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Discontinued Operations (Tables) | 12 Months Ended
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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) |

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