ACQUISITIONS AND DISPOSITIONS (Tables)

9 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the Company's preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The Company expects to finalize the allocation during fiscal 2022.

	March 31, 2022
Accounts receivable, net	$	5,107
Inventory	9,871
Prepaid expenses and other current assets	542
Property, plant & equipment	9,198
Identifiable intangible assets	193,800
Operating lease right-of-use assets	3,676
Other assets	164
Deferred income taxes	(42,252)
Goodwill	94,071
Accounts payable & accrued expenses	(9,082)
Operating lease liabilities	(4,225)
	$	260,870

Schedule of Pro Forma Information

The following table provides unaudited pro forma results of continuing operations had the acquisition been completed at the beginning of fiscal 2021. The proforma information reflects certain adjustments related to the acquisition but does not reflect any potential operating efficiencies or cost savings that may result from the acquisition. Accordingly, this information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the Company for the periods presented or that will be achieved by the combined company in the future. The pro forma information has been adjusted to give effect to items that are directly attributable to the transactions and are expected to have a continuing impact on the combined results.

	Unaudited supplemental pro forma information
	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Net sales	$	502,939	$	514,867	$	1,488,483	$	1,584,194
Net income from continuing operations(1)	$	26,970	$	30,927	$	81,415	$	26,929
Diluted net income per common share from continuing operations	$	0.30	$	0.30	$	0.86	$	0.27

(1)The pro forma adjustments include the elimination of transaction costs totaling $5,103 from the nine months ended March 31, 2022 and recognition of those costs in the nine months ended March 31, 2021. Additionally, the pro forma adjustments include the elimination of integration costs and a fair value inventory adjustment totaling $1,500 and $1,800, respectively, for the three and nine months ended March 31, 2022 and recognition of those costs in the three and nine months ended March 31, 2021.

Schedule of Disposal Groups, Including Discontinued Operations

The following table presents the major classes of Tilda’s results within Net income from discontinued operations, net of tax in our Consolidated Statements of Operations for the nine months ended March 31, 2021:

	Nine Months Ended March 31,
	2021
Net sales	$	—
Cost of sales	—
Gross profit	—
Other expense	75
Net loss from discontinued operations before income taxes	(75)
Benefit for income taxes(1)	(11,320)
Net income from discontinued operations, net of tax	$	11,245

(1) Includes $11,320 of tax benefit related to the legal entity reorganization for the nine months ended March 31, 2021.