Payables and Accrued Expenses

6 Months Ended

Dec. 31, 2023

PAYABLES AND ACCRUED EXPENSES

Payables and accrued expenses consisted of the following:


	December 31, 2023		June 30, 2023
	(in millions)
Accounts payable	$	136.5	$	157.3
Employee compensation and benefits	229.2		335.6
Accrued dividend payable	94.2		85.6
Accrued broker fees	75.2		148.0
Customer deposits	63.8		65.6
Business process outsourcing administration fees	59.8		61.7
Operating lease liabilities	39.1		40.9
Accrued taxes	25.9		69.7
Other	54.6		55.1
Total	$	778.3	$	1,019.5

Restructuring Charges

The total Employee compensation and benefits liability within the table above of $229.2 million and $335.6 million for December 31, 2023 and June 30, 2023, respectively, includes a restructuring liability of $4.8 million and $19.5 million as of December 31, 2023 and June 30, 2023, respectively.

During the fourth quarter of fiscal year 2023, Broadridge implemented a corporate restructuring initiative to streamline the Company’s 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. The Company expects to incur the remaining charges for the initiative by the end of fiscal year 2024.

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