Restructuring Charges

12 Months Ended

Jun. 30, 2025

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, 2025, 2024, and 2023, we recognized restructuring charges of $5,528, $423, and $43,757, respectively.

The restructuring charges recognized during the year ended June 30, 2025, primarily included employee termination benefits related to cost reduction actions within our Vista reportable segment that resulted in expense of $5,103. An immaterial amount of restructuring charges were recognized across our National Pen and All Other reportable segment, as well as our Central and corporate costs for similar cost reduction actions. We expect an immaterial amount of restructuring expense during the first half of fiscal year 2026, as part of employee termination benefits that have ongoing service requirements that extend beyond statutorily required minimum periods.

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, the restructuring charges consisted of $28,840 and $9,645 in our Vista business for the impairment of assets and central and corporate costs, respectively. In addition, we recognized restructuring charges of $1,715 and $3,557 in our National Pen and All Other Businesses reportable segments which included employee termination benefits and the write-off of certain assets.

The following table summarizes the restructuring activity during the years ended June 30, 2025 and 2024.


	Severance and Related Benefits		Other Restructuring Costs		Accrued Restructuring Liability
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
Restructuring charges	5,490		38		5,528
Cash payments	(2,820)		—		(2,820)
Non-cash charges	—		(38)		(38)
Foreign currency translation	50		—		50
Balance as of June 30, 2025	$	3,090	$	—	$	3,090