RESTRUCTURING COSTS

12 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING COSTS

RESTRUCTURING COSTS

Restructuring costs for the fiscal years ended June 30, 2024, 2023 and 2022 are presented below:

	Year Ended June 30,
	2024		2023		2022
Transformation Plan	$	(1.2)	$	(6.5)	$	(6.5)
Current Restructuring Actions	37.9		—		—
Total	$	36.7	$	(6.5)	$	(6.5)

Transformation Plan

On July 1, 2019, the Company announced a four-year plan to drive substantial improvement in and optimization in the Company's businesses (the “Turnaround Plan”). This plan was expanded on May 11, 2020 to further reduce fixed costs (the “Transformation Plan”). Of the expected costs, the Company has incurred cumulative restructuring charges of $214.3 related to approved initiatives through June 30, 2024, which have been recorded in Corporate.

As of June 30, 2024, the Company does not expect to incur any additional restructuring charges pertaining to the Transformation Plan.

The following table presents aggregate restructuring charges for the program:

	Severance and Employee Benefits		Fixed Asset Write-offs		Other Exit Costs		Total
Fiscal 2020	$	151.2	$	(1.1)	$	6.5	$	156.6
Fiscal 2021	$	73.4	$	(0.5)	$	0.3	$	73.2
Fiscal 2022	(6.2)		—		(0.3)		$	(6.5)
Fiscal 2023	(6.5)		—		—		(6.5)
Fiscal 2024	(2.5)		—		—		(2.5)
Cumulative through June 30, 2024	209.4		(1.6)		6.5		214.3

The related liability balance and activity of restructuring costs for the Transformation Plan are presented below:

	Severance and Employee Benefits		Total Program Costs
Balance—July 1, 2023	$	10.0	$	10.0
Restructuring charges	0.2		0.2
Payments	(3.0)		(3.0)
Changes in estimates and reclassification(a)	(2.7)		(2.7)
Effect of exchange rates	0.2		0.2
Balance—June 30, 2024	$	4.7	$	4.7

(a)Including certain reclassification to Current Restructuring Actions.

The Company currently estimates that the total remaining accrual of $4.7 will result in cash expenditures of approximately $4.6 and $0.1 in fiscal 2025 and 2026 and thereafter, respectively.

Current Restructuring Actions

The Company continues to analyze its cost structure and evaluate opportunities to streamline operations through a range of smaller initiatives and other cost reduction activities to optimize operations in select parts of the business and markets. The Company has incurred cumulative restructuring charges of $39.2 related to approved initiatives through June 30, 2024, which have been recorded in Corporate. The liability balances were $37.9 (including certain actions that were accrued during fiscal 2023) and nil at June 30, 2024 and June 30, 2023, respectively. The Company currently estimates that the total remaining accrual of $37.9 will result in cash expenditures of approximately $25.1 and $12.8 in fiscal 2025 and 2026 and thereafter, respectively.