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Business Segments
 6 Months Ended
Dec. 31, 2020
Business Segments  
Business Segments

10. 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.

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Three Months

    

Six Months

    

For the Periods Ended December 31

    

2020

    

2019

    

2020

    

2019

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Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Animal Health

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$

136,238

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$

143,689

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$

264,607

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$

265,539

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Mineral Nutrition

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54,157

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55,685

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105,597

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108,334

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Performance Products

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15,754

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14,638

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31,139

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29,859

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Total segments

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$

206,149

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$

214,012

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$

401,343

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$

403,732

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Depreciation and amortization

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Animal Health

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$

6,498

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$

6,711

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$

13,019

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$

13,095

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Mineral Nutrition

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747

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629

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1,396

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1,242

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Performance Products

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423

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417

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868

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794

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Total segments

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$

7,668

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$

7,757

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$

15,283

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$

15,131

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Adjusted EBITDA

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Animal Health

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$

33,349

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$

33,838

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$

63,450

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$

58,899

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Mineral Nutrition

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4,185

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3,684

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7,232

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7,159

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Performance Products

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2,266

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1,457

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4,238

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2,309

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Total segments

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$

39,800

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$

38,979

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$

74,920

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$

68,367

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Reconciliation of income before income taxes to Adjusted EBITDA

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Income before income taxes

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$

16,052

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$

16,895

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$

32,561

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$

20,467

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Interest expense, net

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3,214

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3,432

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6,024

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6,786

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Depreciation and amortization – Total segments

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7,668

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7,757

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15,283

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15,131

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Depreciation and amortization – Corporate

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420

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391

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841

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798

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Corporate costs

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11,258

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10,491

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22,089

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20,219

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Stock-based compensation

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564

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564

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1,129

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1,129

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Restructuring costs

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425

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Acquisition-related cost of goods sold

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—

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—

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—

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280

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Acquisition-related transaction costs

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—

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—

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—

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462

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Acquisition-related other

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—

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167

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—

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167

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Foreign currency (gains) losses, net

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624

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(718)

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(3,007)

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2,503

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Adjusted EBITDA – Total segments

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$

39,800

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$

38,979

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$

74,920

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$

68,367

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December 31, 

    

June 30, 

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2020

    

2020

Identifiable assets

 

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Animal Health

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$

569,388

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$

560,663

Mineral Nutrition

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71,680

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65,686

Performance Products

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34,849

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31,016

Total segments

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675,917

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657,365

Corporate

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127,734

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126,735

Total

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$

803,651

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$

784,100

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The Animal Health segment includes all goodwill of the Company. Corporate assets include cash and cash equivalents, short-term investments, debt issuance costs, income tax-related assets and certain other assets.