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Subsequent Events | 6 Months Ended
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Dec. 31, 2016
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Cash Dividends As part of our quarterly, non-cumulative cash dividend program, we declared, on February 1, 2017, a dividend of $0.1150 per Common Share, on a post share split basis. The record date for this dividend is March 3, 2017 and the payment date is March 23, 2017. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination and discretion of our Board of Directors. Acquisition of the Enterprise Content Division of Dell-EMC On January 23, 2017, we completed our previously announced acquisition of certain assets and liabilities of the enterprise content division of Dell-EMC for approximately $1.62 billion. In accordance with Topic 805 this acquisition will be accounted for as a business combination. We believe this acquisition will complement and extend our EIM portfolio. Given that this acquisition has only recently closed, as of the date of filing of this Quarterly Report on Form 10-Q, we are still evaluating the impact of this acquisition on our consolidated financial statements. The results of this evaluation along with this acquisition's financial results will be consolidated in our financial statements for the third quarter of Fiscal 2017 from the closing date. Restructuring Plan In connection with the Dell-EMC Acquisition, on February 1, 2017, we committed to restructuring activities to streamline our operations. These charges relate to workforce reductions, facility consolidations and other costs. With respect to each of these categories we expect to incur charges during the remainder of Fiscal 2017 and into Fiscal 2018, in the following amounts: •Workforce reductions: approximately $41 million, •Facility consolidations: approximately $6 million, and •Other Costs: approximately $3 million. Total costs to be incurred in conjunction with this restructuring plan are expected to be approximately $50 million with a substantial portion of the costs expected to be incurred during the remainder of Fiscal 2017. Revolver On January 13, 2017 we drew down $200 million from the Revolver, to partially finance the Dell-EMC Acquisition and on January 26, 2017, we drew down an additional $25 million from the Revolver for miscellaneous general corporate purposes. Furthermore on February 1, 2017, we amended the Revolver to increase the total commitments under the revolving credit facility from $300 million to $450 million. Borrowings under the Revolver are secured by a first charge over substantially all of our assets, and on a pari passu basis with Term Loan B. The Revolver will mature on December 22, 2019 with no fixed repayment date prior to the end of the term.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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