XML 50 R38.htm IDEA: XBRL DOCUMENT
v3.20.2

Discontinued Operations (Tables) | 3 Months Ended
--- | ---
Sep. 30, 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 September 30, 2020 and 2019 were as follows:
| Quarter ended September 30,
| 2020 |  | 2019
| (in thousands)
Net sales | $ | 145,049 |  |  | $ | 155,716 |
Cost of goods sold | 134,534 |  |  | 142,142 |
Gross profit | 10,515 |  |  | 13,574 |
Selling, general and administrative expenses | 10,913 |  |  | 13,810 |
Depreciation expense | 201 |  |  | 248 |
Intangible amortization expense | — |  |  | 424 |
Operating loss | (599) |  |  | (908) |
Interest expense, net | 125 |  |  | 483 |
Loss on held for sale classification | 10,686 |  |  | — |
Other expense, net | 291 |  |  | (343) |
Loss from discontinued operations before taxes | (11,701) |  |  | (1,048) |
Income tax expense | 3 |  |  | (287) |
Net loss from discontinued operations | $ | (11,704) |  |  | $ | (761) |
The major classes of assets and liabilities classified as held-for-sale in the accompanying consolidated balance sheets, were as follows as of September 30, 2020 and June 30, 2020:
| September 30, 2020 |  | June 30, 2020
| (in thousands)
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 5,678 |  |  | $ | 4,970 |
Accounts receivable, net | 130,553 |  |  | 117,200 |
Inventories, net | 95,560 |  |  | 106,779 |
Prepaid expenses and other current assets | 27,465 |  |  | 23,808 |
Total current assets | 259,256 |  |  | 252,757 |
Property and equipment, net | 1,724 |  |  | 1,833 |
Deferred income taxes | 9,633 |  |  | 9,349 |
Other non-current assets | 5,899 |  |  | 6,215 |
Total assets, before valuation allowance | 276,512 |  |  | 270,154 |
Less: valuation allowance | (99,609) |  |  | (88,923) |
Total assets, net of valuation allowance (1) | $ | 176,903 |  |  | $ | 181,231 |
Liabilities |  |  |
Current liabilities: |  |  |
Accounts payable | $ | 84,657 |  |  | $ | 56,098 |
Accrued expenses and other current liabilities | 15,834 |  |  | 14,815 |
Other taxes payable | 23,136 |  |  | 20,378 |
Short-term borrowings | — |  |  | 3,524 |
Income tax payable | 1,338 |  |  | 1,085 |
Total current liabilities | 124,965 |  |  | 95,900 |
Borrowings under revolving credit facility | 19,932 |  |  | 24,704 |
Other long-term liabilities | 7,362 |  |  | 7,418 |
Total liabilities(1) | $ | 152,259 |  |  | $ | 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 September 30, 2020 and June 30, 2020, as the discontinued operations are expected to be disposed of by June 30, 2021. Significant non-cash operating items and capital expenditures reflected in the cash flows from discontinued operations for the three months ended September 30, 2020 and 2019 were as follows:
| Three months ended September 30,
| 2020 |  | 2019
| (in thousands)
Loss on held for sale classification | $ | 10,686 |  |  | $ | — |
Depreciation and amortization | 201 |  |  | 672 |
Capital expenditures | (36) |  |  | (1) |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration