Goodwill and Intangible Assets
|12 Months Ended|
Apr. 30, 2020
|Goodwill And Intangible Assets Disclosure [Abstract]|
|Goodwill and Intangible Assets||
13. Goodwill and Intangible Assets
Changes in the carrying value of goodwill by reportable segment were as follows:
Tax deductible goodwill from the Miller Heiman acquisition was $34.9 million as of April 30, 2020. Tax deductible goodwill from the PIVOT Leadership acquisition was $7.2 million and $7.1 million as of April 30, 2020 and 2019, respectively.
Intangible assets include the following:
Acquisition-related intangible assets acquired in fiscal 2020 consists of IP, customer relationships and tradenames of $36.0 million, $6.2 million, and $3.2 million, respectively, with weighted-average useful lives from the date of purchase of seven years, ten years, and nine years, respectively.
During fiscal 2019, the Company decided to further integrate our go-to-market activities under one master brand —Korn Ferry, and discontinued the use of all sub-brands. Two of the Company’s sub-brands, Hay Group and Lominger, were acquired by Korn Ferry through acquisitions. As a result of the decision to discontinue their use, the Company took a non-cash intangible asset impairment charge of $106.6 million during the year ended April 30, 2019, recorded in general and administrative expenses on the accompanying statement of income.
Amortization expense for amortized intangible assets was $16.3 million, $13.5 million and $14.7 million during fiscal 2020, 2019 and 2018, respectively. Estimated annual amortization expense related to amortizing intangible assets is as follows:
All amortizable intangible assets will be fully amortized by the end of fiscal 2032.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef