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Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION

17. SEGMENT INFORMATION

 

We principally operate in the business segment described in Note 1. Pursuant to Codification Topic 280, Segment Reporting, we operate in one reportable business segment, that being the development, acquisition, manufacture and sale of products that improve the health and productivity of dairy and beef cattle. Almost all of our internally funded product development expenses are in support of such products. The significant accounting policies of this segment are described in Note 2. Our single operating segment is defined as the component of our business for which financial information is available and evaluated regularly by our chief operating decision-maker in deciding how to allocate resources and in assessing performance. Our chief operating decision-maker is our President and CEO.

 

Sales of the First Defense® product line aggregated 98% and 97% of our total product sales during the three-month periods ended September 30, 2020 and 2019, respectively. Sales of the First Defense® product line aggregated 98% and 96% of our total product sales during the nine-month periods ended September 30, 2020 and 2019, respectively. Our primary customers for the majority of our product sales (90% and 92% during the three-month periods ended September 30, 2020 and 2019, respectively, and 89% and 90% during the nine-month periods ended September 30, 2020 and 2019, respectively) are in the U.S. dairy and beef industries. Product sales to international customers, who are also in the dairy and beef industries, aggregated 10% and 8% of our total product sales during the three-month periods ended September 30, 2020 and 2019, respectively, and 11% and 9% of our total sales during the nine-month periods ended September 30, 2020 and 2019, respectively.