Discontinued Operations (Tables)

12 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Components of Discontinuing Operations

Major components of net loss from discontinued operations for the years ended June 30, 2021, 2020 and 2019 were as follows:

	Fiscal Year Ended June 30,
	2021		2020		2019
	(in thousands)
Net sales	$	213,373	$	561,496	$	623,312
Cost of goods sold	198,512		513,003		563,543
Gross profit	14,861		48,493		59,769
Selling, general and administrative expenses	17,291		53,946		61,574
Depreciation expense	—		975		1,127
Intangible amortization expense	—		1,403		1,839
Impairment charges	—		13,747		—
Operating loss	(2,430)		(21,578)		(4,771)
Interest expense, net	394		1,399		195
Loss on held for sale classification	34,597		88,923		—
Other expense, net	310		1,124		763
Loss from discontinued operations before taxes	(37,731)		(113,024)		(5,729)
Income tax (benefit) expense	(3,137)		403		1,533
Net loss from discontinued operations	$	(34,594)	$	(113,427)	$	(7,262)

The major classes of assets and liabilities classified as held-for-sale in the accompanying consolidated balance sheets, were as follows as of June 30, 2021 and 2020:

	June 30, 2021		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
Goodwill	—		—
Identifiable intangible assets, net	—		—
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 fiscal years ended June 30, 2021, 2020 and 2019 were as follows:

	Fiscal Year Ended June 30,
	2021		2020		2019
	(in thousands)
Loss on held for sale classification	$	34,597	$	88,923	$	—
Impairment charges	—		13,747		—
Depreciation and amortization	—		2,378		2,966
Capital expenditures	(58)		(77)		(1,416)