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Restructuring Charges, Net

3 Months Ended

Jul. 31, 2016

Restructuring Charges, Net

8. Restructuring Charges, Net

The Company continued the implementation of the fiscal 2016 restructuring plan during the three months ended July 31, 2016 in order to integrate the Hay Group entities that were acquired in the prior year acquisition by eliminating redundant positions and operational and general and administrative expenses and consolidating office space. This resulted in restructuring charges of $24.5 million in the three months ended July 31, 2016, of which $11.5 million relates to severance and $13.0 million relates to consolidation of office space.

Changes in the restructuring liability during the three months ended July 31, 2016 are as follows:

		Severance				Facilities				Total
		(in thousands)
Liability as of April 30, 2016		$	5,293			$	669			$	5,962
Restructuring charges, net			11,472				13,048				24,520
Reductions for cash payments			(4,788	)			(1,787	)			(6,575	)
Reductions for non-cash charges			—				(2,480	)			(2,480	)
Exchange rate fluctuations			(111	)			(66	)			(177	)
Liability as of July 31, 2016		$	11,866			$	9,384			$	21,250

As of July 31, 2016 and April 30, 2016, the restructuring liability is included in the current portion of other accrued liabilities on the consolidated balance sheets, except for $4.5 million and $0.6 million, respectively, of facilities costs which primarily relate to commitments under operating leases, net of sublease income, which are included in other long-term liabilities.

The restructuring liability by segment is summarized below:

		July 31, 2016
		Severance				Facilities				Total
		(in thousands)
Executive Search
North America		$	743			$	525			$	1,268
Europe, Middle East and Africa (“EMEA”)			414				84				498
Asia Pacific			6				44				50
Latin America			17				166				183
Total Executive Search			1,180				819				1,999
Hay Group			10,563				8,361				18,924
Futurestep			—				204				204
Corporate			123				—				123
Liability as of July 31, 2016		$	11,866			$	9,384			$	21,250

		April 30, 2016
		Severance				Facilities				Total
		(in thousands)
Executive Search
North America		$	—			$	5			$	5
EMEA			1,533				23				1,556
Asia Pacific			33				—				33
Total Executive Search			1,566				28				1,594
Hay Group			3,727				396				4,123
Futurestep			—				245				245
Liability as of April 30, 2016		$	5,293			$	669			$	5,962

X

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.P.3)
-URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

+ Details

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