Other (Income)/Expense, Net

12 Months Ended

Jun. 30, 2023

OTHER (INCOME)/EXPENSE, NET

Other (income)/expense, net consists of the following:


Years ended June 30,	2023		2022		2021
Interest income on corporate funds	$	(149.5)	$	(41.0)	$	(36.5)


Realized losses/(gains) on available-for-sale securities, net	14.7		4.4		(11.3)


Impairment of assets	2.1		23.0		19.9
Gain on sale of assets	—		(7.5)		(9.8)


Non-service components of pension income, net	(50.8)		(61.7)		(58.6)
Other (income)/expense, net	$	(183.5)	$	(82.8)	$	(96.3)

In fiscal 2023, interest income on corporate funds increased as compared to fiscal 2022, due to higher average interest rates of 2.4% for the year ended June 30, 2023, as compared to 1.0% for the year ended June 30, 2022, coupled with higher average investment balances for the year ended June 30, 2023 as compared to the year ended June 30, 2022.

In fiscal 2022, the Company recorded impairment charges of $23.0 million, which is comprised of $12.1 million related to software and customer lists which were determined to have no future use and impairment charges of $10.9 million related to operating right-of-use assets associated with exiting certain leases early.

In fiscal 2021, the Company recorded impairment charges of $19.9 million which is comprised of a write down of $10.5 million related to internally developed software which was determined to have no future use, impairment charges of $9.4 million related to operating right-of-use assets and certain related fixed assets associated with exiting certain leased locations early, and recognizing certain owned facilities at fair value given intent to sell and accordingly classified as held for sale.

See Note 10 of our Consolidated Financial Statements for further details on non-service components of pension income, net.