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Restructuring Charges, Net

9 Months Ended

Jan. 31, 2018

Restructuring Charges, Net

8. Restructuring Charges, Net

During fiscal 2016, the Company implemented a restructuring plan in order to rationalize its cost structure by eliminating redundant positions and consolidating office space due to the acquisition of Legacy Hay on December 1, 2015. The Company continued the implementation of the fiscal 2016 restructuring plan in fiscal 2018 in order to integrate the Hay Group entities that were acquired in fiscal 2016 by consolidating premises.

Changes in the restructuring liability during the three months ended January 31, 2018 are as follows:

		Severance				Facilities				Total
		(in thousands)
Liability as of October 31, 2017		$	1,541			$	4,716			$	6,257
Reductions for cash payments			(231	)			(1,063	)			(1,294	)
Exchange rate fluctuations			123				55				178
Liability as of January 31, 2018		$	1,433			$	3,708			$	5,141
Changes in the restructuring liability during the nine months ended January 31, 2018 are as follows:
		Severance				Facilities				Total
		(in thousands)
Liability as of April 30, 2017		$	5,341			$	8,354			$	13,695
Restructuring charges, net			—				78				78
Reductions for cash payments			(4,178	)			(5,328	)			(9,506	)
Exchange rate fluctuations			270				604				874
Liability as of January 31, 2018		$	1,433			$	3,708			$	5,141

As of January 31, 2018 and April 30, 2017, the restructuring liability is included in the current portion of other accrued liabilities on the consolidated balance sheets, except for $1.6 million and $4.6 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:

		January 31, 2018
		Severance				Facilities				Total
		(in thousands)
Executive Search
North America		$	—			$	262			$	262
Asia Pacific			—				5				5
Total Executive Search			—				267				267
Hay Group			1,433				3,340				4,773
Futurestep			—				101				101
Liability as of January 31, 2018		$	1,433			$	3,708			$	5,141

		April 30, 2017
		Severance				Facilities				Total
		(in thousands)
Executive Search
North America		$	134			$	250			$	384
Europe, Middle East and Africa (“EMEA”)			393				—				393
Asia Pacific			—				6				6
Latin America			—				87				87
Total Executive Search			527				343				870
Hay Group			4,814				7,879				12,693
Futurestep			—				132				132
Liability as of April 30, 2017		$	5,341			$	8,354			$	13,695

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- 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
-URI http://asc.fasb.org/topic&trid=2175745

+ Details

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