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Business Segments
 6 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Business Segments
13.
Business Segments
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The Animal Health segment manufactures and markets products for the poultry, swine, cattle, dairy, aquaculture and ethanol markets. The business includes net sales of medicated feed additives and other related products, nutritional specialty products and vaccines. The Mineral Nutrition segment manufactures and markets trace minerals for the cattle, swine, poultry and pet food markets. The Performance Products segment manufactures and markets a variety of products for use in the personal care, automotive, industrial chemical and chemical catalyst industries.
We evaluate performance and allocate resources based on the Animal Health, Mineral Nutrition and Performance Products segments. Certain of our costs and assets are not directly attributable to these segments. We do not allocate such items to the principal segments because they are not used to evaluate their operating results or financial position. Corporate costs include the departmental operating costs of the Board of Directors, the Chairman, President and Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the Senior Vice President and General Counsel, the Senior Vice President of Human Resources, the Chief Information Officer and the Executive Vice President of Corporate Strategy. Costs include the executives and their staffs and include compensation and benefits, outside services, professional fees and office space. Assets include cash and cash equivalents, debt issue costs and certain other assets.
We evaluate performance of our segments based on Adjusted EBITDA. We define Adjusted EBITDA as EBITDA plus (a) (income) loss from, and disposal of, discontinued operations, (b) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency gains and losses and loss on extinguishment of debt, and (c) certain items that we consider to be unusual or non-recurring. We define EBITDA as net income plus (i) interest expense, net, (ii) provision for income taxes or less benefit for income taxes and (iii) depreciation and amortization.
The accounting policies of our segments are the same as those described in the summary of significant accounting policies included in the “—Summary of Significant Accounting Policies and New Accounting Standards.”
​ ​ ​
Three Months
 ​ ​
Six Months
 ​
For the Periods Ended December 31
 ​ ​
2014
 ​ ​
2013
 ​ ​
2014
 ​ ​
2013
 ​
Net sales ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 118,785 ​ ​ ​ ​ $ 107,966 ​ ​ ​ ​ $ 236,010 ​ ​ ​ ​ $ 209,137 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 58,742 ​ ​ ​ ​ ​ 50,633 ​ ​ ​ ​ ​ 114,189 ​ ​ ​ ​ ​ 96,819 ​ ​
Performance Products
 ​ ​ ​ ​ 11,161 ​ ​ ​ ​ ​ 14,143 ​ ​ ​ ​ ​ 25,947 ​ ​ ​ ​ ​ 29,014 ​ ​
​ ​ ​ ​ $ 188,688 ​ ​ ​ ​ $ 172,742 ​ ​ ​ ​ $ 376,146 ​ ​ ​ ​ $ 334,970 ​ ​
Adjusted EBITDA ​ ​ ​ ​ ​
Animal Health
 ​ ​ ​ $ 28,296 ​ ​ ​ ​ $ 24,522 ​ ​ ​ ​ $ 60,750 ​ ​ ​ ​ $ 48,629 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 3,754 ​ ​ ​ ​ ​ 2,878 ​ ​ ​ ​ ​ 7,233 ​ ​ ​ ​ ​ 5,338 ​ ​
Performance Products
 ​ ​ ​ ​ 162 ​ ​ ​ ​ ​ 1,103 ​ ​ ​ ​ ​ 1,198 ​ ​ ​ ​ ​ 2,199 ​ ​
Corporate
 ​ ​ ​ ​ (7,184) ​ ​ ​ ​ ​ (6,193) ​ ​ ​ ​ ​ (13,695) ​ ​ ​ ​ ​ (12,258) ​ ​
​ ​ ​ ​ $ 25,028 ​ ​ ​ ​ $ 22,310 ​ ​ ​ ​ $ 55,486 ​ ​ ​ ​ $ 43,908 ​ ​
Reconciliation of Adjusted EBITDA to income before income taxes
 ​ ​ ​ ​ ​
Adjusted EBITDA
 ​ ​ ​ $ 25,028 ​ ​ ​ ​ $ 22,310 ​ ​ ​ ​ $ 55,486 ​ ​ ​ ​ $ 43,908 ​ ​
Depreciation and amortization
 ​ ​ ​ ​ (5,241) ​ ​ ​ ​ ​ (5,292) ​ ​ ​ ​ ​ (10,594) ​ ​ ​ ​ ​ (10,493) ​ ​
Interest expense, net
 ​ ​ ​ ​ (3,515) ​ ​ ​ ​ ​ (8,719) ​ ​ ​ ​ ​ (7,005) ​ ​ ​ ​ ​ (17,454) ​ ​
Foreign currency gains (losses), net
 ​ ​ ​ ​ 1,018 ​ ​ ​ ​ ​ (1,165) ​ ​ ​ ​ ​ 2,222 ​ ​ ​ ​ ​ (1,813) ​ ​
Income before income taxes
 ​ ​ ​ $ 17,290 ​ ​ ​ ​ $ 7,134 ​ ​ ​ ​ $ 40,109 ​ ​ ​ ​ $ 14,148 ​ ​
​
As of
 ​ ​
December 31,
2014
 ​ ​
June 30,
2014
 ​
Identifiable assets ​ ​ ​
Animal Health
 ​ ​ ​ $ 348,288 ​ ​ ​ ​ $ 361,376 ​ ​
Mineral Nutrition
 ​ ​ ​ ​ 61,795 ​ ​ ​ ​ ​ 57,460 ​ ​
Performance Products
 ​ ​ ​ ​ 21,869 ​ ​ ​ ​ ​ 23,429 ​ ​
Corporate
 ​ ​ ​ ​ 35,725 ​ ​ ​ ​ ​ 30,058 ​ ​
​ ​ ​ ​ $ 467,677 ​ ​ ​ ​ $ 472,323 ​ ​
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All goodwill is included in the Animal Health segment. The Animal Health segment includes advances to and investment in equity method investee of  $4,427 and $5,140 as of December 31, 2014, and June 30, 2014, respectively. The Performance Products segment includes an investment in equity method investee of  $502 and $479 as of December 31, 2014, and June 30, 2014, respectively. Corporate includes all cash and cash equivalents.