Phibro Animal Health (PAHC) 10-Q 2 Nov 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-36410
Entity Registrant Name	PHIBRO ANIMAL HEALTH CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-1840497
Entity Address, Address Line One	Glenpointe Centre East, 3rd Floor
Entity Address, Address Line Two	300 Frank W. Burr Boulevard, Suite 21
Entity Address, City or Town	Teaneck
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07666-6712
City Area Code	201
Local Phone Number	329-7300
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	PAHC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001069899
Amendment Flag	false
Common stock-Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,337,574
Common stock-Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,166,034

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 214,665	$ 195,194
Cost of goods sold	149,987	131,075
Gross profit	64,678	64,119
Selling, general and administrative expenses	50,066	48,431
Operating income	14,612	15,688
Interest expense, net	2,889	2,810
Foreign currency (gains) losses, net	2,128	(3,631)
Income before income taxes	9,595	16,509
Provision for income taxes	3,061	4,207
Net income	$ 6,534	$ 12,302
Net income per share
basic (in dollars per share)	$ 0.16	$ 0.30
diluted (in dollars per share)	$ 0.16	$ 0.30
Weighted average common shares outstanding
basic (in shares)	40,504	40,454
diluted (in shares)	40,504	40,504

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 6,534	$ 12,302
Change in fair value of derivative instruments	(29)	1,089
Foreign currency translation adjustment	(6,964)	(4,723)
Unrecognized net pension gains	117	135
Provision for income taxes	(22)	(306)
Other comprehensive loss	(6,898)	(3,805)
Comprehensive income (loss)	$ (364)	$ 8,497

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
ASSETS
Cash and cash equivalents	$ 41,175	$ 50,212
Short-term investments	56,000	43,000
Accounts receivable, net	140,644	146,852
Inventories, net	221,313	216,312
Other current assets	39,498	42,533
Total current assets	498,630	498,909
Property, plant and equipment, net	152,830	154,706
Intangibles, net	60,125	62,282
Goodwill	52,679	52,679
Other assets	71,780	72,749
Total assets	836,044	841,325
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	11,250	9,375
Accounts payable	66,805	68,362
Accrued expenses and other current liabilities	74,531	86,379
Total current liabilities	152,586	164,116
Revolving credit facility	110,000	95,000
Long-term debt	284,014	287,710
Other liabilities	56,139	55,970
Total liabilities	602,739	602,796
Commitments and contingencies (Note 7)
Common stock, par value $0.0001 per share; 300,000,000 Class A shares authorized, 20,337,574 shares issued and outstanding at September 30, 2021 and June 30, 2021; 30,000,000 Class B shares authorized, 20,166,034 shares issued and outstanding at September 30, 2021 and June 30, 2021	4	4
Preferred stock, par value $0.0001 per share; 16,000,000 shares authorized, no shares issued and outstanding
Paid-in capital	135,803	135,803
Retained earnings	219,689	218,015
Accumulated other comprehensive loss	(122,191)	(115,293)
Total stockholders' equity	233,305	238,529
Total liabilities and stockholders' equity	$ 836,044	$ 841,325

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	16,000,000	16,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock-Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	20,337,574	20,337,574
Common stock, shares outstanding	20,337,574	20,337,574
Common stock-Class B
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	20,166,034	20,166,034
Common stock, shares outstanding	20,166,034	20,166,034

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net income	$ 6,534	$ 12,302
Adjustments to reconcile net cash provided by operating activities:
Depreciation and amortization	7,854	8,036
Amortization of debt issuance costs	148	221
Stock-based compensation	0	565
Deferred income taxes	(31)	(277)
Foreign currency (gains) losses, net	2,155	(4,349)
Other	70	97
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable, net	4,373	1,002
Inventories, net	(9,873)	(9,501)
Other current assets	14	(632)
Other assets	(741)	(205)
Accounts payable	514	(1,188)
Accrued expenses and other liabilities	(7,196)	(4,373)
Net cash provided by operating activities	3,821	1,698
INVESTING ACTIVITIES
Purchases of short-term investments	(32,000)	(6,000)
Maturities of short-term investments	19,000
Capital expenditures	(7,449)	(7,420)
Other, net	(217)	(215)
Net cash used by investing activities	(20,666)	(13,635)
FINANCING ACTIVITIES
Revolving credit facility borrowings	86,000	36,000
Revolving credit facility repayments	(71,000)	(20,000)
Payments of long-term debt and other	(1,875)	(4,688)
Dividends paid	(4,860)	(4,854)
Net cash provided by financing activities	8,265	6,458
Effect of exchange rate changes on cash	(457)	105
Net decrease in cash and cash equivalents	(9,037)	(5,374)
Cash and cash equivalents at beginning of period	50,212	36,343
Cash and cash equivalents at end of period	$ 41,175	$ 30,969

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Jun. 30, 2020	$ 4	$ 135,525	$ 183,060	$ (130,385)	$ 188,204
Balance (in shares) at Jun. 30, 2020	40,453,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)			12,302	(3,805)	8,497
Dividends declared			(4,854)		(4,854)
Stock-based compensation expense		565			565
Balance at Sep. 30, 2020	$ 4	136,090	190,508	(134,190)	192,412
Balance (in shares) at Sep. 30, 2020	40,453,608
Balance at Jun. 30, 2021	$ 4	135,803	218,015	(115,293)	238,529
Balance (in shares) at Jun. 30, 2021	40,503,608
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)			6,534	(6,898)	(364)
Dividends declared			(4,860)		(4,860)
Balance at Sep. 30, 2021	$ 4	$ 135,803	$ 219,689	$ (122,191)	$ 233,305
Balance (in shares) at Sep. 30, 2021	40,503,608

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Dividends declared per share	$ 0.12	$ 0.12

Description of Business

Description of Business	3 Months Ended
	Sep. 30, 2021
Description of Business
Description of Business	1. Description of Business Phibro Animal Health Corporation (“Phibro” or “PAHC”) and its subsidiaries (together, the “Company”) is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for food animals including poultry, dairy and beef cattle, swine, and aquaculture. The Company is also a manufacturer and marketer of performance products for use in the personal care, industrial chemical and chemical catalyst industries. Unless otherwise indicated or the context requires otherwise, references in this report to “we,” “our,” “us,” and similar expressions refer to Phibro and its subsidiaries. The unaudited consolidated financial information for the three months ended September 30, 2021 and 2020, is presented on the same basis as the financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the “Annual Report”), filed with the Securities and Exchange Commission on August 25, 2021 (File no. 001-36410). In the opinion of management, these financial statements include all adjustments necessary for a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods, and the adjustments are of a normal and recurring nature. The financial results for any interim period are not necessarily indicative of the results for the full year. The consolidated balance sheet information as of June 30, 2021, was derived from the audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The unaudited consolidated financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition will depend on future developments that are uncertain. Although vaccines are now available, distribution efforts vary widely country-by-country and state-by-state. New information may continue to emerge concerning COVID-19, and the actions required to contain or treat it may affect the duration and severity of the pandemic. The pandemic may have significant economic impacts on customers, suppliers and markets. The pandemic may affect our future revenues, expenses, reserves and allowances, manufacturing operations and employee-related costs. Our financial statements include estimates of the effects of COVID-19 and there may be changes to those estimates in future periods. The consolidated financial statements include the accounts of Phibro and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated from the consolidated financial statements. The decision to consolidate an entity requires consideration of majority voting interests, as well as effective control over the entity. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies and New Accounting Standards	3 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies and New Accounting Standards
Summary of Significant Accounting Policies and New Accounting Standards	2. Summary of Significant Accounting Policies and New Accounting Standards Our significant accounting policies are described in the notes to the consolidated financial statements included in our Annual Report. As of September 30, 2021, there have been no material changes to any of the significant accounting policies contained therein. Net Income per Share and Weighted Average Shares Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the assumed vesting of restricted stock units. All common share equivalents were included in the calculation of diluted net income per share in the periods included in the consolidated financial statements. There are no outstanding stock option awards or restricted stock units as of September 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Net income ​ $ 6,534 ​ $ 12,302 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares – basic ​ 40,504 ​ 40,454 Dilutive effect of restricted stock units ​ — ​ 50 Weighted average number of shares – diluted ​ 40,504 ​ 40,504 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ basic ​ $ 0.16 ​ $ 0.30 diluted ​ $ 0.16 ​ $ 0.30 ​ New Accounting Standards Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2020-04 and 2021-01, Reference Rate Reform (Topic 848), provide optional expedients and exceptions to GAAP guidance, if certain criteria are met, for contracts, hedging relationships and derivative instruments that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates expected to be discontinued or modified by rate reform. The overall purpose of Topic 848 is to ease the financial reporting burdens related to the expected market transition to alternative reference rates. These ASUs may be applied prospectively to contract modifications made and hedging relationships entered on or before December 31, 2022. We continue to evaluate the effect of adoption of this guidance on our consolidated financial statements. ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, removes certain exceptions and amends certain requirements in the existing income tax guidance to ease accounting requirements. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and must be applied on a retrospective basis. The adoption did not have a material effect on our consolidated financial statements.

Statements of Operations - Addi

Statements of Operations - Additional Information	3 Months Ended
	Sep. 30, 2021
Statements of Operations - Additional Information
Statements of Operations - Additional Information	3. Statements of Operations — Additional Information Disaggregated revenue, deferred revenue and customer payment terms We develop, manufacture and market a broad range of products for food animals including poultry, beef and dairy cattle, swine, and aquaculture. The products help prevent, control and treat diseases, enhance nutrition to help improve health and contribute to balanced mineral nutrition. The animal health and mineral nutrition products are sold directly to integrated poultry, cattle, and swine integrators and through commercial animal feed manufacturers, wholesalers and distributors. The animal health industry and demand for many of the animal health products in a particular region are affected by changing disease pressures and by weather conditions, as product usage follows varying weather patterns and seasons. Our operations are primarily focused in regions where the majority of livestock production is consolidated in large commercial farms. We have a diversified portfolio of products that are classified within our three business segments — Animal Health, Mineral Nutrition and Performance Products. Each segment has its own dedicated management and sales team. Animal Health The Animal Health business develops, manufactures and markets products in three main categories: ● MFAs and other: MFAs and other products primarily consist of concentrated medicated products that are administered through animal feeds, commonly referred to as Medicated Feed Additives (“MFAs”). Specific product classifications include antibacterials, which inhibit the growth of pathogenic bacteria that cause bacterial infections in animals; anticoccidials, which inhibit the growth of coccidia (parasites) that damage the intestinal tract of animals; and other related products. ● Nutritional specialties: Nutritional specialty products enhance nutrition to help improve health and performance in areas such as immune system function and digestive health. We are also a developer, manufacturer and marketer of microbial products and bioproducts for a variety of applications serving animal health and nutrition, environmental, industrial and agricultural customers. ● Vaccines: Our vaccines are primarily focused on preventing diseases in poultry and swine. They protect animals from either viral or bacterial disease challenges. We develop, manufacture and market conventionally licensed and autogenous vaccine products and produce and market adjuvants to vaccine manufacturers. We have developed and market an innovative and proprietary delivery platform for vaccines. Mineral Nutrition The Mineral Nutrition business is comprised of formulations and concentrations of trace minerals such as zinc, manganese, copper, iron and other compounds, with a focus on customers in North America. Our customers use these products to fortify the daily feed requirements of their livestock’s diets and maintain an optimal balance of trace elements in each animal. We manufacture and market a broad range of mineral nutrition products for food animals including beef and dairy cattle, swine and poultry. Performance Products The Performance Products business manufactures and markets specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries, predominantly in the United States. The following tables present our revenues disaggregated by major product category and geographic region: Net Sales by Product Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Animal Health ​ ​ MFAs and other ​ $ 83,758 ​ $ 78,703 Nutritional specialties ​ 35,997 ​ 32,600 Vaccines ​ 21,249 ​ 17,066 Total Animal Health ​ $ 141,004 ​ $ 128,369 Mineral Nutrition ​ 54,432 ​ 51,440 Performance Products ​ 19,229 ​ 15,385 Total ​ $ 214,665 ​ $ 195,194 ​ Net Sales by Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 United States ​ $ 126,319 ​ $ 118,771 Latin America and Canada ​ 42,660 ​ 37,756 Europe, Middle East and Africa ​ 30,935 ​ 26,872 Asia Pacific ​ 14,751 ​ 11,795 Total ​ $ 214,665 ​ $ 195,194 ​ Net sales by region are based on country of destination. Deferred revenue was $3,130 and $3,674 as of September 30, 2021 and June 30, 2021, respectively. Accrued expenses and other current liabilities included $1,396 and $1,560 of the total deferred revenue as of September 30, 2021 and June 30, 2021, respectively. The deferred revenue resulted primarily from certain customer arrangements, including technology licensing fees and discounts on future product sales. The transaction price associated with our deferred revenue arrangements is generally based on the stand-alone sales prices of the individual products or services. Our customer payment terms generally range from 30 to 120 days globally and do not include any significant financing components. Payment terms vary based on industry and business practices within the regions in which we operate. Our average worldwide collection period for accounts receivable is approximately 60 days after the revenue is recognized. Interest Expense and Depreciation and Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Interest expense, net ​ ​ ​ ​ ​ ​ Term loan ​ $ 2,273 ​ $ 1,875 Revolving credit facility ​ 599 ​ 946 Amortization of debt issuance costs ​ 148 ​ 221 Other ​ 45 ​ 67 Interest expense ​ 3,065 ​ 3,109 Interest income ​ (176) ​ (299) ​ ​ $ 2,889 ​ $ 2,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Depreciation and amortization ​ ​ ​ Depreciation of property, plant and equipment ​ $ 5,714 ​ $ 5,831 Amortization of intangible assets ​ 2,135 ​ 2,205 Amortization of other assets ​ 5 ​ — ​ ​ $ 7,854 ​ $ 8,036 ​

Balance Sheets - Additional Inf

Balance Sheets - Additional Information	3 Months Ended
	Sep. 30, 2021
Balance Sheets - Additional Information
Balance Sheets - Additional Information	4. Balance Sheets — Additional Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, As of 2021 2021 Inventories ​ ​ ​ ​ ​ Raw materials ​ $ 72,774 ​ $ 59,775 Work-in-process ​ ​ 10,053 ​ ​ 12,738 Finished goods ​ ​ 138,486 ​ ​ 143,799 ​ ​ $ 221,313 ​ $ 216,312 ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, As of 2021 2021 Other assets ​ ​ ​ ​ ​ ​ ROU operating lease assets ​ $ 31,688 $ 32,962 Deferred income taxes ​ 9,446 ​ 9,861 Deposits ​ 5,337 ​ 5,663 Insurance investments ​ 6,054 ​ 5,964 Equity method investments ​ 4,759 ​ 4,141 Derivative instruments ​ ​ 2,634 ​ ​ 2,696 U.S. pension plan ​ 1,616 ​ 1,184 Debt issuance costs ​ 1,717 ​ 1,811 Other ​ ​ 8,529 ​ ​ 8,467 ​ ​ $ 71,780 $ 72,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of 2021 2021 Accrued expenses and other current liabilities ​ ​ Employee related ​ $ 26,553 ​ $ 35,375 Current operating lease liabilities ​ 6,406 ​ 6,618 Commissions and rebates ​ ​ 5,230 ​ ​ 6,312 Professional fees ​ 4,288 ​ 4,380 Income and other taxes ​ ​ 4,706 ​ ​ 6,107 Derivative instruments ​ ​ 3,357 ​ ​ 3,486 Contingent consideration ​ 4,840 ​ 4,840 Restructuring costs ​ — ​ 735 Insurance-related ​ 1,203 ​ 1,176 Other ​ 17,948 ​ 17,350 ​ ​ $ 74,531 ​ $ 86,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of 2021 2021 Other liabilities ​ ​ ​ ​ ​ ​ Long-term operating lease liabilities ​ $ 27,150 ​ $ 28,003 Long-term and deferred income taxes ​ 7,297 ​ ​ 6,646 Supplemental retirement benefits, deferred compensation and other ​ ​ 8,506 ​ ​ 8,382 International retirement plans ​ 5,453 ​ 5,345 Derivative instruments ​ ​ 95 ​ ​ — Other long-term liabilities ​ 7,638 ​ 7,594 ​ ​ $ 56,139 ​ $ 55,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of 2021 2021 Accumulated other comprehensive loss ​ ​ ​ ​ Derivative instruments ​ $ (819) ​ $ (790) Foreign currency translation adjustment ​ (107,059) ​ (100,095) Unrecognized net pension losses ​ (19,856) ​ (19,973) Benefit for income taxes on derivative instruments ​ 104 ​ 97 Benefit for incomes taxes on long-term intercompany investments ​ ​ 8,166 ​ ​ 8,166 Provision for income taxes on net pension losses ​ ​ (2,727) ​ ​ (2,698) ​ ​ $ (122,191) ​ $ (115,293) ​

Debt

Debt	3 Months Ended
	Sep. 30, 2021
Debt
Debt	5. Debt Term Loans and Revolving Credit Facilities In April 2021, we entered into an amended and restated credit agreement (the “2021 Credit Agreement”) under which we have a term A loan in an aggregate initial principal amount of $300,000 (the “2021 Term A Loan”) and a revolving credit facility under which we can borrow up to an aggregate amount of $250,000, subject to the terms of the 2021 Credit Agreement (the “2021 Revolver” and together with the 2021 Term A Loan, the “2021 Credit Facilities”). The 2021 Term A Loan is repayable in quarterly installments, with the balance payable at maturity. The 2021 Revolver contains a letter of credit facility. The interest rate per annum applicable to the loans under the 2021 Credit Facilities is based on a fluctuating rate of interest plus an applicable rate equal to 2.00%, 1.75% or 1.50%, in the case of LIBOR and Eurodollar The 2021 Credit Agreement requires, among other things, compliance with financial covenants that permit: (i) a maximum First Lien Net Leverage Ratio of 4.00:1.00 and (ii) a minimum interest coverage ratio of 3.00:1.00, each calculated on a trailing four-quarter basis. The 2021 Credit Agreement contains an acceleration clause should an event of default (as defined in the 2021 Credit Agreement) occur. As of September 30, 2021, we were in compliance with the financial covenants. As of September 30, 2021, we had $110,000 in borrowings drawn under the 2021 Revolver and had outstanding letters of credit of $2,709, leaving $137,291 available for further borrowings and letters of credit under the 2021 Revolver, subject to restrictions in our 2021 Credit Facilities. We obtain letters of credit in connection with certain regulatory and insurance obligations, inventory purchases and other contractual obligations. The terms of these letters of credit are all less than one year. In July 2017, we entered into an interest rate swap agreement on $150,000 of notional principal that effectively converts the floating LIBOR portion of our interest obligation on that amount of debt to a fixed interest rate of 1.8325%. The agreement matures in June 2022. We designated the interest rate swap as a highly effective cash flow hedge. For additional details, see “Note 8 — Derivatives.” In March 2020, we entered into an interest rate swap agreement on an additional $150,000 of notional principal that effectively converts the floating LIBOR portion of our interest obligation on that amount of debt to a fixed rate of 0.62%. In July 2022, this agreement increases to a notional principal amount of $300,000 through June 2025, and effectively converts the floating LIBOR portion of our interest obligation on $300,000 of debt to a fixed interest rate of 0.62%. We designated the interest rate swap as a highly effective cash flow hedge. For additional details, see “Note 8 — Derivatives.” The 2017 and 2020 interest rate swap agreements will continue to remain in place on our interest obligations associated with the 2021 Credit Facilities. As of September 30, 2021, the interest rates for the 2021 Revolver and the 2021 Term A Loan were 1.85% and 2.98%, respectively. The weighted-average interest rates for the 2021 Revolver and the prior revolving credit facility were 1.83% and 2.12% for the three months ended September 30, 2021, and 2020, respectively. The weighted-average interest rates for the 2021 Term A Loan and the prior term A loan were 2.98% and 3.19% for three months ended September 30, 2021 and 2020, respectively. Long-Term Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of ​ 2021 ​ 2021 2021 Term A Loan due April 2026 ​ $ 296,250 ​ $ 298,125 Unamortized debt issuance costs ​ (986) ​ (1,040) ​ ​ 295,264 ​ 297,085 Less: current maturities ​ (11,250) ​ (9,375) ​ ​ $ 284,014 ​ $ 287,710 ​

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2021
Related Party Transactions
Related Party Transactions	6. Related Party Transactions Certain relatives of Jack C. Bendheim, our Chairman, President and Chief Executive Officer, provided services to the Company as employees or consultants and received aggregate compensation and benefits of approximately $829 and $532 during the three months ended September 30, 2021, and 2020, respectively. Mr. Bendheim has sole authority to vote shares of our stock owned by BFI Co., LLC, an investment vehicle of the Bendheim family.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	7. Commitments and Contingencies Environmental Our operations and properties are subject to extensive federal, state, local and foreign laws and regulations, including those governing pollution; protection of the environment; the use, management, and release of hazardous materials, substances and wastes; air emissions; greenhouse gas emissions; water use, supply and discharges; the investigation and remediation of contamination; the manufacture, distribution, and sale of regulated materials, including pesticides; the importing, exporting and transportation of products; and the health and safety of our employees (collectively, “Environmental Laws”). As such, the nature of our current and former operations exposes us to the risk of claims with respect to such matters, including fines, penalties, and remediation obligations that may be imposed by regulatory authorities. Under certain circumstances, we might be required to curtail operations until a particular problem is remedied. Known costs and expenses under Environmental Laws incidental to ongoing operations, including the cost of litigation proceedings relating to environmental matters, are included within operating results. Potential costs and expenses may also be incurred in connection with the repair or upgrade of facilities to meet existing or new requirements under Environmental Laws or to investigate or remediate potential or actual contamination, and from time to time we establish reserves for such contemplated investigation and remediation costs. In many instances, the ultimate costs under Environmental Laws and the period during which such costs are likely to be incurred are difficult to predict. While we believe that our operations are currently in material compliance with Environmental Laws, we have, from time to time, received notices of violation from governmental authorities, and have been involved in civil or criminal action for such violations. Additionally, at various sites, our subsidiaries are engaged in continuing investigation, remediation and/or monitoring efforts to address contamination associated with historic operations of the sites. We devote considerable resources to complying with Environmental Laws and managing environmental liabilities. We have developed programs to identify requirements under, and maintain compliance with Environmental Laws; however, we cannot predict with certainty the effect of increased and more stringent regulation on our operations, future capital expenditure requirements, or the cost of compliance. The nature of our current and former operations exposes us to the risk of claims with respect to environmental matters and we cannot assure we will not incur material costs and liabilities in connection with such claims. Based on our experience, we believe that the future cost of compliance with existing Environmental Laws, and liabilities for known environmental claims pursuant to such Environmental Laws, will not have a material adverse effect on our financial position, results of operations, cash flows or liquidity. The United States Environmental Protection Agency (the “EPA”) is investigating and planning for the remediation of offsite contaminated groundwater that has migrated from the Omega Chemical Corporation Superfund Site (“Omega Chemical Site”), which is upgradient of the Santa Fe Springs, California facility of our subsidiary, Phibro-Tech, Inc. ("Phibro-Tech"). The EPA has entered into a settlement agreement with a group of companies that sent chemicals to the Omega Chemical Site for processing and recycling ("OPOG") to remediate the contaminated groundwater that has migrated from the Omega Chemical Site in accordance with a general remedy selected by EPA. The EPA has named Phibro-Tech and certain other subsidiaries of PAHC as potentially responsible parties (“PRPs”) due to groundwater contamination from Phibro-Tech’s Santa Fe Springs facility that has allegedly commingled with contaminated groundwater from the Omega Chemical Site. In September 2012, the EPA notified approximately 140 PRPs, including Phibro-Tech and the other subsidiaries, that they have been identified as potentially responsible for remedial action for the groundwater plume affected by the Omega Chemical Site and for EPA oversight and response costs. Phibro-Tech contends that any groundwater contamination at its site is localized and due to historical operations that pre-date Phibro-Tech and/or contaminated groundwater that has migrated from upgradient properties. In addition, a successor to a prior owner of the Phibro-Tech site has asserted that PAHC and Phibro-Tech are obligated to provide indemnification for its potential liability and defense costs relating to the groundwater plume affected by the Omega Chemical Site. Phibro-Tech has vigorously contested this position and has asserted that the successor to the prior owner is required to indemnify Phibro-Tech for its potential liability and defense costs. Furthermore, the members of OPOG filed a complaint under the Comprehensive Environmental Response, Compensation, and Liability Act and the Resource Conservation and Recovery Act in the United States District Court for the Central District of California against many of the PRPs allegedly associated with the groundwater plume affected by the Omega Chemical Site (including Phibro-Tech) for contribution toward past and future costs associated with the investigation and remediation of the groundwater plume affected by the Omega Chemical Site. Due to the ongoing nature of the EPA’s investigation, the preliminary stage of the ongoing litigation and Phibro-Tech’s dispute with the prior owner’s successor, at this time we cannot predict with any degree of certainty what, if any, liability Phibro-Tech or the other subsidiaries may ultimately have for investigation, remediation and the EPA oversight and response costs associated with the affected groundwater plume. Based upon information available, to the extent such costs can be estimated with reasonable certainty, we estimated the cost for further investigation and remediation of identified soil and groundwater problems at operating sites, closed sites and third-party sites, and closure costs for closed sites, to be approximately $4,321 and $4,293 at September 30 and June 30, 2021, respectively, which is included in current and long-term liabilities on the consolidated balance sheets. However, future events, such as new information, changes in existing Environmental Laws or their interpretation, and more vigorous enforcement policies of regulatory agencies, may give rise to additional expenditures or liabilities that could be material. For all purposes of the discussion under this caption and elsewhere in this report, it should be noted that we take and have taken the position that neither PAHC nor any of our subsidiaries are liable for environmental or other claims made against one or more of our other subsidiaries or for which any of such other subsidiaries may ultimately be responsible. Claims and Litigation PAHC and its subsidiaries are party to various claims and lawsuits arising out of the normal course of business including product liabilities, payment disputes and governmental regulation. Certain of these actions seek damages in various amounts. In many cases, such claims are covered by insurance. We believe that none of the claims or pending lawsuits, either individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, cash flows or liquidity.

Derivatives

Derivatives	3 Months Ended
	Sep. 30, 2021
Derivatives
Derivatives	8. Derivatives We monitor our exposure to foreign currency exchange rates and interest rates and from time-to-time use derivatives to manage certain of these risks. We designate derivatives as a hedge of a forecasted transaction or of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). All changes in the fair value of a highly effective cash flow hedge are recorded in accumulated other comprehensive income (loss). We routinely assess whether the derivatives used to hedge transactions are effective. If we determine a derivative ceases to be an effective hedge, we discontinue hedge accounting in the period of the assessment for that derivative, and immediately recognize any unrealized gains or losses related to the fair value of that derivative in the consolidated statements of operations. We record derivatives at fair value in the consolidated balance sheets. For additional details regarding fair value, see “Note 9 — Fair Value Measurements.” In July 2017, we entered into an interest rate swap agreement on the first $150,000 of notional principal that effectively converts the floating LIBOR portion of our interest obligation on that amount of debt to a fixed interest rate of 1.8325%. The agreement matures in June 2022. In March 2020, we entered into an interest rate swap agreement on an additional $150,000 of notional principal that effectively converts the floating LIBOR portion of our interest obligation on that amount of debt to a fixed rate of 0.62%. On the maturity of the July 2017 agreement, this agreement increases to a notional principal amount of $300,000 through June 2025, and effectively converts the floating LIBOR portion of our interest obligation on $300,000 of debt to a fixed interest rate of 0.62%. The forecasted transactions are probable of occurring, and the interest rate swaps have been designated as highly effective cash flow hedges. We entered into foreign currency option contracts to hedge cash flows related to monthly inventory purchases. The individual option contracts mature monthly through February 2023 The consolidated balance sheet includes the net fair values of our outstanding foreign currency option contracts within the respective line items, based on the net financial position and maturity date of the individual contracts. The consolidated balance sheet includes the net fair values of our outstanding interest rate swaps within the respective balance sheet line items, based on the expected timing of the cash flows. The consolidated balance sheet includes assets and liabilities for the fair values of outstanding derivatives that are designated and effective as cash flow hedges as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, As of 2021 2021 Other assets ​ ​ Brazil Real options, net ​ $ — ​ $ 355 Interest rate swaps ​ 2,634 ​ 2,341 Accrued expense and other current liabilities ​ ​ Brazil Real options, net ​ (467) ​ (150) Interest rate swaps ​ (2,891) ​ (3,336) Other liabilities ​ ​ Brazil Real options, net ​ (95) ​ — Interest rate swaps ​ — ​ — Total Fair Value ​ ​ ​ Brazil Real options, net ​ (562) ​ 205 Interest rate swaps ​ (257) ​ (995) ​ Notional amounts of the derivatives as of the balance sheet date were: ​ ​ ​ ​ ​ ​ ​ September 30, As of 2021 Brazil Real call options ​ R$ 96,000 Brazil Real put options R$ 96,000 Interest rate swaps ​ $ 300,000 ​ The consolidated statements of operations and statements of other comprehensive income (“OCI”) for the periods ended September 30, 2021 and 2020 included the effects of derivatives as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 ​ 2021 ​ 2020 Brazil Real options, net ​ ​ (Income) expense recorded in consolidated statement of operations ​ $ 428 ​ $ (3) Consolidated statement of operations - total cost of goods sold ​ $ 149,987 ​ $ 131,075 (Income) expense recorded in OCI ​ $ 767 ​ $ (376) Interest rate swaps ​ ​ Expense recorded in consolidated statements of operations ​ 868 ​ 813 Consolidated statement of operations - total interest expense, net ​ $ 2,889 ​ $ 2,810 (Income) expense recorded in OCI ​ $ (738) ​ $ (713) ​ We recognize gains and losses related to foreign currency derivatives as a component of cost of goods sold at the time the hedged item is sold. Inventory as of September 30, 2021, included realized net losses of $1,527 related to matured contracts. We anticipate the net losses included in inventory will be recognized in cost of goods sold within the next twelve to eighteen months.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Fair Value Measurements	9. Fair Value Measurements Short-term investments Our short-term investments consist of cash deposits held at financial institutions. We consider the carrying amounts of these short-term investments to be representative of their fair value. Current Assets and Liabilities We consider the carrying amounts of current assets and current liabilities to be representative of their fair value because of the current nature of these items. Contingent Consideration on Acquisitions We determine the fair value of contingent consideration on acquisitions based on contractual terms, our current forecast of performance factors related to the acquired business and an applicable discount rate. Debt We record debt, including term loans and revolver balances, at amortized cost in our consolidated financial statements. We believe the carrying value of the debt is approximately equal to its fair value, due to the variable nature of the instruments and our evaluation of estimated market prices. Derivatives We determine the fair value of derivative instruments based upon pricing models using observable market inputs for these types of financial instruments, such as spot and forward currency translation rates. Non-financial assets Our non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment, and lease-related ROU assets, are not required to be measured at fair value on a recurring basis, and instead are reported at carrying value in the consolidated balance sheet. We assess the carrying values of non-financial assets for impairment on a periodic basis or whenever events or changes in circumstances indicate an asset may not be fully recoverable. Fair Value of Assets (Liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2021 ​ June 30, 2021 ​ Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments ​ $ 56,000 ​ $ — ​ $ — ​ $ 43,000 ​ $ — ​ $ — Foreign currency derivatives ​ $ — ​ $ (562) ​ $ — ​ $ — ​ $ 205 ​ $ — Interest rate swaps ​ $ — ​ $ (257) ​ $ — ​ $ — ​ $ (995) ​ $ — Contingent consideration on acquisitions ​ $ — ​ $ — ​ $ (4,840) ​ $ — ​ $ — ​ $ (4,840) ​ There were no transfers between levels during the periods presented. There were no changes in the fair value of the Level 3 liabilities. The contingent consideration on acquisitions is the minimum amount payable in accordance with the acquisition agreement for Osprey. The contingent consideration of $4,840 was paid in October 2021.

Business Segments

Business Segments	3 Months Ended
	Sep. 30, 2021
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, and (d) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency gains and losses and 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 2021 2020 Net sales Animal Health ​ $ 141,004 ​ $ 128,369 Mineral Nutrition ​ 54,432 ​ 51,440 Performance Products ​ 19,229 ​ 15,385 Total segments ​ $ 214,665 ​ $ 195,194 ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ Animal Health ​ $ 6,420 ​ $ 6,521 Mineral Nutrition ​ 639 ​ 649 Performance Products ​ 419 ​ 445 Total segments ​ $ 7,478 ​ $ 7,615 Adjusted EBITDA ​ ​ ​ ​ ​ ​ Animal Health ​ $ 27,637 ​ $ 30,101 Mineral Nutrition ​ 4,533 ​ 3,047 Performance Products ​ 2,138 ​ 1,972 Total segments ​ $ 34,308 ​ $ 35,120 Reconciliation of income before income taxes to Adjusted EBITDA ​ ​ ​ ​ ​ ​ Income before income taxes ​ $ 9,595 ​ $ 16,509 Interest expense, net ​ 2,889 ​ 2,810 Depreciation and amortization – Total segments ​ 7,478 ​ 7,615 Depreciation and amortization – Corporate ​ 376 ​ 421 Corporate costs ​ ​ 11,842 ​ ​ 10,831 Stock-based compensation ​ — ​ 565 Foreign currency (gains) losses, net ​ 2,128 ​ (3,631) Adjusted EBITDA – Total segments ​ $ 34,308 ​ $ 35,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of 2021 2021 Identifiable assets ​ ​ Animal Health ​ $ 579,432 ​ $ 595,315 Mineral Nutrition ​ 74,218 ​ 67,338 Performance Products ​ 37,111 ​ 36,847 Total segments ​ 690,761 ​ 699,500 Corporate ​ 145,283 ​ 141,825 Total ​ $ 836,044 ​ $ 841,325 ​ 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and New Accounting Standards (Policies)	3 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies and New Accounting Standards
Net Income per Share and Weighted Average Shares	Net Income per Share and Weighted Average Shares Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the assumed vesting of restricted stock units. All common share equivalents were included in the calculation of diluted net income per share in the periods included in the consolidated financial statements. There are no outstanding stock option awards or restricted stock units as of September 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Net income ​ $ 6,534 ​ $ 12,302 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares – basic ​ 40,504 ​ 40,454 Dilutive effect of restricted stock units ​ — ​ 50 Weighted average number of shares – diluted ​ 40,504 ​ 40,504 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ basic ​ $ 0.16 ​ $ 0.30 diluted ​ $ 0.16 ​ $ 0.30
New Accounting Standards	New Accounting Standards Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2020-04 and 2021-01, Reference Rate Reform (Topic 848), provide optional expedients and exceptions to GAAP guidance, if certain criteria are met, for contracts, hedging relationships and derivative instruments that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates expected to be discontinued or modified by rate reform. The overall purpose of Topic 848 is to ease the financial reporting burdens related to the expected market transition to alternative reference rates. These ASUs may be applied prospectively to contract modifications made and hedging relationships entered on or before December 31, 2022. We continue to evaluate the effect of adoption of this guidance on our consolidated financial statements. ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, removes certain exceptions and amends certain requirements in the existing income tax guidance to ease accounting requirements. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and must be applied on a retrospective basis. The adoption did not have a material effect on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and New Accounting Standards (Tables)	3 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies and New Accounting Standards
Schedule of net income per share and weighted average shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Net income ​ $ 6,534 ​ $ 12,302 ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares – basic ​ 40,504 ​ 40,454 Dilutive effect of restricted stock units ​ — ​ 50 Weighted average number of shares – diluted ​ 40,504 ​ 40,504 ​ ​ ​ ​ ​ ​ ​ Net income per share ​ ​ ​ basic ​ $ 0.16 ​ $ 0.30 diluted ​ $ 0.16 ​ $ 0.30

Statements of Operations - Ad_2

Statements of Operations - Additional Information (Tables)	3 Months Ended
	Sep. 30, 2021
Statements of Operations - Additional Information
Schedule of revenues disaggregated by major product category and geographic region	Net Sales by Product Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Animal Health ​ ​ MFAs and other ​ $ 83,758 ​ $ 78,703 Nutritional specialties ​ 35,997 ​ 32,600 Vaccines ​ 21,249 ​ 17,066 Total Animal Health ​ $ 141,004 ​ $ 128,369 Mineral Nutrition ​ 54,432 ​ 51,440 Performance Products ​ 19,229 ​ 15,385 Total ​ $ 214,665 ​ $ 195,194 ​ Net Sales by Region ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 United States ​ $ 126,319 ​ $ 118,771 Latin America and Canada ​ 42,660 ​ 37,756 Europe, Middle East and Africa ​ 30,935 ​ 26,872 Asia Pacific ​ 14,751 ​ 11,795 Total ​ $ 214,665 ​ $ 195,194
Schedule of additional information of statements of operations	Interest Expense and Depreciation and Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Interest expense, net ​ ​ ​ ​ ​ ​ Term loan ​ $ 2,273 ​ $ 1,875 Revolving credit facility ​ 599 ​ 946 Amortization of debt issuance costs ​ 148 ​ 221 Other ​ 45 ​ 67 Interest expense ​ 3,065 ​ 3,109 Interest income ​ (176) ​ (299) ​ ​ $ 2,889 ​ $ 2,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Depreciation and amortization ​ ​ ​ Depreciation of property, plant and equipment ​ $ 5,714 ​ $ 5,831 Amortization of intangible assets ​ 2,135 ​ 2,205 Amortization of other assets ​ 5 ​ — ​ ​ $ 7,854 ​ $ 8,036

Balance Sheets - Additional I_2

Balance Sheets - Additional Information (Tables)	3 Months Ended
	Sep. 30, 2021
Balance Sheets - Additional Information
Schedule of additional information of balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, As of 2021 2021 Inventories ​ ​ ​ ​ ​ Raw materials ​ $ 72,774 ​ $ 59,775 Work-in-process ​ ​ 10,053 ​ ​ 12,738 Finished goods ​ ​ 138,486 ​ ​ 143,799 ​ ​ $ 221,313 ​ $ 216,312 ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, As of 2021 2021 Other assets ​ ​ ​ ​ ​ ​ ROU operating lease assets ​ $ 31,688 $ 32,962 Deferred income taxes ​ 9,446 ​ 9,861 Deposits ​ 5,337 ​ 5,663 Insurance investments ​ 6,054 ​ 5,964 Equity method investments ​ 4,759 ​ 4,141 Derivative instruments ​ ​ 2,634 ​ ​ 2,696 U.S. pension plan ​ 1,616 ​ 1,184 Debt issuance costs ​ 1,717 ​ 1,811 Other ​ ​ 8,529 ​ ​ 8,467 ​ ​ $ 71,780 $ 72,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of 2021 2021 Accrued expenses and other current liabilities ​ ​ Employee related ​ $ 26,553 ​ $ 35,375 Current operating lease liabilities ​ 6,406 ​ 6,618 Commissions and rebates ​ ​ 5,230 ​ ​ 6,312 Professional fees ​ 4,288 ​ 4,380 Income and other taxes ​ ​ 4,706 ​ ​ 6,107 Derivative instruments ​ ​ 3,357 ​ ​ 3,486 Contingent consideration ​ 4,840 ​ 4,840 Restructuring costs ​ — ​ 735 Insurance-related ​ 1,203 ​ 1,176 Other ​ 17,948 ​ 17,350 ​ ​ $ 74,531 ​ $ 86,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of 2021 2021 Other liabilities ​ ​ ​ ​ ​ ​ Long-term operating lease liabilities ​ $ 27,150 ​ $ 28,003 Long-term and deferred income taxes ​ 7,297 ​ ​ 6,646 Supplemental retirement benefits, deferred compensation and other ​ ​ 8,506 ​ ​ 8,382 International retirement plans ​ 5,453 ​ 5,345 Derivative instruments ​ ​ 95 ​ ​ — Other long-term liabilities ​ 7,638 ​ 7,594 ​ ​ $ 56,139 ​ $ 55,970 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of 2021 2021 Accumulated other comprehensive loss ​ ​ ​ ​ Derivative instruments ​ $ (819) ​ $ (790) Foreign currency translation adjustment ​ (107,059) ​ (100,095) Unrecognized net pension losses ​ (19,856) ​ (19,973) Benefit for income taxes on derivative instruments ​ 104 ​ 97 Benefit for incomes taxes on long-term intercompany investments ​ ​ 8,166 ​ ​ 8,166 Provision for income taxes on net pension losses ​ ​ (2,727) ​ ​ (2,698) ​ ​ $ (122,191) ​ $ (115,293)

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 30, 2021
Debt
Schedule of long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of ​ 2021 ​ 2021 2021 Term A Loan due April 2026 ​ $ 296,250 ​ $ 298,125 Unamortized debt issuance costs ​ (986) ​ (1,040) ​ ​ 295,264 ​ 297,085 Less: current maturities ​ (11,250) ​ (9,375) ​ ​ $ 284,014 ​ $ 287,710

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Sep. 30, 2021
Derivatives
Schedule of significant outstanding derivatives employed to manage market risk and designated as cash flow hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, As of 2021 2021 Other assets ​ ​ Brazil Real options, net ​ $ — ​ $ 355 Interest rate swaps ​ 2,634 ​ 2,341 Accrued expense and other current liabilities ​ ​ Brazil Real options, net ​ (467) ​ (150) Interest rate swaps ​ (2,891) ​ (3,336) Other liabilities ​ ​ Brazil Real options, net ​ (95) ​ — Interest rate swaps ​ — ​ — Total Fair Value ​ ​ ​ Brazil Real options, net ​ (562) ​ 205 Interest rate swaps ​ (257) ​ (995) ​ Notional amounts of the derivatives as of the balance sheet date were: ​ ​ ​ ​ ​ ​ ​ September 30, As of 2021 Brazil Real call options ​ R$ 96,000 Brazil Real put options R$ 96,000 Interest rate swaps ​ $ 300,000 ​ The consolidated statements of operations and statements of other comprehensive income (“OCI”) for the periods ended September 30, 2021 and 2020 included the effects of derivatives as follows: ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 ​ 2021 ​ 2020 Brazil Real options, net ​ ​ (Income) expense recorded in consolidated statement of operations ​ $ 428 ​ $ (3) Consolidated statement of operations - total cost of goods sold ​ $ 149,987 ​ $ 131,075 (Income) expense recorded in OCI ​ $ 767 ​ $ (376) Interest rate swaps ​ ​ Expense recorded in consolidated statements of operations ​ 868 ​ 813 Consolidated statement of operations - total interest expense, net ​ $ 2,889 ​ $ 2,810 (Income) expense recorded in OCI ​ $ (738) ​ $ (713)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Schedule of fair value of derivative instruments based upon pricing models	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ September 30, 2021 ​ June 30, 2021 ​ Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Short-term investments ​ $ 56,000 ​ $ — ​ $ — ​ $ 43,000 ​ $ — ​ $ — Foreign currency derivatives ​ $ — ​ $ (562) ​ $ — ​ $ — ​ $ 205 ​ $ — Interest rate swaps ​ $ — ​ $ (257) ​ $ — ​ $ — ​ $ (995) ​ $ — Contingent consideration on acquisitions ​ $ — ​ $ — ​ $ (4,840) ​ $ — ​ $ — ​ $ (4,840)

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Sep. 30, 2021
Business Segments
Schedule of information regarding reportable segments	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months For the Periods Ended September 30 2021 2020 Net sales Animal Health ​ $ 141,004 ​ $ 128,369 Mineral Nutrition ​ 54,432 ​ 51,440 Performance Products ​ 19,229 ​ 15,385 Total segments ​ $ 214,665 ​ $ 195,194 ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ Animal Health ​ $ 6,420 ​ $ 6,521 Mineral Nutrition ​ 639 ​ 649 Performance Products ​ 419 ​ 445 Total segments ​ $ 7,478 ​ $ 7,615 Adjusted EBITDA ​ ​ ​ ​ ​ ​ Animal Health ​ $ 27,637 ​ $ 30,101 Mineral Nutrition ​ 4,533 ​ 3,047 Performance Products ​ 2,138 ​ 1,972 Total segments ​ $ 34,308 ​ $ 35,120 Reconciliation of income before income taxes to Adjusted EBITDA ​ ​ ​ ​ ​ ​ Income before income taxes ​ $ 9,595 ​ $ 16,509 Interest expense, net ​ 2,889 ​ 2,810 Depreciation and amortization – Total segments ​ 7,478 ​ 7,615 Depreciation and amortization – Corporate ​ 376 ​ 421 Corporate costs ​ ​ 11,842 ​ ​ 10,831 Stock-based compensation ​ — ​ 565 Foreign currency (gains) losses, net ​ 2,128 ​ (3,631) Adjusted EBITDA – Total segments ​ $ 34,308 ​ $ 35,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, June 30, As of 2021 2021 Identifiable assets ​ ​ Animal Health ​ $ 579,432 ​ $ 595,315 Mineral Nutrition ​ 74,218 ​ 67,338 Performance Products ​ 37,111 ​ 36,847 Total segments ​ 690,761 ​ 699,500 Corporate ​ 145,283 ​ 141,825 Total ​ $ 836,044 ​ $ 841,325

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and New Accounting Standards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Summary of Significant Accounting Policies and New Accounting Standards
Net income	$ 6,534	$ 12,302
Weighted average number of shares - basic (in shares)	40,504	40,454
Dilutive effect of restricted stock units		50
Weighted average number of shares - diluted (in shares)	40,504	40,504
Net income per share
basic (in dollars per share)	$ 0.16	$ 0.30
diluted (in dollars per share)	$ 0.16	$ 0.30

Statements of Operations - Disa

Statements of Operations - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statements Of Operations Additional Information [Line Items]
Total	$ 214,665	$ 195,194
United States
Statements Of Operations Additional Information [Line Items]
Total	126,319	118,771
Latin America and Canada
Statements Of Operations Additional Information [Line Items]
Total	42,660	37,756
Europe, Middle East and Africa
Statements Of Operations Additional Information [Line Items]
Total	30,935	26,872
Asia Pacific
Statements Of Operations Additional Information [Line Items]
Total	14,751	11,795
Animal Health
Statements Of Operations Additional Information [Line Items]
Total	141,004	128,369
Animal Health | MFAs and other
Statements Of Operations Additional Information [Line Items]
Total	83,758	78,703
Animal Health | Nutritional Specialties
Statements Of Operations Additional Information [Line Items]
Total	35,997	32,600
Animal Health | Vaccines
Statements Of Operations Additional Information [Line Items]
Total	21,249	17,066
Mineral Nutrition
Statements Of Operations Additional Information [Line Items]
Total	54,432	51,440
Performance Products
Statements Of Operations Additional Information [Line Items]
Total	$ 19,229	$ 15,385

Statements of Operations - Inte

Statements of Operations - Interest Expense and Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Interest expense, net
Amortization of debt issuance costs	$ 148	$ 221
Other	45	67
Interest expense	3,065	3,109
Interest income	(176)	(299)
Interest expense, net	2,889	2,810
Depreciation and amortization
Depreciation of property, plant and equipment	5,714	5,831
Amortization of intangible assets	2,135	2,205
Amortization of other assets	5
Depreciation and amortization	7,854	8,036
Term Loan
Interest expense, net
Interest expense	2,273	1,875
Revolving credit facility (the "Revolver")
Interest expense, net
Interest expense	$ 599	$ 946

Statements of Operations - Ad_3

Statements of Operations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Statements Of Operations Additional Information [Line Items]
Deferred revenue	$ 3,130	$ 3,674
Current deferred revenue, included in accrued expense and other current liabilities	$ 1,396	$ 1,560
Customer
Statements Of Operations Additional Information [Line Items]
Average worldwide collection period for accounts receivable	60 days
Customer | Maximum
Statements Of Operations Additional Information [Line Items]
Payment term	120 days
Customer | Minimum
Statements Of Operations Additional Information [Line Items]
Payment term	30 days

Balance Sheets - Additional I_3

Balance Sheets - Additional Information - Schedule of inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Inventories
Raw materials	$ 72,774	$ 59,775
Work-in-process	10,053	12,738
Finished goods	138,486	143,799
Inventory, net	$ 221,313	$ 216,312

Balance Sheets - Additional I_4

Balance Sheets - Additional Information - Other balance sheet items (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Other assets
ROU operating lease assets	$ 31,688	$ 32,962
Deferred income taxes	9,446	9,861
Deposits	5,337	5,663
Insurance investments	6,054	5,964
Derivative instruments	2,634	2,696
U.S. pension plan	1,616	1,184
Equity method investments	4,759	4,141
Debt issuance costs	1,717	1,811
Other	8,529	8,467
Other assets, total	71,780	72,749
Accrued expenses and other current liabilities
Employee-related	26,553	35,375
Current operating lease liabilities	6,406	6,618
Commissions and rebates	5,230	6,312
Professional fees	4,288	4,380
Income and other taxes	4,706	6,107
Derivative instruments	3,357	3,486
Contingent consideration	4,840	4,840
Restructuring costs	0	735
Insurance-related	1,203	1,176
Other	17,948	17,350
Accrued expenses and other current liabilities, total	74,531	86,379
Other liabilities
Long-term operating lease liabilities	27,150	28,003
Long-term and deferred income taxes	7,297	6,646
Supplemental retirement benefits, deferred compensation and other	8,506	8,382
International retirement plans	5,453	5,345
Derivative instruments	95
Other long term liabilities	7,638	7,594
Other liabilities, total	56,139	55,970
Accumulated other comprehensive loss
Derivative instruments	(819)	(790)
Foreign currency translation adjustment	(107,059)	(100,095)
Unrecognized net pension losses	(19,856)	(19,973)
Benefit for income taxes on derivative instruments	104	97
Benefit for income taxes on long-term intercompany investments	8,166	8,166
Provision for income taxes on net pension losses	(2,727)	(2,698)
Accumulated other comprehensive loss	$ (122,191)	$ (115,293)

Debt - Summary of long-term deb

Debt - Summary of long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Debt
Term A Loan due April 2026	$ 296,250	$ 298,125
Unamortized debt issuance costs	(986)	(1,040)
Long-term debt after debt issuance costs	295,264	297,085
Less: current maturities	(11,250)	(9,375)
Long-term debt	$ 284,014	$ 287,710

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jul. 31, 2022	Jun. 30, 2021	Apr. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Jul. 31, 2017
Debt Instrument [Line Items]
Revolving credit facility	$ 110,000		$ 95,000
Derivative, Notional Amount		$ 300,000
Credit Agreement | Revolving credit facility (the "Revolver")
Debt Instrument [Line Items]
Revolving credit facility	110,000
Outstanding letters of credit	2,709
2021 Credit Agreement | Revolving credit facility (the "Revolver")
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 250,000
Revolving credit facility	110,000
Outstanding letters of credit	2,709
Remaining borrowing capacity	$ 137,291
Weighted-average interest rates	1.83%				2.12%
Percentage of interest rate	1.85%
2021 Credit Agreement | Term A Loans And Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity dates	April 2026
Covenant requirement, permitted leverage ratio	a maximum First Lien Net Leverage Ratio of 4.00:1.00 and (ii) a minimum interest coverage ratio of 3.00:1.00, each calculated on a trailing four-quarter basis
Debt instrument, covenant compliance	we were in compliance with the financial covenants
2021 Credit Agreement | Term A Loans And Revolving Credit Facility [Member] | one-month LIBOR
Debt Instrument [Line Items]
Interest rate, description	2.00%, 1.75% or 1.50%
2021 Credit Agreement | Term A Loans And Revolving Credit Facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Interest rate, description	2.00%, 1.75% or 1.50%
2021 Credit Agreement | Term A Loans And Revolving Credit Facility [Member] | Base Rate
Debt Instrument [Line Items]
Interest rate, description	1.00%, 0.75% or 0.50%
2021 Credit Agreement | Term A Loan
Debt Instrument [Line Items]
Aggregate principal amount				$ 300,000
Weighted-average interest rates	2.98%				3.19%
Percentage of interest rate	2.98%
July 2017 Agreement [Member] | Interest Rate Swap
Debt Instrument [Line Items]
Percentage of interest rate	1.8325%
Derivative, Notional Amount	$ 150,000						$ 150,000
March 2020 Agreement [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 300,000
March 2020 Agreement [Member] | Interest Rate Swap
Debt Instrument [Line Items]
Percentage of interest rate	0.62%
Derivative, Notional Amount						$ 150,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Certain relatives of Jack C. Bendheim | Compensation and benefit for services provided
Related Party Transaction [Line Items]
Aggregate compensation and benefits	$ 829	$ 532

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)item	Jun. 30, 2021USD ($)
Commitments And Contingencies [Line Items]
Number of potentially responsible parties | item	140
Current And Long Term Liabilities
Commitments And Contingencies [Line Items]
Accrual for environmental loss contingencies | $	$ 4,321	$ 4,293

Derivatives - Company's Outstan

Derivatives - Company's Outstanding Derivatives (Details) - Cash Flow Hedging R$ in Thousands, $ in Thousands	Sep. 30, 2021USD ($)	Sep. 30, 2021BRL (R$)	Jun. 30, 2021USD ($)
Foreign Exchange Option | Brazilian Real calls
Derivative [Line Items]
Notional amount | R$		R$ 96000
Asset			$ 205
Liability	$ (562)
Foreign Exchange Option | Brazilian Real calls | Other assets
Derivative [Line Items]
Asset			355
Foreign Exchange Option | Brazilian Real calls | Accrued expenses and other current liabilities
Derivative [Line Items]
Liability	(467)		(150)
Foreign Exchange Option | Brazilian Real calls | Other liabilities
Derivative [Line Items]
Liability	(95)
Foreign Exchange Option | Brazilian Real puts
Derivative [Line Items]
Notional amount | R$		R$ 96000
Swap | Interest Rate Swap
Derivative [Line Items]
Notional amount	300,000
Liability	(257)		(995)
Swap | Interest Rate Swap | Other assets
Derivative [Line Items]
Asset	2,634		2,341
Swap | Interest Rate Swap | Accrued expenses and other current liabilities
Derivative [Line Items]
Liability	$ (2,891)		$ (3,336)

Derivatives - Effects of Deriva

Derivatives - Effects of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Consolidated statement of operations - total cost of goods sold	$ 149,987	$ 131,075
Consolidated statement of operations - total interest expense, net	2,889	2,810
Foreign Exchange Option | Cash Flow Hedging | Brazilian Real calls
Derivative [Line Items]
(Income) expense recorded in consolidated statement of operations	428	(3)
Foreign Exchange Option | Cash Flow Hedging | Brazilian Real calls | Cost of Sales
Derivative [Line Items]
Consolidated statement of operations - total cost of goods sold	149,987	131,075
Foreign Exchange Option | Cash Flow Hedging | Brazilian Real calls | Other Comprehensive Income (Loss)
Derivative [Line Items]
(Income) expense recorded in OCI	767	(376)
Swap | Interest Rate Swap | Cash Flow Hedging
Derivative [Line Items]
(Income) expense recorded in consolidated statement of operations	868	813
Swap | Interest Rate Swap | Cash Flow Hedging | Interest expense, net
Derivative [Line Items]
Consolidated statement of operations - total interest expense, net	2,889	2,810
Swap | Interest Rate Swap | Cash Flow Hedging | Other Comprehensive Income (Loss)
Derivative [Line Items]
(Income) expense recorded in OCI	$ (738)	$ (713)

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jul. 31, 2022	Mar. 31, 2020	Jul. 31, 2017
Derivative [Line Items]
Derivative, Notional Amount		$ 300,000
Maximum maturity period for Foreign Currency Derivatives	Feb. 28, 2023
Cost of Sales
Derivative [Line Items]
Realized gains related to matured contracts recorded as a component of inventory	$ 1,527
March 2020 Agreement [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 300,000
March 2020 Agreement [Member] | Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount			$ 150,000
Percentage of interest rate	0.62%
July 2017 Agreement [Member] | Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount	$ 150,000			$ 150,000
Percentage of interest rate				1.8325%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Level 1
Fair Value of Assets (Liabilities)
Short-term investments	$ 56,000	$ 43,000
Foreign currency derivatives	0	0
Interest rate swap	0	0
Contingent consideration on acquisitions	0	0
Level 2
Fair Value of Assets (Liabilities)
Short-term investments	0	0
Foreign currency derivatives	(562)	205
Interest rate swap	(257)	(995)
Contingent consideration on acquisitions	0	0
Level 3
Fair Value of Assets (Liabilities)
Short-term investments	0	0
Foreign currency derivatives	0	0
Interest rate swap	0	0
Contingent consideration on acquisitions	$ (4,840)	$ (4,840)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Fair Value Measurements
Fair value assets, transfer from level 1 to level 2		$ 0	$ 0
Fair value assets, transfer from level 2 to level 1		0	0
Fair value liabilities, transfer from level 1 to level 2		0	0
Fair value liabilities, transfer from level 2 to level 1		0	0
Fair value assets, transfer to and from level 3		0	0
Fair value liabilities, transfer to and from level 3		0	$ 0
Contingent consideration	$ 4,840
Change in fair value		$ 0

Business Segments - Segments in

Business Segments - Segments in Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Segment Reporting Information
Net sales	$ 214,665	$ 195,194
Depreciation and amortization	7,854	8,036
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes	9,595	16,509
Interest expense, net	2,889	2,810
Depreciation and amortization	7,854	8,036
Stock-based compensation	0	565
Foreign currency (gains) losses, net	2,128	(3,631)
Identifiable assets	836,044		$ 841,325
Animal Health
Segment Reporting Information
Net sales	141,004	128,369
Mineral Nutrition
Segment Reporting Information
Net sales	54,432	51,440
Performance Products
Segment Reporting Information
Net sales	19,229	15,385
Operating Segments
Segment Reporting Information
Net sales	214,665	195,194
Depreciation and amortization	7,478	7,615
Adjusted EBITDA	34,308	35,120
Reconciliation of income before income taxes to Adjusted EBITDA
Income before income taxes	9,595	16,509
Interest expense, net	2,889	2,810
Depreciation and amortization	7,478	7,615
Corporate costs	11,842	10,831
Stock-based compensation		565
Foreign currency (gains) losses, net	2,128	(3,631)
Adjusted EBITDA - Total segments	34,308	35,120
Identifiable assets	690,761		699,500
Operating Segments | Animal Health
Segment Reporting Information
Net sales	141,004	128,369
Depreciation and amortization	6,420	6,521
Adjusted EBITDA	27,637	30,101
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	6,420	6,521
Adjusted EBITDA - Total segments	27,637	30,101
Identifiable assets	579,432		595,315
Operating Segments | Mineral Nutrition
Segment Reporting Information
Net sales	54,432	51,440
Depreciation and amortization	639	649
Adjusted EBITDA	4,533	3,047
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	639	649
Adjusted EBITDA - Total segments	4,533	3,047
Identifiable assets	74,218		67,338
Operating Segments | Performance Products
Segment Reporting Information
Net sales	19,229	15,385
Depreciation and amortization	419	445
Adjusted EBITDA	2,138	1,972
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	419	445
Adjusted EBITDA - Total segments	2,138	1,972
Identifiable assets	37,111		36,847
Corporate
Segment Reporting Information
Depreciation and amortization	376	421
Reconciliation of income before income taxes to Adjusted EBITDA
Depreciation and amortization	376	$ 421
Identifiable assets	$ 145,283		$ 141,825