Restructuring Programs

12 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Programs

NOTE 5. RESTRUCTURING PROGRAMS

The Company recorded restructuring charges of $125 million, $94 million and $168 million for the fiscal years ended June 30, 2023, 2022 and 2021, respectively, of which $40 million, $34 million and $122 million, respectively, related to the News Media segment.

Fiscal 2023 Restructuring

The restructuring charges in fiscal 2023 primarily related to employee termination benefits resulting from actions taken by the Company’s businesses in response to the headcount reductions announced in February 2023.

Fiscal 2022 Restructuring

The restructuring charges in fiscal 2022 primarily related to employee termination benefits.

Fiscal 2021 Restructuring

The restructuring charges recorded in fiscal 2021 include exit costs associated with the closure of the Company’s Bronx print plant, the termination of a third-party printing contract and employee termination benefits.

Changes in restructuring program liabilities were as follows:

	One-time employee termination benefits		Other costs		Total
	(in millions)
Balance, June 30, 2020	$	64	$	9	$	73
Additions	83		85		168
Payments	(97)		(55)		(152)
Other	1		(4)		(3)
Balance, June 30, 2021	$	51	$	35	$	86
Additions	69		25		94
Payments	(92)		(19)		(111)
Other	(3)		—		(3)
Balance, June 30, 2022	$	25	$	41	$	66
Additions	116		9		125
Payments	(90)		(9)		(99)
Other	2		—		2
Balance, June 30, 2023	$	53	$	41	$	94

As of June 30, 2023 and June 30, 2022 restructuring liabilities of approximately $64 million and $42 million, respectively, were included in the Balance Sheet in Other current liabilities and $30 million and $24 million, respectively, were included in Other non-current liabilities.