Restructuring Charges

12 Months Ended

Jun. 28, 2014

The Company periodically takes actions to reduce redundant expenses and improve operating efficiencies, typically in connection with its business acquisitions. The following is a summary of the Company's restructuring activity for the fiscal years ended June 28, 2014, June 29, 2013, and June 30, 2012 (in millions):



	Severance			Contract Terminations			Asset Impairments			Total
Balance at June 25, 2011	$	—		$	—		$	—		$	—
Additional charges	1.8			—			7.0			8.8
Payments	(0.1		)	—			—			(0.1		)
Non-cash adjustments	—			—			(7.0		)	(7.0		)
Balance at June 30, 2012	1.7			—			—			1.7
Additional charges	2.9			—			—			2.9
Payments	(1.7		)	—			—			(1.7		)
Non-cash adjustments	—			—			—			—
Balance at June 29, 2013	2.9			—			—			2.9
Additional charges	36.8			5.4			4.8			47.0
Payments	(27.3		)	(1.4		)	—			(28.7		)
Non-cash adjustments	—			—			(4.8		)	(4.8		)
Balance at June 28, 2014	$	12.4		$	4.0		$	—		$	16.4

During fiscal 2014, $41.2 million of the restructuring expense recorded was due to the Elan acquisition, and of this amount, $38.7 million was recorded in the Specialty Sciences segment. There were no other material restructuring programs in any of the years presented and the remaining charges did not materially impact any one reportable segment. All charges are shown in restructuring expense on the Company's Consolidated Statements of Income. Substantially all of the remaining liability for employee severance benefits will be paid within the next year, while cash expenditures related to the remaining liability for lease exit costs will be incurred over the remaining terms of the applicable leases. Asset impairments are non-cash charges recorded when the carrying amount of a discontinued fixed asset exceeds its fair value.

In March 2009, the Company committed to a plan to sell its Israel Consumer Products business, which primarily sold consumer products to the Israeli market, including cosmetics, toiletries and detergents, and was previously reported as part of the Company’s Other category. The sale to Emilia Group was completed in fiscal 2010, resulting in a pre-tax gain on the sale of $0.8 million, excluding contingent consideration. During fiscal 2012, upon satisfaction of the contingency factors specified in the agreement, the Company recorded additional consideration of $8.6 million, which was included in discontinued operations.

The Company has reflected the results of this business as discontinued operations in the consolidated statements of income for fiscal 2012. There was no activity related to discontinued operations in fiscal 2013 or 2014.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details