Payables and Accrued Expenses

12 Months Ended

Jun. 30, 2024

PAYABLES AND ACCRUED EXPENSES

Payables and accrued expenses consisted of the following:


	June 30,
	2024		2023
	(in millions)
Accounts payable	$	314.0	$	157.3
Employee compensation and benefits	354.4		335.6
Accrued broker fees	126.3		148.0
Accrued taxes	112.5		69.7
Accrued dividend payable	93.4		85.6
Business process outsourcing administration fees	59.9		61.7
Customer deposits	52.7		65.6
Operating lease liabilities	38.0		40.9
Other	43.3		55.1
Total	$	1,194.4	$	1,019.5

Restructuring Charges

The total Employee compensation and benefits liability within the table above of $354.4 million and $335.6 million, respectively, includes a restructuring liability of $38.9 million and $19.5 million as of June 30, 2024 and 2023, 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 years 2024 and 2023, this restructuring resulted in total severance costs of $45.2 million and $20.4 million, respectively recorded in Operating expenses. These costs were not reflected in segment profit and are recorded within the Other segment.