Payables and Accrued Expenses

6 Months Ended

Dec. 31, 2024

PAYABLES AND ACCRUED EXPENSES

Payables and accrued expenses consisted of the following:


	December 31, 2024		June 30, 2024
	(in millions)
Accounts payable	$	198.3	$	314.0
Employee compensation and benefits	227.3		354.4
Accrued dividend payable	103.0		93.4
Accrued broker fees	102.2		126.3
Customer deposits	67.9		52.7
Business process outsourcing administration fees	61.3		59.9
Accrued taxes	39.9		112.5
Operating lease liabilities	38.5		38.0
Other	50.2		43.3
Total	$	888.6	$	1,194.4

Restructuring Charges

The total Employee compensation and benefits liability within the table above of $227.3 million and $354.4 million for December 31, 2024 and June 30, 2024, respectively, includes a restructuring liability of $7.9 million and $38.9 million as of December 31, 2024 and June 30, 2024, respectively.

During the fourth quarter of fiscal year 2024, Broadridge completed a corporate restructuring initiative to exit and realign some of its businesses, streamline the Company’s management structure, reallocate work to lower cost locations, and reduce headcount in deprioritized areas (the “Corporate Restructuring Initiative”), which was initiated in the fourth quarter of fiscal year 2023. For fiscal year 2024, this restructuring resulted in total severance costs of $45.2 million recorded in Operating expenses. These costs were not reflected in segment profit and are recorded within the Other segment.