
116,526 |
|
|
$ |
72,655 |
|
|
$ |
75,993 |
|
|
$ |
- |
|
|
$ |
265,174 |
|
Gross profit |
|
|
42,047 |
|
|
|
12,222 |
|
|
|
16,180 |
|
|
|
- |
|
|
|
70,449 |
|
Income (loss) before income taxes |
|
|
21,297 |
|
|
|
3,781 |
|
|
|
6,804 |
|
|
|
(3,806 |
) |
|
|
28,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
104,503 |
|
|
$ |
70,556 |
|
|
$ |
79,509 |
|
|
$ |
- |
|
|
$ |
254,568 |
|
Gross profit |
|
|
30,872 |
|
|
|
13,076 |
|
|
|
13,722 |
|
|
|
- |
|
|
|
57,670 |
|
Income (loss) before income taxes |
|
|
12,429 |
|
|
|
3,860 |
|
|
|
4,820 |
|
|
|
(2,979 |
) |
|
|
18,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2015 and 2014:
|
|
Human Health |
|
|
Pharmaceutical Ingredients |
|
|
Performance Chemicals |
|
|
Unallocated Corporate |
|
|
Consolidated Totals |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
59,045 |
|
|
$ |
34,295 |
|
|
$ |
38,334 |
|
|
$ |
- |
|
|
$ |
131,674 |
|
Gross profit |
|
|
21,738 |
|
|
|
6,108 |
|
|
|
8,022 |
|
|
|
- |
|
|
|
35,868 |
|
Income (loss) before income taxes |
|
|
10,794 |
|
|
|
1,682 |
|
|
|
3,260 |
|
|
|
(2,643 |
) |
|
|
13,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
55,424 |
|
|
$ |
32,579 |
|
|
$ |
35,762 |
|
|
$ |
- |
|
|
$ |
123,765 |
|
Gross profit |
|
|
16,331 |
|
|
|
6,926 |
|
|
|
6,762 |
|
|
|
- |
|
|
|
30,019 |
|
Income (loss) before income taxes |
|
|
6,972 |
|
|
|
2,327 |
|
|
|
2,896 |
|
|
|
(1,710 |
) |
|
|
10,485 |
|
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599
Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599
Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599
Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599
Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
+ Details
Name: |
us-gaap_SegmentReportingDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Accounting Policies (Policies)
|
6 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
The condensed consolidated financial statements of Aceto Corporation and subsidiaries (“Aceto” or the “Company”) included herein have been prepared by the Company and reflect all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented. Interim results are not necessarily indicative of results which may be achieved for the full year.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in those financial statements and the disclosure of contingent assets and liabilities at the date of the financial statements. These judgments can be subjective and complex, and consequently actual results could differ from those estimates and assumptions. The Company’s most critical accounting policies relate to revenue recognition; allowance for doubtful accounts; inventory; goodwill and other indefinite-life intangible assets; long-lived assets; environmental matters and other contingencies; income taxes; and stock-based compensation.
These condensed consolidated financial statements do not include all disclosures associated with consolidated financial statements prepared in accordance with GAAP. Accordingly, these statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended June 30, 2015.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Net Income Per Common Share (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Schedule of reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding |
|
|
Six Months Ended December 31, |
|
|
Three Months Ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
29,049 |
|
|
|
28,679 |
|
|
|
29,115 |
|
|
|
28,740 |
|
Dilutive effect of stock options and restricted stock awards and units |
|
|
446 |
|
|
|
512 |
|
|
|
484 |
|
|
|
464 |
|
Diluted weighted average shares outstanding |
|
|
29,495 |
|
|
|
29,191 |
|
|
|
29,599 |
|
|
|
29,204 |
|
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details
Name: |
us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Debt (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Schedule of long-term debt |
|
|
December 31, 2015 |
|
|
June 30, 2015 |
|
|
|
|
|
|
|
|
Convertible Senior Notes, net |
|
$ |
113,024 |
|
|
$ |
- |
|
Revolving Bank Loans |
|
|
- |
|
|
|
45,000 |
|
Term Bank Loans |
|
|
- |
|
|
|
62,000 |
|
Mortgage |
|
|
3,058 |
|
|
|
3,157 |
|
|
|
|
116,082 |
|
|
|
110,157 |
|
Less current portion |
|
|
197 |
|
|
|
10,197 |
|
|
|
$ |
115,885 |
|
|
$ |
99,960 |
|
|
Schedule of carrying value of notes |
|
|
December 31,
2015
|
|
|
|
|
|
Principal amount |
|
$ |
143,750 |
|
Unamortized debt discount |
|
|
(26,654 |
) |
Unamortized debt issuance costs |
|
|
(4,072 |
) |
Net carrying value |
|
$ |
113,024 |
|
|
Schedule of components of total interest expense related to notes |
|
|
December 31,
2015
|
|
|
|
|
|
Contractual coupon |
|
$ |
354 |
|
Amortization of debt discount |
|
|
587 |
|
Amortization of debt issuance costs |
|
|
104 |
|
|
|
$ |
1,045 |
|
|
X |
- DefinitionTabular disclosure of components of interest expense.
+ References
+ Details
Name: |
acet_ScheduleOfComponentsInterestExpenseTableTextBlock |
Namespace Prefix: |
acet_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.
+ References
+ Details
Name: |
us-gaap_ConvertibleDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644
+ Details
Name: |
us-gaap_ScheduleOfDebtInstrumentsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Fair Value Measurements (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Schedule of summary of valuation of financial assets and liabilities |
|
|
Fair Value Measurements at December 31, 2015 Using |
|
|
|
|
|
|
|
Quoted Prices in Active Markets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
- |
|
|
$ |
6,190 |
|
|
|
- |
|
|
$ |
6,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
- |
|
|
|
2,396 |
|
|
|
- |
|
|
|
2,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency contracts- assets (1) |
|
|
- |
|
|
|
88 |
|
|
|
- |
|
|
|
88 |
|
Foreign currency contracts-liabilities (2) |
|
|
- |
|
|
|
836 |
|
|
|
- |
|
|
|
836 |
|
Contingent consideration (3) |
|
|
- |
|
|
|
- |
|
|
$ |
1,198 |
|
|
|
1,198 |
|
|
(1) |
Included in “Other receivables” in the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. |
|
(2) |
Included in “Accrued expenses” in the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. |
|
(3) |
Included in “Long-term liabilities” in the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. |
|
|
Fair Value Measurements at June 30, 2015 Using |
|
|
|
|
|
|
|
Quoted Prices in Active Markets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
- |
|
|
$ |
6,376 |
|
|
|
- |
|
|
$ |
6,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits |
|
|
- |
|
|
|
3,416 |
|
|
|
- |
|
|
|
3,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency contracts-assets (4) |
|
|
- |
|
|
|
119 |
|
|
|
- |
|
|
|
119 |
|
Foreign currency contracts-liabilities (5) |
|
|
- |
|
|
|
767 |
|
|
|
- |
|
|
|
767 |
|
Derivative liability for interest rate swap (6) |
|
|
- |
|
|
|
338 |
|
|
|
- |
|
|
|
338 |
|
Contingent consideration (7) |
|
|
- |
|
|
|
- |
|
|
$ |
2,622 |
|
|
|
2,622 |
|
|
(4) |
Included in “Other receivables” in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015. |
|
(5) |
Included in “Accrued expenses” in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2015. |
|
(6) |
$13 included in “Accrued expenses” and $325 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2015. |
|
(7) |
$1,480 included in “Accrued expenses” and $1,142 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2015. |
|
X |
- DefinitionTabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
+ Details
Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_FairValueDisclosuresAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Segment Information (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Segment Reporting [Abstract] |
|
Schedule of segment performance measures |
Six Months Ended December 31, 2015 and 2014:
|
|
Human Health |
|
|
Pharmaceutical Ingredients |
|
|
Performance Chemicals |
|
|
Unallocated Corporate |
|
|
Consolidated Totals |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
116,526 |
|
|
$ |
72,655 |
|
|
$ |
75,993 |
|
|
$ |
- |
|
|
$ |
265,174 |
|
Gross profit |
|
|
42,047 |
|
|
|
12,222 |
|
|
|
16,180 |
|
|
|
- |
|
|
|
70,449 |
|
Income (loss) before income taxes |
|
|
21,297 |
|
|
|
3,781 |
|
|
|
6,804 |
|
|
|
(3,806 |
) |
|
|
28,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
104,503 |
|
|
$ |
70,556 |
|
|
$ |
79,509 |
|
|
$ |
- |
|
|
$ |
254,568 |
|
Gross profit |
|
|
30,872 |
|
|
|
13,076 |
|
|
|
13,722 |
|
|
|
- |
|
|
|
57,670 |
|
Income (loss) before income taxes |
|
|
12,429 |
|
|
|
3,860 |
|
|
|
4,820 |
|
|
|
(2,979 |
) |
|
|
18,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2015 and 2014:
|
|
Human Health |
|
|
Pharmaceutical Ingredients |
|
|
Performance Chemicals |
|
|
Unallocated Corporate |
|
|
Consolidated Totals |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
59,045 |
|
|
$ |
34,295 |
|
|
$ |
38,334 |
|
|
$ |
- |
|
|
$ |
131,674 |
|
Gross profit |
|
|
21,738 |
|
|
|
6,108 |
|
|
|
8,022 |
|
|
|
- |
|
|
|
35,868 |
|
Income (loss) before income taxes |
|
|
10,794 |
|
|
|
1,682 |
|
|
|
3,260 |
|
|
|
(2,643 |
) |
|
|
13,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
55,424 |
|
|
$ |
32,579 |
|
|
$ |
35,762 |
|
|
$ |
- |
|
|
$ |
123,765 |
|
Gross profit |
|
|
16,331 |
|
|
|
6,926 |
|
|
|
6,762 |
|
|
|
- |
|
|
|
30,019 |
|
Income (loss) before income taxes |
|
|
6,972 |
|
|
|
2,327 |
|
|
|
2,896 |
|
|
|
(1,710 |
) |
|
|
10,485 |
|
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8813-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8721-108599
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8736-108599
+ Details
Name: |
us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Stock Based Compensation (Narrative) (Detail) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Dec. 15, 2015 |
Dec. 06, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
$ 3,206
|
$ 2,279
|
|
|
|
Restricted stock | Employees |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Common stock granted, shares |
|
|
219
|
|
165
|
|
|
Restricted stock units, vesting period |
|
|
3 years
|
|
3 years
|
|
|
Restricted stock | Non-employee directors |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Common stock granted, shares |
|
|
14
|
|
12
|
|
|
Restricted stock units, vesting period |
|
|
1 year
|
|
1 year
|
|
|
Restricted stock units | Employees |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Common stock granted, shares |
|
|
46
|
|
67
|
|
|
Performance-vested restricted stock units |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Common stock granted, shares |
|
|
142
|
|
116
|
|
|
Upper limit of target grant, shares |
|
|
248
|
|
203
|
|
|
Performance-vested restricted stock units, vesting percentage at the end of third year |
|
|
100.00%
|
|
100.00%
|
|
|
Restricted stock and restricted stock units |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock-based compensation expense |
$ 1,733
|
$ 1,142
|
$ 3,195
|
$ 2,245
|
|
|
|
Total unrecognized compensation cost |
$ 11,462
|
|
$ 11,462
|
|
|
|
|
2010 Plan |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Maximum number of shares of common stock that may be issued |
|
|
|
|
|
|
5,250
|
2015 Plan |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Maximum number of shares of common stock that may be issued |
|
|
|
|
|
4,250
|
|
X |
- DefinitionThe upper limit of target award of performance-vested restricted stock units if certain performance criteria and market conditions are met.
+ References
+ Details
Name: |
acet_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTargetAwardUpperLimit |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionUnrecognized cost of unvested share-based awards, other than options, awarded to employees as compensation.
+ References
+ Details
Name: |
us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionPeriod which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(3) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionPercentage of vesting of share-based compensation awards.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TitleOfIndividualAxis=acet_EmployeeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TitleOfIndividualAxis=acet_NonEmployeeDirectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_AwardTypeAxis=acet_RestrictedStockAndRestrictedStockUnitsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PlanNameAxis=acet_Plan2010Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PlanNameAxis=acet_Plan2015Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Common Stock (Narrative) (Detail) - $ / shares shares in Thousands |
Feb. 04, 2016 |
Dec. 28, 2015 |
Dec. 03, 2015 |
Oct. 02, 2015 |
Sep. 10, 2015 |
Mar. 25, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
May. 08, 2014 |
Dividends Payable [Line Items] |
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
75,000
|
40,000
|
|
Dividends declared, per share amount |
|
|
$ 0.06
|
|
$ 0.06
|
|
|
|
|
Dividend paid, per share amount |
|
$ 0.06
|
|
$ 0.06
|
|
|
|
|
|
Dividends declared, date of declaration |
|
|
Dec. 03, 2015
|
|
Sep. 10, 2015
|
|
|
|
|
Dividends declared, date of record |
|
|
Dec. 17, 2015
|
|
Sep. 21, 2015
|
|
|
|
|
Dividend paid, date |
|
|
Dec. 28, 2015
|
|
Oct. 02, 2015
|
|
|
|
|
Subsequent Event |
|
|
|
|
|
|
|
|
|
Dividends Payable [Line Items] |
|
|
|
|
|
|
|
|
|
Dividends declared, per share amount |
$ 0.06
|
|
|
|
|
|
|
|
|
Dividends to be paid, per share amount |
|
|
|
|
|
$ 0.06
|
|
|
|
Dividends declared, date of declaration |
Feb. 04, 2016
|
|
|
|
|
|
|
|
|
Dividends declared, date of distribution |
Mar. 25, 2016
|
|
|
|
|
|
|
|
|
Dividends declared, date of record |
Mar. 11, 2016
|
|
|
|
|
|
|
|
|
Stock repurchase program |
|
|
|
|
|
|
|
|
|
Dividends Payable [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares authorized to be repurchased |
|
|
|
|
|
|
|
|
5,000
|
X |
- DefinitionRepresents dividend date paid, in CCYY-MM-DD format.
+ References
+ Details
Name: |
acet_DividendPaidDateDayMonthAndYear |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAggregate dividends paid during the period for each share of common stock outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
+ Details
Name: |
us-gaap_CommonStockDividendsPerShareCashPaid |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
+ Details
Name: |
us-gaap_CommonStockDividendsPerShareDeclared |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate the declared dividend will be paid, in CCYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586
+ Details
Name: |
us-gaap_DividendPayableDateToBePaidDayMonthAndYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe per share amount of a dividend declared, but not paid, as of the financial reporting date.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586
+ Details
Name: |
us-gaap_DividendsPayableAmountPerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate the dividend to be paid was declared, in CCYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586
+ Details
Name: |
us-gaap_DividendsPayableDateDeclaredDayMonthAndYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDate the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format.
+ References
+ Details
Name: |
us-gaap_DividendsPayableDateOfRecordDayMonthAndYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DividendsPayableLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan.
+ References
+ Details
Name: |
us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareRepurchaseProgramAxis=acet_ShareRepurchaseProgramMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Net Income Per Common Share (Reconciliation of Weighted Average Shares Outstanding and Diluted Weighted Average Shares Outstanding) (Detail) - shares shares in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Earnings Per Share [Abstract] |
|
|
|
|
Weighted average shares outstanding |
29,115
|
28,740
|
29,049
|
28,679
|
Dilutive effect of stock options and restricted stock awards and units |
484
|
464
|
446
|
512
|
Diluted weighted average shares outstanding |
29,599
|
29,204
|
29,495
|
29,191
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details
Name: |
us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Weighted-Average Number of Common Shares Outstanding -URI http://asc.fasb.org/extlink&oid=6528421
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
X |
- DefinitionThe price per share of the conversion feature embedded in the debt instrument.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6928298&loc=SL6031898-161870
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleConversionPrice1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
Debt (Summary of Long-term Debt) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Debt Instrument [Line Items] |
|
|
Mortgage |
$ 3,058
|
$ 3,157
|
Long-term debt including current portion |
116,082
|
110,157
|
Less current portion |
197
|
10,197
|
Long-term debt, net |
115,885
|
$ 99,960
|
Convertible Senior Notes, net |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt including current portion |
$ 113,024
|
|
Revolving Bank Loans |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt including current portion |
|
$ 45,000
|
Term Bank Loans |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt including current portion |
|
$ 62,000
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCarrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 22 -Article 5
+ Details
Name: |
us-gaap_LongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LongTermDebtCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LongTermDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5
+ Details
Name: |
us-gaap_SecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=us-gaap_SeniorNotesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=us-gaap_MediumTermNotesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionAmount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 9
+ Details
Name: |
us-gaap_DebtInstrumentCarryingAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400
+ Details
Name: |
us-gaap_DebtInstrumentUnamortizedDiscount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 22 -Article 5
+ Details
Name: |
us-gaap_LongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe remaining balance of debt issuance expenses that were capitalized and are being amortized against income over the lives of the respective bond issues. This does not include the amounts capitalized as part of the cost of the utility plant or asset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_UnamortizedDebtIssuanceExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=us-gaap_SeniorNotesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionRepresents amount of interest expenses contractual coupon.
+ References
+ Details
Name: |
acet_InterestExpensesContractualCoupon |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_AmortizationOfDebtDiscountPremium |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees).
+ References
+ Details
Name: |
us-gaap_DebtIssuanceCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense for debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_InterestExpenseDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_LongTermDebtMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Debt (Narrative) (Detail) $ / shares in Units, shares in Thousands, $ in Thousands |
1 Months Ended |
6 Months Ended |
|
Nov. 30, 2015
USD ($)
shares
$ / shares
|
Jun. 30, 2011
USD ($)
|
Dec. 31, 2015
USD ($)
days
$ / shares
$ / unit
|
Jun. 30, 2015
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
Long-term debt including current portion |
|
|
$ 116,082
|
$ 110,157
|
Aggregate proceeds from convertible senior notes |
|
|
$ 143,750
|
|
Senior notes, initial conversion price per share | $ / shares |
|
|
$ 33.215
|
|
Offering costs of debt and equity |
|
|
$ 5,153
|
|
Term loan |
|
|
$ 3,058
|
$ 3,157
|
Mortgage payable |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt interest rate |
|
|
4.92%
|
|
Term loan |
|
$ 3,947
|
|
|
Mortgage payable, amortization period |
|
20 years
|
|
|
Convertible Senior Notes, net |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Aggregate principal amount |
$ 125,000
|
|
|
|
Long-term debt including current portion |
|
|
$ 113,024
|
|
Aggregate proceeds from convertible senior notes |
143,750
|
|
|
|
Aggregate principal amount of additional convertible debt |
18,750
|
|
|
|
Net proceeds from the offering |
$ 125,108
|
|
|
|
Debt interest rate |
2.00%
|
|
|
|
Number of common stock issue in conversion debt | shares |
4,327,864
|
|
|
|
Senior notes, initial conversion price per share | $ / shares |
$ 33.215
|
|
|
|
Threshold multiple for debt conversion of notes |
|
|
$ 1,000
|
|
Threshold trading days for convertible debt | days |
|
|
20
|
|
Threshold consecutive trading days for convertible debt |
|
|
30 days
|
|
Percentage of minimum stock price trigger for conversion |
|
|
130.00%
|
|
Maximum calculated percentage to which trading price of notes is compared in order to trigger conversion feature of notes |
|
|
98.00%
|
|
Debt discount |
|
|
$ 27,241
|
|
Debt issuance costs |
|
|
4,177
|
|
Equity issuance costs |
|
|
976
|
|
Offering costs of debt and equity |
|
|
$ 5,153
|
|
Reduction to capital in excess of par value |
$ 13,489
|
|
|
|
Purchased call option exercise price (In dollars per share) | $ / shares |
|
|
$ 33.215
|
|
Written call option exercise price | $ / unit |
|
|
44.71
|
|
Premium percentage |
|
|
75.00%
|
|
X |
- DefinitionRepresents maximum calculated percentage to which trading price of notes is compared in order to trigger conversion feature of notes.
+ References
+ Details
Name: |
acet_DebtInstrumentConvertibleMaximumPercentageOfStockPriceTrigger |
Namespace Prefix: |
acet_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionRepresents Percentage of call option premium.
+ References
+ Details
Name: |
acet_PercentageOfCallOptionPremium |
Namespace Prefix: |
acet_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionRepresents amount of additional issuance of a convertible debt.
+ References
+ Details
Name: |
acet_PrincipalAmountOfAdditionalConvertibleDebt |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThis element represents amount of net reduction to capital in excess of par value.
+ References
+ Details
Name: |
acet_ReductionToCapitalInExcessOfParValue |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionRepresents Threshold multiple for debt conversion of notes.
+ References
+ Details
Name: |
acet_ThresholdMultipleForDebtConversionOfNotes |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionExercise price of the option.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 12 -Section 13 -Footnote 5
+ Details
Name: |
invest_InvestmentOptionsExercisePrice |
Namespace Prefix: |
invest_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_AmortizationOfDebtDiscountPremium |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe price per share of the conversion feature embedded in the debt instrument.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6928298&loc=SL6031898-161870
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleConversionPrice1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of equity instruments that the holder of the debt instrument would receive if the debt was converted to equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(5)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleNumberOfEquityInstruments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThreshold period of specified consecutive trading days within which common stock price to conversion price of convertible debt instruments must exceed threshold percentage for a specified number of trading days to trigger conversion feature, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleThresholdConsecutiveTradingDays |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionMinimum percentage of common stock price to conversion price of convertible debt instruments to determine eligibility of conversion.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThreshold number of specified trading days that common stock price to conversion price of convertible debt instruments must exceed threshold percentage within a specified consecutive trading period to trigger conversion feature.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleThresholdTradingDays |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPeriod of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentTerm |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe strike price on the price risk option contract such as a put option or a call option.
+ References
+ Details
Name: |
us-gaap_DerivativePriceRiskOptionStrikePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
us-types:perUnitItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 22 -Article 5
+ Details
Name: |
us-gaap_LongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details
Name: |
us-gaap_PaymentOfFinancingAndStockIssuanceCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details
Name: |
us-gaap_PaymentsOfDebtIssuanceCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for cost incurred directly with the issuance of an equity security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details
Name: |
us-gaap_PaymentsOfStockIssuanceCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details
Name: |
us-gaap_ProceedsFromConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from additional borrowings, net of cash paid to third parties in connection with debt origination.
+ References
+ Details
Name: |
us-gaap_ProceedsFromDebtNetOfIssuanceCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionCarrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5
+ Details
Name: |
us-gaap_SecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=us-gaap_MortgagesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=us-gaap_SeniorNotesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Debt (Narrative) (Detail 1) - Amended and Restated Credit Agreement - USD ($) $ in Thousands |
6 Months Ended |
|
|
|
Dec. 31, 2015 |
Oct. 28, 2015 |
Jun. 30, 2015 |
Jun. 25, 2015 |
Revolving Bank Loans |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Aggregate revolving commitment |
|
$ 150,000
|
|
$ 75,000
|
Aggregate amount increase |
|
$ 100,000
|
|
|
Eurodollar Loans | LIBOR |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Adjusted LIBOR Loans at interest rates, Minimum |
1.00%
|
|
|
|
Adjusted LIBOR Loans at interest rates, Maximum |
1.75%
|
|
|
|
ABR Loans | LIBOR |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Adjusted LIBOR Loans at interest rates, Minimum |
0.00%
|
|
|
|
Adjusted LIBOR Loans at interest rates, Maximum |
0.75%
|
|
|
|
Open letter of credit |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Letters of credit |
$ 0
|
|
$ 21
|
|
X |
- DefinitionRepresents increase of future maximum borrowing capacity.
+ References
+ Details
Name: |
acet_LineOfCreditFacilityMaximumFutureBorrowingCapacityIncrease |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionMaximum contractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentageRateRangeMaximum |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionMinimum contractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentageRateRangeMinimum |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe total amount of the contingent obligation under letters of credit outstanding as of the reporting date.
+ References
+ Details
Name: |
us-gaap_LettersOfCreditOutstandingAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
acet_AgreementAxis=acet_AmendedCreditAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=acet_EurodollarLoansMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=acet_AbrLoansMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=acet_OpenLetterOfCreditMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Commitments, Contingencies and Other Matters (Narrative) (Detail) $ in Thousands |
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
Apr. 30, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
Entity
|
Jun. 30, 2009
USD ($)
|
Jun. 30, 2015
USD ($)
|
Pulvair Site Group |
|
|
|
|
Commitments and Contingencies Disclosure [Line Items] |
|
|
|
|
Loss contingency, damages sought |
|
$ 1,700
|
|
|
Arsynco, Inc |
|
|
|
|
Commitments and Contingencies Disclosure [Line Items] |
|
|
|
|
Site contingency loss exposure not accrued, low estimate |
|
16,500
|
|
|
Site contingency loss exposure not accrued, high estimate |
|
18,300
|
|
|
Accrual for environmental loss contingencies |
|
10,571
|
|
$ 11,079
|
BASF Corporation |
|
|
|
|
Commitments and Contingencies Disclosure [Line Items] |
|
|
|
|
Partial reimbursement of environmental remediation costs previously expensed |
|
|
$ 550
|
|
Environmental remediation costs expensed in prior years |
|
|
$ 1,200
|
|
Future remediation costs receivable |
|
4,756
|
|
4,985
|
Subsidiary |
|
|
|
|
Commitments and Contingencies Disclosure [Line Items] |
|
|
|
|
Amount expected to be paid for product registrations and various task force groups |
|
2,360
|
|
|
Amount accrued for product registrations and various task force groups |
|
$ 0
|
|
0
|
Berry's Creek Study Area | Arsynco, Inc |
|
|
|
|
Commitments and Contingencies Disclosure [Line Items] |
|
|
|
|
Number of potentially responsible parties | Entity |
|
150
|
|
|
Pack Pharmaceuticals Llc | Rising |
|
|
|
|
Commitments and Contingencies Disclosure [Line Items] |
|
|
|
|
Percentage of issued and outstanding membership interests acquired |
100.00%
|
|
|
|
Purchase price, earn-out period |
3 years
|
|
|
|
Purchase price, maximum earn-out amount |
$ 15,000
|
|
|
|
Accrued contingent consideration |
|
$ 833
|
|
$ 783
|
X |
- DefinitionIt represents amount accrued for product registrations and various task force groups.
+ References
+ Details
Name: |
acet_AmountAccruedForProductRegistrationsAndVariousTaskForceGroups |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionIt represents amounts expected to be paid through next year for product registrations and various task force groups.
+ References
+ Details
Name: |
acet_AmountExpectedToBePaidForProductRegistrationsAndVariousTaskForceGroups |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionMaximum earn-out provision amount of the Purchase Agreement.
+ References
+ Details
Name: |
acet_BusinessAcquisitionContingentMaximumEarnOutProvision |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionEarn-out provision, in years, of the Purchase Agreement.
+ References
+ Details
Name: |
acet_BusinessAcquisitionEarnOutPaymentPeriod |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommitments and Contingencies Disclosure [Line Items]
+ References
+ Details
Name: |
acet_CommitmentsAndContingenciesDisclosureLineItems |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of Potentially Responsible Parties (PRPs), which have potential liability for the required investigation and remediation of the site under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).
+ References
+ Details
Name: |
acet_NumberOfPotentiallyResponsibleParties |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal costs accrued as of the balance sheet date for environmental loss contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13207-110859
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 25 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6395460&loc=d3e13647-108346
+ Details
Name: |
us-gaap_AccrualForEnvironmentalLossContingencies |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPercentage of voting equity interests acquired at the acquisition date in the business combination.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463
+ Details
Name: |
us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAmount of liability recognized arising from contingent consideration in a business combination.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 35 -Paragraph 1 -Subparagraph b -URI http://asc.fasb.org/extlink&oid=6911338&loc=d3e6819-128478
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 25 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6911189&loc=d3e6408-128476
+ Details
Name: |
us-gaap_BusinessCombinationContingentConsiderationLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe value (monetary amount) of the award the plaintiff seeks in the legal matter.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 9 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14557-108349
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349
+ Details
Name: |
us-gaap_LossContingencyDamagesSoughtValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of receivable related to a loss contingency accrual. For example, an insurance recovery receivable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12053-110248
+ Details
Name: |
us-gaap_LossContingencyReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionHigh-end of the range estimate of the loss exposure for reasonably possible environmental contingencies at an individual site for which no accrual has been recorded.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 10 -Subparagraph (d)(2) -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859
+ Details
Name: |
us-gaap_SiteContingencyLossExposureNotAccruedHighEstimate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLow-end of the range estimate of the loss exposure for reasonably possible environmental contingencies at an individual site for which no accrual has been recorded.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 10 -Subparagraph (c),(d)(2) -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13237-110859
+ Details
Name: |
us-gaap_SiteContingencyLossExposureNotAccruedLowEstimate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
acet_LossContingenciesByNameOfPlaintiffAxis=acet_PulvairSiteGroupMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
acet_LossContingenciesByNameOfPlaintiffAxis=acet_ArsyncoIncMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
acet_LossContingenciesByNameOfPlaintiffAxis=acet_BASFCorporationMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=us-gaap_SubsidiariesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=acet_BerrysCreekStudyAreaMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=acet_PackPharmaceuticalsLlcMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=acet_RisingPharmaceuticalsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Fair Value Measurements (Summary of Valuation of Financial Assets and Liabilities) (Detail) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Foreign currency contracts-assets |
|
$ 88
|
[1] |
$ 119
|
[2] |
Foreign currency contracts-liabilities |
|
836
|
[3] |
767
|
[4] |
Derivative liability for interest rate swap |
[5] |
|
|
338
|
|
Contingent consideration |
|
1,198
|
[6] |
2,622
|
[7] |
Time deposits |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Cash equivalents |
|
6,190
|
|
6,376
|
|
Investments |
|
$ 2,396
|
|
$ 3,416
|
|
Quoted Prices in Active Markets (Level 1) |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Foreign currency contracts-assets |
|
|
[1] |
|
[2] |
Foreign currency contracts-liabilities |
|
|
[3] |
|
[4] |
Derivative liability for interest rate swap |
[5] |
|
|
|
|
Contingent consideration |
|
|
[6] |
|
[7] |
Quoted Prices in Active Markets (Level 1) | Time deposits |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
Investments |
|
|
|
|
|
Significant Other Observable Inputs (Level 2) |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Foreign currency contracts-assets |
|
$ 88
|
[1] |
$ 119
|
[2] |
Foreign currency contracts-liabilities |
|
$ 836
|
[3] |
767
|
[4] |
Derivative liability for interest rate swap |
[5] |
|
|
$ 338
|
|
Contingent consideration |
|
|
[6] |
|
[7] |
Significant Other Observable Inputs (Level 2) | Time deposits |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Cash equivalents |
|
$ 6,190
|
|
$ 6,376
|
|
Investments |
|
$ 2,396
|
|
$ 3,416
|
|
Significant Unobservable Inputs (Level 3) |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Foreign currency contracts-assets |
|
|
[1] |
|
[2] |
Foreign currency contracts-liabilities |
|
|
[3] |
|
[4] |
Derivative liability for interest rate swap |
[5] |
|
|
|
|
Contingent consideration |
|
$ 1,198
|
[6] |
$ 2,622
|
[7] |
Significant Unobservable Inputs (Level 3) | Time deposits |
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
Investments |
|
|
|
|
|
|
|
X |
- DefinitionBusiness acquisition contingent consideration at fair value.
+ References
+ Details
Name: |
acet_BusinessAcquisitionContingentConsiderationFairValue |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
+ Details
Name: |
us-gaap_CashAndCashEquivalentsFairValueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFair value portion of asset contracts related to the exchange of different currencies, including, but not limited to, foreign currency options, forward contracts, and swaps.
+ References
+ Details
Name: |
us-gaap_ForeignCurrencyContractAssetFairValueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value portion of liability contracts related to the exchange of different currencies, including, but not limited to, foreign currency options, forward (delivery or nondelivery) contracts, and swaps entered into.
+ References
+ Details
Name: |
us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611
+ Details
Name: |
us-gaap_InterestRateDerivativeLiabilitiesAtFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Trading Securities -URI http://asc.fasb.org/extlink&oid=6526789
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 35 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=27723805&loc=d3e24584-111560
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51813488&loc=d3e22054-111558
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Available-for-Sale Securities -URI http://asc.fasb.org/extlink&oid=6505594
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Subparagraph a, f, g -Article 7
+ Details
Name: |
us-gaap_InvestmentsFairValueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_EligibleItemOrGroupForFairValueOptionAxis=us-gaap_BankTimeDepositsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionBusiness acquisition contingent consideration at fair value.
+ References
+ Details
Name: |
acet_BusinessAcquisitionContingentConsiderationFairValue |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFair value as of the balance sheet date of interest rate derivative liabilities, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as liabilities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611
+ Details
Name: |
us-gaap_InterestRateDerivativeLiabilitiesAtFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_BalanceSheetLocationAxis=us-gaap_AccruedLiabilitiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_BalanceSheetLocationAxis=us-gaap_LongTermDebtMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands |
1 Months Ended |
6 Months Ended |
|
Nov. 30, 2015 |
Apr. 30, 2014 |
Mar. 31, 2011 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Termination payment of interest rate swap agreement |
$ 420
|
|
|
|
|
|
Aggregate proceeds from convertible senior notes |
|
|
|
$ 143,750
|
|
|
Convertible Senior Notes, net |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Aggregate proceeds from convertible senior notes |
$ 143,750
|
|
|
|
|
|
Theoretical borrowing rate |
6.50%
|
|
|
|
|
|
Reduction to capital in excess of par value |
$ 13,489
|
|
|
|
|
|
Rising Pharmaceuticals Inc. |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Contingent consideration at fair value |
|
|
|
|
|
$ 1,480
|
PACK Pharmaceuticals, LLC |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Contingent consideration at fair value |
|
|
|
833
|
|
783
|
France Company |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Contingent consideration at fair value |
|
|
|
365
|
|
$ 359
|
Foreign currency contract |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Derivative, notional amount |
|
|
|
66,685
|
|
|
Unrealized losses on hedging activities |
|
|
|
$ 757
|
$ 1,001
|
|
Interest rate swap | Cash flow hedging | April 30, 2019 |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Derivative, notional amount |
|
$ 25,750
|
|
|
|
|
Derivative, interest rate |
|
1.63%
|
|
|
|
|
Derivative, expiration date |
|
Apr. 30, 2019
|
|
|
|
|
Interest rate swap | Cash flow hedging | December 31, 2015 |
|
|
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
|
|
Derivative, notional amount |
|
|
$ 20,000
|
|
|
|
Derivative, interest rate |
|
|
1.91%
|
|
|
|
Derivative, expiration date |
|
|
Dec. 31, 2015
|
|
|
|
X |
- DefinitionFair value, as of the balance sheet date of potential payments under the contingent consideration arrangement.
+ References
+ Details
Name: |
acet_BusinessAcquisitionContingentConsiderationAmountAtFairValue |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThis element represents amount of net reduction to capital in excess of par value.
+ References
+ Details
Name: |
acet_ReductionToCapitalInExcessOfParValue |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThis element represents termination payment of interest rate swap agreement.
+ References
+ Details
Name: |
acet_TerminationPaymentOfInterestRateSwapAgreement |
Namespace Prefix: |
acet_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionRepresents percentage of theoretical borrowing rate.
+ References
+ Details
Name: |
acet_TheoreticalBorrowingRate |
Namespace Prefix: |
acet_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAggregate notional amount specified by the derivative(s). Expressed as an absolute value.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 12 -Section 13 -Sentence Column B
+ Details
Name: |
invest_DerivativeNotionalAmount |
Namespace Prefix: |
invest_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate the derivative contract matures, in CCYY-MM-DD format.
+ References
+ Details
Name: |
us-gaap_DerivativeMaturityDates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFixed interest rate that will be received or paid upon exercise of the interest rate swaption contract.
+ References
+ Details
Name: |
us-gaap_DerivativeSwaptionInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
+ Details
Name: |
us-gaap_ProceedsFromConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_UnrealizedGainLossOnDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=us-gaap_SeniorNotesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=acet_RisingPharmaceuticalsIncMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=acet_PackPharmaceuticalsLlcMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=acet_FranceCompanyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeContractMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis=us-gaap_CashFlowHedgingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
acet_ExpirationDateAxis=acet_ExpirationDateApril302019Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
acet_ExpirationDateAxis=acet_ExpirationDateDecember312015Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
Segment Information (Summary of Segment Perfomance Measures by Segment) (Detail) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
$ 131,674
|
$ 123,765
|
$ 265,174
|
$ 254,568
|
Gross profit |
35,868
|
30,019
|
70,449
|
57,670
|
Income (loss) before income taxes |
13,093
|
10,485
|
28,076
|
18,130
|
Operating Segments | Human Health |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
59,045
|
55,424
|
116,526
|
104,503
|
Gross profit |
21,738
|
16,331
|
42,047
|
30,872
|
Income (loss) before income taxes |
10,794
|
6,972
|
21,297
|
12,429
|
Operating Segments | Pharmaceutical Ingredients |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
34,295
|
32,579
|
72,655
|
70,556
|
Gross profit |
6,108
|
6,926
|
12,222
|
13,076
|
Income (loss) before income taxes |
1,682
|
2,327
|
3,781
|
3,860
|
Operating Segments | Performance Chemicals |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
38,334
|
35,762
|
75,993
|
79,509
|
Gross profit |
8,022
|
6,762
|
16,180
|
13,722
|
Income (loss) before income taxes |
$ 3,260
|
$ 2,896
|
$ 6,804
|
$ 4,820
|
Unallocated Corporate |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
|
|
|
|
Gross profit |
|
|
|
|
Income (loss) before income taxes |
$ (2,643)
|
$ (1,710)
|
$ (3,806)
|
$ (2,979)
|
X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1,2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionTotal revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_SalesRevenueNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=acet_HumanHealthMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=acet_PharmaceuticalIngredientsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionNumber of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
+ References
+ Details
Name: |
us-gaap_NumberOfOperatingSegments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|