On April 20, 2020, in light of the continuing uncertainty in worldwide economic conditions caused by the COVID-19 pandemic 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 current economic environment and to position the Company to invest into its recovery. The Company continued the implementation of this plan in the first quarter of fiscal 2021. There were no new such actions in the second and third quarter. Rather, the Company completed the actions initiated in prior quarters and made adjustments to previously recorded restructuring accruals resulting in restructuring charges, net of $0.8 million and $30.7 million in the three and nine months ended January 31, 2021 across all lines of business relating to severance for positions that were eliminated.

During the three months ended January 31, 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, or position us to, realize. The restructuring plan impacted both the Consulting and Digital segments and includes the elimination of redundant positions, which resulted in restructuring charges, net of $18.1 million in the three and nine months ended January 31, 2020, relating to severance for positions that have been eliminated.

Changes in the restructuring liability during the three months ended January 31, 2021 were as follows:

	Restructuring Liability
	(in thousands)
As of October 31, 2020	$	16,830
Restructuring charges, net		838
Reductions for cash payments		(6,796	)
Exchange rate fluctuations		766
As of January 31, 2021	$	11,638

Changes in the restructuring liability during the nine months ended January 31, 2021 were as follows:

	Restructuring Liability
	(in thousands)
As of April 30, 2020	$	34,153
Restructuring charges, net		30,732
Reductions for cash payments		(51,955	)
Non-cash payments		(3,968	)
Exchange rate fluctuations		2,676
As of January 31, 2021	$	11,638

As of January 31, 2021 and April 30, 2020, the restructuring liability is included in the current portion of other accrued liabilities on the consolidated balance sheets, except for $0.6 million and $0.6 million, respectively, which are included in other long-term liabilities.