RETURNS AND CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES

3 Months Ended

Sep. 30, 2013

RETURNS AND CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES

RETURNS AND CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES

NOTE 3 — RETURNS AND CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES

During the second quarter of fiscal 2013, the Company closed its multi-faceted costs savings program implemented in February 2009 (the “Program”) and will continue to execute all remaining initiatives through fiscal 2014. Total cumulative restructuring charges and other costs to implement those initiatives from inception of the Program to date are $321.6 million. For further information, refer to the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013.

Restructuring Charges

The following table presents aggregate restructuring charges related to the Program to date:

(In millions)	Employee- Related Costs		Asset Write-offs		Contract Terminations		Other Exit Costs		Total

Fiscal 2009	$	60.9	$	4.2	$	3.4	$	1.8	$	70.3
Fiscal 2010	29.3		11.0		2.3		6.2		48.8
Fiscal 2011	34.6		2.4		3.0		1.1		41.1
Fiscal 2012	37.1		1.7		12.6		2.2		53.6
Fiscal 2013	7.7		2.1		1.5		3.3		14.6
Three months ended September 30, 2013	0.1		—		1.1		—		1.2
Charges recorded through September 30, 2013	$	169.7	$	21.4	$	23.9	$	14.6	$	229.6

The following table presents accrued restructuring charges and the related activities under the Program:

(In millions)	Employee- Related Costs			Asset Write-offs		Contract Terminations			Other Exit Costs			Total
Balance at June 30, 2013	$	27.5		$	—	$	0.2		$	0.7		$	28.4
Charges	0.1			—		1.1			—			1.2
Cash payments	(5.7		)	—		(0.3		)	(0.3		)	(6.3		)
Translation adjustments	0.1			—		—			—			0.1
Balance at September 30, 2013	$	22.0		$	—	$	1.0		$	0.4		$	23.4

Accrued restructuring charges at September 30, 2013 are expected to result in cash expenditures funded from cash provided by operations of approximately $17 million for the remainder of fiscal 2014 and $6 million in fiscal 2015.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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