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ACQUISITIONS AND DISPOSITIONS (Tables) | 9 Months Ended
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Mar. 31, 2022
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.
| March 31, 2022
Accounts receivable, net | $ | 5,107 |
Inventory | 9,871 |
Prepaid expenses and other current assets | 542 |
Property, plant & equipment | 9,198 |
Identifiable intangible assets | 193,800 |
Operating lease right-of-use assets | 3,676 |
Other assets | 164 |
Deferred income taxes | (42,252) |
Goodwill | 94,071 |
Accounts payable & accrued expenses | (9,082) |
Operating lease liabilities | (4,225) |
| $ | 260,870 |
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 March 31, |  | Nine Months Ended March 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net sales | $ | 502,939 |  |  | $ | 514,867 |  |  | $ | 1,488,483 |  |  | $ | 1,584,194 |
Net income from continuing operations(1) | $ | 26,970 |  |  | $ | 30,927 |  |  | $ | 81,415 |  |  | $ | 26,929 |
Diluted net income per common share from continuing operations | $ | 0.30 |  |  | $ | 0.30 |  |  | $ | 0.86 |  |  | $ | 0.27 |
(1)The pro forma adjustments include the elimination of transaction costs totaling $5,103 from the nine months ended March 31, 2022 and recognition of those costs in the nine months ended March 31, 2021. Additionally, the pro forma adjustments include the elimination of integration costs and a fair value inventory adjustment totaling $1,500 and $1,800, respectively, for the three and nine months ended March 31, 2022 and recognition of those costs in the three and nine months ended March 31, 2021.
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 for the nine months ended March 31, 2021:
|  |  |  |  | Nine Months Ended March 31,
|  |  |  |  |  | 2021
Net sales |  |  |  |  |  | $ | — |
Cost of sales |  |  |  |  |  | — |
Gross profit |  |  |  |  |  | — |
Other expense |  |  |  |  |  | 75 |
Net loss from discontinued operations before income taxes |  |  |  |  |  | (75) |
Benefit for income taxes(1) |  |  |  |  |  | (11,320) |
Net income from discontinued operations, net of tax |  |  |  |  |  | $ | 11,245 |
(1) Includes $11,320 of tax benefit related to the legal entity reorganization for the nine months ended March 31, 2021.

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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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