11. Business Segments

The Animal Health segment manufactures and markets a broad range of products for food animals, including poultry, swine, cattle, dairy and aquaculture. 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 a broad range of trace minerals for food animals. 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 and we refer to these items as Corporate. We do not allocate Corporate costs or assets to the segments because they are not used to evaluate the segments’ operating results or financial position. Corporate costs include certain costs related to executive management, business technology, legal, finance, human resources and business development. Corporate assets include cash and cash equivalents, certain debt issue costs, income tax related assets and certain other assets.

We evaluate performance of our segments based on Adjusted EBITDA. We define Adjusted EBITDA as income before income taxes plus (a) interest expense, net, (b) depreciation and amortization, (c) (income) loss from, and disposal of, discontinued operations, (d) 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 (e) certain items that we consider to be unusual, non-operational or non-recurring.

The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein.

	Three Months
For the Periods Ended September 30	2017			2016
Net sales
MFAs and other		$	79,603		$	83,419
Nutritional Specialties			30,777			26,304
Vaccines			18,461			14,778
Animal Health			128,841			124,501
Mineral Nutrition			52,073			51,592
Performance Products			12,498			11,894
Total segments		$	193,412		$	187,987
Depreciation and amortization
Animal Health		$	5,254		$	4,898
Mineral Nutrition			585			542
Performance Products			246			218
Total segments		$	6,085		$	5,658
Adjusted EBITDA
Animal Health		$	33,742		$	32,619
Mineral Nutrition			3,716			3,988
Performance Products			248			742
Total segments		$	37,706		$	37,349
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes		$	18,944		$	17,572
Interest expense, net			3,118			3,907
Depreciation and amortization – Total segments			6,085			5,658
Depreciation and amortization – Corporate			559			660
Corporate costs			7,589			7,524
Acquisition-related cost of goods sold			249			—
Acquisition-related accrued compensation			437			420
Acquisition-related transaction costs			400			1,274
Foreign currency (gains) losses, net			325			334
Adjusted EBITDA – Total segments		$	37,706		$	37,349

As of	September 30, 2017			June 30, 2017
Identifiable assets
Animal Health		$	479,075		$	442,521
Mineral Nutrition			60,371			55,184
Performance Products			22,331			23,681
Total segments			561,777			521,386
Corporate			109,334			102,011
Total		$	671,111		$	623,397

The Animal Health segment includes all goodwill of the Company. The Animal Health segment includes advances to and investment in an equity method investee of $3,802 and $3,719 as of September 30, 2017 and June 30, 2017, respectively. The Performance Products segment includes an investment in equity method investee of $559 and $516 as of September 30, 2017 and June 30, 2017, respectively. Corporate assets include cash and cash equivalents, certain debt issuance costs, income tax related assets and certain other assets.