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Transformation Program
 12 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Transformation Program
19.
TRANSFORMATION PROGRAM

During the first quarter of fiscal year 2024, the Company initiated a multi-year growth, transformation and restructuring program (the “Restructuring Program”). The Restructuring Program is intended to optimize the Company’s portfolio, improve underlying profitability and increase its flexibility to invest in targeted growth initiatives, brand building and other capabilities critical to delivering future growth. The savings initiatives are expected to impact the Company’s reportable segments and Corporate and Other.

Implementation of the Restructuring Program is expected to be completed by the end of the 2027 fiscal year and is comprised of contract termination costs, asset write-downs, employee-related costs and other transformation-related expenses.

For the fiscal year ended June 30, 2025, expenses associated with the Restructuring Program in the amount of $21,530, $2,685, and $1,599, respectively, were recorded in productivity and transformation costs, intangibles and long-lived asset impairment, and cost of sales, respectively, on the consolidated statements of operations. For the fiscal year ended June 30, 2024, expenses associated with the Restructuring Program in the amount of $27,741, $24,782 and $7,725 were recorded in productivity and transformation costs, intangibles and long-lived asset impairment, and cost of sales, respectively, on the consolidated statements of operations.

The table below sets forth expenses associated with the Restructuring Program for the fiscal years ended June 30, 2025 and 2024 by reportable segment and Corporate and Other.

 

 

 

Fiscal Year Ended June 30,

 

 

2025

 

 

2024

 

North America

 

$

12,019

 

 

$

32,775

 

Corporate and Other

 

 

10,026

 

 

 

20,753

 

International

 

 

3,769

 

 

 

6,720

 

 

 

$

25,814

 

 

$

60,248

 

The following table displays the activities and liability balances relating to the Restructuring Program for the fiscal years ended June 30, 2025 and 2024. The Company expects to pay the remaining accrued restructuring costs during the next 12 months.

 

 

 

Balance at June 30, 2024

 

 

Charges

 

 

Amounts Paid

 

 

Non-cash settlements/ Adjustments2

 

 

Balance at June 30, 2025

 

Employee-related costs

 

$

1,985

 

 

$

8,297

 

 

$

(7,852

)

 

$

—

 

 

$

2,430

 

Contract termination costs

 

 

347

 

 

 

1,589

 

 

 

(1,669

)

 

 

(59

)

 

 

208

 

Asset write-downs1

 

 

—

 

 

 

2,685

 

 

 

—

 

 

 

(2,685

)

 

 

—

 

Other transformation-related expenses2

 

 

3,988

 

 

 

13,243

 

 

 

(15,651

)

 

 

(1,200

)

 

 

380

 

 

 

$

6,320

 

 

$

25,814

 

 

$

(25,172

)

 

$

(3,944

)

 

$

3,018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2023

 

 

Charges

 

 

Amounts Paid

 

 

Non-cash settlements/ Adjustments2

 

 

Balance at June 30, 2024

 

Employee-related costs3

 

$

—

 

 

$

7,012

 

 

$

(4,992

)

 

$

(35

)

 

$

1,985

 

Contract termination costs

 

 

—

 

 

 

5,439

 

 

 

(4,757

)

 

 

(335

)

 

 

347

 

Asset write-downs1

 

 

—

 

 

 

26,922

 

 

 

—

 

 

 

(26,922

)

 

 

—

 

Other transformation-related expenses2

 

 

—

 

 

 

20,875

 

 

 

(16,887

)

 

 

—

 

 

 

3,988

 

 

 

$

—

 

 

$

60,248

 

 

$

(26,636

)

 

$

(27,292

)

 

$

6,320

 

1Represents non-cash asset write-downs including asset impairment and accelerated depreciation.

2Other transformation-related expenses primarily include consultancy charges related to reorganization of global functions and related personnel resource requirements, and rationalizing sourcing and supply chain processes.

3Employee-related costs include $1,130 severance related to executive officer succession.