Korn Ferry Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

Leases (Tables)

12 Months Ended

Apr. 30, 2020

The components of lease expense were as follows:

	Year Ended April 30, 2020
	(in thousands)
Finance lease cost
Amortization of ROU assets	$	1,820
Interest on lease liabilities		149
		1,969
Operating lease cost		57,683
Short-term lease cost		1,111
Variable lease cost		13,562
Lease impairment cost		2,282
Sublease income		(447	)
Total lease cost	$	76,160

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

	Year Ended April 30, 2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	59,631
Financing cash flows from finance leases	$	1,833

ROU assets obtained in exchange for lease obligations:
Operating leases	$	15,246
Finance leases	$	1,333

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

	April 30, 2020
	(in thousands)
Finance Leases:

Property and equipment, at cost	$	4,281
Accumulated depreciation		(1,485	)
Property and equipment, net	$	2,796

Other accrued liabilities	$	1,241
Other liabilities		1,634
Total finance lease liabilities	$	2,875

Weighted average remaining lease terms:
Operating leases	5.5 years
Finance leases	2.9 years

Weighted average discount rate:
Operating leases		4.8	%
Finance leases		4.1	%

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities are as follows:

Year Ending April 30,	Operating		Financing
	(in thousands)
2021	$	60,052	$	1,325
2022		50,246		940
2023		43,334		445
2024		40,091		245
2025		31,601		85
Thereafter		44,444		—
Total lease payments		269,768		3,040
Less: imputed interest		34,151		165
Total	$	235,617	$	2,875

Future Minimum Commitments Under Non-Cancelable Operating Leases

Future minimum commitments under non-cancelable operating leases with lease terms in excess of one year, excluding commitments accrued in the restructuring liability under ASC 840 at April 30, 2019, are as follows:

Year Ending April 30,	Lease Commitments
	(in thousands)
2020	$	55,351
2021		52,567
2022		45,465
2023		38,582
2024		34,008
Thereafter		74,764
	$	300,737