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Business Combinations (Tables) | 12 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the consideration transferred, assets acquired, and liabilities assumed in connection with the acquisition of FCX based on their estimated fair values at the acquisition date.
| FCX Acquisition |
| 2018 |
Cash | $ | 11,141 |
Accounts receivable | 80,836 |
Inventories | 44,669 |
Other current assets | 1,753 |
Property | 8,282 |
Identifiable intangible assets | 305,420 |
Goodwill | 440,012 |
Other assets | 775 |
Total assets acquired | $ | 892,888 |
Accounts payable and accrued liabilities | 54,035 |
Other liabilities | 2,677 |
Deferred tax liabilities | 54,395 |
Net assets acquired | $ | 781,781 |
Purchase price | $ | 784,281 |
Reconciliation of fair value transferred: |
Working Capital Adjustments | (2,500 | )
Total Consideration | $ | 781,781 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The change in the carrying amount of goodwill for FCX since the acquisition is as follows:
Balance at 1/31/2018 | $ | 440,012 |
Impairment | 131,000 |
Balance at 6/30/2020 | $ | 309,012 |
Goodwill acquired of $161,452 was deductible for income tax purposes at the time of the acquisition. Subsequent to the goodwill impairment recorded during the year ended June 30, 2020, $112,922 remains deductible for income tax purposes as of June 30, 2020. Net sales, operating income and net income from the FCX acquisition included in the Company’s results since January 31, 2018, the date of the acquisition, are as follows:
| 2020 (1) |  | 2019 |  | January 31, 2018 to June 30, 2018 |
Net sales | $ | 490,743 |  | $ | 549,833 |  | $ | 249,752 |
Operating income | (97,300 | ) | 38,186 |  | 16,845 |
Net income | (91,739 | ) | 28,075 |  | 8,758 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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