Restructuring Charges

12 Months Ended

Jun. 30, 2024

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 years ended June 30, 2024, 2023, and 2022, we recognized restructuring charges of $423, $43,757, and $13,603, respectively. The restructuring charges recognized in the current period primarily include adjustments made to the previously estimated restructuring expense for prior period actions. We do not expect any additional material charges for any of the restructuring actions described below.

Fiscal Year 2023

During the year ended June 30, 2023, we recognized restructuring charges of $43,757, primarily due to decisions to reduce costs in our Vista business and central teams. For the year ended June 30, 2023, we recognized restructuring charges of $28,840 and $9,645 in our Vista business and central and corporate costs, respectively. The Vista restructuring charge included $5,397, for the impairment of assets related to our exit from the Japanese market. We also recognized restructuring charges of $1,715 in our National Pen business for the year ended June 30, 2023, which included employee termination benefits for the exit from the Japanese market and to migrate our European production operations from Ireland to the Czech Republic. Additionally, we recognized restructuring costs of $3,556 for the year ended June 30, 2023 in our All Other Businesses reportable segment for the exit from the Chinese market, which included employee termination benefits and the write-off of certain assets.

Fiscal Year 2022

During the year ended June 30, 2022, we recognized restructuring charges of $13,603, primarily due to decisions to reduce costs in certain areas including exiting operations in Japan and China, while also taking additional headcount actions in our Vista business and in our central technology team. During the year ended June 30, 2022, we recognized restructuring expense related to these actions of $7,492 in our Vista reportable segment, $1,093 in our All Other Businesses reportable segment, and $854 in our central and corporate costs. Additionally, our National Pen business recognized restructuring expense of $4,178 during the year ended June 30, 2022, incurred for both the decision to move its European production operations from Ireland to the Czech Republic and the decision to exit the Japan market. The remaining $14 of benefit to restructuring charges was recognized by The Print Group reportable segment for adjustments to prior period actions' estimated costs.

The following table summarizes the restructuring activity during the years ended June 30, 2024 and 2023.


	Severance and Related Benefits		Other Restructuring Costs		Accrued Restructuring Liability
Balance as of June 30, 2022	$	13,449	$	—	$	13,449
Restructuring charges	33,694		10,063		43,757
Cash payments	(37,147)		—		(37,147)
Non-cash charges (1)	(2,429)		(10,063)		(12,492)

Balance as of June 30, 2023	7,567		—		7,567
Restructuring charges	386		37		423
Cash payments	(7,585)		—		(7,585)
Non-cash charges	—		(37)		(37)
Foreign currency translation	2		—		2
Balance as of June 30, 2024	$	370	$	—	$	370

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(1) During the fiscal year ended June 30, 2023, non-cash restructuring charges primarily includes the loss recorded on assets for our Japan and China exits, and share-based compensation expense upon modification to accelerate the vesting of share-based compensation awards for the actions described above.