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SEC Filings

10-K/A
ACETO CORP filed this Form 10-K/A on 11/09/2017
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ACETO CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED JUNE 30, 2017, 2016 AND 2015

(in thousands, except per-share amounts)

 

The components of the provision for income taxes are as follows:

 

   2017   2016   2015 
Federal:            
Current  $3,713   $15,129   $16,991 
Deferred   (585)   (204)   (1,357)
State and local:               
Current   555    755    1,526 
Deferred   (110)   173    189 
Foreign:               
Current   2,221    3,222    2,337 
Deferred   191    13    (706)
   $5,985   $19,088   $18,980 

 

Income taxes payable, which is included in accrued expenses, was $64 and $2,119 at June 30, 2017 and 2016, respectively.

 

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at June 30, 2017 and 2016 are presented below:

 

   2017   2016 
Deferred tax assets:          
Accrued deferred compensation  $4,229   $4,122 
Accrual for sales deductions not currently deductible   5,796    5,925 
Additional inventoried costs for tax purposes   697    389 
Allowance for doubtful accounts receivable   106    106 
Depreciation and amortization   11,957    7,784 
Debt issuance costs   7,611    9,462 
Foreign deferred tax assets   983    1,121 
Domestic net operating loss carryforwards   81    109 
Foreign net operating loss carryforwards   692    685 
Total gross deferred tax assets   32,152    29,703 
Valuation allowances   (773)   (794)
    31,379    28,909 
           
Deferred tax liabilities:          
Foreign deferred tax liabilities   (65)   (27)
Goodwill   (10,244)   (7,586)
Original issue discount – convertible senior notes   (7,260)   (9,115)
Other   (1,136)   (26)
Total gross deferred tax liabilities   (18,705)   (16,754)
           
Net deferred tax assets  $12,674   $12,155 

 

The following table shows the current and non-current deferred tax assets (liabilities) at June 30, 2017 and 2016:

 

   2017   2016 
Current deferred tax assets, net  $546   $3,244 
Non-current deferred tax assets, net   19,453    18,053 
Non-current deferred tax liabilities   (7,325)   (9,142)
 Net deferred tax assets  $12,674   $12,155 

 

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