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Segment Information

6 Months Ended

Dec. 31, 2019

11. Segment Information

We have determined that we operate in three identifiable industry segments: (a) security and inspection systems (Security division), (b) medical monitoring and diagnostic cardiology systems (Healthcare division) and (c) optoelectronic devices and manufacturing (Optoelectronics and Manufacturing division). We also have a corporate segment (Corporate) that includes executive compensation and certain other general and administrative expenses; expenses related to stock issuances and legal, audit and other professional service fees not allocated to industry segments. Both the Security and Healthcare divisions comprise primarily end-product businesses whereas the Optoelectronics and Manufacturing division primarily supplies components and subsystems to external OEM customers, as well as to the Security and Healthcare divisions. Sales between divisions are at transfer prices that approximate market values. All other accounting policies of the segments are the same as described in Note 1, Summary of Significant Accounting Policies of the Form 10-K for the fiscal year ended June 30, 2019.

The following tables set forth the results of operations and identifiable assets by industry segment (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2019		2018		2019
Revenues (1) —by Segment:
Security division	$	188,684	$	202,437	$	358,644	$	391,401
Healthcare division		51,559		41,992		89,832		82,200
Optoelectronics and Manufacturing division, including intersegment revenues		72,019		72,806		142,973		146,444
Intersegment revenues elimination		(9,057)		(11,893)		(21,995)		(23,851)
Total	$	303,205	$	305,342	$	569,454	$	596,194

Income (loss) from operations —by Segment:
Security division	$	26,063	$	28,562	$	49,113	$	48,880
Healthcare division		2,209		1,294		334		4,111
Optoelectronics and Manufacturing division		8,067		9,018		14,892		17,787
Corporate		(4,560)		(6,080)		(15,911)		(13,417)
Eliminations (2)		(72)		125		(464)		445
Total	$	31,707	$	32,919	$	47,964	$	57,806


	June 30,		December 31,
	2019		2019
Assets (3) —by Segment:
Security division	$	793,810	$	815,336
Healthcare division		157,639		193,617
Optoelectronics and Manufacturing division		237,851		241,321
Corporate		79,498		93,612
Eliminations (2)		(3,934)		(41,960)
Total	$	1,264,864	$	1,301,926

(1)For each of the three and six month periods ended December 31, 2018 and December 31, 2019, no customer accounted for greater than 10% of total net revenues.

(2)Eliminations within operating income primarily reflect the change in the elimination of intercompany profit in inventory not-yet-realized and intercompany operating lease expense under ASC 842. Eliminations in assets reflect the amount of intercompany profits in inventory and intercompany ROU assets under ASC 842 as of the balance sheet date. Such intercompany profit will be realized when inventory is shipped to the external customers of the Security and Healthcare divisions.

(3)One customer accounted for 14% of accounts receivable, net as of December 31, 2019.