Restructuring Charges

3 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring costs include one-time employee termination benefits, acceleration of share-based compensation, write-off of assets, costs to exit loss-making operations, and other related costs including third-party professional and outplacement services. All restructuring costs are excluded from segment and adjusted EBITDA.

During the three months ended September 30, 2023, we recognized benefits to restructuring expense of $334, due to adjustments to our previously estimated restructuring expense for actions taken in our Vista business and central teams during March 2023. We do not expect any additional material charges for these restructuring actions. During the three months ended September 30, 2022, we recognized restructuring expense of $1,820, which included $1,456 in our Vista business, $209 in our National Pen business and $155 in our Central and corporate costs. We do not expect any additional material charges for these restructuring actions.

The following table summarizes the restructuring activity during the three months ended September 30, 2023.


	Severance and Related Benefits		Other Restructuring Costs		Accrued Restructuring Liability
Balance as of June 30, 2023	$	7,567	$	—	$	7,567
Restructuring charges	(359)		25		(334)
Cash payments	(5,715)		—		(5,715)
Non-cash charges	—		(25)		(25)
Foreign currency translation	(7)		—		(7)
Balance as of September 30, 2023	$	1,486	$	—	$	1,486