Payables and Accrued Expenses

12 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Payables and Accrued Expenses

PAYABLES AND ACCRUED EXPENSES

Payables and accrued expenses consisted of the following:

	June 30,
	2023		2022
	(in millions)
Accounts payable	$	157.3	$	244.9
Employee compensation and benefits	335.6		348.1
Accrued broker fees	148.0		154.1
Accrued dividend payable	85.6		75.0
Accrued taxes	69.7		40.9
Customer deposits	65.6		58.7
Business process outsourcing administration fees	61.7		65.5
Operating lease liabilities	40.9		45.4
Other	55.1		82.2
Total	$	1,019.5	$	1,114.9

Restructuring Charges

Employee compensation and benefits within the table above includes a restructuring liability of $19.5 million and $12.3 million as of June 30, 2023 and 2022, respectively.

During the fourth quarter of fiscal year 2023, Broadridge has undergone a corporate restructuring initiative to streamline our management structure, reallocate work to lower cost locations, and reduce headcount in deprioritized areas. This restructuring resulted in total charges of $20.4 million of severance costs recorded in Operating expenses. The total estimated pre-tax costs for actions identified as part of the restructuring initiative are approximately $35.0 million to $50.0 million, of which $20.4 million were incurred to date. We expect to incur the remaining charges for the initiative in the third quarter of fiscal year 2024.

Restructuring charges are not reflected in segment profit and are recorded within the Other segment.