Subsequent Event

6 Months Ended

Dec. 31, 2011

Subsequent Events

Subsequent Event

Note 16. Subsequent Event

In January 2012, the Company announced that it will streamline its organizational structure, reducing its global workforce to enhance the cost structure of the Company.  Approximately 1,000 positions, primarily salaried, will be eliminated, representing 3 percent of the Company's total workforce worldwide.  To help achieve this reduction, the Company has offered a voluntary early retirement incentive in the U.S.  The Company expects that these actions, in concert with other targeted cost reductions, will, when fully implemented, reduce its annual pre-tax expenses by more than $100 million.  The Company hopes to achieve a significant portion of the position reductions through the voluntary retirement incentive and will offer severance and outplacement assistance to other affected employees.

In its fiscal 2012 third quarter, the Company expects to record a $50 million to $75 million pre-tax charge related to these actions.  The Company expects to begin benefiting from the cost reduction actions in the fourth quarter of fiscal 2012, with the full benefit recognized by the end of third quarter fiscal 2013.