Goodwill and Intangible Assets

12 Months Ended

Apr. 30, 2012

13.

Goodwill and Intangible Assets

Changes in the carrying value of goodwill by reportable segment were as follows:


	Executive Recruitment
	North America			EMEA			Asia Pacific		Subtotal			Futurestep			Consolidated
	(in thousands)
Balance as of April 30, 2010	$	88,612		$	50,389		$	972	$	139,973		$	32,300		$	172,273
Additions		3,000			—			—		3,000			—			3,000
Exchange rate fluctuations		1,958			3,519			—		5,477			3,202			8,679

Balance as of April 30, 2011		93,570			53,908			972		148,450			35,502			183,952
Additions		—			—			—		—			343			343
Deletion(1)		(586	)		—			—		(586	)		—			(586	)
Exchange rate fluctuations		(1,125	)		(3,244	)		—		(4,369	)		(3,002	)		(7,371	)

Balance as of April 30, 2012	$	91,859		$	50,664		$	972	$	143,495		$	32,843		$	176,338

(1)	During fiscal 2012, the Company sold a majority interest in a previously consolidated subsidiary, requiring the Company to deconsolidate the subsidiary and reduce goodwill by $0.6 million

Intangible assets include the following:


	Weighted-Average Amortization Period		April 30,
	Weighted-Average Amortization Period		2012			2011
			(in thousands)
Amortized intangible assets:
Intellectual property		24 years	$	11,400		$	11,400
Customer lists		7 years		6,399			6,399
Proprietary databases		10 years		4,256			3,931
Trademarks(1)		5 years		1,186			1,186
Non-compete agreements		5 years		510			510

Total amortized intangible assets		16 years		23,751			23,426
Accumulated amortization				(7,128	)		(4,937	)

				16,623			18,489
Unamortized intangible assets:
Trademarks				3,800			3,800
Exchange rate fluctuations				(10	)		—

Intangible assets			$	20,413		$	22,289

(1)	During fiscal 2011, the Company wrote-off a trademark no longer in use with a net book value of $0.9 million, which is included as a component of general and administrative expenses in the accompanying consolidated statements of income.

Amortization expense for amortized intangible assets was $2.2 million, $2.4 million and $1.7 million during fiscal 2012, 2011 and 2010, respectively. Estimated annual amortization expense related to amortizing intangible assets is as follows:


Year Ending April 30,	Estimated Annual Amortization Expense
	(in thousands)
2013	$	2,183
2014		2,119
2015		1,855
2016		1,594
2017		980
Thereafter		7,892

	$	16,623

All amortizable intangible assets will be fully amortized by the end of fiscal 2031.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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