Restructuring Charges

12 Months Ended

Apr. 30, 2017

Note 6 – Restructuring Charges

In fiscal years 2017, 2016 and 2015, the Company recorded pre-tax restructuring charges of $13.4 million ($0.15 per share), $28.6 million ($0.32 per share) and $28.8 million ($0.34 per share), respectively, which are reflected in the Restructuring Charges line item in the Consolidated Statements of Income and described in more detail below:

Restructuring and Reinvestment Program:

Beginning in fiscal year 2013, the Company initiated a program (the “Restructuring and Reinvestment Program”) to restructure and realign its cost base with current and anticipated future market conditions. The Company is targeting a majority of the cost savings achieved to improve margins and earnings, while the remainder will be reinvested in high growth digital business opportunities.

The following tables summarize the pre-tax restructuring charges related to this program (in thousands):

	2017	2016	2015	Total Charges Incurred to Date
Charges by Segment:
Research	$1,949	$2,982	$4,555	$20,156
Publishing	1,596	4,507	5,956	32,488
Solutions	1,787	1,042	-	2,552
Shared Services	8,023	20,080	18,293	82,748
Total Restructuring Charges	$13,355	$28,611	$28,804	$137,944

Charges by Activity:
Severance	$8,386	$16,443	$17,093	$87,590
Process Reengineering Consulting	148	7,191	301	18,814
Other Activities	4,821	4,977	11,410	31,540
Total Restructuring Charges	$13,355	$28,611	$28,804	$137,944

Other Activities reflects leased facility consolidations, contract termination costs and the curtailment of certain defined benefit pension plans.

The following table summarizes the activity for the Restructuring and Reinvestment Program liability for fiscal year 2017 (in thousands):

				Foreign
	April 30,			Translation &	April 30,
	2016	Charges	Payments	Reclassification	2017
Severance	$16,657	$8,386	$(14,116)	$(845)	$10,082
Process Reengineering Consulting	-	148	(148)	-	-
Other Activities	11,852	4,821	(8,590)	4,625	12,708
Total	$28,509	$13,355	$(22,854)	$3,780	$22,790

The restructuring liability for accrued severance costs is reflected in Accrued Employment Costs in the Consolidated Statements of Financial Position. Approximately $2.7 million and $10.0 million of the Other Activities are reflected in Other Accrued Liabilities and Other Long-Term Liabilities, respectively.