XML 84 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
IMPAIRMENT AND OTHER CHARGES, NET
12 Months Ended
Jun. 30, 2012
IMPAIRMENT AND OTHER CHARGES, NET

NOTE 4. IMPAIRMENT AND OTHER CHARGES, NET

Impairment and other charges, net of $74.2 million for the fiscal year ended June 30, 2012, includes charges resulting from the termination of the U.S. schedule of the outsourcing services agreement (the “Outsourcing Services Agreement”) with Penson Worldwide, Inc. (“PWI”) (see Note 8, “Discontinued Operations”). The charges primarily include a $47.2 million impairment of the deferred client conversion and start-up costs associated with the U.S. schedule of the Outsourcing Services Agreement (see Note 11, “Other Non-current Assets”) representing all deferred costs associated with Penson, a $12.5 million impairment of marketable securities relating to the Company’s investment in the common stock of PWI (see Note 11, “Other Non-current Assets”), and a $21.4 million impairment of a five-year subordinated note from PWI (see Note 11, “Other Non-current Assets”) and $8.2 million of shutdown costs. These charges were slightly offset by a $15.1 million benefit associated with the extinguishment of Broadridge’s obligation to pay or credit to PWI fees related to a third party vendor’s services replaced by the Outsourcing Services Agreement (see Note 12, “Accrued Expenses and Other Current Liabilities”). These charges are included in the Other segment (see Note 19, “Financial Data by Segment”).