Discontinued Operations (Tables)

6 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Components of Discontinuing Operations

Major components of net loss from discontinued operations for the quarters ended December 31, 2020 and 2019 were as follows:

	Quarter ended December 31,				Six months ended December 31,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Net sales	$	68,323	$	155,912	$	213,373	$	311,628
Cost of goods sold	63,977		140,347		198,512		282,489
Gross profit	4,346		15,565		14,861		29,139
Selling, general and administrative expenses	6,378		15,016		17,291		28,825
Depreciation expense	—		298		—		546
Intangible amortization expense	—		321		—		746
Operating loss	(2,032)		(70)		(2,430)		(978)
Interest expense, net	269		430		394		913
Loss on disposal group	23,122		—		33,808		—
Other (income) expense, net	(181)		(188)		310		(531)
Loss from discontinued operations before taxes	(25,242)		(312)		(36,942)		(1,360)
Income tax expense (benefit)	13		(52)		17		(339)
Net loss from discontinued operations	$	(25,255)	$	(260)	$	(36,959)	$	(1,021)

The major classes of assets and liabilities classified as held-for-sale in the accompanying consolidated balance sheets, were as follows as of December 31, 2020 and June 30, 2020:

	December 31, 2020		June 30, 2020
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	—	$	4,970
Accounts receivable, net	—		117,200
Inventories, net	—		106,779
Prepaid expenses and other current assets	—		23,808
Total current assets	—		252,757
Property and equipment, net	—		1,833
Deferred income taxes	—		9,349
Other non-current assets	—		6,215
Total assets, before valuation allowance	—		270,154
Less: valuation allowance	—		(88,923)
Total assets, net of valuation allowance (1)	$	—	$	181,231
Liabilities
Current liabilities:
Accounts payable	$	—	$	56,098
Accrued expenses and other current liabilities	—		14,815
Other taxes payable	—		20,378
Short-term borrowings	—		3,524
Income tax payable	—		1,085
Total current liabilities	—		95,900
Borrowings under revolving credit facility	—		24,704
Other long-term liabilities	—		7,418
Total liabilities(1)	$	—	$	128,022

(1) Total assets and liabilities of discontinued operations are classified in current assets and liabilities, respectively, in the Company's consolidated balance sheet as of June 30, 2020. The discontinued operations were disposed of during the quarter ended December 31, 2020.

Significant non-cash operating items and capital expenditures reflected in the cash flows from discontinued operations for the six months ended December 31, 2020 and 2019 were as follows:

	Six months ended December 31,
	2020		2019
	(in thousands)
Loss on disposal group	$	33,808	$	—
Depreciation and amortization	—		1,292
Capital expenditures	(58)		(8)