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ACQUISITIONS AND DISPOSITIONS (Tables) | 6 Months Ended
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Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the Company's preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. The Company expects to finalize the allocation during fiscal 2022.
| December 28, 2021
Accounts receivable, net | $ | 5,107 |
Inventory | 9,871 |
Prepaid expenses and other current assets | 603 |
Property, plant & equipment | 9,225 |
Identifiable intangible assets | 193,800 |
Operating lease right-of-use assets | 4,098 |
Other assets | 166 |
Deferred income taxes | (42,362) |
Goodwill | 93,629 |
Accounts payable & accrued expenses | (9,041) |
Operating lease liabilities | (4,225) |
| $ | 260,871 |
Schedule of Pro Forma Information | The following table provides unaudited pro forma results of continuing operations had the acquisition been completed at the beginning of fiscal 2021. The proforma information reflects certain adjustments related to the acquisition but does not reflect any potential operating efficiencies or cost savings that may result from the acquisition. Accordingly, this information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the Company for the periods presented or that will be achieved by the combined company in the future. The pro forma information has been adjusted to give effect to items that are directly attributable to the transactions and are expected to have a continuing impact on the combined results.
| Unaudited supplemental pro forma information
| Three Months Ended December 31, |  | Six Months Ended December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Net sales | $ | 500,349 |  |  | $ | 553,114 |  |  | $ | 985,544 |  |  | $ | 1,069,327 |
Net income (loss) from continuing operations(1) | $ | 36,244 |  |  | $ | 1,102 |  |  | $ | 55,669 |  |  | $ | (16,478) |
Diluted net income (loss) per common share from continuing operations | $ | 0.38 |  |  | $ | 0.01 |  |  | $ | 0.58 |  |  | $ | (0.16) |
(1)The proforma adjustments include the elimination of transaction costs totaling $5,103 from the three and six months ended December 31, 2021 and recognition of those costs in the six months ended December 31, 2020.
Schedule of Disposal Groups, Including Discontinued Operations | The following table presents the major classes of Tilda’s results within Net income from discontinued operations, net of tax in our Consolidated Statements of Operations:
|  |  | Three Months Ended December 31, |  |  |  | Six Months Ended December 31,
|  |  | 2020 |  |  |  | 2020
Net sales |  |  | $ | — |  |  |  |  | $ | — |
Cost of sales |  |  | — |  |  |  |  | — |
Gross profit |  |  | — |  |  |  |  | — |
Other expense |  |  | — |  |  |  |  | 75 |
Net loss from discontinued operations before income taxes |  |  | — |  |  |  |  | (75) |
Provision (benefit) for income taxes(1) |  |  | 11 |  |  |  |  | (11,320) |
Net (loss) income from discontinued operations, net of tax |  |  | $ | (11) |  |  |  |  | $ | 11,245 |
(1) Includes $11,331 of tax benefit related to the tax gain on the sale of Tilda for the six months ended December 31, 2020.

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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=123413009&loc=d3e4845-128472 + Details
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