Restructuring Charges, Net
|12 Months Ended|
Apr. 30, 2022
|Restructuring And Related Activities [Abstract]|
|Restructuring Charges, Net||
13. Restructuring Charges, Net
There were no restructuring charges in fiscal 2022. In the fourth quarter of fiscal 2020, in light of the uncertainty in worldwide economic conditions caused by COVID-19 and, as part of a broader program aimed at further enhancing Korn Ferry’s strong balance sheet and liquidity position, the Company adopted a restructuring plan intended to adjust its cost base to the then-current economic environment and to position the Company to invest in its recovery. The Company continued the implementation of this plan in the first quarter of fiscal 2021 and this resulted in restructuring charges, net of $30.7 million and $40.5 million during fiscal 2021 and 2020, respectively, across all lines of business relating to severance for positions that were eliminated.
In the third quarter of fiscal 2020, the Company adopted a restructuring plan to rationalize its cost structure to realize the efficiencies and operational improvement that the investments in the Digital business have enabled us to realize. This plan impacted the Consulting and Digital segments which resulted in restructuring charges, net of $18.1 million in fiscal 2020, relating to severance for redundant positions that were eliminated.
Changes in the restructuring liability were as follows:
As of April 30, 2022 and 2021, the restructuring liability is included in the current portion of other accrued liabilities on the consolidated balance sheets, except for $0.5 million and $0.6 million, respectively, which are included in other long-term liabilities.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef