5. IMPAIRMENT AND RESTRUCTURING CHARGES

Given the continuing lower levels of capital spending by casinos over the three years ended June 30, 2011 and with no leading indicators suggesting that demand will increase in the near-term, we conducted a thorough review of our product plans and business strategies at the end of fiscal 2011 and beginning of fiscal 2012. We still believe our long-term vision is intact but, as a result of this review, we refined our product plans and restructured our organization. Specifically, we streamlined our product management and product development functions, simplified our product plans and further prioritized on-time commercialization of new game themes, products and portal applications.

Some of the product, operational and other decisions made in this review led to impairment and restructuring, charges of $22.2 million pre-tax, or $0.24 per diluted share, recorded in fiscal 2011 comprised of $18.4 million, or $0.20 per diluted share, for pre-tax non-cash asset impairments (including $11.0 million for impairment of technology licenses, $3.4 million for impairment of the Orion brand name, $2.4 million for impairment charges to write-down the value of the Orion facility in the Netherlands to fair value upon closing of the facility, $1.4 million for impairment of receivables related to government action to close casinos in Venezuela and $0.2 million of other impairment charges), and $3.8 million pre-tax, or $0.04 per diluted share, for restructuring charges (primarily separation costs).

In addition, we implemented a broader restructuring in the September 2011 quarter and recorded a $9.7 million pre-tax charge, or $0.12 per diluted share, consisting of $5.9 million of separation-related charges and $3.8 million of costs related to the decision to close two facilities. These restructuring actions were expected to better direct resources and focus on near-term revenue opportunities and reduced our overall organizational staffing by approximately 10% to a level that better correlates with the existing industry operating environment, while maintaining our ability to create great games that engage current players and attract new players.

The components of the impairment and restructuring charges recorded are as follows:


	Year Ended June 30, 2012				Year Ended June 30, 2011
DESCRIPTION OF CHARGES	Pre-tax amounts		Per diluted share		Pre-tax amounts		Per diluted share
IMPAIRMENT AND RESTRUCTURING CHARGES
Non-cash Charges
Impairment of receivables and property, plant and equipment	$	0.6	$	0.01	$	4.0	$	0.05
Impairment of licensed technologies and brand name		—		—		14.4		0.15
Cash Charges
Restructuring charges		9.1		0.11		3.8		0.04

Total Impairment and Restructuring Charges	$	9.7	$	0.12	$	22.2	$	0.24

Of the $3.8 million of restructuring charges recorded in fiscal 2011, we paid all $2.4 million of the restructuring charges recorded in the September 2010 quarter by June 30, 2011 and we paid the remaining $1.4 million of the restructuring charges recorded in the June 2011 quarter by June 30, 2012.

Of the $9.1 million of restructuring charges recorded in the September 2011 quarter, all $5.9 million of separation-related charges and all of the $3.2 million of restructuring costs relating to closing two facilities were paid by June 30, 2013.

There were no impairment or restructuring charges in fiscal 2013 and at June 30, 2013 we had no unpaid remaining costs from fiscal 2012 or 2011.