Restructuring Charges

9 Months Ended

Mar. 31, 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 three and nine months ended March 31, 2024, we recognized restructuring expense of $128 and $277, respectively. The restructuring charges recognized in the current period primarily include adjustments made to the previously estimated restructuring expense for actions taken in our Vista and National Pen reportable segments. We do not expect any additional material charges for these restructuring actions.

During the three and nine months ended March 31, 2023, we recognized restructuring expense of $30,115 and $43,142, respectively. For the three and nine months ended March 31, 2023, we recognized restructuring charges in our Vista business of $20,406 and $29,128, and in our central and corporate costs of $9,075 and $9,330, respectively. These charges were related to actions taken during March 2023 that were intended to reduce costs and support expanded profitability, reduced leverage, and increased speed, focus and accountability.

We also recognized restructuring charges in our National Pen business for the three and nine months ended March 31, 2023 in the amounts of $639 and $1,127, respectively, which included employee termination benefits for actions to exit 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 nine months ended March 31, 2023 within our All Other Businesses reportable segment, which included losses related to the sale of our Chinese business.

The following table summarizes the restructuring activity during the nine months ended March 31, 2024.


	Severance and Related Benefits		Other Restructuring Costs		Accrued Restructuring Liability
Balance as of June 30, 2023	$	7,567	$	—	$	7,567
Restructuring charges	240		37		277
Cash payments	(7,397)		—		(7,397)
Non-cash charges	—		(37)		(37)
Foreign currency translation	5		—		5
Balance as of March 31, 2024	$	415	$	—	$	415