Payables and accrued expenses consisted of the following:


	March 31, 2025		June 30, 2024
	(in millions)
Accounts payable	$	206.6	$	314.0
Employee compensation and benefits	275.1		354.4
Accrued broker fees	123.6		126.3
Accrued dividend payable	103.2		93.4
Customer deposits	95.1		52.7
Accrued taxes	68.1		112.5
Business process outsourcing administration fees	55.7		59.9
Operating lease liabilities	38.0		38.0
Other	62.4		43.3
Total	$	1,027.7	$	1,194.4

The total Employee compensation and benefits liability within the table above of $275.1 million and $354.4 million for March 31, 2025 and June 30, 2024, respectively, includes a restructuring liability of $12.8 million and $38.9 million as of March 31, 2025 and June 30, 2024, 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 year 2024, this restructuring resulted in total severance costs of $45.2 million recorded in Operating expenses. These costs were not reflected in segment profit and are recorded within the Other segment.