XML 56 R36.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Acquisitions (Tables) | 12 Months Ended
--- | ---
Apr. 30, 2018
Summary Of Acquisitions | The following is a summary of acquisitions the Company completed during the periods indicated (no acquisitions were completed in fiscal 2018 or 2017:
|  | Year Ended April 30, 2016 (1) |
|  | (in thousands) |
Receivables due from clients |  | $ | 116,509 |
Other current assets |  |  | 15,587 |
Property and equipment |  |  | 29,428 |
Intangible assets |  |  | 196,400 |
Other non-current assets |  |  | 7,345 |
Current liabilities |  |  | 125,640 |
Deferred compensation and other retirement plans |  |  | 31,400 |
Deferred tax liabilities |  |  | 58,729 |
Other liabilities |  |  | 8,536 |
Net assets acquired |  |  | 140,964 |
Purchase price |  |  | 476,885 |
Goodwill |  | $ | 335,921 |
Integration/acquisition costs |  | $ | 45,409 |
Goodwill by segment – Hay Group |  | $ | 335,921 |
(1) | On December 1, 2015, the Company completed its acquisition of Legacy Hay, a global leader in people strategy and organizational performance, for $476.9 million, net of cash acquired. The purchase price consisted of $259.0 million in cash ($54 million from foreign locations), net of estimated cash acquired and 5,922,136 shares of the Company’s common stock, par value $0.01 per share (the “Consideration Shares”), representing an aggregate value of $217.9 million based on the closing price of the Company’s common stock on The New York Stock Exchange on November 30, 2015. On November 23, 2015, the Company borrowed $150 million from the Term Facility, to finance a portion of the Legacy Hay acquisition purchase price. As part of the acquisition, the Company has committed to a $40 million retention pool (of which $14.5 million and $9.0 million were paid in fiscal 2018 and 2017, respectively) for certain employees of Legacy Hay subject to certain circumstances. The remaining balance will be payable within 45 days after November 30, 2018.
The acquisition strengthens the Company’s IP, enhances our geographical presence, adds complimentary capabilities to further leverage search relationships and broadens capabilities for assessment and development. It improves our ability to support the global business community not only in attracting top talent and designing compensation and reward incentives, but also with an integrated approach to the entire leadership and people continuum. Actual results of operations of Legacy Hay are included in the Company’s consolidated financial statements from December 1, 2015, the effective date of the acquisition, and includes $186.8 million, $740.2 million and $28.5 million in fee revenue, total assets and Adjusted EBITDA, respectively, with an Adjusted EBITDA margin of 14.4%, during fiscal 2016. Legacy Hay is included in the Hay Group segment.

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration