Deconsolidation of the JV Company and Equity Method Investment in Equity Investee (Tables)

6 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of deconsolidation

In connection with the deconsolidation and in accordance with ASC 810-10-40-5, the Company recorded a gain on deconsolidation of $399.1 million during the three months ended December 31, 2021 in the Condensed Consolidated Statements of Operations. The gain on deconsolidation of the JV Company was calculated as follows:

	(in thousands)
Cash received for sales of shares in the JV Company	$	16,924
Fair value of retained equity method investment	393,124
Carrying amount of non-controlling interest	143,889
Cumulative translation adjustment removal	1,793
Carrying amount of net assets of the JV Company at December 1, 2021	(156,637)
Gain on deconsolidation of the JV Company	$	399,093

The net loss associated with these two sales of JV Company equity interest held by the Company were recorded in the three months ended December 31, 2021 as follows:

	(in thousands)
Gain on 1.1% equity interest sold	$	475
Loss on diluted equity interest due to employee equity incentive plan issued	(8,116)
Loss on changes on equity interest of the JV Company, net	$	(7,641)