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Business Segments | 12 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Business Segments | 14. Business Segments 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. 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.
For the Year Ended June 30 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Animal Health |  |  |  | $ | 531,974 |  |  |  |  | $ | 531,727 |  |  |  |  | $ | 497,745 |  |
Mineral Nutrition |  |  |  |  | 233,782 |  |  |  |  |  | 234,922 |  |  |  |  |  | 218,298 |  |
Performance Products |  |  |  |  | 62,239 |  |  |  |  |  | 53,333 |  |  |  |  |  | 48,238 |  |
Total segments |  |  |  | $ | 827,995 |  |  |  |  | $ | 819,982 |  |  |  |  | $ | 764,281 |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Animal Health |  |  |  | $ | 22,312 |  |  |  |  | $ | 21,447 |  |  |  |  | $ | 20,132 |  |
Mineral Nutrition |  |  |  |  | 2,319 |  |  |  |  |  | 2,371 |  |  |  |  |  | 2,332 |  |
Performance Products |  |  |  |  | 1,127 |  |  |  |  |  | 1,029 |  |  |  |  |  | 939 |  |
Total segments |  |  |  | $ | 25,758 |  |  |  |  | $ | 24,847 |  |  |  |  | $ | 23,403 |  |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Animal Health |  |  |  | $ | 136,049 |  |  |  |  | $ | 141,914 |  |  |  |  | $ | 130,261 |  |
Mineral Nutrition |  |  |  |  | 15,712 |  |  |  |  |  | 18,583 |  |  |  |  |  | 17,426 |  |
Performance Products |  |  |  |  | 4,728 |  |  |  |  |  | 1,881 |  |  |  |  |  | 2,057 |  |
Total segments |  |  |  | $ | 156,489 |  |  |  |  | $ | 162,378 |  |  |  |  | $ | 149,744 |  |
Reconciliation of income before income taxes to Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before income taxes |  |  |  | $ | 71,505 |  |  |  |  | $ | 88,070 |  |  |  |  | $ | 80,543 |  |
Interest expense, net |  |  |  |  | 11,776 |  |  |  |  |  | 11,910 |  |  |  |  |  | 14,906 |  |
Depreciation and amortization–Total segments |  |  |  |  | 25,758 |  |  |  |  |  | 24,847 |  |  |  |  |  | 23,403 |  |
Depreciation and amortization–Corporate |  |  |  |  | 1,806 |  |  |  |  |  | 2,096 |  |  |  |  |  | 2,598 |  |
Corporate costs |  |  |  |  | 38,452 |  |  |  |  |  | 33,420 |  |  |  |  |  | 29,625 |  |
Restructuring costs |  |  |  |  | 6,281 |  |  |  |  |  | — |  |  |  |  |  | — |  |
Stock-based compensation |  |  |  |  | 2,259 |  |  |  |  |  | 334 |  |  |  |  |  | — |  |
Acquisition-related cost of goods sold |  |  |  |  | — |  |  |  |  |  | 1,671 |  |  |  |  |  | — |  |
Acquisition-related accrued compensation |  |  |  |  | — |  |  |  |  |  | 1,152 |  |  |  |  |  | 1,680 |  |
Acquisition-related transaction costs |  |  |  |  | 213 |  |  |  |  |  | 400 |  |  |  |  |  | 1,274 |  |
Acquisition-related other, net |  |  |  |  | — |  |  |  |  |  | (468) |  |  |  |  |  | (972) |  |
Other |  |  |  |  | (1,506) |  |  |  |  |  | — |  |  |  |  |  | — |  |
Pension settlement cost |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 1,702 |  |
Gain on insurance settlement |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | (7,500) |  |
Foreign currency (gains) losses, net |  |  |  |  | (55) |  |  |  |  |  | (1,054) |  |  |  |  |  | (113) |  |
Loss on extinguishment of debt |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 2,598 |  |
Adjusted EBITDA–Total segments |  |  |  | $ | 156,489 |  |  |  |  | $ | 162,378 |  |  |  |  | $ | 149,744 |  |
Acquisition-related other, net includes adjustments to contingent consideration on acquisitions and impairments of intangible assets.
As of June 30 |  |  | 2019 |  |  | 2018 |
Identifiable assets |  |  |  |  |  |  |  |  |  |  |  |  |
Animal Health |  |  |  | $ | 508,864 |  |  |  |  | $ | 455,704 |  |
Mineral Nutrition |  |  |  |  | 67,662 |  |  |  |  |  | 69,779 |  |
Performance Products |  |  |  |  | 32,886 |  |  |  |  |  | 24,040 |  |
Total segments |  |  |  |  | 609,412 |  |  |  |  |  | 549,523 |  |
Corporate |  |  |  |  | 117,259 |  |  |  |  |  | 122,156 |  |
Total |  |  |  | $ | 726,671 |  |  |  |  | $ | 671,679 |  |
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  $3,287 and $3,432 as of June 30, 2019 and 2018, respectively. The Performance Products segment includes an investment in an equity method investee of  $759 and $437 as of June 30, 2019 and 2018, respectively. Corporate assets include cash and cash equivalents, short-term investments, debt issuance costs, income tax related assets and certain other assets. The geographic location of property, plant and equipment, net was:
As of June 30 |  |  | 2019 |  |  | 2018 |
Property, plant and equipment, net |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  | $ | 54,999 |  |  |  |  | $ | 55,268 |  |
Israel |  |  |  |  | 52,434 |  |  |  |  |  | 45,055 |  |
Brazil |  |  |  |  | 19,647 |  |  |  |  |  | 19,653 |  |
Other |  |  |  |  | 13,155 |  |  |  |  |  | 10,132 |  |
|  |  |  | $ | 140,235 |  |  |  |  | $ | 130,108 |  |

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- Definition The 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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