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Discontinued Operations (Tables)
 9 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Components of Discontinuing Operations
Major components of net loss from discontinued operations for the quarters and nine months ended March 31, 2021 and 2020 were as follows:

Quarter ended March 31,Nine months ended March 31,
2021202020212020
(in thousands)(in thousands)
Net sales$— $127,899 $213,373 $439,527 
Cost of goods sold— 117,669 198,512 400,158 
Gross profit— 10,230 14,861 39,369 
Selling, general and administrative expenses— 13,782 17,291 42,607 
Depreciation expense— 225 — 771 
Intangible amortization expense— 327 — 1,073 
Operating loss— (4,104)(2,430)(5,082)
Interest expense, net— 323 394 1,236 
Loss on disposal group688 — 34,496 — 
Other (income) expense, net— 433 310 (96)
Loss from discontinued operations before taxes(688)(4,860)(37,630)(6,222)
Income tax expense (benefit)— (858)17 (1,197)
Net loss from discontinued operations$(688)$(4,002)$(37,647)$(5,025)

The major classes of assets and liabilities classified as held-for-sale in the accompanying consolidated balance sheets, were as follows as of March 31, 2021 and June 30, 2020:
March 31, 2021June 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 nine months ended March 31, 2021 and 2020 were as follows:
Nine months ended March 31,
20212020
(in thousands)
Loss on disposal group$34,496 $— 
Depreciation and amortization— 1,844 
Capital expenditures(58)(48)