Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2014 | Oct. 31, 2013 | 31-May-14 | 31-May-14 |
Common Stock Class A [Member] | Common Stock Class B [Member] | |||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'WILEY JOHN & SONS, INC. | ' | ' | ' |
Entity Central Index Key | '0000107140 | ' | ' | ' |
Current Fiscal Year End Date | '--04-30 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Public Float | ' | $2,318.20 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 49,611,867 | 9,485,561 |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $486,377 | $334,140 |
Accounts receivable | 149,733 | 161,731 |
Inventories | 75,495 | 82,017 |
Prepaid and other | 78,057 | 57,083 |
Total Current Assets | 789,662 | 634,971 |
Product Development Assets | 82,940 | 87,876 |
Technology, Property & Equipment | 188,718 | 189,625 |
Intangible Assets | 984,661 | 954,957 |
Goodwill | 903,665 | 835,540 |
Income Tax Deposits | 64,037 | 45,868 |
Other Assets | 63,682 | 57,538 |
Total Assets | 3,077,365 | 2,806,375 |
Current Liabilities | ' | ' |
Accounts and royalties payable | 142,534 | 143,313 |
Deferred revenue | 385,654 | 362,970 |
Accrued employment costs | 118,503 | 85,306 |
Accrued income taxes | 13,324 | 16,093 |
Accrued pension liability | 4,671 | 4,359 |
Other accrued liabilities | 64,901 | 55,128 |
Total Current Liabilities | 729,587 | 667,169 |
Long-Term Debt | 700,100 | 673,000 |
Accrued Pension Liability | 164,634 | 204,362 |
Deferred Income Tax Liabilities | 222,482 | 197,526 |
Other Long-Term Liabilities | 78,314 | 75,962 |
Shareholders' Equity | ' | ' |
Preferred Stock, $1 par value: Authorized - 2 million, Issued - zero | 0 | 0 |
Additional paid-in-capital | 327,588 | 290,762 |
Retained earnings | 1,489,069 | 1,387,512 |
Accumulated other comprehensive (loss): | ' | ' |
Foreign currency translation adjustment | -66,664 | -134,539 |
Unamortized retirement costs, net of tax | -123,025 | -143,124 |
Unrealized loss on interest rate swap, net of tax | -602 | -969 |
Total of all stockholders' equity (deficit) items before treasury stock | 1,709,556 | 1,482,832 |
Less Treasury Shares At Cost (Class A - 20,231,118 and 20,616,829; Class B - 3,906,707 and 3,902,576) | -527,308 | -494,476 |
Total Shareholders' Equity | 1,182,248 | 988,356 |
Total Liabilities & Shareholders' Equity | 3,077,365 | 2,806,375 |
Class A [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Common Stock | 69,798 | 69,793 |
Class B [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Common Stock | $13,392 | $13,397 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Shareholders' Equity | ' | ' |
Preferred Stock, par value (in dollars per share) | $1 | $1 |
Preferred Stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Class A [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Common Stock, par value (in dollars per share) | $1 | $1 |
Common Stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common Stock, shares issued (in shares) | 69,797,994 | 69,793,194 |
Treasury Shares At Cost (in shares) | 20,231,118 | 20,616,829 |
Class B [Member] | ' | ' |
Shareholders' Equity | ' | ' |
Common Stock, par value (in dollars per share) | $1 | $1 |
Common Stock, shares authorized (in shares) | 72,000,000 | 72,000,000 |
Common Stock, shares issued (in shares) | 13,392,268 | 13,397,068 |
Treasury Shares At Cost (in shares) | 3,906,707 | 3,902,576 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ' | ' | ' |
Revenue | $1,775,195 | $1,760,778 | $1,782,742 |
Costs and Expenses | ' | ' | ' |
Cost of sales | 506,879 | 532,232 | 543,396 |
Operating and administrative expenses | 969,456 | 933,148 | 922,177 |
Restructuring charges | 42,722 | 29,293 | 0 |
Impairment charges | 4,786 | 30,679 | 0 |
Amortization of intangibles | 44,679 | 41,982 | 36,750 |
Total Costs and Expenses | 1,568,522 | 1,567,334 | 1,502,323 |
Net Gain on Sale of Consumer Publishing Programs | 0 | 5,983 | 0 |
Operating Income | 206,673 | 199,427 | 280,419 |
Interest expense | -13,916 | -13,078 | -9,038 |
Foreign exchange transaction losses | -8 | -2,041 | -2,261 |
Interest income and other | 2,785 | 2,614 | 2,975 |
Income Before Taxes | 195,534 | 186,922 | 272,095 |
Provision for Income Taxes | 35,024 | 42,697 | 59,349 |
Net Income | $160,510 | $144,225 | $212,746 |
Earnings Per Share | ' | ' | ' |
Diluted (in dollars per share) | $2.70 | $2.39 | $3.47 |
Basic (in dollars per share) | $2.73 | $2.43 | $3.53 |
Average Shares | ' | ' | ' |
Diluted (in shares) | 59,514 | 60,224 | 61,272 |
Basic (in shares) | 58,635 | 59,447 | 60,184 |
Class A Common [Member] | ' | ' | ' |
Cash Dividends Per Share | ' | ' | ' |
Common stock (in dollars per share) | $1 | $0.96 | $0.80 |
Class B Common [Member] | ' | ' | ' |
Cash Dividends Per Share | ' | ' | ' |
Common stock (in dollars per share) | $1 | $0.96 | $0.80 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
Net Income | $160,510 | $144,225 | $212,746 |
Other Comprehensive Income (Loss): | ' | ' | ' |
Foreign currency translation adjustment | 67,875 | -38,558 | -30,173 |
Unrealized retirement costs net of tax (provision) benefit of $(12,946); $16,145 and $18,463, respectively | 20,099 | -39,743 | -41,745 |
Unrealized gain (loss) on interest rate swaps net of tax (provision) benefit of $(225); $(48) and $453, respectively | 367 | 79 | -751 |
Total Other Comprehensive Income (Loss) | 88,341 | -78,222 | -72,669 |
Comprehensive Income | $248,851 | $66,003 | $140,077 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' | ' |
Unamortized retirement costs, tax (provision) benefit | ($12,946) | $16,145 | $18,463 |
Unrealized gain (loss) on interest rate swap, tax (benefit) provision | ($225) | ($48) | $453 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Operating Activities | ' | ' | ' |
Net Income | $160,510 | $144,225 | $212,746 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Amortization of intangibles | 44,679 | 41,982 | 36,750 |
Amortization of composition costs | 45,097 | 51,517 | 50,944 |
Depreciation of technology, property and equipment | 58,321 | 56,017 | 50,397 |
Restructuring and impairment charges | 47,508 | 59,972 | 0 |
Net gain on sale of consumer publishing programs | 0 | -5,983 | 0 |
Non-cash deferred tax benefits on U.K. rate changes | -10,634 | -8,402 | -8,769 |
Share-based compensation | 12,851 | 11,928 | 17,262 |
(Excess) shortfalls in tax benefits from share-based compensation | 1,466 | -193 | -2,044 |
Employee retirement plan expense | 30,454 | 35,938 | 30,116 |
Royalty advances | -107,639 | -105,335 | -108,716 |
Earned royalty advances | 107,529 | 100,691 | 100,639 |
Other non-cash charges (credits), net | -3,868 | -3,708 | 2,800 |
Income tax deposit | -11,968 | -42,077 | 0 |
Changes in Operating Assets and Liabilities Source (Use), excluding acquisitions | ' | ' | ' |
Accounts receivable | 18,558 | 18,118 | 9,605 |
Inventories | 11,146 | 11,501 | 4,467 |
Accounts and royalties payable | 7,297 | -5,748 | 540 |
Deferred revenue | -750 | 32,822 | 19,381 |
Income taxes payable | -13,889 | 1,429 | 27,835 |
Restructuring payments | -28,276 | -5,641 | 0 |
Other accrued liabilities | 32,387 | -6,121 | -37,076 |
Employee retirement plan contributions | -33,889 | -36,704 | -34,080 |
Other | -18,666 | -9,191 | 6,851 |
Cash Provided by Operating Activities | 348,224 | 337,037 | 379,648 |
Investing Activities | ' | ' | ' |
Composition spending | -40,568 | -50,434 | -52,501 |
Additions to technology, property and equipment | -57,564 | -58,704 | -67,377 |
Acquisitions, net of cash acquired | -54,515 | -263,272 | -92,174 |
Proceeds from sale of consumer publishing programs | 3,300 | 29,942 | 0 |
Cash Used for Investing Activities | -149,347 | -342,468 | -212,052 |
Financing Activities | ' | ' | ' |
Repayment of long-term debt | -658,224 | -472,500 | -888,411 |
Borrowings of long-term debt | 685,324 | 670,500 | 909,211 |
Purchase of treasury stock | -63,393 | -73,721 | -87,072 |
Change in book overdrafts | -12,354 | -451 | -4,414 |
Cash dividends | -58,953 | -57,426 | -48,257 |
Debt financing costs | -288 | -382 | -3,119 |
Proceeds from exercise of stock options and other | 55,820 | 24,188 | 15,303 |
Excess (shortfalls) tax benefits from share-based compensation | -1,466 | 193 | 2,044 |
Cash (Used for) Provided by Financing Activities | -53,534 | 90,401 | -104,715 |
Effects of Exchange Rate Changes on Cash | 6,894 | -10,660 | -4,904 |
Cash and Cash Equivalents | ' | ' | ' |
Increase for year | 152,237 | 74,310 | 57,977 |
Balance at beginning of year | 334,140 | 259,830 | 201,853 |
Balance at end of year | 486,377 | 334,140 | 259,830 |
Cash Paid During the Year for | ' | ' | ' |
Interest | 12,511 | 12,081 | 7,745 |
Income taxes, net | $63,815 | $56,021 | $42,841 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Total | Class A [Member] | Class B [Member] |
In Thousands | Class A [Member] | Class B [Member] | Class A [Member] | Class B [Member] | |||||||
Balance at Apr. 30, 2011 | $69,749 | $13,441 | $247,046 | $1,136,224 | ' | ' | ($360,830) | ($127,741) | $977,889 | ' | ' |
Restricted Shares Issued under Share-based Compensation Plans | ' | ' | -2,324 | ' | ' | ' | 2,646 | ' | 322 | ' | ' |
Proceeds from Exercise of Stock Options and other | ' | ' | 7,781 | ' | ' | ' | 7,522 | ' | 15,303 | ' | ' |
Shortfall in Tax Benefits from Share-based Compensation | ' | ' | 2,044 | ' | ' | ' | ' | ' | 2,044 | ' | ' |
Share-based compensation expense | ' | ' | 17,262 | ' | ' | ' | ' | ' | 17,262 | ' | ' |
Purchase of Treasury Shares | ' | ' | ' | ' | ' | ' | -87,072 | ' | -87,072 | ' | ' |
Common Stock Dividends | ' | ' | ' | ' | -40,627 | -7,630 | ' | ' | ' | -40,627 | -7,630 |
Common Stock Class Conversions | 4 | -4 | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Comprehensive Income (Loss) | ' | ' | ' | 212,746 | ' | ' | ' | -72,669 | 140,077 | ' | ' |
Balance at Apr. 30, 2012 | 69,753 | 13,437 | 271,809 | 1,300,713 | ' | ' | -437,734 | -200,410 | 1,017,568 | ' | ' |
Restricted Shares Issued under Share-based Compensation Plans | ' | ' | -5,936 | ' | ' | ' | 5,559 | ' | -377 | ' | ' |
Proceeds from Exercise of Stock Options and other | ' | ' | 12,768 | ' | ' | ' | 11,420 | ' | 24,188 | ' | ' |
Shortfall in Tax Benefits from Share-based Compensation | ' | ' | 193 | ' | ' | ' | ' | ' | 193 | ' | ' |
Share-based compensation expense | ' | ' | 11,928 | ' | ' | ' | ' | ' | 11,928 | ' | ' |
Purchase of Treasury Shares | ' | ' | ' | ' | ' | ' | -73,721 | ' | -73,721 | ' | ' |
Common Stock Dividends | ' | ' | ' | ' | -48,290 | -9,136 | ' | ' | ' | -48,290 | -9,136 |
Common Stock Class Conversions | 40 | -40 | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Comprehensive Income (Loss) | ' | ' | ' | 144,225 | ' | ' | ' | -78,222 | 66,003 | ' | ' |
Balance at Apr. 30, 2013 | 69,793 | 13,397 | 290,762 | 1,387,512 | ' | ' | -494,476 | -278,632 | 988,356 | ' | ' |
Restricted Shares Issued under Share-based Compensation Plans | ' | ' | -5,962 | ' | ' | ' | 6,144 | ' | 182 | ' | ' |
Proceeds from Exercise of Stock Options and other | ' | ' | 31,403 | ' | ' | ' | 24,417 | ' | 55,820 | ' | ' |
Shortfall in Tax Benefits from Share-based Compensation | ' | ' | -1,466 | ' | ' | ' | ' | ' | -1,466 | ' | ' |
Share-based compensation expense | ' | ' | 12,851 | ' | ' | ' | ' | ' | 12,851 | ' | ' |
Purchase of Treasury Shares | ' | ' | ' | ' | ' | ' | -63,393 | ' | -63,393 | ' | ' |
Common Stock Dividends | ' | ' | ' | ' | -51,842 | -7,111 | ' | ' | ' | -51,842 | -7,111 |
Common Stock Class Conversions | 5 | -5 | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Comprehensive Income (Loss) | ' | ' | ' | 160,510 | ' | ' | ' | 88,341 | 248,851 | ' | ' |
Balance at Apr. 30, 2014 | $69,798 | $13,392 | $327,588 | $1,489,069 | ' | ' | ($527,308) | ($190,291) | $1,182,248 | ' | ' |
Description_of_Business
Description of Business | 12 Months Ended |
Apr. 30, 2014 | |
Description of Business [Abstract] | ' |
Description of Business | ' |
Note 1 – Description of Business | |
The Company, founded in 1807, was incorporated in the state of New York on January 15, 1904. As used herein the term “Company” means John Wiley & Sons, Inc., and its subsidiaries and affiliated companies, unless the context indicates otherwise. | |
The Company is a global provider of knowledge and knowledge-enabled services that improve outcomes in areas of research, professional practice and education. Through the Research segment, the Company provides digital and print scientific, technical, medical and scholarly journals, reference works, books, database services and advertising. The Professional Development segment provides digital and print books, online assessment and training services, and test prep and certification. In Education, the Company provides print and digital content, and education solutions including online program management services for higher education institutions and course management tools for instructors and students. The Company takes full advantage of its content from all three core businesses in developing and cross-marketing products to its diverse customer base of researchers, professionals, students, and educators. The use of technology enables the Company to make its content efficiently more accessible to its customers around the world. The Company’s operations are primarily located in the United States, Canada, Europe, Asia, and Australia. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Summary of Significant Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Note 2 - Summary of Significant Accounting Policies | ||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has at least a 20%, but less than a majority interest, are accounted for using the equity method of accounting. Investments in entities in which the Company has less than a 20% ownership and in which it does not exercise significant influence are accounted for using the cost method of accounting. All intercompany accounts and transactions have been eliminated in consolidation. | ||||
Use of Estimates: The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Reclassifications: Certain prior year amounts have been reclassified to conform to the current year’s presentation. | ||||
Book Overdrafts: Under the Company’s cash management system, a book overdraft balance exists for the Company’s primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. The Company’s funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2014 and 2013, book overdrafts of $22.8 million and $35.1 million, respectively, were included in Accounts and Royalties Payable in the Consolidated Statements of Financial Position. | ||||
Revenue Recognition: The Company recognizes revenue when the following criteria are met: persuasive evidence that an arrangement exists; delivery has occurred or services have been rendered; the price to the customer is fixed or determinable; and collectability is reasonably assured. If all of the above criteria have been met, revenue is recognized upon shipment of products or when services have been rendered. Revenue related to journal subscriptions and other products and services that are generally collected in advance are deferred and recognized as earned primarily when the related issue is shipped, made available online or the service is rendered. | ||||
For calendar years 2013 and 2014, the Company offered an alternative journal subscription license model for a group of customers. Previously, those customers’ licenses were based on a commitment by the Company to provide a discrete number of online journal issues which provided for recognition of revenue by the Company as issues were published. Under this alternative model, the Company provides access to all journal content published in a calendar year and provides for recognition of revenue on a straight-line basis over the calendar year covered by the alternative license model. Collectability is evaluated based on the amount involved, the credit history of the customer, and the status of the customer’s account with the Company. | ||||
When a product is sold with multiple deliverables, the Company accounts for each deliverable within the arrangement as a separate unit of accounting due to the fact that each deliverable is also sold on a stand-alone basis. The total consideration of a multiple-element arrangement is allocated to each unit of accounting based on the price charged by the Company when it is sold separately. The Company’s multiple deliverable arrangements principally include WileyPLUS, the online course management tool for the Company’s Education business which includes a complete print or digital textbook for the course; negotiated licenses for bundles of digital content available on Wiley Online Library, the online publishing platform for the Company’s Research business; and test preparation, assessment, certification and training services sold by the Professional Development business which can include bundles of print and digital content and online workflow solutions. | ||||
When the Company’s digital content is sold through a third party, the Company is generally not the primary obligor within the arrangement since it typically is not responsible for fulfilling the customer’s order or handling any customer requests or claims. Accordingly, the Company will recognize revenue for the sale of its digital content through third parties based on the amount billed to the end customer, net of any commission owed to the third party seller of the content. Revenue is also reported net of any amounts billed to customers for taxes which are remitted to government authorities. | ||||
Cash Equivalents: Cash equivalents consist of highly liquid investments with an original maturity of three months or less and are stated at cost plus accrued interest, which approximates market value. | ||||
Allowance for Doubtful Accounts: The estimated allowance for doubtful accounts is based on a review of the aging of the accounts receivable balances, historical write-off experience, credit evaluations of customers and current market conditions. A change in the evaluation of a customer’s credit could affect the estimated allowance. The allowance for doubtful accounts is shown as a reduction of Accounts Receivable in the Consolidated Statements of Financial Position and amounted to $7.9 million and $7.4 million as of April 30, 2014 and 2013, respectively. | ||||
Sales Return Reserves: The process which the Company uses to determine its sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which the Company does business. The Company collects, maintains and analyzes significant amounts of sales returns data for large volumes of homogeneous transactions. This allows the Company to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and as to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, the Company also includes a related reduction in inventory and royalty costs as a result of the expected returns. Net sales return reserves amounted to $28.6 million and $31.8 million as of April 30, 2014 and 2013, respectively. | ||||
The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease): | ||||
2014 | 2013 | |||
Accounts Receivable | ($41,102) | ($44,279) | ||
Inventories | 6,774 | 6,862 | ||
Accounts and Royalties Payable | -5,695 | -5,583 | ||
Decrease in Net Assets | ($28,633) | ($31,834) | ||
Inventories: Inventories are carried at the lower of cost or market. U.S. book inventories aggregating $41.3 million and $46.5 million at April 30, 2014 and 2013, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method. | ||||
Reserve for Inventory Obsolescence: A reserve for inventory obsolescence is estimated based on a review of damaged, obsolete, or otherwise unsalable inventory. The review encompasses historical unit sales trends by title; current market conditions, including estimates of customer demand compared to the number of units currently on hand; and publication revision cycles. The inventory obsolescence reserve is reported as a reduction of the Inventories balance in the Consolidated Statements of Financial Position and amounted to $25.1 million and $28.2 million as of April 30, 2014 and 2013, respectively. | ||||
Product Development Assets: Product development assets consist of composition costs and royalty advances. Costs associated with developing a publication are expensed until the product is determined to be commercially viable. Composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Royalty advances are capitalized and, upon publication, are recovered as royalties earned based on sales of the published works. Royalty advances are reviewed for recoverability and a reserve for loss is maintained, if appropriate. | ||||
Shipping and Handling Costs: Costs incurred for shipping and handling are reflected in the Operating and Administrative Expenses line item in the Consolidated Statements of Income. The Company incurred $42.2 million, $46.0 million and $50.4 million in shipping and handling costs in fiscal years 2014, 2013 and 2012, respectively. | ||||
Advertising Expense: Advertising costs are expensed as incurred. The Company incurred $35.2 million, $29.2 million and $24.3 million in advertising costs in fiscal years 2014, 2013 and 2012, respectively. | ||||
Technology, Property and Equipment: Technology, property and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed as incurred. | ||||
Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: Buildings and Leasehold Improvements – the lesser of the estimated useful life of the asset up to 40 years or the duration of the lease; Furniture and Fixtures - 3 to 10 years; Computer Hardware and Software - 3 to 10 years. | ||||
Costs incurred for computer software developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. Costs incurred during the application development stage include costs of materials and services, and payroll and payroll-related costs for employees who are directly associated with the software project. Such costs are amortized over the expected useful life of the related software which is generally 3 to 6 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred. | ||||
Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed: In connection with acquisitions, the Company allocates the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. Such estimates include discounted estimated cash flows to be generated by those assets and the expected useful lives based on historical experience, current market trends, and synergies to be achieved from the acquisition and the expected tax basis of assets acquired. The Company may use a third party valuation consultant to assist in the determination of such estimates. | ||||
Goodwill and Indefinite-lived Intangible Assets: Goodwill is the excess of the purchase price paid over the fair value of the net assets of the business acquired. Indefinite-lived intangible assets primarily consist of brands, trademarks, content and publishing rights and are typically characterized by intellectual property with a long and well-established revenue stream resulting from strong and well-established imprint/brand recognition in the market. Goodwill and indefinite-lived intangible assets are not amortized but are reviewed annually for impairment, or more frequently if events or changes in circumstances indicate the asset might be impaired. The Company evaluates the recoverability of indefinite-lived intangible assets by comparing the fair value of the intangible asset to its carrying value. | ||||
To evaluate the recoverability of goodwill, the Company uses a two-step impairment test approach at the reporting unit level. In the first step, the estimated fair value of the entire reporting unit is compared to its carrying value including goodwill. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the charge for goodwill impairment. In the second step, the Company determines an implied fair value of the reporting unit’s goodwill by determining the fair value of the individual assets and liabilities (including any previously unrecognized intangible assets) of the reporting unit other than goodwill. The resulting implied fair value of the goodwill is compared to the carrying amount and an impairment charge is recognized for the difference. | ||||
In certain circumstances, the Company uses a qualitative assessment as an alternative to the two-step test approach. Under this approach certain market, industry and financial performance factors are considered to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If that is the case, the two-step approach described above is then performed to evaluate the recoverability of goodwill. | ||||
Intangible Assets with Finite Lives and Other Long-Lived Assets: Finite-lived intangible assets principally consist of brands, trademarks, content and publication rights, customer relationships and non-compete agreements and are amortized over their estimated useful lives. The most significant factors in determining the estimated life of these intangibles is the history and longevity of the brands, trademarks and content and publication rights acquired, combined with the strength of cash flows. Content and publication rights, trademarks, customer relationships and brands with finite lives are amortized on a straight-line basis over periods ranging from 5 to 40 years. Non-compete agreements are amortized over the terms of the individual agreement, generally up to 5 years. | ||||
Intangible assets with finite lives are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 32 years; customer relationships – 19 years; brands and trademarks – 11 years; non-compete agreements – 5 years. | ||||
Assets with finite lives are only evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the projected undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value based on the discounted future cash flows. | ||||
Derivative Financial Instruments: The Company, from time to time, enters into forward exchange and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. The Company does not use financial instruments for trading or speculative purposes. | ||||
Foreign Currency Gains/Losses: The Company maintains operations in many non-U.S. locations. Assets and liabilities are translated into U.S. dollars using end of period exchange rates and revenues and expense are translated into U.S. dollars using weighted average rates. The Company’s significant investments in non-U.S. businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders’ Equity. During fiscal year 2014, the Company recorded $67.9 million of foreign currency translation gains primarily due to the weakening of the U.S. dollar relative to the British pound sterling and euro. Foreign currency transaction gains or losses are recognized in the Consolidated Statements of Income as incurred. | ||||
Share-Based Compensation: The Company recognizes share-based compensation expense based on the fair value of the share-based awards on the grant date, reduced by an estimate for future forfeited awards. As such, share-based compensation expense is only recognized for those awards that are expected to ultimately vest. The fair value of share-based awards is recognized in net income on a straight-line basis over the requisite service period. Share-based compensation expense associated with performance-based stock awards is based on actual financial results for targets established three years in advance. The cumulative effect on current and prior periods of a change in the estimated number of performance share awards, or estimated forfeiture rate, is recognized as an adjustment to earnings in the period of the revision. | ||||
Recently Issued Accounting Standards: In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 "Revenue From Contracts With Customers" (Topic 606) (“ASU 2014-09”), and the International Accounting Standards Board (“IASB”) published its equivalent standard, International Financial Reporting Standard (“IFRS”) 15, “Revenue from Contracts with Customers”. These joint comprehensive new revenue recognition standards will supersede most existing revenue recognition guidance and are intended to improve and converge revenue recognition and related financial reporting requirements. The standard will require companies to review contract arrangements with customers and ensure all separate performance obligations are properly recognized in compliance with the new guidance. The standard is effective for the Company on May 1, 2017 with early adoption prohibited. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “cumulative effect” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently assessing whether the adoption of the guidance will have a significant impact on its consolidated financial statements. |
Reconciliation_of_Weighted_Ave
Reconciliation of Weighted Average Shares Outstanding | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Reconciliation of Weighted Average Shares Outstanding [Abstract] | ' | ||||
Reconciliation of Weighted Average Shares Outstanding | ' | ||||
Note 3 – Reconciliation of Weighted Average Shares Outstanding | |||||
A reconciliation of the shares used in the computation of earnings per share for the years ended April 30 follows (in thousands): | |||||
2014 | 2013 | 2012 | |||
Weighted Average Shares Outstanding | 58,925 | 59,672 | 60,387 | ||
Less: Unearned Restricted Shares | -290 | -225 | -203 | ||
Shares Used for Basic Earnings Per Share | 58,635 | 59,447 | 60,184 | ||
Dilutive Effect of Stock Options and Other Stock Awards | 879 | 777 | 1,088 | ||
Shares Used for Diluted Earnings Per Share | 59,514 | 60,224 | 61,272 | ||
Since their inclusion in the calculation of diluted earnings per share would have been anti-dilutive, options to purchase 389,400, 2,716,244 and 1,655,362 shares of Class A Common Stock have been excluded for fiscal years 2014, 2013 and 2012, respectively. In addition, for fiscal years 2013 and 2012 unearned restricted shares of 23,000 and 10,000, respectively, have been excluded as their inclusion would have been anti-dilutive. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||
Note 4- Accumulated Other Comprehensive Loss | |||||||||
Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the fiscal year ended April 30, 2014 were as follows (in thousands): | |||||||||
Foreign | Unamortized | Interest | |||||||
Currency | Retirement | Rate | |||||||
Translation | Costs | Swaps | Total | ||||||
Balance at April 30, 2013 | ($134,539) | ($143,124) | ($969) | ($278,632) | |||||
Other comprehensive income (loss) before reclassifications | 67,875 | 10,464 | -316 | 78,023 | |||||
Amounts reclassified from accumulated other comprehensive loss | - | 9,635 | 683 | 10,318 | |||||
Total other comprehensive income | 67,875 | 20,099 | 367 | 88,341 | |||||
Balance at April 30, 2014 | ($66,664) | ($123,025) | ($602) | ($190,291) | |||||
For the fiscal year ended April 30, 2014, pre-tax actuarial losses included in Unamortized Retirement Costs of approximately $13.4 million were amortized from Accumulated Other Comprehensive Loss and recognized as pension expense in Operating and Administrative Expenses in the Consolidated Statements of Income. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2014 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
Note 5 – Acquisitions | |
Inscape: | |
On February 16, 2012, the Company acquired all of the stock of Inscape Holdings, Inc. (“Inscape”) for approximately $85 million in cash, net of cash acquired. Inscape is a leading provider of workplace learning solutions, including DiSC®-based assessments and training products that develop critical interpersonal business skills. The purchase price of $85 million was allocated to identifiable long-lived assets ($43.9 million) comprised primarily of customer relationships, content, technology and trademarks, with the remainder allocated to deferred tax liabilities ($12.4 million), negative working capital ($3.3 million) and Goodwill ($56.8 million). The fair value of intangible assets and technology acquired was based on management’s assessment performed with the assistance of a third party valuation consultant. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and comprises the estimated value of Inscape’s workforce, unidentifiable intangible assets and the fair value of expected synergies. None of the goodwill is deductible for tax purposes. The customer relationships, content, technology and trademarks are being amortized over a weighted average estimated useful life of approximately 15 years. The Company finalized its purchase accounting for Inscape as of April 30, 2012. Inscape contributed $24.5 million, $21.6 million and $3.3 million to the Company’s revenue for fiscal years 2014, 2013 and 2012, respectively. | |
Deltak: | |
On October 25, 2012, the Company acquired all of the stock of Deltak.edu, LLC (“Deltak”) for approximately $220 million in cash, net of cash acquired. Deltak works in close partnership with leading colleges and universities to develop and support online degree and certificate programs. The business provides technology platforms and services including market research to validate program demand, instructional design, marketing, and student recruitment and retention services to leading national and regional colleges and universities throughout the United States. The $220 million purchase price was allocated to identifiable long-lived intangible assets ($99.4 million) comprised primarily of institutional relationships; long-term deferred tax liabilities ($34.4 million); and Goodwill ($150.0 million); with the remainder allocated to technology and working capital. The fair value of intangible assets and technology acquired was based on management’s assessment performed with the assistance of a third party valuation consultant. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and comprises the estimated value of Deltak’s workforce, unidentifiable intangible assets and the fair value of expected synergies. None of the goodwill is deductible for tax purposes. The identifiable long-lived intangible assets are primarily amortized over an estimated useful life of approximately 20 years. The Company finalized its purchase accounting for Deltak as of April 30, 2013. Deltak contributed $70.2 million and $33.7 million to the Company’s revenue for fiscal years 2014 and 2013, respectively. | |
Efficient Learning Systems: | |
On November 1, 2012, the Company acquired all of the stock of Efficient Learning Systems, Inc. (“ELS”) for approximately $24 million in cash, net of cash acquired. ELS is an e-learning system provider focused in the areas of professional finance and accounting. ELS’ flagship product, CPAexcel, is a modular, digital platform comprised of online self-study, videos, mobile apps, and sophisticated planning tools that has helped over 65,000 professionals prepare for the CPA exam since 1998. The $24 million purchase price was allocated to identifiable long-lived intangible assets ($6.5 million); technology ($3.6 million); and long-term deferred tax liabilities ($2.9 million); and Goodwill ($17.0 million); with the remainder allocated to working capital. The fair value of intangible assets and technology acquired was based on management’s assessment performed with the assistance of a third party valuation consultant. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and comprises the estimated value of ELS’ workforce, unidentifiable intangible assets and the fair value of expected synergies. None of the goodwill is deductible for tax purposes. The Company finalized its purchase accounting for ELS as of April 30, 2013. ELS contributed $8.0 million and $3.7 million to the Company’s revenue for fiscal years 2014 and 2013, respectively. | |
Profiles International: | |
On April 1, 2014, the Company acquired all of the stock of Profiles International (“Profiles”) for approximately $48 million in cash, net of cash acquired. Profiles provides pre-employment assessment and selection tools that enable employers to optimize candidate selections and develop the full potential of their employees. Solutions include pre-hire assessments, including those designed to measure and match personality, knowledge, skills, managerial fit, loyalty, and values; and post-hire assessments, focused on measuring sales and managerial effectiveness, employee performance and career potential. Founded in 1991 and based in Waco, Texas, Profiles has served more than 40,000 enterprise clients and millions of end users in over 120 countries, with assessments available in 32 languages. Profiles reported approximately $27 million of revenue and over $5 million of EBITDA in its fiscal year ended December 31, 2013. The $48 million purchase price was allocated to identifiable long-lived intangible assets ($22.9 million), mainly customer relationships and assessment content; technology ($2.9 million); and long-term deferred tax liabilities ($9.5 million); negative working capital ($7.3 million) and Goodwill ($39.0 million). The fair value of intangible assets and technology acquired was based on management’s assessment performed with the assistance of a third party valuation consultant. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and comprises the estimated value of Profile’s workforce, unidentifiable intangible assets and the fair value of expected synergies. None of the goodwill is deductible for tax purposes. The Company expects to finalize its purchase accounting for Profiles by January 31, 2015. Profiles contributed $1.9 million to the Company’s fiscal year 2014 revenue since its acquisition date. | |
Unaudited proforma financial information has not been presented for any of these acquisitions since the effects of the acquisitions were not material individually or in the aggregate. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
Restructuring Charges [Abstract] | ' | ||||||
Restructuring Charges | ' | ||||||
Note 6 – Restructuring Charges | |||||||
In fiscal years 2014 and 2013, the Company recorded pre-tax restructuring charges of $42.7 million, or $28.3 million after tax ($0.48 per share) and $29.3 million, or $19.8 million after tax ($0.33 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: | |||||||
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 table summarizes the pre-tax restructuring charges related to this program (in thousands): | |||||||
Total Charges | |||||||
2014 | 2013 | Incurred to Date | |||||
Charges by Segment: | |||||||
Research | $7,774 | $2,896 | $10,670 | ||||
Professional Development | 11,860 | 6,284 | 18,144 | ||||
Education | 891 | 1,118 | 2,009 | ||||
Shared Services | 22,197 | 14,154 | 36,351 | ||||
Total Restructuring Charges | $42,722 | $24,452 | $67,174 | ||||
Charges by Activity: | |||||||
Severance | $25,962 | $19,706 | $45,668 | ||||
Process reengineering consulting | 8,556 | 2,618 | 11,174 | ||||
Other activities | 8,204 | 2,128 | 10,332 | ||||
Total Restructuring Charges | $42,722 | $24,452 | $67,174 | ||||
The fiscal year 2014 Restructuring Charges for Research and Professional Development are net of credits of approximately $1.0 million and $1.2 million, respectively, related to the reversal of severance provisions previously recorded by the Company. The credits reflect employees who have accepted different positions within the Company, or who voluntarily resigned. Other Activities for fiscal year 2014 mainly reflect lease and other contract termination costs, while the fiscal year 2013 Other Activities include termination/curtailment costs related to the U.S. defined benefit pension plan. | |||||||
The following table summarizes the activity for the Restructuring and Reinvestment Program liability in fiscal year 2014 (in thousands): | |||||||
Foreign | |||||||
April 30, | Translation & | April 30, | |||||
2013 | Provisions | Payments | Reclassifications | 2014 | |||
Severance | $18,803 | $25,962 | ($15,820) | $310 | $29,255 | ||
Process reengineering consulting | 1,101 | 8,556 | -8,933 | -2 | 722 | ||
Other activities | - | 8,204 | -2,423 | -786 | 4,995 | ||
Total | $19,904 | $42,722 | ($27,176) | ($478) | $34,972 | ||
The restructuring liability for accrued Severance costs is reflected in Accrued Employment Costs in the Consolidated Statements of Financial Position while the Process reengineering consulting costs are reflected in Other Accrued Liabilities. Approximately $2.0 million and $3.0 million of the Other Activities are reflected in Other Accrued Liabilities and Other Long-Term Liabilities, respectively. | |||||||
Other Restructuring Programs: | |||||||
As part of the Company’s ongoing transition and transformation to digital products and services, certain activities were identified in the first quarter of fiscal year 2013 that were discontinued, outsourced, or relocated to lower cost regions. As a result, the Company recorded a pre-tax restructuring charge of approximately $4.8 million, or $3.5 million after tax ($0.06 per share), during the period for redundancy and separation benefits. Approximately $3.0 million, $1.3 million and $0.2 million of the restructuring charge was recorded within the Research, Professional Development and Education reporting segments, respectively, with the remainder recognized in Shared Service costs. In fiscal year 2014, the Company made redundancy and separation benefit payments of $1.1 million related to this program. As of January 31, 2014, all redundancy and separation benefit payments related to this program were complete. |
Impairment_Charges
Impairment Charges | 12 Months Ended |
Apr. 30, 2014 | |
Impairment Charges [Abstract] | ' |
Impairment Charges | ' |
Note 7 – Impairment Charges | |
In fiscal years 2014 and 2013, in conjunction with the restructuring programs the Company recognized total pre-tax asset impairment charges of $4.8 million, or $3.4 million after tax ($0.06 per share) and $30.7 million, or $21.0 million after tax ($0.35 per share), respectively, which are reflected in the Impairment Charges line item of the Consolidated Statements of Income and described in more detail below: | |
Fiscal Year 2014 | |
Technology Investments | |
In the second quarter of fiscal year 2014, the Company terminated a multi-year software development program for an internal operations application due to a change in the Company’s longer-term enterprise systems plans. As a result, the Company recorded an asset impairment charge for previously capitalized software costs related to the program of $4.8 million, or $3.4 million after tax ($0.06 per share). | |
Fiscal Year 2013 | |
Consumer Publishing Programs | |
The Company began accounting for its culinary, CliffsNotes, and Webster’s New World Dictionary consumer publishing programs as Assets Held for Sale in the second quarter of fiscal year 2013. The Company recorded a pre-tax impairment charge of $12.1 million, or $7.5 million after tax ($0.12 per share), in the second quarter of fiscal year 2013 to reduce the carrying value of the assets within these programs to approximately $9.9 million, which represented their fair value based on the estimated sales price, less costs to sell. As discussed in Note 8, on November 5, 2012, the Company completed a sale to Houghton Mifflin Harcourt for $11.0 million in cash, which approximated the carrying value of related assets sold. In addition, in the second quarter of fiscal year 2013, the Company recorded a pre-tax impairment charge of $3.4 million, or $2.1 million after tax ($0.04 per share) to reduce the carrying value of inventory and royalty advances within its other consumer publishing programs to their estimated realizable value. | |
Controlled Circulation Publishing Assets | |
In fiscal year 2013, the Company identified certain controlled circulation publishing programs that no longer aligned with the Company’s long-term strategy, shifting key resources from these programs to other publishing programs within the Research segment. As a result, the Company performed an impairment test on the intangible assets related to these controlled circulation publishing programs in fiscal year 2013, which resulted in a $9.9 million pre-tax impairment charge, or $8.2 million after tax ($0.14 per share). The intangible assets principally consisted of acquired publication rights. The impairment charge resulted in a full write-off of the carrying value of these intangible assets based on their estimated fair values as determined by the Company utilizing a discounted cash flow analysis. | |
Technology Investments | |
In fiscal year 2013, the Company identified certain technology investments which no longer fit the Company’s technology strategy. As a result, the Company recorded an asset impairment charge of $5.3 million, or $3.2 million after-tax ($0.05 per share), to write-off the full carrying value of the related assets. |
Gain_Net_of_Losses_on_Sale_of_
Gain (Net of Losses) on Sale of Consumer Publishing Programs | 12 Months Ended |
Apr. 30, 2014 | |
Gain (Net of Losses) on Sale of Consumer Publishing Programs [Abstract] | ' |
Gain (Net of Losses) on Sale of Consumer Publishing Programs | ' |
Note 8 – Gain (Net of Losses) on Sale of Consumer Publishing Programs | |
Sale of Travel Publishing Program: | |
On August 31, 2012, the Company sold its travel publishing program, including all of its interests in the Frommer’s, Unofficial Guides, and WhatsonWhen brands to Google, Inc. (“Google”) for $22 million in cash, of which $3.3 million was held in escrow. As a result, the Company recorded a $9.8 million pre-tax gain on the sale, or $6.2 million after tax ($0.10 per share), in fiscal year 2013. In connection with the sale, the Company also entered into a transition services agreement which ended on December 31, 2013. The escrow was released to the Company in fiscal year 2014. Fees earned by the Company in fiscal year 2013 in connection with the service agreement were $0.5 million. | |
Sale of Culinary, CliffsNotes and Webster’s New World Publishing Programs: | |
On November 5, 2012, the Company completed the sale of the Company’s culinary, CliffsNotes, and Webster’s New World Dictionary consumer publishing programs to Houghton Mifflin Harcourt (“HMH”) for $11.0 million in cash, which approximated the carrying value of related assets sold, of which $1.1 million was held in escrow. The escrow was released to the Company in May 2014. In connection with the sale, the Company also entered into a transition services agreement which ended on March 5, 2013. Fees earned by the Company in fiscal year 2013 in connection with the service agreement were $1.5 million. | |
Sale of Other Consumer Publishing Programs: | |
In the fourth quarter of fiscal year 2013, the Company completed the sale of its other consumer publishing programs to various buyers for approximately $1 million in cash and a limited future royalty interest. The Company recorded a $3.8 million pre-tax loss on the sales, or $3.6 million after tax ($0.06 per share) in fiscal year 2013. |
Inventories
Inventories | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Inventories [Abstract] | ' | |||
Inventories | ' | |||
Note 9 – Inventories | ||||
Inventories at April 30 were as follows (in thousands): | ||||
2014 | 2013 | |||
Finished Goods | $62,071 | $68,040 | ||
Work-in-Process | 6,041 | 5,890 | ||
Paper, Cloth, and Other | 5,476 | 6,577 | ||
73,588 | 80,507 | |||
Inventory Value of Estimated Sales Returns | 6,774 | 6,862 | ||
LIFO Reserve | -4,867 | -5,352 | ||
Total Inventories | $75,495 | $82,017 | ||
See Note 2, Summary of Significant Accounting Policies - Sales Return Reserves for a discussion of Inventory Value of Estimated Returns. |
Product_Development_Assets
Product Development Assets | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Product Development Assets [Abstract] | ' | |||
Product Development Assets | ' | |||
Note 10 – Product Development Assets | ||||
Product development assets consisted of the following at April 30 (in thousands): | ||||
2014 | 2013 | |||
Composition Costs | $45,603 | $48,861 | ||
Royalty Advances | 37,337 | 39,015 | ||
Total | $82,940 | $87,876 | ||
Composition costs are net of accumulated amortization of $201.4 million and $179.9 million as of April 30, 2014 and 2013, respectively. |
Technology_Property_and_Equipm
Technology, Property and Equipment | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Technology, Property and Equipment [Abstract] | ' | |||
Technology, Property and Equipment | ' | |||
Note 11 – Technology, Property and Equipment | ||||
Technology, property and equipment consisted of the following at April 30 (in thousands): | ||||
2014 | 2013 | |||
Capitalized Software and Computer Hardware | $471,619 | $423,247 | ||
Buildings and Leasehold Improvements | 100,944 | 98,846 | ||
Furniture, Fixtures and Warehouse Equipment | 78,276 | 82,739 | ||
Land and Land Improvements | 4,367 | 4,025 | ||
655,206 | 608,857 | |||
Accumulated Depreciation | -466,488 | -419,232 | ||
Total | $188,718 | $189,625 | ||
The net book value of capitalized software costs was $105.4 million and $98.9 million as of April 30, 2014 and 2013, respectively. Depreciation expense recognized in 2014, 2013, and 2012 for capitalized software costs was approximately $36.5 million, $33.1 million and $26.0 million, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||||
Goodwill and Intangible Assets | ' | |||||||
Note 12 - Goodwill and Intangible Assets | ||||||||
The following table summarizes the activity in goodwill by segment as of April 30 (in thousands): | ||||||||
2013 | Acquisitions | Foreign | 2014 | |||||
Translation Adjustment | ||||||||
Research | $456,583 | $ - | $28,598 | $485,181 | ||||
Professional Development | 228,987 | 39,017 | 654 | 268,658 | ||||
Education | 149,970 | - | -144 | 149,826 | ||||
Total | $835,540 | $39,017 | $29,108 | $903,665 | ||||
The acquisitions for Professional Development reflect the Profiles acquisition. | ||||||||
Intangible assets as of April 30 were as follows (in thousands): | ||||||||
2014 | 2013 | |||||||
Cost | Accumulated | Cost | Accumulated Amortization | |||||
Amortization | ||||||||
Intangible Assets with Determinable Lives | ||||||||
Content and Publishing Rights | $834,932 | ($299,105) | $790,881 | ($260,947) | ||||
Customer Relationships | 195,085 | -32,790 | 179,336 | -23,634 | ||||
Brands & Trademarks | 24,000 | -9,284 | 25,700 | -11,894 | ||||
Covenants not to Compete | 1,490 | -767 | 1,840 | -782 | ||||
1,055,507 | -341,946 | 997,757 | -297,257 | |||||
Intangible Assets with Indefinite Lives | ||||||||
Brands & Trademarks | 164,202 | - | 153,747 | - | ||||
Content and Publishing Rights | 106,898 | - | 100,710 | - | ||||
$1,326,607 | ($341,946) | $1,252,214 | ($297,257) | |||||
Based on the current amount of intangible assets subject to amortization and assuming current exchange rates, the estimated amortization expense for each of the succeeding five fiscal years are as follows: 2015 - $46 million; 2016 - $44 million; 2017 - $42 million; 2018 – $39 million and 2019 - $36 million. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Income Taxes [Abstract] | ' | ||||
Income Taxes | ' | ||||
Note 13 - Income Taxes | |||||
The provisions for income taxes for the years ended April 30 were as follows (in thousands): | |||||
2014 | 2013 | 2012 | |||
Current Provision | |||||
US – Federal | $13,541 | $23,835 | $11,253 | ||
International | 34,519 | 34,019 | 43,017 | ||
State and Local | (733) | 2,091 | 2,049 | ||
Total Current Provision | $47,327 | $59,945 | $56,319 | ||
Deferred Provision (Benefit) | |||||
US – Federal | ($1,748) | ($11,312) | $9,736 | ||
International | -10,008 | -5,553 | -7,820 | ||
State and Local | -547 | -383 | 1,114 | ||
Total Deferred Provision (Benefit) | $(12,303) | $(17,248) | $3,030 | ||
Total Provision | $35,024 | $42,697 | $59,349 | ||
International and United States pretax income for the years ended April 30 were as follows (in thousands): | |||||
2014 | 2013 | 2012 | |||
International | $159,442 | $156,114 | $171,315 | ||
United States | 36,092 | 30,808 | 100,780 | ||
Total | $195,534 | $186,922 | $272,095 | ||
The Company’s effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: | |||||
2014 | 2013 | 2012 | |||
U.S. Federal Statutory Rate | 35.00% | 35.00% | 35.00% | ||
Benefit from Lower Taxes on Non-US Income | -10.8 | -9.3 | -6.8 | ||
State Income Taxes, Net of U.S. Federal Tax Benefit | 0.4 | 0.6 | 0.8 | ||
Deferred Tax Benefit From Statutory Tax Rate Change | -5.4 | -4.5 | -3.2 | ||
Tax Adjustments and Other | -1.3 | 1 | -4 | ||
Effective Income Tax Rate | 17.90% | 22.80% | 21.80% | ||
Deferred Tax Benefit from Statutory Tax Rate Change: In fiscal years 2014, 2013 and 2012, the Company recognized non-cash deferred tax benefits of $10.6 million ($0.18 per share), $8.4 million ($0.14 per share), and $8.8 million ($0.14 per share), respectfully, principally associated with new tax legislation enacted in the United Kingdom (“U.K.”) that reduced the U.K. statutory income tax rates by 3%, 2% and 2%, respectively. The benefits reflect the remeasurement of all applicable U.K deferred tax balances to the new income tax rates of 21% effective April 1, 2014 and 20% effective April 1, 2015. | |||||
Tax Adjustments and Other: In fiscal years 2014, 2013 and 2012, the Company recorded tax benefits of $2.6 million, $0.7 million and $10.9 million, respectively, related to the expiration of the statute of limitations and favorable resolutions of certain federal, state and foreign tax matters with tax authorities. The fiscal year 2012 tax benefit of $10.9 million includes the release of a $7.5 million income tax reserve that was originally recorded in conjunction with the purchase accounting for the Blackwell acquisition. In addition to the tax benefit recorded of $0.7 million in fiscal year 2013, the Company recorded a tax charge of $2.1 million due to published IRS tax positions related to the Company’s ability to take certain deductions in the U.S. | |||||
Accounting for Uncertainty in Income Taxes: | |||||
As of April 30, 2014 and April 30, 2013, the total amount of unrecognized tax benefits were $23.8 million and $25.5 million, respectively, of which $3.2 million and $3.1 million represented accruals for interest and penalties recorded as additional tax expense in accordance with the Company’s accounting policy. Within the income tax provision for fiscal years 2014 and 2013, the Company recorded net interest expense (income) and penalties on the unrecognized and recognized tax benefits of $0.1 million and $0.3 million, respectively. As of April 30, 2014 and April 30, 2013, the total amount of unrecognized tax benefits that, if recognized, would reduce the Company’s income tax provision were approximately $23.2 million and $23.8 million, respectively. The Company does not expect any significant changes to the unrecognized tax benefits within the next 12 months. | |||||
A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item in the Consolidated Statements of Financial Position follows (in thousands): | |||||
2014 | 2013 | ||||
Balance at May 1st | $25,501 | $24,252 | |||
Additions for Current Year Tax Positions | 934 | 1,182 | |||
Additions for Prior Year Tax Positions | 1,070 | 2,749 | |||
Reductions for Prior Year Tax Positions | -3,209 | -906 | |||
Foreign Translation Adjustment | 1,111 | -291 | |||
Payments | -496 | -1,089 | |||
Reductions for Lapse of Statute of Limitations | -1,085 | -396 | |||
Balance at April 30th | $23,826 | $25,501 | |||
Tax Audits: | |||||
The Company files income tax returns in the U.S. and various states and non-U.S. tax jurisdictions. The Company’s major taxing jurisdictions include the United States, the United Kingdom and Germany. The Company is no longer subject to income tax examinations for years prior to fiscal year 2010 in the major jurisdictions in which the Company is subject to tax. The Company’s last U.S. federal audit was for fiscal years 2006 through 2009 which resulted in minimal adjustments principally related to temporary differences. | |||||
In fiscal year 2003, the Company merged several of its German subsidiaries into a new operating entity which enabled the Company to increase (“step-up”) the tax deductible net asset basis of the merged subsidiaries to fair market value. The expected tax benefits to be derived from the step-up are approximately 50 million euros claimed as amortization over 15 years beginning in fiscal year 2003. As part of its routine tax audit process, the German tax authorities notified the Company in May 2012, they are challenging the Company’s tax position with respect to the amortization of certain stepped-up assets. The Company’s management and its advisors believe that it is “more likely than not” to successfully defend that the tax treatment was proper and in accordance with German tax regulations. The circumstances are not unique to the Company. | |||||
Under German tax law, the Company must pay all contested taxes and the related interest to have the right to defend its position challenged by authorities. As a result, the Company made tax and related interest deposits of 33 million euros in fiscal year 2013 and an additional 9 million euros in fiscal year 2014 related to amortization claimed on certain “stepped-up” assets. The Company has made all required payments to date. The Company expects that it will be required to deposit additional amounts up to 15 million euros plus interest for tax returns to be filed in future periods until the issue is resolved. The challenge is expected to ultimately be decided by a court and could take several years to reach resolution. If the Company is successful, as expected, the tax deposits will be returned to the company with 6% simple interest, based on current German legislation. As of April 30, 2014, the USD equivalent of the total deposits paid by the Company and the related accrued interest was $64.0 million, which is recorded as Income Tax Deposits in the Consolidated Statements of Financial Position. For fiscal years 2014 and 2013, the Company recorded accrued interest of $1.7 million and $0.9 million as a benefit within the Provision for Income Taxes in the Consolidated Statements of Income. | |||||
Deferred Taxes: | |||||
Deferred taxes result from temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. It is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows (in thousands): | |||||
2014 | 2013 | ||||
Inventory | $5,494 | $8,328 | |||
Intangible and Fixed Assets | 303,003 | 301,239 | |||
Total Deferred Tax Liabilities | $308,497 | $309,567 | |||
Net Operating Losses | $6,538 | $5,813 | |||
Reserve for Sales Returns and Doubtful Accounts | 7,965 | 6,297 | |||
Accrued Expenses | 9,981 | 11,849 | |||
Accrued Employee Compensation | 33,227 | 35,505 | |||
Retirement and Post-Employment Benefits | 46,902 | 64,680 | |||
Total Deferred Tax Assets | $104,613 | $124,144 | |||
Net Deferred Tax Liabilities | $203,884 | $185,423 | |||
Reported As | |||||
Current Deferred Tax Assets | $11,836 | $5,513 | |||
Non-current Deferred Tax Assets | 6,762 | 6,590 | |||
Non-current Deferred Tax Liabilities | 222,482 | 197,526 | |||
Net Deferred Tax Liabilities | $203,884 | $185,423 | |||
Pretax earnings of a non-U.S. subsidiary or affiliate are subject to U.S. taxation when repatriated. The Company intends to reinvest earnings outside the U.S. except in instances where repatriating such earnings would result in no additional tax. Accordingly, the Company has not recognized U.S. tax expense on non-U.S. earnings. At April 30, 2014, the accumulated undistributed earnings of non-U.S. subsidiaries approximated $599 million. It is not practical to determine the U.S. income tax liability that would be payable if such earnings were not indefinitely reinvested. |
Debt_and_Available_Credit_Faci
Debt and Available Credit Facilities | 12 Months Ended |
Apr. 30, 2014 | |
Debt and Available Credit Facilities [Abstract] | ' |
Debt and Available Credit Facilities | ' |
Note 14 - Debt and Available Credit Facilities | |
As of April 30, 2014 and 2013, the Company’s long-term debt consisted of amounts due under its revolving credit facility of approximately $700.1 million and $673.0 million, respectively. On November 2, 2011, the Company amended and restated its existing credit facility with Bank of America - Merrill Lynch and The Royal Bank of Scotland plc as joint lead arrangers and Bank of America as administrative agent. The new agreement consisted of a $700 million five-year senior revolving credit facility, which can be drawn in multiple currencies. The proceeds of the new revolving credit facility were used to pay down the Company’s prior credit facility and meet seasonal operating cash requirements. On October 18, 2012, the Company increased the facility’s credit limit to $825 million to finance the Deltak acquisition and then increased it to $940 million on April 4, 2014. Under the current agreement, the Company has the option of borrowing at the following floating interest rates: (i) at a rate based on the London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging from 1.05% to 1.65%, depending on the Company’s consolidated leverage ratio, as defined, or (ii) for U.S. dollar-denominated loans only, at the lender’s base rate plus an applicable margin ranging from zero to 0.65%, depending on the Company’s consolidated leverage ratio. The lender’s base rate is defined as the highest of (i) the U.S. federal funds effective rate plus a 0.50% margin, (ii) the Eurocurrency rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, the Company pays a facility fee ranging from 0.20% to 0.35% depending on the Company’s consolidated leverage ratio. The Company also has the option to request an additional credit limit increase of up to $160 million in minimum increments of $50 million, subject to the approval of the lenders. The credit agreement contains certain restrictive covenants related to the Company’s consolidated leverage ratio and interest coverage ratio, which the Company was in compliance with as of April 30, 2014. Due to the fact that there are no principal payments due until the end of the amended agreement in fiscal year 2017, the Company has classified its entire debt obligation as long-term as of April 30, 2014. | |
The Company and its subsidiaries have other short-term lines of credit aggregating $12.7 million at various interest rates. No borrowings under the credit lines were outstanding as of April 30, 2014 or 2013. The Company’s total available lines of credit as of April 30, 2014 were approximately $952.7 million, of which approximately $252.6 million was unused. The weighted average interest rates on long-term debt outstanding during fiscal years 2014 and 2013 were 1.82% and 1.93%, respectively. As of April 30, 2014 and 2013, the weighted average interest rates for the long-term debt were 1.99% and 1.86%, respectively. Based on estimates of interest rates currently available to the Company for loans with similar terms and maturities, the fair value of the Company’s long-term debt approximates its carrying value. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended |
Apr. 30, 2014 | |
Derivative Instruments and Hedging Activities [Abstract] | ' |
Derivative Instruments and Hedging Activities | ' |
Note 15 – Derivative Instruments and Hedging Activities | |
The Company, from time-to-time, enters into forward exchange and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. The Company does not use financial instruments for trading or speculative purposes. | |
Interest Rate Contracts: | |
The Company had $700.1 million of variable rate loans outstanding at April 30, 2014, which approximated fair value. As of April 30, 2014 and 2013, the interest rate swap agreements maintained by the Company were designated as fully effective cash flow hedges as defined under Accounting Standards Codification (“ASC”) 815 “Derivatives and Hedging.” As a result, there was no impact on the Company’s Consolidated Statements of Income for changes in the fair value of the interest rate swaps. Under ASC 815, fully effective derivative instruments that are designated as cash flow hedges have changes in their fair value recorded initially within Accumulated Other Comprehensive Loss in the Consolidated Statements of Financial Position. As interest expense is recognized based on the variable rate loan agreements, the corresponding deferred gain or loss on the interest rate swaps is reclassified from Accumulated Other Comprehensive Loss to Interest Expense in the Consolidated Statements of Income. It is management’s intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives. | |
On January 15, 2014, the Company entered into an interest rate swap agreement which fixed a portion of the variable interest due on its variable rate loans outstanding. Under the terms of the agreement, the Company pays a fixed rate of 0.47% and receives a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which is reset every month for a two-year period ending January 15, 2016. As of April 30, 2014, the notional amount of the interest rate swap was $150.0 million. | |
On March 30, 2012, the Company entered into an interest rate swap agreement which fixed a portion of the variable interest due on its variable rate loans outstanding. Under the terms of the agreement, the Company pays a fixed rate of 0.645% and receives a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which is reset every month for a three-year period ending March 31, 2015. As of April 30, 2014 and 2013, the notional amount of the interest rate swap was $150.0 million and $250.0 million, respectively. | |
The Company records the fair value of its interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. The fair value of the interest rate swaps as of April 30, 2014 and 2013 was a deferred loss of $1.0 million and $1.6 million, respectively. Based on the maturity dates of the contracts, the deferred loss as of April 30, 2014 of $0.7 million and $0.3 million was recorded in Other Accrued Liabilities and Other Long-Term Liabilities, respectively. The $1.6 million deferred loss as of April 30, 2013 was recorded in Other Long-Term Liabilities. The pre-tax losses that were reclassified from Accumulated Other Comprehensive Loss into Interest Expense for fiscal years 2014, 2013 and 2012 were $1.3 million, $1.6 million and $0.8 million, respectively. Based on the amount in Accumulated Other Comprehensive Loss at April 30, 2014, approximately $1.1 million, net of tax, of unrecognized loss would be reclassified into net income in the next twelve months. | |
Foreign Currency Contracts: | |
The Company may enter into forward exchange contracts to manage the Company’s exposure on certain foreign currency denominated assets and liabilities. The forward exchange contracts are marked to market through Foreign Exchange Transaction Gains (Losses) in the Consolidated Statements of Income, and carried at their fair value in the Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Foreign Exchange Transaction Gains (Losses). As of April 30, 2014, the Company did not maintain any open forward contracts. As of April 30, 2013, there was one open forward exchange contract in euros with a notional amount in U.S. dollars of approximately $30.0 million which expired on May 16, 2013. During fiscal years 2012 through 2014, the Company did not designate any forward exchange contracts as hedges under current accounting standards as the benefits of doing so were not material due to the short-term nature of the contracts. The fair value changes in the forward exchange contracts substantially mitigated the changes in the value of the applicable foreign currency denominated assets and liabilities. | |
As of April 30, 2013, the fair value of the open forward exchange contract was a gain of approximately $0.1 million, which was measured on a recurring basis using Level 2 inputs and recorded within the Prepaid and Other line item in the Consolidated Statements of Financial Position. For fiscal years 2014, 2013 and 2012, the gains (losses) recognized on the forward contracts were $(0.4) million, $(0.6) million, and $2.4 million, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Note 16 - Commitments and Contingencies | |||||
The following schedule shows the composition of rent expense for operating leases (in thousands): | |||||
2014 | 2013 | 2012 | |||
Minimum Rental | $40,929 | $41,899 | $43,620 | ||
Less: Sublease Rentals | -642 | -554 | -501 | ||
Total | $40,287 | $41,345 | $43,119 | ||
Future minimum payments under operating leases were $173.2 million at April 30, 2014. Annual minimum payments under these leases for fiscal years 2015 through 2019 are approximately $39.0 million, $36.5 million, $35.0 million, $21.5 million, and $16.9 million, respectively. Rent expense associated with operating leases that include scheduled rent increases and tenant incentives, such as rent holidays or leasehold improvement allowances, are recorded on a straight-line basis over the term of the lease. | |||||
The Company is involved in routine litigation in the ordinary course of its business. A provision for litigation is accrued when information available to the Company indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, the Company does not record a liability, but discloses facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recorded when management believes such future costs will be material. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of April 30, 2014 will not have a material effect upon the financial condition or results of operations of the Company. |
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Retirement Plans [Abstract] | ' | ||||||||
Retirement Plans | ' | ||||||||
Note 17 - Retirement Plans | |||||||||
The Company and its principal subsidiaries have contributory and noncontributory retirement plans that cover substantially all employees. The plans generally provide for employee retirement between the ages of 60 and 65, and benefits based on length of service and compensation, as defined. | |||||||||
The Company recognizes the overfunded or underfunded status of defined benefit postretirement plans, measured as the difference between the fair value of plan assets and the projected benefit obligation, in the Consolidated Statements of Financial Position. The change in the funded status of the plan is recognized within Accumulated Other Comprehensive Loss in the Consolidated Statements of Financial Position. Plan assets and obligations are measured as of the Company’s balance sheet date. | |||||||||
The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in thousands): | |||||||||
United States | Non-U.S. | Total | |||||||
Actuarial Loss | $1,319 | $6,721 | $8,040 | ||||||
Prior Service Cost | - | 113 | 113 | ||||||
Total | $1,319 | $6,834 | $8,153 | ||||||
The Company maintains the Supplemental Executive Retirement Plan for certain officers and senior management which provides for the payment of supplemental retirement benefits after the termination of employment for 10 years or in a lifetime annuity. Under certain circumstances, including a change of control as defined, the payment of such amounts could be accelerated on a present value basis. | |||||||||
The Company’s Board of Directors approved plan amendments that froze the U.S. Employees’ Retirement Plan, Supplemental Benefit Plan, and Supplemental Executive Retirement Plan, effective June 30, 2013. These plans are U.S. defined benefit plans. Under the amendments, no new employees are permitted to enter these plans and no additional benefits for current participants for future services will be accrued after June 30, 2013. This amendment decreased the pension benefit liabilities by $18.2 million, and resulted in an after-tax decrease in accumulated other comprehensive loss of $11.3 million. The Company also recorded a pension plan curtailment expense of $2.7 million in fiscal year 2013 as a result of the approved plan amendments, which represented a write-off of the unrecognized prior service cost for the U.S. plans. The curtailment expense is included within the fiscal year 2013 Restructuring Charges line item in the Consolidated Statements of Income. | |||||||||
The components of net pension expense for the defined benefit plans and the weighted-average assumptions were as follows (in thousands): | |||||||||
2014 | 2013 | 2012 | |||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||
Service Cost | $ - | $8,066 | $12,701 | $6,204 | $9,951 | $6,062 | |||
Interest Cost | 12,613 | 17,144 | 12,032 | 15,784 | 12,042 | 15,862 | |||
Expected Return on Plan Assets | -14,838 | -21,607 | -12,927 | -17,975 | -11,679 | -17,412 | |||
Net Amortization of Prior Service Cost and Transition Asset | - | 124 | 854 | 127 | 902 | 133 | |||
Recognized Net Actuarial Loss | 5,681 | 7,490 | 6,050 | 3,905 | 4,444 | 670 | |||
Curtailment/Settlement Loss | - | 79 | 2,681 | - | - | - | |||
Net Pension Expense | $3,456 | $11,296 | $21,391 | $8,045 | $15,660 | $5,315 | |||
Discount Rate | 4.20% | 4.20% | 4.70% | 5.00% | 5.70% | 5.60% | |||
Rate of Compensation Increase | N/A | 3.20% | 3.10% | 3.40% | 4.00% | 4.40% | |||
Expected Return on Plan Assets | 8.00% | 6.70% | 8.00% | 6.80% | 8.00% | 6.80% | |||
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the retirement plans with accumulated benefit obligations in excess of plan assets were $711.0 million, $676.9 million and $546.3 million, respectively, as of April 30, 2014 and $683.5 million, $655.0 million and $480.7 million, respectively, as of April 30, 2013. | |||||||||
The Recognized Net Actuarial Loss for each fiscal year is calculated using the “corridor method” which reflects the amortization of the net loss at the beginning of the fiscal year in excess of 10% of the greater of the market value of plan assets or the projected benefit obligation. As a result of freezing the U.S. defined benefit plans, the Company changed the amortization period from the average expected future service period of active plan participants to the average expected life of plan participants. This resulted in a pre-tax benefit of approximately $1.2 million which was recorded as a reduction of pension expense. | |||||||||
The following table sets forth the changes in and the status of the plans’ assets and benefit obligations: | |||||||||
Dollars in thousands | 2014 | 2013 | |||||||
CHANGE IN PLAN ASSETS | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||
Fair Value of Plan Assets, Beginning of Year | $186,527 | $306,689 | $160,396 | $270,329 | |||||
Actual Return on Plan Assets | 22,101 | 15,459 | 22,161 | 40,844 | |||||
Employer Contributions | 9,608 | 10,396 | 13,210 | 14,311 | |||||
Employee Contributions | - | 1,770 | - | 1,892 | |||||
Settlements | - | -437 | - | - | |||||
Benefits Paid | -10,250 | -10,005 | -9,240 | -6,907 | |||||
Foreign Currency Rate Changes | - | 27,220 | - | -13,780 | |||||
Fair Value, End of Year | $207,986 | $351,092 | $186,527 | $306,689 | |||||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||||||||
Benefit Obligation, Beginning of Year | ($307,659) | ($394,278) | ($253,399) | ($326,730) | |||||
Service Cost | - | -8,066 | -12,701 | -6,204 | |||||
Interest Cost | -12,613 | -17,144 | -12,032 | -15,784 | |||||
Employee Contributions | - | -1,770 | - | -1,892 | |||||
Actuarial Gain (Loss) | 24,361 | 1,350 | -56,453 | -66,702 | |||||
Benefits Paid | 10,250 | 10,005 | 9,240 | 6,907 | |||||
Foreign Currency Rate Changes | - | -33,237 | - | 16,127 | |||||
Curtailment | - | - | 18,158 | - | |||||
Amendments and Other | - | 437 | -472 | - | |||||
Benefit Obligation, End of Year | ($285,661) | ($442,703) | ($307,659) | ($394,278) | |||||
Funded Status | ($77,673) | ($91,611) | ($121,132) | ($87,589) | |||||
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION: | |||||||||
Other Noncurrent Assets | - | 21 | - | - | |||||
Current Pension Liability | -4,091 | -580 | -3,826 | -533 | |||||
Noncurrent Pension Liability | -73,582 | -91,052 | -117,306 | -87,056 | |||||
Net Amount Recognized in Statement of Financial Position | ($77,673) | ($91,611) | ($121,132) | ($87,589) | |||||
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF (before tax) | |||||||||
Net Actuarial Loss | ($68,005) | ($107,540) | ($105,311) | ($102,083) | |||||
Prior Service Cost | - | -966 | - | -1,039 | |||||
Total Accumulated Other Comprehensive Loss | ($68,005) | ($108,506) | ($105,311) | ($103,122) | |||||
Change in Accumulated Other Comprehensive Loss | $37,306 | ($5,384) | ($19,948) | ($36,078) | |||||
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES | |||||||||
Discount Rate | 4.70% | 4.20% | 4.20% | 4.20% | |||||
Rate of Compensation Increase | N/A | 3.20% | N/A | 3.20% | |||||
Accumulated Benefit Obligations | ($285,661) | ($402,225) | ($307,659) | ($359,438) | |||||
Basis for determining discount rate: | |||||||||
The discount rates for the United States, United Kingdom and Canadian pension plans were based on the derivation of a single-equivalent discount rate using a standard spot rate curve and the timing of expected benefit payments as of April 30, 2014. The spot rate curve used is based upon a portfolio of Moody’s-rated Aa3 (or higher) corporate bonds. The discount rates for the other international plans were based on similar published indices with durations comparable to that of each plan’s liabilities. | |||||||||
Basis for determining the expected asset return: | |||||||||
The expected long-term rates of return were estimated using market benchmarks for equities, real estate, and bonds applied to each plan’s target asset allocation and are estimated by asset class including an anticipated inflation rate. The expected long-term rates are then compared to the historic investment performance of the plan assets as well as future expectations and estimated through consultation with investment advisors and actuaries. | |||||||||
Pension plan assets/investments: | |||||||||
The investment guidelines for the defined benefit pension plans are established based upon an evaluation of market conditions, plan liabilities, cash requirements for benefit payments, and tolerance for risk. Investment guidelines include the use of actively and passively managed securities. The investment objective is to ensure that funds are available to meet the plan’s benefit obligations when they are due. The investment strategy is to invest in high quality and diversified equity and debt securities to achieve our long-term expectation. The plans’ risk management practices provide guidance to the investment managers, including guidelines for asset concentration, credit rating and liquidity. Asset allocation favors a balanced portfolio, with a global aggregated target allocation of approximately 52% equity securities, 46% fixed income securities and cash, and 2% real estate. Due to volatility in the market, the target allocation is not always desirable and asset allocations will fluctuate between acceptable ranges of plus or minus 5%. The Company regularly reviews the investment allocations and periodically rebalances investments to the target allocations. The Company categorizes its pension assets into three levels based upon the assumptions (inputs) used to price the assets. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | |||||||||
· | Level 1: Unadjusted quoted prices in active markets for identical assets. | ||||||||
· | Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets. | ||||||||
· | Level 3: Unobservable inputs reflecting assumptions about the inputs used in pricing the asset. | ||||||||
The Company did not maintain any level 3 assets during fiscal years 2014 and 2013. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||
U.S. Plan Assets | |||||||||
Equity Securities: | |||||||||
U.S. Commingled Funds | $ - | $76,534 | $76,534 | $ - | $79,449 | $79,449 | |||
Non-U.S. Commingled Funds | - | 32,815 | 32,815 | - | 33,814 | 33,814 | |||
Fixed Income Commingled Funds | - | 85,335 | 85,335 | - | 61,440 | 61,440 | |||
Real Estate | - | 13,302 | 13,302 | - | 11,824 | 11,824 | |||
Total U.S. Plan Assets | $ - | $207,986 | $207,986 | $ - | $186,527 | $186,527 | |||
Non-U.S. Plan Assets | |||||||||
Equity Securities: | |||||||||
U.S. Equities | $ - | $24,384 | $24,384 | $1,156 | $38,799 | $39,955 | |||
Non-U.S. Equities | - | 73,250 | 73,250 | 2,261 | 107,607 | 109,868 | |||
Balanced Managed Funds | 11,284 | 66,966 | 78,250 | 10,571 | 1,938 | 12,509 | |||
Fixed Income Securities: | |||||||||
Government/Sovereign Securities | - | - | - | 12,656 | 3,855 | 16,511 | |||
Fixed Income Funds | - | 164,948 | 164,948 | 15,781 | 93,233 | 109,014 | |||
Other: | |||||||||
Real Estate/Other | - | 7,455 | 7,455 | - | 15,989 | 15,989 | |||
Cash and Cash Equivalents | 2,805 | - | 2,805 | 2,843 | - | 2,843 | |||
Total Non-U.S. Plan Assets | $14,089 | $337,003 | $351,092 | $45,268 | $261,421 | $306,689 | |||
Total Plan Assets | $14,089 | $544,989 | $559,078 | $45,268 | $447,948 | $493,216 | |||
Expected employer contributions to the defined benefit pension plans in fiscal year 2015 will be approximately $14.6 million, including $10.4 million of minimum amounts required for the Company’s non-U.S. plans. From time to time, the Company may elect to make voluntary contributions to its defined benefit plans to improve their funded status. | |||||||||
Benefit payments from all plans are expected to approximate $18.1 million in fiscal year 2015, $19.7 million in fiscal year 2016, $20.3 million in fiscal year 2017, $21.9 million in fiscal year 2018, $22.5 million in fiscal year 2019 and $128.9 million for fiscal years 2020 through 2024. | |||||||||
The Company provides contributory life insurance and health care benefits, subject to certain dollar limitations for substantially all of its eligible retired U.S. employees. The cost of such benefits is expensed over the years the employee renders service and is not funded in advance. The accumulated post-retirement benefit obligation recognized in the Consolidated Statements of Financial Position as of April 30, 2014 and 2013 was $6.2 million and $6.3 million, respectively. Annual expenses for these plans for fiscal years 2014, 2013 and 2012 were $0.9 million, $0.8 million and $0.7 million, respectively. | |||||||||
The Company has defined contribution savings plans. The Company contribution is based on employee contributions and the level of Company match. The employer contribution to these plans were approximately $13.9 million, $9.2 million and $9.1 million in fiscal years 2014, 2013, and 2012 respectively. The expense recorded for these plans was approximately $15.7 million, $9.2 million and $9.1 million in fiscal years 2014, 2013, and 2012 respectively. The increase in fiscal year 2014 expense reflects a change in the U.S. plans to increase the Company match due to the freezing of the U.S. defined benefit plan mentioned previously. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Share Based Compensation [Abstract] | ' | |||||||||||
Share-Based Compensation | ' | |||||||||||
Note 18 – Share-Based Compensation | ||||||||||||
All equity compensation plans have been approved by security holders. Under the 2009 Key Employee Stock Plan, as amended (“the Plan”), qualified employees are eligible to receive awards that may include stock options, performance-based stock awards and other restricted stock awards. Under the Plan, a maximum number of 8 million shares of Company Class A stock may be issued. As of April 30, 2014, there were approximately 5,183,438 securities remaining available for future issuance under the Plan. The Company issues treasury shares to fund awards issued under the Plan. | ||||||||||||
Stock Option Activity: | ||||||||||||
Under the terms of the Company’s stock option plan, the exercise price of stock options granted may not be less than 100% of the fair market value of the stock at the date of grant. Options are exercisable over a maximum period of 10 years from the date of grant and generally vest 50% on the fourth and fifth anniversary date after the award is granted. Under certain circumstances relating to a change of control, as defined, the right to exercise options outstanding could be accelerated. | ||||||||||||
The following table provides the estimated weighted average fair value for options granted each period using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of the Company’s Common Stock price over the estimated life of the option while, the dividend yield is based on the expected dividend payments to be made by the Company. | ||||||||||||
For the Years | ||||||||||||
Ended April 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Fair Value of Options on Grant Date | $10.12 | $12.26 | $14.11 | |||||||||
Weighted Average assumptions: | ||||||||||||
Expected Life of Options (years) | 7.4 | 7.3 | 7.3 | |||||||||
Risk-Free Interest Rate | 2.10% | 1.20% | 2.30% | |||||||||
Expected Volatility | 30.50% | 30.20% | 29.00% | |||||||||
Expected Dividend Yield | 2.50% | 2.00% | 1.60% | |||||||||
Fair Value of Common Stock on Grant Date | $39.53 | $48.06 | $49.55 | |||||||||
A summary of the activity and status of the Company’s stock option plans follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Options (in 000’s) | Weighted Average Exercise Price | Weighted Average Remaining Term (in years) | Aggregate | Options (in 000’s) | Weighted Average Exercise Price | Options (in 000’s) | Weighted Average Exercise Price | |||||
Intrinsic Value (in millions) | ||||||||||||
Outstanding at Beginning of Year | 3,732 | $42.85 | 4,130 | $40.74 | 4,258 | $38.52 | ||||||
Granted | 322 | $39.53 | 394 | $48.06 | 411 | $49.55 | ||||||
Exercised | -1,421 | $42.57 | -784 | $34.44 | -539 | $29.97 | ||||||
Expired or Forfeited | -125 | $47.65 | -8 | $35.00 | - | - | ||||||
Outstanding at End of Year | 2,508 | $42.34 | 5.7 | $37.90 | 3,732 | $42.85 | 4,130 | $40.74 | ||||
Exercisable at End of Year | 1,191 | $39.16 | 3.7 | $21.80 | 2,166 | $42.45 | 2,301 | $40.08 | ||||
Vested and Expected to Vest in the Future at April 30, 2014 | 2,432 | $42.38 | 5.7 | $36.70 | 3,603 | $42.93 | ||||||
The intrinsic value is the difference between the Company’s common stock price and the option grant price. The total intrinsic value of options exercised during fiscal years 2014, 2013 and 2012 was $12.4 million, $10.6 million and $10.7 million, respectively. The total grant date fair value of stock options vested during fiscal year 2014 was $6.4 million. | ||||||||||||
As of April 30, 2014, there was $4.5 million of unrecognized share-based compensation expense related to stock options, which is expected to be recognized over a period up to 5 years, or 2.2 years on a weighted average basis. | ||||||||||||
The following table summarizes information about stock options outstanding and exercisable at April 30, 2014: | ||||||||||||
Options Outstanding | Options Exercisable | |||||||||||
Number of Options | Weighted Average Remaining Term (in years) | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | ||||||||
Range of | (in 000’s) | (in 000’s) | ||||||||||
Exercise Prices | ||||||||||||
$31.89 to $35.04 | 576 | 3.5 | $34.75 | 576 | $34.75 | |||||||
$38.55 to $39.53 | 459 | 6.7 | $39.23 | 141 | $38.55 | |||||||
$40.02 to $47.55 | 558 | 5.3 | $42.19 | 354 | $43.45 | |||||||
$48.06 to $49.55 | 915 | 6.9 | $48.77 | 120 | $48.46 | |||||||
Total/Average | 2,508 | 5.7 | $42.34 | 1,191 | $39.16 | |||||||
Performance-Based and Other Restricted Stock Activity: | ||||||||||||
Under the terms of the Company’s long-term incentive plans, performance-based restricted stock awards are payable in restricted shares of the Company’s Class A Common Stock upon the achievement of certain three-year financial performance-based targets. During each three-year period, the Company adjusts compensation expense based upon its best estimate of expected performance. The restricted performance shares vest 50% on the first and second anniversary date after the award is earned. | ||||||||||||
The Company may also grant individual restricted awards of the Company’s Class A Common Stock to key employees in connection with their employment. The restricted shares generally vest 50% at the end of the fourth and fifth years following the date of the grant. | ||||||||||||
Under certain circumstances relating to a change of control or termination, as defined, the restrictions would lapse and shares would vest earlier. Activity for performance-based and other restricted stock awards during fiscal years 2014, 2013 and 2012 was as follows (shares in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Restricted Shares | Weighted Average Grant Date Value | Restricted Shares | Restricted Shares | |||||||||
Nonvested Shares at Beginning of Year | 837 | $43.39 | 1,042 | 904 | ||||||||
Granted | 348 | $40.85 | 296 | 272 | ||||||||
Change in shares due to performance | -92 | $49.32 | -227 | 31 | ||||||||
Vested and Issued | -256 | $38.01 | -237 | -159 | ||||||||
Forfeited | -92 | $42.71 | -37 | -6 | ||||||||
Nonvested Shares at End of Year | 745 | $43.40 | 837 | 1,042 | ||||||||
As of April 30, 2014, there was $17.6 million of unrecognized share-based compensation cost related to performance-based and other restricted stock awards, which is expected to be recognized over a period up to 5 years, or 3.0 years on a weighted average basis. Compensation expense for restricted stock awards is measured using the closing market price of the Company’s Class A Common Stock at the date of grant. The total grant date value of shares vested during fiscal years 2014, 2013 and 2012 was $9.7 million, $9.0 million and $7.5 million, respectively. | ||||||||||||
Director Stock Awards: | ||||||||||||
Under the terms of the Company’s Director Stock Plan (the “Director Plan”), each non-employee director receives an annual award of Class A Common Stock equal in value to 100% of the annual director retainer fee (excluding additional retainer fees paid to committee chairpersons), based on the stock price on the date of grant. The granted shares may not be sold or transferred during the time the non-employee director remains a director. There were 12,408; 13,437 and 12,474 shares awarded under the Director Plan for fiscal years 2014, 2013 and 2012, respectively. |
Capital_Stock_and_Changes_in_C
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Apr. 30, 2014 | |
Capital Stock and Changes in Capital Accounts [Abstract] | ' |
Capital Stock and Changes in Capital Accounts | ' |
Note 19 - Capital Stock and Changes in Capital Accounts | |
Each share of the Company’s Class B Common Stock is convertible into one share of Class A Common Stock. The holders of Class A stock are entitled to elect 30% of the entire Board of Directors and the holders of Class B stock are entitled to elect the remainder. On all other matters, each share of Class A stock is entitled to one tenth of one vote and each share of Class B stock is entitled to one vote. | |
During fiscal year 2014, the Board of Directors of the Company approved a share repurchase program for an additional four million shares of Class A or Class B Common Stock. During fiscal year 2014, the Company repurchased 1,248,030 shares at an average price of $50.79 per share. As of April 30, 2014, the Company has authorization from its Board of Directors to purchase up to 3,261,622 additional shares. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Note 20 - Segment Information | ||||||||||||
The Company’s operations are primarily located in the United States, Canada, Europe, Asia and Australia. Below is a description of the Company’s three operating segments: | ||||||||||||
Research serves the world’s research and scholarly communities and is the largest publisher for professional and scholarly societies. Research products include scientific, technical, medical and scholarly research journals, books, reference works, databases, clinical decision support tools, laboratory manuals and workflow tools, in the publishing areas of the physical sciences and engineering, health sciences, social science and humanities and life sciences. Research customers include academic, corporate, government, and public libraries; researchers; scientists; clinicians; engineers and technologists; scholarly and professional societies; and students and professors. The Company’s Research products are sold and distributed globally in digital and print formats through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to professional society members, bookstores, online booksellers and other customers. Publishing centers include Australia, Germany, India, Singapore, the United Kingdom and the United States. | ||||||||||||
Professional Development acquires, develops and publishes professional information and content delivered through print and digital books, test preparation, assessments, online learning services and certification and training services, Communities served include business, finance, accounting, workplace learning, management, leadership, technology, behavioral health, engineering/architecture and education. Products are developed in print and digitally for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, websites, distributor networks and other online applications. Publishing centers include Australia, Germany, India, Singapore, the United Kingdom and the United States. | ||||||||||||
Education produces education content and solutions, including online program management for higher education institutions and course management tools for instructors and students. Education offers learning solutions, innovative products and services principally delivered through college bookstores and online distributors, with customers having access to content in digital and custom print formats, as well as the traditional print textbook. Education’s cost-effective, flexible solutions are available in each of its publishing disciplines, including sciences, engineering, computer science, mathematics, business and accounting, statistics, geography, hospitality and the culinary arts, education, psychology and modern languages. Publishing centers include Asia, Australia, Canada, India, the United Kingdom and the United States. | ||||||||||||
Shared Services - The Company reports financial data for shared service functions, which are centrally managed for the benefit of the three global businesses, including Distribution, Technology Services, Occupancy and Other Administration support. The Company uses occupied square footage of space; number of employees; units shipped; specific identification/activity-based; gross profit; revenue and number of invoices to allocate shared service costs to each business segment. | ||||||||||||
Segment information is as follows (in thousands): | ||||||||||||
For the years ended April 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
RESEARCH: | ||||||||||||
Revenue | $1,044,349 | $1,009,825 | $1,040,727 | |||||||||
Direct Contribution to Profit | 447,139 | 420,963 | 452,274 | |||||||||
Allocated Shared Services and Administrative Costs: | ||||||||||||
Distribution | -44,229 | -46,009 | -47,995 | |||||||||
Technology Services | -73,238 | -66,105 | -65,734 | |||||||||
Occupancy and Other | -21,779 | -22,343 | -21,085 | |||||||||
Contribution to Profit | $307,893 | $286,506 | $317,460 | |||||||||
PROFESSIONAL DEVELOPMENT: | ||||||||||||
Revenue | $363,869 | $416,495 | $427,562 | |||||||||
Direct Contribution to Profit | 98,725 | 86,678 | 108,431 | |||||||||
Allocated Shared Services and Administrative Costs: | ||||||||||||
Distribution | -36,158 | -40,664 | -45,118 | |||||||||
Technology Services | -31,599 | -29,187 | -25,248 | |||||||||
Occupancy and Other | -10,586 | -11,381 | -13,011 | |||||||||
Contribution to Profit | $20,382 | $5,446 | $25,054 | |||||||||
EDUCATION: | ||||||||||||
Revenue | $366,977 | $334,458 | $314,453 | |||||||||
Direct Contribution to Profit | 107,956 | 103,828 | 107,711 | |||||||||
Allocated Shared Services and Administrative Costs: | ||||||||||||
Distribution | -15,286 | -15,277 | -15,945 | |||||||||
Technology Services | -34,401 | -30,727 | -27,572 | |||||||||
Occupancy and Other | -8,401 | -7,079 | -5,771 | |||||||||
Contribution to Profit | $49,868 | $50,745 | $58,423 | |||||||||
Total Contribution to Profit | $378,143 | $342,697 | $400,937 | |||||||||
Unallocated Shared Services and Administrative Costs | -171,470 | -143,270 | -120,518 | |||||||||
Foreign Exchange Transaction Losses | -8 | -2,041 | -2,261 | |||||||||
Interest Expense & Other, Net | -11,131 | -10,464 | -6,063 | |||||||||
Income Before Taxes | $195,534 | $186,922 | $272,095 | |||||||||
The following table reflects total shared services and administrative costs by function, which are included in the Allocated and Unallocated Shared Services and Administrative Costs above. The Company allocates a portion of these costs to each business segment based on the methodologies described above. | ||||||||||||
For the years ended April 30, | ||||||||||||
TOTAL SHARED SERVICES AND ADMINISTRATIVE COSTS: | 2014 | 2013 | 2012 | |||||||||
Distribution | $102,139 | $106,578 | $109,079 | |||||||||
Technology Services | 197,289 | 171,105 | 146,750 | |||||||||
Finance | 45,261 | 43,251 | 42,774 | |||||||||
Other Administration | 102,458 | 91,108 | 89,394 | |||||||||
Total | $447,147 | $412,042 | $387,997 | |||||||||
For the years ended April 30, | ||||||||||||
Total Revenue by Product/Service | 2014 | 2013 | 2012 | |||||||||
Journal Subscriptions | $678,057 | $651,790 | $660,725 | |||||||||
Print Books, Textbooks and Custom Products | 557,161 | 609,182 | 672,469 | |||||||||
Digital Books and Other Digital Products | 175,033 | 146,455 | 118,715 | |||||||||
Online Education Program Management | 70,188 | 33,745 | - | |||||||||
Online Training and Assessment | 40,201 | 29,854 | 7,553 | |||||||||
Divested Consumer Publishing Programs | - | 45,555 | 73,048 | |||||||||
Other Publishing Income | 254,555 | 244,197 | 250,232 | |||||||||
Total | $1,775,195 | $1,760,778 | $1,782,742 | |||||||||
Total Assets | ||||||||||||
Research | $1,392,373 | $1,371,082 | $1,444,114 | |||||||||
Professional Development | 554,146 | 520,703 | 548,751 | |||||||||
Education | 455,848 | 422,658 | 156,286 | |||||||||
Corporate/Shared Services | 674,998 | 491,932 | 383,795 | |||||||||
Total | $3,077,365 | $2,806,375 | $2,532,946 | |||||||||
Expenditures for Long Lived Assets | ||||||||||||
Research | $23,311 | $33,817 | $24,454 | |||||||||
Professional Development | 59,837 | 43,587 | 103,934 | |||||||||
Education | 11,935 | 240,283 | 20,729 | |||||||||
Corporate/Shared Services | 57,564 | 54,723 | 62,935 | |||||||||
Total | $152,647 | $372,410 | $212,052 | |||||||||
Depreciation and Amortization | ||||||||||||
Research | $62,664 | $60,049 | $56,335 | |||||||||
Professional Development | 28,542 | 35,434 | 34,734 | |||||||||
Education | 40,023 | 33,937 | 29,792 | |||||||||
Corporate/Shared Services | 16,868 | 20,096 | 17,230 | |||||||||
Total | 148,097 | $149,516 | $138,091 | |||||||||
Export sales from the United States to unaffiliated customers amounted to approximately $169.0 million, $150.3 million and $151.1 million in fiscal years 2014, 2013 and 2012, respectively. The pretax income for consolidated operations outside the United States was approximately $159.4 million, $156.1 million and $171.3 million in fiscal years 2014, 2013 and 2012, respectively. | ||||||||||||
Revenue from external customers based on the location of the customer and long-lived assets by geographic area were as follows (in thousands): | ||||||||||||
Long-Lived Assets | ||||||||||||
Revenue | (Technology, Property & Equipment) | |||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||
United States | $937,106 | $911,838 | $893,662 | $135,711 | $134,107 | $127,641 | ||||||
United Kingdom | 127,716 | 123,827 | 135,781 | 32,286 | 31,093 | 33,145 | ||||||
Germany | 89,107 | 84,737 | 88,314 | 12,877 | 12,492 | 13,550 | ||||||
Asia | 251,402 | 247,962 | 251,360 | 4,403 | 7,308 | 7,956 | ||||||
Australia | 79,453 | 79,958 | 81,150 | 2,712 | 3,533 | 4,400 | ||||||
Canada | 61,559 | 66,440 | 74,797 | 729 | 1,092 | 1,287 | ||||||
Other Countries | 228,852 | 246,016 | 257,678 | - | - | - | ||||||
Total | $1,775,195 | $1,760,778 | $1,782,742 | $188,718 | $189,625 | $187,979 |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Apr. 30, 2014 | |
Subsequent Event [Abstract] | ' |
Subsequent Event | ' |
Note 21- Subsequent Event | |
On May 1, 2014, the Company acquired CrossKnowledge for approximately $175 million in cash. CrossKnowledge is a learning solutions provider focused on leadership and managerial skills development that offers subscription-based, digital learning solutions for global corporations, universities, and small and medium-sized enterprises. CrossKnowledge’s solutions include managerial and leadership skills assessments, courses, certifications, content and executive training programs that are delivered on a cloud-based platform providing over 17,000 learning objects in 17 languages. Solutions can be readily customized for each individual client, providing employees with access to relevant learning and development resources in a tailored online experience. CrossKnowledge serves over five million end-users in 80 countries speaking 17 languages. CrossKnowledge reported approximately $37 million of revenue and over $9 million of EBITDA in its fiscal year ended June 30, 2013. Due to the timing of the acquisition, the Company has not yet completed the initial purchase accounting. The acquisition was financed from existing cash balances. |
Supplementary_Financial_Inform
Supplementary Financial Information | 12 Months Ended | ||||||||||
Apr. 30, 2014 | |||||||||||
Supplementary Financial Information [Abstract] | ' | ||||||||||
Supplementary Financial Information | ' | ||||||||||
Supplementary Financial Information - Results By Quarter (Unaudited) | |||||||||||
$ In millions, except per share data | 2014 | 2013 | |||||||||
Revenue | |||||||||||
First Quarter | $ | 411 | $ | 410.7 | |||||||
Second Quarter | 449.2 | 431.8 | |||||||||
Third Quarter | 457.9 | 472.4 | |||||||||
Fourth Quarter | 457.1 | 445.9 | |||||||||
Fiscal Year | $ | 1,775.20 | $ | 1,760.80 | |||||||
Gross Profit | |||||||||||
First Quarter | $ | 291.2 | $ | 283.5 | |||||||
Second Quarter | 318.8 | 302.2 | |||||||||
Third Quarter | 327.4 | 330.6 | |||||||||
Fourth Quarter | 330.9 | 312.2 | |||||||||
Fiscal Year | $ | 1,268.30 | $ | 1,228.50 | |||||||
Operating Income | |||||||||||
First Quarter (a) | $ | 35.6 | $ | 39 | |||||||
Second Quarter (b) | 50.2 | 62.9 | |||||||||
Third Quarter (c) | 73.4 | 83.6 | |||||||||
Fourth Quarter (d) | 47.5 | 13.9 | |||||||||
Fiscal Year | $ | 206.7 | $ | 199.4 | |||||||
Net Income | |||||||||||
First Quarter (a) | $ | 35.9 | $ | 36.1 | |||||||
Second Quarter (b) | 36.2 | 43.1 | |||||||||
Third Quarter (c) | 52.5 | 57.1 | |||||||||
Fourth Quarter (d) | 35.9 | 7.9 | |||||||||
Fiscal Year | $ | 160.5 | $ | 144.2 | |||||||
2014 | 2013 | ||||||||||
Income Per Share | Diluted | Basic | Diluted | Basic | |||||||
First Quarter (a) | $ | 0.61 | $ | 0.61 | $ | 0.6 | $ | 0.61 | |||
Second Quarter (b) | 0.61 | 0.62 | 0.71 | 0.72 | |||||||
Third Quarter (c) | 0.88 | 0.89 | 0.95 | 0.96 | |||||||
Fourth Quarter (d) | 0.6 | 0.61 | 0.13 | 0.14 | |||||||
Fiscal Year | $ | 2.7 | $ | 2.73 | $ | 2.39 | $ | 2.43 | |||
a) | In the first quarters of fiscal years 2014 and 2013, the Company recorded restructuring charges of $7.8 million ($5.0 million after tax or $0.08 per share) and $4.8 million ($3.5 million after tax or $0.06 per share) under its restructuring programs, respectfully. | ||||||||||
b) | In the second quarter of fiscal year 2014, the Company recorded restructuring charges of $15.3 million ($10.4 million after tax or $0.17 per share) related to the Restructuring and Reinvestment Program. In the second quarters of fiscal years 2014 and 2013, the Company recorded asset impairment charges of $4.8 million ($3.4 million after tax or $0.06 per share) and $15.5 million ($9.6 million after tax or $0.16 per share), respectively. In addition, the Company reported a gain in the second quarter of fiscal year 2013 associated with the sale of key assets of its travel publishing program of $9.8 million ($6.2 million after tax or $0.10 per share). | ||||||||||
c) | In the third quarter of fiscal year 2014, the Company recorded net restructuring charges of $4.3 million ($2.9 million after tax or $0.05 per share) related to the Restructuring and Reinvestment Program. | ||||||||||
d) | In the fourth quarters of fiscal years 2014 and 2013, the Company recorded net restructuring charges related to the Restructuring and Reinvestment Program of $15.4 million ($10.1 million after tax or $0.17 per share) and $24.5 million ($16.3 million after tax or $0.27 per share), respectively. In the fourth quarter of fiscal year 2013, the Company recorded impairment charges of $15.2 million ($11.4 million after tax or $0.19 per share). In addition, during the fourth quarter of fiscal year 2013, the Company recorded a loss of $3.8 million, ($3.6 million after tax or $0.06 per share) related to the sale of certain Professional Development consumer publishing programs and a tax charge of $2.1 million ($0.04 per share) due to published IRS positions related to the Company's ability to take certain deductions in the U.S. |
Schedule_IIVALUATION_AND_QUALI
Schedule II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Schedule II-VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ' | ||||
Schedule II-VALUATION AND QUALIFYING ACCOUNTS | ' | ||||
Schedule II | |||||
JOHN WILEY & SONS, INC., AND SUBSIDIARIES | |||||
VALUATION AND QUALIFYING ACCOUNTS | |||||
FOR THE YEARS ENDED APRIL 30, 2014, 2013, AND 2012 | |||||
(Dollars in thousands) | |||||
Additions/ (Deductions) | |||||
Balance at Beginning | Charged to | Deductions | Balance | ||
of Period | Cost & | From | at End | ||
Description | Expenses | Reserves(2) | of Period | ||
Year Ended April 30, 2014 | |||||
Allowance for Sales Returns (1) | $31,834 | $52,770 | $55,971 | $28,633 | |
Allowance for Doubtful Accounts | $7,360 | $2,441 | $1,855 | $7,946 | |
Allowance for Inventory Obsolescence | $28,243 | $18,202 | $21,358 | $25,087 | |
Year Ended April 30, 2013 | |||||
Allowance for Sales Returns (1) | $35,773 | $74,793 | $78,732 | $31,834 | |
Allowance for Doubtful Accounts | $6,850 | $1,863 | $1,353 | $7,360 | |
Allowance for Inventory Obsolescence | $33,932 | $19,930 | $25,619 | $28,243 | |
Year Ended April 30, 2012 | |||||
Allowance for Sales Returns (1) | $48,909 | $82,901 | $96,037 | $35,773 | |
Allowance for Doubtful Accounts | $19,642 | $2,111 | $14,903 | $6,850 | |
Allowance for Inventory Obsolescence | $36,917 | $23,074 | $26,059 | $33,932 | |
-1 | Allowance for Sales Returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as a reduction of Accounts Receivable with a corresponding increase in Inventories and a reduction in Accounts and Royalties Payable (See Note 2). | ||||
-2 | Deductions from reserves include foreign exchange translation adjustments and accounts written off, less recoveries. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Summary of Significant Accounting Policies [Abstract] | ' | |||
Principles of Consolidation | ' | |||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has at least a 20%, but less than a majority interest, are accounted for using the equity method of accounting. Investments in entities in which the Company has less than a 20% ownership and in which it does not exercise significant influence are accounted for using the cost method of accounting. All intercompany accounts and transactions have been eliminated in consolidation. | ||||
Use of Estimates | ' | |||
Use of Estimates: The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Reclassifications | ' | |||
Reclassifications: Certain prior year amounts have been reclassified to conform to the current year’s presentation. | ||||
Book Overdrafts | ' | |||
Book Overdrafts: Under the Company’s cash management system, a book overdraft balance exists for the Company’s primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. The Company’s funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2014 and 2013, book overdrafts of $22.8 million and $35.1 million, respectively, were included in Accounts and Royalties Payable in the Consolidated Statements of Financial Position. | ||||
Revenue Recognition | ' | |||
Revenue Recognition: The Company recognizes revenue when the following criteria are met: persuasive evidence that an arrangement exists; delivery has occurred or services have been rendered; the price to the customer is fixed or determinable; and collectability is reasonably assured. If all of the above criteria have been met, revenue is recognized upon shipment of products or when services have been rendered. Revenue related to journal subscriptions and other products and services that are generally collected in advance are deferred and recognized as earned primarily when the related issue is shipped, made available online or the service is rendered. | ||||
For calendar years 2013 and 2014, the Company offered an alternative journal subscription license model for a group of customers. Previously, those customers’ licenses were based on a commitment by the Company to provide a discrete number of online journal issues which provided for recognition of revenue by the Company as issues were published. Under this alternative model, the Company provides access to all journal content published in a calendar year and provides for recognition of revenue on a straight-line basis over the calendar year covered by the alternative license model. Collectability is evaluated based on the amount involved, the credit history of the customer, and the status of the customer’s account with the Company. | ||||
When a product is sold with multiple deliverables, the Company accounts for each deliverable within the arrangement as a separate unit of accounting due to the fact that each deliverable is also sold on a stand-alone basis. The total consideration of a multiple-element arrangement is allocated to each unit of accounting based on the price charged by the Company when it is sold separately. The Company’s multiple deliverable arrangements principally include WileyPLUS, the online course management tool for the Company’s Education business which includes a complete print or digital textbook for the course; negotiated licenses for bundles of digital content available on Wiley Online Library, the online publishing platform for the Company’s Research business; and test preparation, assessment, certification and training services sold by the Professional Development business which can include bundles of print and digital content and online workflow solutions. | ||||
When the Company’s digital content is sold through a third party, the Company is generally not the primary obligor within the arrangement since it typically is not responsible for fulfilling the customer’s order or handling any customer requests or claims. Accordingly, the Company will recognize revenue for the sale of its digital content through third parties based on the amount billed to the end customer, net of any commission owed to the third party seller of the content. Revenue is also reported net of any amounts billed to customers for taxes which are remitted to government authorities. | ||||
Cash Equivalents | ' | |||
Cash Equivalents: Cash equivalents consist of highly liquid investments with an original maturity of three months or less and are stated at cost plus accrued interest, which approximates market value. | ||||
Allowance for Doubtful Accounts | ' | |||
Allowance for Doubtful Accounts: The estimated allowance for doubtful accounts is based on a review of the aging of the accounts receivable balances, historical write-off experience, credit evaluations of customers and current market conditions. A change in the evaluation of a customer’s credit could affect the estimated allowance. The allowance for doubtful accounts is shown as a reduction of Accounts Receivable in the Consolidated Statements of Financial Position and amounted to $7.9 million and $7.4 million as of April 30, 2014 and 2013, respectively. | ||||
Sales Return Reserves | ' | |||
Sales Return Reserves: The process which the Company uses to determine its sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which the Company does business. The Company collects, maintains and analyzes significant amounts of sales returns data for large volumes of homogeneous transactions. This allows the Company to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and as to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, the Company also includes a related reduction in inventory and royalty costs as a result of the expected returns. Net sales return reserves amounted to $28.6 million and $31.8 million as of April 30, 2014 and 2013, respectively. | ||||
The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease): | ||||
2014 | 2013 | |||
Accounts Receivable | ($41,102) | ($44,279) | ||
Inventories | 6,774 | 6,862 | ||
Accounts and Royalties Payable | -5,695 | -5,583 | ||
Decrease in Net Assets | ($28,633) | ($31,834) | ||
Inventories | ' | |||
Inventories: Inventories are carried at the lower of cost or market. U.S. book inventories aggregating $41.3 million and $46.5 million at April 30, 2014 and 2013, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method. | ||||
Reserve for Inventory Obsolescence | ' | |||
Reserve for Inventory Obsolescence: A reserve for inventory obsolescence is estimated based on a review of damaged, obsolete, or otherwise unsalable inventory. The review encompasses historical unit sales trends by title; current market conditions, including estimates of customer demand compared to the number of units currently on hand; and publication revision cycles. The inventory obsolescence reserve is reported as a reduction of the Inventories balance in the Consolidated Statements of Financial Position and amounted to $25.1 million and $28.2 million as of April 30, 2014 and 2013, respectively. | ||||
Product Development Assets | ' | |||
Product Development Assets: Product development assets consist of composition costs and royalty advances. Costs associated with developing a publication are expensed until the product is determined to be commercially viable. Composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Royalty advances are capitalized and, upon publication, are recovered as royalties earned based on sales of the published works. Royalty advances are reviewed for recoverability and a reserve for loss is maintained, if appropriate. | ||||
Shipping and Handling Costs | ' | |||
Shipping and Handling Costs: Costs incurred for shipping and handling are reflected in the Operating and Administrative Expenses line item in the Consolidated Statements of Income. The Company incurred $42.2 million, $46.0 million and $50.4 million in shipping and handling costs in fiscal years 2014, 2013 and 2012, respectively. | ||||
Advertising Expense | ' | |||
Advertising Expense: Advertising costs are expensed as incurred. The Company incurred $35.2 million, $29.2 million and $24.3 million in advertising costs in fiscal years 2014, 2013 and 2012, respectively. | ||||
Technology, Property and Equipment | ' | |||
Technology, Property and Equipment: Technology, property and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed as incurred. | ||||
Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: Buildings and Leasehold Improvements – the lesser of the estimated useful life of the asset up to 40 years or the duration of the lease; Furniture and Fixtures - 3 to 10 years; Computer Hardware and Software - 3 to 10 years. | ||||
Costs incurred for computer software developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. Costs incurred during the application development stage include costs of materials and services, and payroll and payroll-related costs for employees who are directly associated with the software project. Such costs are amortized over the expected useful life of the related software which is generally 3 to 6 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred. | ||||
Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed | ' | |||
Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed: In connection with acquisitions, the Company allocates the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. Such estimates include discounted estimated cash flows to be generated by those assets and the expected useful lives based on historical experience, current market trends, and synergies to be achieved from the acquisition and the expected tax basis of assets acquired. The Company may use a third party valuation consultant to assist in the determination of such estimates. | ||||
Goodwill and Indefinite-lived Intangible Assets | ' | |||
Goodwill and Indefinite-lived Intangible Assets: Goodwill is the excess of the purchase price paid over the fair value of the net assets of the business acquired. Indefinite-lived intangible assets primarily consist of brands, trademarks, content and publishing rights and are typically characterized by intellectual property with a long and well-established revenue stream resulting from strong and well-established imprint/brand recognition in the market. Goodwill and indefinite-lived intangible assets are not amortized but are reviewed annually for impairment, or more frequently if events or changes in circumstances indicate the asset might be impaired. The Company evaluates the recoverability of indefinite-lived intangible assets by comparing the fair value of the intangible asset to its carrying value. | ||||
To evaluate the recoverability of goodwill, the Company uses a two-step impairment test approach at the reporting unit level. In the first step, the estimated fair value of the entire reporting unit is compared to its carrying value including goodwill. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the charge for goodwill impairment. In the second step, the Company determines an implied fair value of the reporting unit’s goodwill by determining the fair value of the individual assets and liabilities (including any previously unrecognized intangible assets) of the reporting unit other than goodwill. The resulting implied fair value of the goodwill is compared to the carrying amount and an impairment charge is recognized for the difference. | ||||
In certain circumstances, the Company uses a qualitative assessment as an alternative to the two-step test approach. Under this approach certain market, industry and financial performance factors are considered to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If that is the case, the two-step approach described above is then performed to evaluate the recoverability of goodwill. | ||||
Intangible Assets with Finite Lives and Other Long-Lived Assets | ' | |||
Intangible Assets with Finite Lives and Other Long-Lived Assets: Finite-lived intangible assets principally consist of brands, trademarks, content and publication rights, customer relationships and non-compete agreements and are amortized over their estimated useful lives. The most significant factors in determining the estimated life of these intangibles is the history and longevity of the brands, trademarks and content and publication rights acquired, combined with the strength of cash flows. Content and publication rights, trademarks, customer relationships and brands with finite lives are amortized on a straight-line basis over periods ranging from 5 to 40 years. Non-compete agreements are amortized over the terms of the individual agreement, generally up to 5 years. | ||||
Intangible assets with finite lives are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 32 years; customer relationships – 19 years; brands and trademarks – 11 years; non-compete agreements – 5 years. | ||||
Assets with finite lives are only evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the projected undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value based on the discounted future cash flows. | ||||
Derivative Financial Instruments | ' | |||
Derivative Financial Instruments: The Company, from time to time, enters into forward exchange and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. The Company does not use financial instruments for trading or speculative purposes. | ||||
Foreign Currency Gains/Losses | ' | |||
Foreign Currency Gains/Losses: The Company maintains operations in many non-U.S. locations. Assets and liabilities are translated into U.S. dollars using end of period exchange rates and revenues and expense are translated into U.S. dollars using weighted average rates. The Company’s significant investments in non-U.S. businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders’ Equity. During fiscal year 2014, the Company recorded $67.9 million of foreign currency translation gains primarily due to the weakening of the U.S. dollar relative to the British pound sterling and euro. Foreign currency transaction gains or losses are recognized in the Consolidated Statements of Income as incurred. | ||||
Share-Based Compensation | ' | |||
Share-Based Compensation: The Company recognizes share-based compensation expense based on the fair value of the share-based awards on the grant date, reduced by an estimate for future forfeited awards. As such, share-based compensation expense is only recognized for those awards that are expected to ultimately vest. The fair value of share-based awards is recognized in net income on a straight-line basis over the requisite service period. Share-based compensation expense associated with performance-based stock awards is based on actual financial results for targets established three years in advance. The cumulative effect on current and prior periods of a change in the estimated number of performance share awards, or estimated forfeiture rate, is recognized as an adjustment to earnings in the period of the revision. | ||||
Recently Issued Accounting Standards | ' | |||
Recently Issued Accounting Standards: In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 "Revenue From Contracts With Customers" (Topic 606) (“ASU 2014-09”), and the International Accounting Standards Board (“IASB”) published its equivalent standard, International Financial Reporting Standard (“IFRS”) 15, “Revenue from Contracts with Customers”. These joint comprehensive new revenue recognition standards will supersede most existing revenue recognition guidance and are intended to improve and converge revenue recognition and related financial reporting requirements. The standard will require companies to review contract arrangements with customers and ensure all separate performance obligations are properly recognized in compliance with the new guidance. The standard is effective for the Company on May 1, 2017 with early adoption prohibited. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “cumulative effect” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently assessing whether the adoption of the guidance will have a significant impact on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Summary of Significant Accounting Policies [Abstract] | ' | |||
Net sales return reserves by balance sheet account | ' | |||
The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease): | ||||
2014 | 2013 | |||
Accounts Receivable | ($41,102) | ($44,279) | ||
Inventories | 6,774 | 6,862 | ||
Accounts and Royalties Payable | -5,695 | -5,583 | ||
Decrease in Net Assets | ($28,633) | ($31,834) |
Reconciliation_of_Weighted_Ave1
Reconciliation of Weighted Average Shares Outstanding (Tables) | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Reconciliation of Weighted Average Shares Outstanding [Abstract] | ' | ||||
Weighted average number of shares outstanding reconciliation | ' | ||||
A reconciliation of the shares used in the computation of earnings per share for the years ended April 30 follows (in thousands): | |||||
2014 | 2013 | 2012 | |||
Weighted Average Shares Outstanding | 58,925 | 59,672 | 60,387 | ||
Less: Unearned Restricted Shares | -290 | -225 | -203 | ||
Shares Used for Basic Earnings Per Share | 58,635 | 59,447 | 60,184 | ||
Dilutive Effect of Stock Options and Other Stock Awards | 879 | 777 | 1,088 | ||
Shares Used for Diluted Earnings Per Share | 59,514 | 60,224 | 61,272 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||
Changes in accumulated other comprehensive loss by component, net of tax | ' | ||||||||
Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the fiscal year ended April 30, 2014 were as follows (in thousands): | |||||||||
Foreign | Unamortized | Interest | |||||||
Currency | Retirement | Rate | |||||||
Translation | Costs | Swaps | Total | ||||||
Balance at April 30, 2013 | ($134,539) | ($143,124) | ($969) | ($278,632) | |||||
Other comprehensive income (loss) before reclassifications | 67,875 | 10,464 | -316 | 78,023 | |||||
Amounts reclassified from accumulated other comprehensive loss | - | 9,635 | 683 | 10,318 | |||||
Total other comprehensive income | 67,875 | 20,099 | 367 | 88,341 | |||||
Balance at April 30, 2014 | ($66,664) | ($123,025) | ($602) | ($190,291) |
Restructuring_Programs_Tables
Restructuring Programs (Tables) | 12 Months Ended | ||||||
Apr. 30, 2014 | |||||||
Restructuring Charges [Abstract] | ' | ||||||
Pre-tax restructuring charges | ' | ||||||
The following table summarizes the pre-tax restructuring charges related to this program (in thousands): | |||||||
Total Charges | |||||||
2014 | 2013 | Incurred to Date | |||||
Charges by Segment: | |||||||
Research | $7,774 | $2,896 | $10,670 | ||||
Professional Development | 11,860 | 6,284 | 18,144 | ||||
Education | 891 | 1,118 | 2,009 | ||||
Shared Services | 22,197 | 14,154 | 36,351 | ||||
Total Restructuring Charges | $42,722 | $24,452 | $67,174 | ||||
Charges by Activity: | |||||||
Severance | $25,962 | $19,706 | $45,668 | ||||
Process reengineering consulting | 8,556 | 2,618 | 11,174 | ||||
Other activities | 8,204 | 2,128 | 10,332 | ||||
Total Restructuring Charges | $42,722 | $24,452 | $67,174 | ||||
Activity for Restructuring and Reinvestment Program liability | ' | ||||||
The following table summarizes the activity for the Restructuring and Reinvestment Program liability in fiscal year 2014 (in thousands): | |||||||
Foreign | |||||||
April 30, | Translation & | April 30, | |||||
2013 | Provisions | Payments | Reclassifications | 2014 | |||
Severance | $18,803 | $25,962 | ($15,820) | $310 | $29,255 | ||
Process reengineering consulting | 1,101 | 8,556 | -8,933 | -2 | 722 | ||
Other activities | - | 8,204 | -2,423 | -786 | 4,995 | ||
Total | $19,904 | $42, |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Inventories [Abstract] | ' | |||
Inventories | ' | |||
Inventories at April 30 were as follows (in thousands): | ||||
2014 | 2013 | |||
Finished Goods | $62,071 | $68,040 | ||
Work-in-Process | 6,041 | 5,890 | ||
Paper, Cloth, and Other | 5,476 | 6,577 | ||
73,588 | 80,507 | |||
Inventory Value of Estimated Sales Returns | 6,774 | 6,862 | ||
LIFO Reserve | -4,867 | -5,352 | ||
Total Inventories | $75,495 | $82,017 |
Product_Development_Assets_Tab
Product Development Assets (Tables) | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Product Development Assets [Abstract] | ' | |||
Product development assets | ' | |||
Product development assets consisted of the following at April 30 (in thousands): | ||||
2014 | 2013 | |||
Composition Costs | $45,603 | $48,861 | ||
Royalty Advances | 37,337 | 39,015 | ||
Total | $82,940 | $87,876 |
Technology_Property_and_Equipm1
Technology, Property and Equipment (Tables) | 12 Months Ended | |||
Apr. 30, 2014 | ||||
Technology, Property and Equipment [Abstract] | ' | |||
Technology, property and equipment | ' | |||
Technology, property and equipment consisted of the following at April 30 (in thousands): | ||||
2014 | 2013 | |||
Capitalized Software and Computer Hardware | $471,619 | $423,247 | ||
Buildings and Leasehold Improvements | 100,944 | 98,846 | ||
Furniture, Fixtures and Warehouse Equipment | 78,276 | 82,739 | ||
Land and Land Improvements | 4,367 | 4,025 | ||
655,206 | 608,857 | |||
Accumulated Depreciation | -466,488 | -419,232 | ||
Total |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Goodwill and Intangible Assets [Abstract] | ' | |||||||
Activity in goodwill by segment | ' | |||||||
The following table summarizes the activity in goodwill by segment as of April 30 (in thousands): | ||||||||
2013 | Acquisitions | Foreign | 2014 | |||||
Translation Adjustment | ||||||||
Research | $456,583 | $ - | $28,598 | $485,181 | ||||
Professional Development | 228,987 | 39,017 | 654 | 268,658 | ||||
Education | 149,970 | - | -144 | 149,826 | ||||
Total | $835,540 | $39,017 | $29,108 | $903,665 | ||||
Schedule of intangible assets | ' | |||||||
Intangible assets as of April 30 were as follows (in thousands): | ||||||||
2014 | 2013 | |||||||
Cost | Accumulated | Cost | Accumulated Amortization | |||||
Amortization | ||||||||
Intangible Assets with Determinable Lives | ||||||||
Content and Publishing Rights | $834,932 | ($299,105) | $790,881 | ($260,947) | ||||
Customer Relationships | 195,085 | -32,790 | 179,336 | -23,634 | ||||
Brands & Trademarks | 24,000 | -9,284 | 25,700 | -11,894 | ||||
Covenants not to Compete | 1,490 | -767 | 1,840 | -782 | ||||
1,055,507 | -341,946 | 997,757 | -297,257 | |||||
Intangible Assets with Indefinite Lives | ||||||||
Brands & Trademarks | 164,202 | - | 153,747 | - | ||||
Content and Publishing Rights | 106,898 | - | 100,710 | - | ||||
$1,326,607 | ($341,946) | $1,252,214 | ($297,257) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Income Taxes [Abstract] | ' | ||||
Provision for income taxes | ' | ||||
The provisions for income taxes for the years ended April 30 were as follows (in thousands): | |||||
2014 | 2013 | 2012 | |||
Current Provision | |||||
US – Federal | $13,541 | $23,835 | $11,253 | ||
International | 34,519 | 34,019 | 43,017 | ||
State and Local | (733) | 2,091 | 2,049 | ||
Total Current Provision | $47,327 | $59,945 | $56,319 | ||
Deferred Provision (Benefit) | |||||
US – Federal | ($1,748) | ($11,312) | $9,736 | ||
International | -10,008 | -5,553 | -7,820 | ||
State and Local | -547 | -383 | 1,114 | ||
Total Deferred Provision (Benefit) | $(12,303) | $(17,248) | $3,030 | ||
Total Provision | $35,024 | $42,697 | $59,349 | ||
International and United States pretax income | ' | ||||
International and United States pretax income for the years ended April 30 were as follows (in thousands): | |||||
2014 | 2013 | 2012 | |||
International | $159,442 | $156,114 | $171,315 | ||
United States | 36,092 | 30,808 | 100,780 | ||
Total | $195,534 | $186,922 | $272,095 | ||
Reconciliation of effective income tax rate | ' | ||||
The Company’s effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: | |||||
2014 | 2013 | 2012 | |||
U.S. Federal Statutory Rate | 35.00% | 35.00% | 35.00% | ||
Benefit from Lower Taxes on Non-US Income | -10.8 | -9.3 | -6.8 | ||
State Income Taxes, Net of U.S. Federal Tax Benefit | 0.4 | 0.6 | 0.8 | ||
Deferred Tax Benefit From Statutory Tax Rate Change | -5.4 | -4.5 | -3.2 | ||
Tax Adjustments and Other | -1.3 | 1 | -4 | ||
Effective Income Tax Rate | 17.90% | 22.80% | 21.80% | ||
Reconciliation of unrecognized tax benefits | ' | ||||
A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item in the Consolidated Statements of Financial Position follows (in thousands): | |||||
2014 | 2013 | ||||
Balance at May 1st | $25,501 | $24,252 | |||
Additions for Current Year Tax Positions | 934 | 1,182 | |||
Additions for Prior Year Tax Positions | 1,070 | 2,749 | |||
Reductions for Prior Year Tax Positions | -3,209 | -906 | |||
Foreign Translation Adjustment | 1,111 | -291 | |||
Payments | -496 | -1,089 | |||
Reductions for Lapse of Statute of Limitations | -1,085 | -396 | |||
Balance at April 30th | $23,826 | $25,501 | |||
Significant components of deferred tax assets and liabilities | ' | ||||
The significant components of deferred tax assets and liabilities at April 30 were as follows (in thousands): | |||||
2014 | 2013 | ||||
Inventory | $5,494 | $8,328 | |||
Intangible and Fixed Assets | 303,003 | 301,239 | |||
Total Deferred Tax Liabilities | $308,497 | $309,567 | |||
Net Operating Losses | $6,538 | $5,813 | |||
Reserve for Sales Returns and Doubtful Accounts | 7,965 | 6,297 | |||
Accrued Expenses | 9,981 | 11,849 | |||
Accrued Employee Compensation | 33,227 | 35,505 | |||
Retirement and Post-Employment Benefits | 46,902 | 64,680 | |||
Total Deferred Tax Assets | $104,613 | $124,144 | |||
Net Deferred Tax Liabilities | $203,884 | $185,423 | |||
Reported As | |||||
Current Deferred Tax Assets | $11,836 | $5,513 | |||
Non-current Deferred Tax Assets | 6,762 | 6,590 | |||
Non-current Deferred Tax Liabilities | 222,482 | 197,526 | |||
Net Deferred Tax Liabilities | $203,884 | $185,423 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Commitments and Contingencies [Abstract] | ' | ||||
Composition of rent expense for operating leases | ' | ||||
The following schedule shows the composition of rent expense for operating leases (in thousands): | |||||
2014 | 2013 | 2012 | |||
Minimum Rental | $40,929 | $41,899 | $43,620 | ||
Less: Sublease Rentals | -642 | -554 | -501 | ||
Total | $40,287 | $41,345 | $43,119 |
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Retirement Plans [Abstract] | ' | ||||||||
Amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year | ' | ||||||||
The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in thousands): | |||||||||
United States | Non-U.S. | Total | |||||||
Actuarial Loss | $1,319 | $6,721 | $8,040 | ||||||
Prior Service Cost | - | 113 | 113 | ||||||
Total | $1,319 | $6,834 | $8,153 | ||||||
Components of net periodic pension expense for defined benefit plans and the weighted-average assumptions | ' | ||||||||
The components of net pension expense for the defined benefit plans and the weighted-average assumptions were as follows (in thousands): | |||||||||
2014 | 2013 | 2012 | |||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | ||||
Service Cost | $ - | $8,066 | $12,701 | $6,204 | $9,951 | $6,062 | |||
Interest Cost | 12,613 | 17,144 | 12,032 | 15,784 | 12,042 | 15,862 | |||
Expected Return on Plan Assets | -14,838 | -21,607 | -12,927 | -17,975 | -11,679 | -17,412 | |||
Net Amortization of Prior Service Cost and Transition Asset | - | 124 | 854 | 127 | 902 | 133 | |||
Recognized Net Actuarial Loss | 5,681 | 7,490 | 6,050 | 3,905 | 4,444 | 670 | |||
Curtailment/Settlement Loss | - | 79 | 2,681 | - | - | - | |||
Net Pension Expense | $3,456 | $11,296 | $21,391 | $8,045 | $15,660 | $5,315 | |||
Discount Rate | 4.20% | 4.20% | 4.70% | 5.00% | 5.70% | 5.60% | |||
Rate of Compensation Increase | N/A | 3.20% | 3.10% | 3.40% | 4.00% | 4.40% | |||
Expected Return on Plan Assets | 8.00% | 6.70% | |||||||
Changes in and status of the plans' assets and benefit obligations | ' | ||||||||
The following table sets forth the changes in and the status of the plans’ assets and benefit obligations: | |||||||||
Dollars in thousands | 2014 | 2013 | |||||||
CHANGE IN PLAN ASSETS | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||
Fair Value of Plan Assets, Beginning of Year | $186,527 | $306,689 | $160,396 | $270,329 | |||||
Actual Return on Plan Assets | 22,101 | 15,459 | 22,161 | 40,844 | |||||
Employer Contributions | 9,608 | 10,396 | 13,210 | 14,311 | |||||
Employee Contributions | - | 1,770 | - | 1,892 | |||||
Settlements | - | -437 | - | - | |||||
Benefits Paid | -10,250 | -10,005 | -9,240 | -6,907 | |||||
Foreign Currency Rate Changes | - | 27,220 | - | -13,780 | |||||
Fair Value, End of Year | $207,986 | $351,092 | $186,527 | $306,689 | |||||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||||||||
Benefit Obligation, Beginning of Year | ($307,659) | ($394,278) | ($253,399) | ($326,730) | |||||
Service Cost | - | -8,066 | -12,701 | -6,204 | |||||
Interest Cost | -12,613 | -17,144 | -12,032 | -15,784 | |||||
Employee Contributions | - | -1,770 | - | -1,892 | |||||
Actuarial Gain (Loss) | 24,361 | 1,350 | -56,453 | -66,702 | |||||
Benefits Paid | 10,250 | 10,005 | 9,240 | 6,907 | |||||
Foreign Currency Rate Changes | - | -33,237 | - | 16,127 | |||||
Curtailment | - | - | 18,158 | - | |||||
Amendments and Other | - | 437 | -472 | - | |||||
Benefit Obligation, End of Year | ($285,661) | ($442,703) | ($307,659) | ($394,278) | |||||
Funded Status | ($77,673) | ($91,611) | ($121,132) | ($87,589) | |||||
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION: | |||||||||
Other Noncurrent Assets | - | 21 | - | - | |||||
Current Pension Liability | -4,091 | -580 | -3,826 | -533 | |||||
Noncurrent Pension Liability | -73,582 | -91,052 | -117,306 | -87,056 | |||||
Net Amount Recognized in Statement of Financial Position | ($77,673) | ($91,611) | ($121,132) | ($87,589) | |||||
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF (before tax) | |||||||||
Net Actuarial Loss | ($68,005) | ($107,540) | ($105,311) | ($102,083) | |||||
Prior Service Cost | - | -966 | - | -1,039 | |||||
Total Accumulated Other Comprehensive Loss | ($68,005) | ($108,506) | ($105,311) | ($103,122) | |||||
Change in Accumulated Other Comprehensive Loss | $37,306 | ($5,384) | ($19,948) | ($36,078) | |||||
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES | |||||||||
Discount Rate | 4.70% | 4.20% | 4.20% | 4.20% | |||||
Rate of Compensation Increase | N/A | 3.20% | N/A | 3.20% | |||||
Accumulated Benefit Obligations | ($285,661) | ($402,225) | ($307,659) | ($359,438) | |||||
Pension plan assets at fair value by level within the fair value hierarchy | ' | ||||||||
The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30 (in thousands): | |||||||||
2014 | 2013 | ||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||
U.S. Plan Assets | |||||||||
Equity Securities: | |||||||||
U.S. Commingled Funds | $ - | $76,534 | $76,534 | $ - | $79,449 | $79,449 | |||
Non-U.S. Commingled Funds | - | 32,815 | 32,815 | - | 33,814 | 33,814 | |||
Fixed Income Commingled Funds | - | 85,335 | 85,335 | - | 61,440 | 61,440 | |||
Real Estate | - | 13,302 | 13,302 | - | 11,824 | 11,824 | |||
Total U.S. Plan Assets | $ - | $207,986 | $207,986 | $ - | $186,527 | $186,527 | |||
Non-U.S. Plan Assets | |||||||||
Equity Securities: | |||||||||
U.S. Equities | $ - | $24,384 | $24,384 | $1,156 | $38,799 | $39,955 | |||
Non-U.S. Equities | - | 73,250 | 73,250 | 2,261 | 107,607 | 109,868 | |||
Balanced Managed Funds | 11,284 | 66,966 | 78,250 | 10,571 | 1,938 | 12,509 | |||
Fixed Income Securities: | |||||||||
Government/Sovereign Securities | - | - | - | 12,656 | 3,855 | 16,511 | |||
Fixed Income Funds | - | 164,948 | 164,948 | 15,781 | 93,233 | 109,014 | |||
Other: | |||||||||
Real Estate/Other | - | 7,455 | 7,455 | - | 15,989 | 15,989 | |||
Cash and Cash Equivalents | 2,805 | - | 2,805 | 2,843 | - | 2,843 | |||
Total Non-U.S. Plan Assets | $14,089 | $337,003 | $351,092 | $45,268 | $261,421 | $306,689 | |||
Total Plan Assets | $14,089 | $544,989 | $559,078 | $45,268 | $447,948 | $493,216 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Share Based Compensation [Abstract] | ' | |||||||||||
Estimated weighted average fair value for options granted each period | ' | |||||||||||
The following table provides the estimated weighted average fair value for options granted each period using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of the Company’s Common Stock price over the estimated life of the option while, the dividend yield is based on the expected dividend payments to be made by the Company. | ||||||||||||
For the Years | ||||||||||||
Ended April 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Fair Value of Options on Grant Date | $10.12 | $12.26 | $14.11 | |||||||||
Weighted Average assumptions: | ||||||||||||
Expected Life of Options (years) | 7.4 | 7.3 | 7.3 | |||||||||
Risk-Free Interest Rate | 2.10% | 1.20% | 2.30% | |||||||||
Expected Volatility | 30.50% | 30.20% | 29.00% | |||||||||
Expected Dividend Yield | 2.50% | 2.00% | 1.60% | |||||||||
Fair Value of Common Stock on Grant Date | $39.53 | $48.06 | $49.55 | |||||||||
Summary of activity and status of stock option plans | ' | |||||||||||
A summary of the activity and status of the Company’s stock option plans follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Options (in 000’s) | Weighted Average Exercise Price | Weighted Average Remaining Term (in years) | Aggregate | Options (in 000’s) | Weighted Average Exercise Price | Options (in 000’s) | Weighted Average Exercise Price | |||||
Intrinsic Value (in millions) | ||||||||||||
Outstanding at Beginning of Year | 3,732 | $42.85 | 4,130 | $40.74 | 4,258 | $38.52 | ||||||
Granted | 322 | $39.53 | 394 | $48.06 | 411 | $49.55 | ||||||
Exercised | -1,421 | $42.57 | -784 | $34.44 | -539 | $29.97 | ||||||
Expired or Forfeited | -125 | $47.65 | -8 | $35.00 | - | - | ||||||
Outstanding at End of Year | 2,508 | $42.34 | 5.7 | $37.90 | 3,732 | $42.85 | 4,130 | $40.74 | ||||
Exercisable at End of Year | 1,191 | $39.16 | 3.7 | $21.80 | 2,166 | $42.45 | 2,301 | $40.08 | ||||
Vested and Expected to Vest in the Future at April 30, 2014 | 2,432 | $42.38 | 5.7 | $36.70 | 3,603 | $42.93 | ||||||
Summary of stock options outstanding and exercisable, by range of exercise prices | ' | |||||||||||
The following table summarizes information about stock options outstanding and exercisable at April 30, 2014: | ||||||||||||
Options Outstanding | Options Exercisable | |||||||||||
Number of Options | Weighted Average Remaining Term (in years) | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | ||||||||
Range of | (in 000’s) | (in 000’s) | ||||||||||
Exercise Prices | ||||||||||||
$31.89 to $35.04 | 576 | 3.5 | $34.75 | 576 | $34.75 | |||||||
$38.55 to $39.53 | 459 | 6.7 | $39.23 | 141 | $38.55 | |||||||
$40.02 to $47.55 | 558 | 5.3 | $42.19 | 354 | $43.45 | |||||||
$48.06 to $49.55 | 915 | 6.9 | $48.77 | 120 | $48.46 | |||||||
Total/Average | 2,508 | 5.7 | $42.34 | |||||||||
Summary of activity for performance-based and other restricted stock awards | ' | |||||||||||
Activity for performance-based and other restricted stock awards during fiscal years 2014, 2013 and 2012 was as follows (shares in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Restricted Shares | Weighted Average Grant Date Value | Restricted Shares | Restricted Shares | |||||||||
Nonvested Shares at Beginning of Year | 837 | $43.39 | 1,042 | 904 | ||||||||
Granted | 348 | $40.85 | 296 | 272 | ||||||||
Change in shares due to performance | -92 | $49.32 | -227 | 31 | ||||||||
Vested and Issued | -256 | $38.01 | -237 | -159 | ||||||||
Forfeited | -92 | $42.71 | -37 | -6 | ||||||||
Nonvested Shares at End of Year |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Apr. 30, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Segment information | ' | |||||||||||
Segment information is as follows (in thousands): | ||||||||||||
For the years ended April 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
RESEARCH: | ||||||||||||
Revenue | $1,044,349 | $1,009,825 | $1,040,727 | |||||||||
Direct Contribution to Profit | 447,139 | 420,963 | 452,274 | |||||||||
Allocated Shared Services and Administrative Costs: | ||||||||||||
Distribution | -44,229 | -46,009 | -47,995 | |||||||||
Technology Services | -73,238 | -66,105 | -65,734 | |||||||||
Occupancy and Other | -21,779 | -22,343 | -21,085 | |||||||||
Contribution to Profit | $307,893 | $286,506 | $317,460 | |||||||||
PROFESSIONAL DEVELOPMENT: | ||||||||||||
Revenue | $363,869 | $416,495 | $427,562 | |||||||||
Direct Contribution to Profit | 98,725 | 86,678 | 108,431 | |||||||||
Allocated Shared Services and Administrative Costs: | ||||||||||||
Distribution | -36,158 | -40,664 | -45,118 | |||||||||
Technology Services | -31,599 | -29,187 | -25,248 | |||||||||
Occupancy and Other | -10,586 | -11,381 | -13,011 | |||||||||
Contribution to Profit | $20,382 | $5,446 | $25,054 | |||||||||
EDUCATION: | ||||||||||||
Revenue | $366,977 | $334,458 | $314,453 | |||||||||
Direct Contribution to Profit | 107,956 | 103,828 | 107,711 | |||||||||
Allocated Shared Services and Administrative Costs: | ||||||||||||
Distribution | -15,286 | -15,277 | -15,945 | |||||||||
Technology Services | -34,401 | -30,727 | -27,572 | |||||||||
Occupancy and Other | -8,401 | -7,079 | -5,771 | |||||||||
Contribution to Profit | $49,868 | $50,745 | $58,423 | |||||||||
Total Contribution to Profit | $378,143 | $342,697 | $400,937 | |||||||||
Unallocated Shared Services and Administrative Costs | -171,470 | -143,270 | -120,518 | |||||||||
Foreign Exchange Transaction Losses | -8 | -2,041 | -2,261 | |||||||||
Interest Expense & Other, Net | -11,131 | -10,464 | -6,063 | |||||||||
Income Before Taxes | $195,534 | $186,922 | $272,095 | |||||||||
The following table reflects total shared services and administrative costs by function, which are included in the Allocated and Unallocated Shared Services and Administrative Costs above. The Company allocates a portion of these costs to each business segment based on the methodologies described above. | ||||||||||||
For the years ended April 30, | ||||||||||||
TOTAL SHARED SERVICES AND ADMINISTRATIVE COSTS: | 2014 | 2013 | 2012 | |||||||||
Distribution | $102,139 | $106,578 | $109,079 | |||||||||
Technology Services | 197,289 | 171,105 | 146,750 | |||||||||
Finance | 45,261 | 43,251 | 42,774 | |||||||||
Other Administration | 102,458 | 91,108 | 89,394 | |||||||||
Total | $447,147 | $412,042 | $387,997 | |||||||||
For the years ended April 30, | ||||||||||||
Total Revenue by Product/Service | 2014 | 2013 | 2012 | |||||||||
Journal Subscriptions | $678,057 | $651,790 | $660,725 | |||||||||
Print Books, Textbooks and Custom Products | 557,161 | 609,182 | 672,469 | |||||||||
Digital Books and Other Digital Products | 175,033 | 146,455 | 118,715 | |||||||||
Online Education Program Management | 70,188 | 33,745 | - | |||||||||
Online Training and Assessment | 40,201 | 29,854 | 7,553 | |||||||||
Divested Consumer Publishing Programs | - | 45,555 | 73,048 | |||||||||
Other Publishing Income | 254,555 | 244,197 | 250,232 | |||||||||
Total | $1,775,195 | $1,760,778 | $1,782,742 | |||||||||
Total Assets | ||||||||||||
Research | $1,392,373 | $1,371,082 | $1,444,114 | |||||||||
Professional Development | 554,146 | 520,703 | 548,751 | |||||||||
Education | 455,848 | 422,658 | 156,286 | |||||||||
Corporate/Shared Services | 674,998 | 491,932 | 383,795 | |||||||||
Total | $3,077,365 | $2,806,375 | $2,532,946 | |||||||||
Expenditures for Long Lived Assets | ||||||||||||
Research | $23,311 | $33,817 | $24,454 | |||||||||
Professional Development | 59,837 | 43,587 | 103,934 | |||||||||
Education | 11,935 | 240,283 | 20,729 | |||||||||
Corporate/Shared Services | 57,564 | 54,723 | 62,935 | |||||||||
Total | $152,647 | $372,410 | $212,052 | |||||||||
Depreciation and Amortization | ||||||||||||
Research | $62,664 | $60,049 | $56,335 | |||||||||
Professional Development | 28,542 | 35,434 | 34,734 | |||||||||
Education | 40,023 | 33,937 | 29,792 | |||||||||
Corporate/Shared Services | 16,868 | 20,096 | 17,230 | |||||||||
Total | 148,097 | $149,516 | $138,091 | |||||||||
Revenue from external customers based on location of the customer and long-lived assets by geographical area | ' | |||||||||||
Revenue from external customers based on the location of the customer and long-lived assets by geographic area were as follows (in thousands): | ||||||||||||
Long-Lived Assets | ||||||||||||
Revenue | (Technology, Property & Equipment) | |||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||
United States | $937,106 | $911,838 | $893,662 | $135,711 | $134,107 | $127,641 | ||||||
United Kingdom | 127,716 | 123,827 | 135,781 | 32,286 | 31,093 | 33,145 | ||||||
Germany | 89,107 | 84,737 | 88,314 | 12,877 | 12,492 | 13,550 | ||||||
Asia | 251,402 | 247,962 | 251,360 | 4,403 | 7,308 | 7,956 | ||||||
Australia | 79,453 | 79,958 | 81,150 | 2,712 | 3,533 | 4,400 | ||||||
Canada | 61,559 | 66,440 | 74,797 | 729 | 1,092 | 1,287 | ||||||
Other Countries | 228,852 | 246,016 | 257,678 | - | - | - | ||||||
Total | $1,775,195 | $1,760,778 | $1,782,742 | $188,718 | $189,625 | $187,979 |
Description_of_Business_Detail
Description of Business (Details) | 12 Months Ended |
Apr. 30, 2014 | |
CoreBusinesses | |
Description of Business [Abstract] | ' |
Number of core businesses | 3 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Reclassifications [Line Items] | ' | ' | ' |
Allowance for doubtful accounts | $7,900,000 | $7,400,000 | ' |
Net Sales Return Reserves by Balance Sheet Location [Abstract] | ' | ' | ' |
Net sales return reserves | -28,633,000 | -31,834,000 | ' |
LIFO inventories | 41,300,000 | 46,500,000 | ' |
Inventory obsolescence reserve | 25,100,000 | 28,200,000 | ' |
Shipping and handling costs | 42,200,000 | 46,000,000 | 50,400,000 |
Advertising costs | 35,200,000 | 29,200,000 | 24,300,000 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Foreign currency translation gains (losses) | 67,900,000 | ' | ' |
Share-based Compensation [Abstract] | ' | ' | ' |
Actual financial results in advance for targets established for share based compensation expense | '3 years | ' | ' |
Building and Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life | '40 years | ' | ' |
Content and Publishing Rights [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life, average | '32 years | ' | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life, average | '19 years | ' | ' |
Brands and Trademarks [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life, average | '11 years | ' | ' |
Covenants not to Compete [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life, average | '5 years | ' | ' |
Accounts Receivable [Member] | ' | ' | ' |
Net Sales Return Reserves by Balance Sheet Location [Abstract] | ' | ' | ' |
Net sales return reserves | -41,102,000 | -44,279,000 | ' |
Inventory [Member] | ' | ' | ' |
Net Sales Return Reserves by Balance Sheet Location [Abstract] | ' | ' | ' |
Net sales return reserves | 6,774,000 | 6,862,000 | ' |
Accounts and Royalties Payable [Member] | ' | ' | ' |
Net Sales Return Reserves by Balance Sheet Location [Abstract] | ' | ' | ' |
Net sales return reserves | -5,695,000 | -5,583,000 | ' |
From Accounts Receivable to Accounts and Royalties Payable [Member] | ' | ' | ' |
Reclassifications [Line Items] | ' | ' | ' |
Book overdrafts | $22,800,000 | $35,100,000 | ' |
Minimum [Member] | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' |
Percentage of ownership interest accounted using equity method of accounting (in hundredths) | 20.00% | ' | ' |
Product Development [Abstract] | ' | ' | ' |
Estimated useful life of composition costs | '1 year | ' | ' |
Minimum [Member] | Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life | '3 years | ' | ' |
Minimum [Member] | Computer Hardware and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life | '3 years | ' | ' |
Minimum [Member] | Software Development [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life | '3 years | ' | ' |
Minimum [Member] | Content and publication rights, trademarks, customer relationships and brands [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life, average | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' |
Percentage of ownership interest accounted using cost method of accounting (in hundredths) | 20.00% | ' | ' |
Product Development [Abstract] | ' | ' | ' |
Estimated useful life of composition costs | '3 years | ' | ' |
Maximum [Member] | Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life | '10 years | ' | ' |
Maximum [Member] | Computer Hardware and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life | '10 years | ' | ' |
Maximum [Member] | Software Development [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful life | '6 years | ' | ' |
Maximum [Member] | Content and publication rights, trademarks, customer relationships and brands [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-lived intangible assets, useful life, average | '40 years | ' | ' |
Reconciliation_of_Weighted_Ave2
Reconciliation of Weighted Average Shares Outstanding (Details) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | ' | ' | ' |
Weighted Average Shares Outstanding (in shares) | 58,925,000 | 59,672,000 | 60,387,000 |
Less: Unearned Restricted Shares (in shares) | -290,000 | -225,000 | -203,000 |
Shares Used for Basic Earnings Per Share (in shares) | 58,635,000 | 59,447,000 | 60,184,000 |
Dilutive Effect of Stock Options and Other Stock Awards (in shares) | 879,000 | 777,000 | 1,088,000 |
Shares Used for Diluted Earnings Per Share (in shares) | 59,514,000 | 60,224,000 | 61,272,000 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive shares excluded for diluted EPS calculation (in shares) | 389,400 | 2,716,244 | 1,655,362 |
Restricted Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive shares excluded for diluted EPS calculation (in shares) | ' | 23,000 | 10,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended |
Apr. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance | ($278,632,000) |
Other comprehensive income (loss) before reclassifications | 78,023,000 |
Amounts reclassified from accumulated other comprehensive loss | 10,318,000 |
Total other comprehensive income | 88,341,000 |
Balance | -190,291,000 |
Pension expense amortized from Accumulated Other Comprehensive Loss | 13,400,000 |
Foreign Currency Translation [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance | -134,539,000 |
Other comprehensive income (loss) before reclassifications | 67,875,000 |
Amounts reclassified from accumulated other comprehensive loss | 0 |
Total other comprehensive income | 67,875,000 |
Balance | -66,664,000 |
Unamortized Retirement Costs [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance | -143,124,000 |
Other comprehensive income (loss) before reclassifications | 10,464,000 |
Amounts reclassified from accumulated other comprehensive loss | 9,635,000 |
Total other comprehensive income | 20,099,000 |
Balance | -123,025,000 |
Interest Rate Swaps [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance | -969,000 |
Other comprehensive income (loss) before reclassifications | -316,000 |
Amounts reclassified from accumulated other comprehensive loss | 683,000 |
Total other comprehensive income | 367,000 |
Balance | ($602,000) |
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Feb. 16, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Oct. 25, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 01, 2014 | Apr. 30, 2014 | |
Inscape [Member] | Inscape [Member] | Inscape [Member] | Inscape [Member] | Deltak.edu, LLC [Member] | Deltak.edu, LLC [Member] | Deltak.edu, LLC [Member] | Efficient Learning Systems [Member] | Efficient Learning Systems [Member] | Efficient Learning Systems [Member] | Profiles International [Member] | Profiles International [Member] | ||||||||||||
Professional | Client | ||||||||||||||||||||||
Country | |||||||||||||||||||||||
Language | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $85,000,000 | ' | ' | ' | $220,000,000 | ' | ' | $24,000,000 | ' | ' | $48,000,000 | ' |
Purchase price allocation, identifiable long-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,900,000 | ' | ' | ' | 99,400,000 | ' | ' | 6,500,000 | ' | ' | 22,900,000 | ' |
Purchase price allocation, long-term deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,400,000 | ' | ' | ' | 34,400,000 | ' | ' | 2,900,000 | ' | ' | 9,500,000 | ' |
Purchase price allocation, technology | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | 2,900,000 | ' |
Goodwill | 903,665,000 | ' | ' | ' | 835,540,000 | ' | ' | ' | 903,665,000 | 835,540,000 | ' | 56,800,000 | ' | ' | ' | 150,000,000 | ' | ' | 17,000,000 | ' | ' | 39,000,000 | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,400,000 | ' | ' | ' | 34,400,000 | ' | ' | 2,900,000 | ' | ' | 9,500,000 | ' |
Working capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' |
Estimated useful life of intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' |
Revenue | 457,100,000 | 457,900,000 | 449,200,000 | 411,000,000 | 445,900,000 | 472,400,000 | 431,800,000 | 410,700,000 | 1,775,195,000 | 1,760,778,000 | 1,782,742,000 | ' | 24,500,000 | 21,600,000 | 3,300,000 | ' | 70,200,000 | 33,700,000 | ' | 8,000,000 | 3,700,000 | 27,000,000 | 1,900,000 |
Number of professionals prepared for CPA exams | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000 | ' | ' | ' |
Number of enterprise clients served | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' |
Number of countries enterprise clients are served | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120 | ' |
Number of languages in which enterprise clients are served | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | ' |
Earnings before income taxes, depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||
Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | $42,722,000 | $24,452,000 | ' | $67,174,000 |
Restructuring charges | 15,400,000 | 4,300,000 | 15,300,000 | 7,800,000 | 24,500,000 | 4,800,000 | 42,722,000 | 29,293,000 | 0 | ' |
After tax restructuring charge | 10,100,000 | 2,900,000 | 10,400,000 | 5,000,000 | 16,300,000 | 3,500,000 | 28,300,000 | 19,800,000 | ' | ' |
Restructuring charge (in dollars per share) | $0.17 | $0.05 | $0.17 | $0.08 | $0.27 | $0.06 | $0.48 | $0.33 | ' | ' |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Liability, Beginning Balance | ' | ' | ' | 19,904,000 | ' | ' | 19,904,000 | ' | ' | ' |
Provisions | 15,400,000 | 4,300,000 | 15,300,000 | 7,800,000 | 24,500,000 | 4,800,000 | 42,722,000 | 29,293,000 | 0 | ' |
Payments | ' | ' | ' | ' | ' | ' | -27,176,000 | ' | ' | ' |
Foreign Translation & Reclassifications | ' | ' | ' | ' | ' | ' | -478,000 | ' | ' | ' |
Restructuring Liability, Ending Balance | 34,972,000 | ' | ' | ' | 19,904,000 | ' | 34,972,000 | 19,904,000 | ' | 34,972,000 |
Severance payments | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' |
Severance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 25,962,000 | 19,706,000 | ' | 45,668,000 |
Restructuring charges | ' | ' | ' | ' | ' | ' | 25,962,000 | ' | ' | ' |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Liability, Beginning Balance | ' | ' | ' | 18,803,000 | ' | ' | 18,803,000 | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | 25,962,000 | ' | ' | ' |
Payments | ' | ' | ' | ' | ' | ' | -15,820,000 | ' | ' | ' |
Foreign Translation & Reclassifications | ' | ' | ' | ' | ' | ' | 310,000 | ' | ' | ' |
Restructuring Liability, Ending Balance | 29,255,000 | ' | ' | ' | 18,803,000 | ' | 29,255,000 | 18,803,000 | ' | 29,255,000 |
Process Reengineering Consulting [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 8,556,000 | 2,618,000 | ' | 11,174,000 |
Restructuring charges | ' | ' | ' | ' | ' | ' | 8,556,000 | ' | ' | ' |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Liability, Beginning Balance | ' | ' | ' | 1,101,000 | ' | ' | 1,101,000 | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | 8,556,000 | ' | ' | ' |
Payments | ' | ' | ' | ' | ' | ' | -8,933,000 | ' | ' | ' |
Foreign Translation & Reclassifications | ' | ' | ' | ' | ' | ' | -2,000 | ' | ' | ' |
Restructuring Liability, Ending Balance | 722,000 | ' | ' | ' | 1,101,000 | ' | 722,000 | 1,101,000 | ' | 722,000 |
Other Activities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 8,204,000 | 2,128,000 | ' | 10,332,000 |
Restructuring charges | ' | ' | ' | ' | ' | ' | 8,204,000 | ' | ' | ' |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Liability, Beginning Balance | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | 8,204,000 | ' | ' | ' |
Payments | ' | ' | ' | ' | ' | ' | -2,423,000 | ' | ' | ' |
Foreign Translation & Reclassifications | ' | ' | ' | ' | ' | ' | -786,000 | ' | ' | ' |
Restructuring Liability, Ending Balance | 4,995,000 | ' | ' | ' | 0 | ' | 4,995,000 | 0 | ' | 4,995,000 |
Other Activities [Member] | Other Accrued Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Liability, Ending Balance | 2,000,000 | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | 2,000,000 |
Other Activities [Member] | Other Long-Term Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Liability, Ending Balance | 3,000,000 | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | 3,000,000 |
Other Restructuring Programs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 4,800,000 | ' | ' | ' |
After tax restructuring charge | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' |
Restructuring charge (in dollars per share) | ' | ' | ' | ' | ' | ' | $0.06 | ' | ' | ' |
Research [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 7,774,000 | 2,896,000 | ' | 10,670,000 |
Restructuring charge net of credits | 1,000,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | 1,000,000 |
Research [Member] | Other Restructuring Programs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Professional Development [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 11,860,000 | 6,284,000 | ' | 18,144,000 |
Restructuring charge net of credits | 1,200,000 | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | 1,200,000 |
Professional Development [Member] | Other Restructuring Programs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' |
Education [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 891,000 | 1,118,000 | ' | 2,009,000 |
Education [Member] | Other Restructuring Programs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Shared Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total restructuring charge | ' | ' | ' | ' | ' | ' | $22,197,000 | $14,154,000 | ' | $36,351,000 |
Impairment_Charges_Details
Impairment Charges (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Apr. 30, 2013 |
Technology Investments [Member] | Technology Investments [Member] | Culinary, CliffsNotes, and Webster's New World and Publishing Programs [Member] | Inventory and Royalty Advances [Member] | Controlled Circulation Publishing Assets [Member] | |||
Impaired Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pretax impairment charge | $4.80 | $30.70 | $4.80 | $5.30 | $12.10 | $3.40 | $9.90 |
Impairment of long lived assets to be disposed of, net of tax | 3.4 | 21 | 3.4 | 3.2 | 7.5 | 2.1 | 8.2 |
Impairment of long lived assets to be disposed of, per share (in dollars per share) | $0.06 | $0.35 | $0.06 | $0.05 | $0.12 | $0.04 | $0.14 |
Assets held-for-sale after impairment | ' | ' | ' | ' | 9.9 | ' | ' |
Proceeds from sale of key assets of business | ' | ' | ' | ' | $11 | ' | ' |
Gain_Net_of_Losses_on_Sale_of_1
Gain (Net of Losses) on Sale of Consumer Publishing Programs (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Jul. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Impaired Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Pre-tax gain (loss) on sale of key assets | ' | ' | $0 | $5,983,000 | $0 |
After tax gain (loss) on sale of key assets of business (in dollars per share) | ($0.06) | $0.10 | ' | ' | ' |
Travel Publishing Program [Member] | ' | ' | ' | ' | ' |
Impaired Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sale of key assets of business | ' | ' | ' | 22,000,000 | ' |
Amount held in escrow | ' | ' | ' | 3,300,000 | ' |
Pre-tax gain (loss) on sale of key assets | ' | ' | ' | 9,800,000 | ' |
After tax gain (loss) on sale | ' | ' | ' | 6,200,000 | ' |
After tax gain (loss) on sale of key assets of business (in dollars per share) | ' | ' | ' | $0.10 | ' |
Fee earned in connection with the service agreement | ' | ' | ' | 500,000 | ' |
Culinary, CliffsNotes, and Webster's New World and Publishing Programs [Member] | ' | ' | ' | ' | ' |
Impaired Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sale of key assets of business | ' | ' | ' | 11,000,000 | ' |
Amount held in escrow | ' | ' | ' | 1,100,000 | ' |
Fee earned in connection with the service agreement | ' | ' | ' | 1,500,000 | ' |
Other Consumer Publishing Programs [Member] | ' | ' | ' | ' | ' |
Impaired Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sale of key assets of business | ' | ' | ' | 1,000,000 | ' |
Pre-tax gain (loss) on sale of key assets | ' | ' | ' | -3,800,000 | ' |
After tax gain (loss) on sale | ' | ' | ' | ($3,600,000) | ' |
After tax gain (loss) on sale of key assets of business (in dollars per share) | ' | ' | ' | ($0.06) | ' |
Inventories_Details
Inventories (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished Goods | $62,071 | $68,040 |
Work-in-Process | 6,041 | 5,890 |
Paper, Cloth, and Other | 5,476 | 6,577 |
Gross Inventory | 73,588 | 80,507 |
Inventory Value of Estimated Sales Returns | 6,774 | 6,862 |
LIFO Reserve | -4,867 | -5,352 |
Total Inventories | $75,495 | $82,017 |
Product_Development_Assets_Det
Product Development Assets (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
Schedule of Product Development Assets [Line Items] | ' | ' |
Product development assets | $82,940,000 | $87,876,000 |
Accumulated amortization of composition costs | 201,400,000 | 179,900,000 |
Composition Costs [Member] | ' | ' |
Schedule of Product Development Assets [Line Items] | ' | ' |
Product development assets | 45,603,000 | 48,861,000 |
Royalty Advances [Member] | ' | ' |
Schedule of Product Development Assets [Line Items] | ' | ' |
Product development assets | $37,337,000 | $39,015,000 |
Technology_Property_and_Equipm2
Technology, Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Technology, property and equipment, gross | $655,206,000 | $608,857,000 | ' |
Accumulated Depreciation | -466,488,000 | -419,232,000 | ' |
Total | 188,718,000 | 189,625,000 | ' |
Net book value of capitalized software costs | 105,400,000 | 98,900,000 | ' |
Capitalized software amortization | 36,500,000 | 33,100,000 | 26,000,000 |
Capitalized Software and Computer Hardware [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Technology, property and equipment, gross | 471,619,000 | 423,247,000 | ' |
Buildings and Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Technology, property and equipment, gross | 100,944,000 | 98,846,000 | ' |
Furniture, Fixtures and Warehouse Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Technology, property and equipment, gross | 78,276,000 | 82,739,000 | ' |
Land and Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Technology, property and equipment, gross | $4,367,000 | $4,025,000 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | $835,540,000 | ' |
Acquisitions | 39,017,000 | ' |
Foreign Translation Adjustment | 29,108,000 | ' |
Ending balance | 903,665,000 | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets with determinable lives, at cost | 1,055,507,000 | 997,757,000 |
Intangible assets with determinable lives, accumulated amortization | -341,946,000 | -297,257,000 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Intangible assets with indefinite lives, at cost | 1,326,609,000 | 1,252,214,000 |
Intangible assets with indefinite lives, accumulated amortization | -341,946,000 | -297,257,000 |
Estimated future amortization expense related to intangible assets [Abstract] | ' | ' |
2015 | 46,000,000 | ' |
2016 | 44,000,000 | ' |
2017 | 42,000,000 | ' |
2018 | 39,000,000 | ' |
2019 | 36,000,000 | ' |
Content and Publishing Rights [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Intangible assets with indefinite lives, at cost | 106,898,000 | 100,710,000 |
Intangible assets with indefinite lives, accumulated amortization | 0 | 0 |
Brands and Trademarks [Member] | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' |
Intangible assets with indefinite lives, at cost | 164,202,000 | 153,747,000 |
Intangible assets with indefinite lives, accumulated amortization | 0 | 0 |
Brands and Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets with determinable lives, at cost | 24,000,000 | 25,700,000 |
Intangible assets with determinable lives, accumulated amortization | -9,284,000 | -11,894,000 |
Content and Publishing Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets with determinable lives, at cost | 834,932,000 | 790,881,000 |
Intangible assets with determinable lives, accumulated amortization | -299,105,000 | -260,947,000 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets with determinable lives, at cost | 195,085,000 | 179,336,000 |
Intangible assets with determinable lives, accumulated amortization | -32,790,000 | -23,634,000 |
Covenants not to Compete [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets with determinable lives, at cost | 1,490,000 | 1,840,000 |
Intangible assets with determinable lives, accumulated amortization | -767,000 | -782,000 |
Research [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 456,583,000 | ' |
Acquisitions | 0 | ' |
Foreign Translation Adjustment | 28,598,000 | ' |
Ending balance | 485,181,000 | ' |
Professional Development [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 228,987,000 | ' |
Acquisitions | 39,017,000 | ' |
Foreign Translation Adjustment | 654,000 | ' |
Ending balance | 268,658,000 | ' |
Education [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | 149,970,000 | ' |
Acquisitions | 0 | ' |
Foreign Translation Adjustment | -144,000 | ' |
Ending balance | $149,826,000 | ' |
Income_Taxes_Details
Income Taxes (Details) | 12 Months Ended | ||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2013 | |
USD ($) | USD ($) | USD ($) | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | Foreign Tax Authority [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | ||||
Current provision [Abstract] | ' | ' | ' | ' | ' | ' | ' |
US - Federal | $13,541,000 | $23,835,000 | $11,253,000 | ' | ' | ' | ' |
International | 34,519,000 | 34,019,000 | 43,017,000 | ' | ' | ' | ' |
State and local | -733,000 | 2,091,000 | 2,049,000 | ' | ' | ' | ' |
Total Current Provision | 47,327,000 | 59,945,000 | 56,319,000 | ' | ' | ' | ' |
Deferred provision (benefit) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
US - Federal | -1,748,000 | -11,312,000 | 9,736,000 | ' | ' | ' | ' |
International | -10,008,000 | -5,553,000 | -7,820,000 | ' | ' | ' | ' |
State and local | -547,000 | -383,000 | 1,114,000 | ' | ' | ' | ' |
Total Deferred Provision (Benefit) | -12,303,000 | -17,248,000 | 3,030,000 | ' | ' | ' | ' |
Total Provision | 35,024,000 | 42,697,000 | 59,349,000 | ' | ' | ' | ' |
Foreign and domestic pretax income [Abstract] | ' | ' | ' | ' | ' | ' | ' |
International | 159,442,000 | 156,114,000 | 171,315,000 | ' | ' | ' | ' |
United States | 36,092,000 | 30,808,000 | 100,780,000 | ' | ' | ' | ' |
Income Before Taxes | 195,534,000 | 186,922,000 | 272,095,000 | ' | ' | ' | ' |
Effective income tax rate reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' |
U.S. Federal Statutory Rate (in hundredths) | 35.00% | 35.00% | 35.00% | ' | ' | ' | ' |
Benefit from Lower Taxes on Non-US Income (in hundredths) | -10.80% | -9.30% | -6.80% | ' | ' | ' | ' |
State Income Taxes, Net of U.S. Federal Tax Benefit (in hundredths) | 0.40% | 0.60% | 0.80% | ' | ' | ' | ' |
Deferred Tax Benefit From Statutory Tax Rate Change (in hundredths) | -5.40% | -4.50% | -3.20% | ' | ' | ' | ' |
Tax Adjustments and Other (in hundredths) | -1.30% | 1.00% | -4.00% | ' | ' | ' | ' |
Effective Income Tax Rate (in hundredths) | 17.90% | 22.80% | 21.80% | ' | ' | ' | ' |
Non-cash deferred tax benefit associated with new tax legislation enacted in the U.K. | 10,600,000 | 8,400,000 | 8,800,000 | ' | ' | ' | ' |
Deferred tax benefits (in dollars per share) | $0.18 | $0.14 | $0.14 | ' | ' | ' | ' |
Corporate income tax rate, U.K. (in hundredths) | 3.00% | 2.00% | 2.00% | ' | ' | ' | ' |
Income tax statutory rate for UK in 2014 (in hundredths) | 21.00% | ' | ' | ' | ' | ' | ' |
Income tax statutory rate for UK in 2015 (in hundredths) | 20.00% | ' | ' | ' | ' | ' | ' |
Recorded tax benefits due to expiration of statute of limitations | 2,600,000 | 700,000 | 10,900,000 | ' | ' | ' | ' |
Release of income tax reserve | ' | ' | 7,500,000 | ' | ' | ' | ' |
Tax charge due to Company's ability to take certain deductions | ' | 2,100,000 | ' | ' | ' | ' | ' |
Accounting for uncertainty in income taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | 23,826,000 | 25,501,000 | 24,252,000 | ' | ' | ' | ' |
Accruals for interest and penalties | 3,200,000 | 3,100,000 | ' | ' | ' | ' | ' |
Net interest and penalties charged to tax expense on outstanding unrecognized tax benefit | 100,000 | 300,000 | ' | ' | ' | ' | ' |
Total amount of unrecognized tax benefits that, if recognized, would reduce the Company's income tax provision | 23,200,000 | 23,800,000 | ' | ' | ' | ' | ' |
Reconciliation of unrecognized tax benefits [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at May 1st | 25,501,000 | 24,252,000 | ' | ' | ' | ' | ' |
Additions for Current Year Tax Positions | 934,000 | 1,182,000 | ' | ' | ' | ' | ' |
Additions for Prior Year Tax Positions | 1,070,000 | 2,749,000 | ' | ' | ' | ' | ' |
Reductions for Prior Year Tax Positions | -3,209,000 | -906,000 | ' | ' | ' | ' | ' |
Foreign Translation Adjustment | 1,111,000 | -291,000 | ' | ' | ' | ' | ' |
Payments | -496,000 | -1,089,000 | ' | ' | ' | ' | ' |
Reductions for Lapse of Statute of Limitations | -1,085,000 | -396,000 | ' | ' | ' | ' | ' |
Balance at April 30th | 23,826,000 | 25,501,000 | 24,252,000 | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Expected tax benefits derived from the step-up | ' | ' | ' | ' | 50,000,000 | ' | ' |
Expected tax benefits amortization | ' | ' | ' | '15 years | '15 years | ' | ' |
Deposits related to amortization claimed on certain stepped up assets | ' | ' | ' | ' | 9,000,000 | ' | 33,000,000 |
Additional deposits for future deposits | ' | ' | ' | ' | 15,000,000 | ' | ' |
Expected interest rate on deposits (in hundredths) | ' | ' | ' | 6.00% | 6.00% | ' | ' |
Deposits and accrued interest income | ' | ' | ' | 64,000,000 | ' | ' | ' |
Benefits from income tax provision for accrued interest income | ' | ' | ' | 1,700,000 | ' | 900,000 | ' |
Significant components of deferred tax assets and liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Inventory | 5,494,000 | 8,328,000 | ' | ' | ' | ' | ' |
Intangible and Fixed Assets | 303,003,000 | 301,239,000 | ' | ' | ' | ' | ' |
Total Deferred Tax Liabilities | 308,497,000 | 309,567,000 | ' | ' | ' | ' | ' |
Net Operating Losses | 6,538,000 | 5,813,000 | ' | ' | ' | ' | ' |
Reserve for Sales Returns and Doubtful Accounts | 7,965,000 | 6,297,000 | ' | ' | ' | ' | ' |
Accrued Expenses | 9,981,000 | 11,849,000 | ' | ' | ' | ' | ' |
Accrued Employee Compensation | 33,227,000 | 35,505,000 | ' | ' | ' | ' | ' |
Retirement and Post-Employment Benefits | 46,902,000 | 64,680,000 | ' | ' | ' | ' | ' |
Total Deferred Tax Assets | 104,613,000 | 124,144,000 | ' | ' | ' | ' | ' |
Net Deferred Tax Liabilities | 203,884,000 | 185,423,000 | ' | ' | ' | ' | ' |
Reported As [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Current Deferred Tax Assets | 11,836,000 | 5,513,000 | ' | ' | ' | ' | ' |
Non-current Deferred Tax Assets | 6,762,000 | 6,590,000 | ' | ' | ' | ' | ' |
Non-current Deferred Tax Liabilities | 222,482,000 | 197,526,000 | ' | ' | ' | ' | ' |
Earnings of non-U.S. subsidiaries [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Accumulated undistributed earnings of non-U.S subsidiaries | $599,000,000 | ' | ' | ' | ' | ' | ' |
Debt_and_Available_Credit_Faci1
Debt and Available Credit Facilities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Credit Facilities [Line Items] | ' | ' |
Amount of financing available under credit facilities | $952.70 | ' |
Unused lines of credit | 252.6 | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving Credit Facility | 700.1 | 673 |
Amount outstanding for line of credit facility | 0 | 0 |
Margin over federal funds effective rate used to calculate lenders base rate | 0.50% | ' |
Margin over Eurocurrency rate used to calculate lenders base rate | 1.00% | ' |
Weighted average interest rate on long-term debt outstanding during the period (in hundredths) | 1.82% | 1.93% |
Weighted average interest rate on long-term debt at period end (in hundredths) | 1.99% | 1.86% |
Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate, option 2, minimum applicable margin over basis (in hundredths) | 1.05% | ' |
Interest rate, option 2, maximum applicable margin over basis (in hundredths) | 0.00% | ' |
Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate, option 2, minimum applicable margin over basis (in hundredths) | 1.65% | ' |
Interest rate, option 2, maximum applicable margin over basis (in hundredths) | 0.65% | ' |
Senior Revolving Credit Facility [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Amount of financing available under credit facilities | 700 | ' |
Term of debt instrument | '5 years | ' |
Increase in facility's credit limit | 940 | 825 |
Facility fee, minimum (in hundredths) | 0.20% | ' |
Facility fee, maximum (in hundredths) | 0.35% | ' |
Optional credit limit increase available on request | 160 | ' |
Minimum increments in which optional credit limit increase may be requested | 50 | ' |
Other Credit Facilities [Member] | ' | ' |
Credit Facilities [Line Items] | ' | ' |
Amount of financing available under credit facilities | $12.70 | ' |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Interest expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Net losses reclassified from Accumulated Other Comprehensive Loss | $1.30 | $1.60 | $0.80 |
Unrecognized loss to be reclassified into net income in the next twelve months | 1.1 | ' | ' |
Interest rate swaps [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Fair value of derivative instrument | -1 | -1.6 | ' |
Deferred loss on interest rate swap recorded as Other Accrued Liabilities | -0.7 | ' | ' |
Deferred loss on interest rate swap recorded as Other Long Term Liabilities | -0.3 | -1.6 | ' |
Interest rate swaps [Member] | January 2014 Interest rate swap (variable rate loans) [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Inception date | 15-Jan-14 | ' | ' |
Fixed interest rate (in hundredths) | 0.47% | ' | ' |
Description of variable rate basis | 'one-month LIBOR | ' | ' |
Basis of variable interest rate, reference rate reset period (in months) | '1 | ' | ' |
Term of derivative instrument | '2 years | ' | ' |
Expiration date | 15-Jan-16 | ' | ' |
Notional amount of derivative liability | 150 | ' | ' |
Interest rate swaps [Member] | March 2012 Interest rate swap (variable rate loans) [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Inception date | 30-Mar-12 | ' | ' |
Fixed interest rate (in hundredths) | 0.65% | ' | ' |
Description of variable rate basis | 'one-month LIBOR | ' | ' |
Basis of variable interest rate, reference rate reset period (in months) | '1 | ' | ' |
Term of derivative instrument | '3 years | ' | ' |
Expiration date | 31-Mar-15 | ' | ' |
Notional amount of derivative liability | 150 | 250 | ' |
Forward exchange contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Expiration date | ' | 16-May-13 | ' |
Notional amount of derivative liability | ' | 30 | ' |
Number of open forward exchange contracts | ' | 1 | ' |
Forward exchange contracts [Member] | Foreign exchange transaction losses [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
(Losses)/gains recognized on derivative instruments | -0.4 | -0.6 | 2.4 |
Gain on fair value of derivative instruments | ' | 0.1 | ' |
Fair value, fair value disclosure [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Variable rate loans outstanding | $700.10 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Composition of rent expense [Abstract] | ' | ' | ' |
Minimum Rental | $40,929,000 | $41,899,000 | $43,620,000 |
Less: Sublease Rentals | -642,000 | -554,000 | -501,000 |
Total | 40,287,000 | 41,345,000 | 43,119,000 |
Operating leases, future minimum payments due [Abstract] | ' | ' | ' |
Future minimum payments under operating leases | 173,200,000 | ' | ' |
Annual minimum payments, 2015 | 39,000,000 | ' | ' |
Annual minimum payments, 2016 | 36,500,000 | ' | ' |
Annual minimum payments, 2017 | 35,000,000 | ' | ' |
Annual minimum payments, 2018 | 21,500,000 | ' | ' |
Annual minimum payments, 2019 | $16,900,000 | ' | ' |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | ' | ' | ' |
Actuarial Loss | $8,040,000 | ' | ' |
Prior Service Cost | 113,000 | ' | ' |
Total | 8,153,000 | ' | ' |
Supplemental retirement benefits [Abstract] | ' | ' | ' |
Term of supplemental retirement benefits | '10 years | ' | ' |
Decrease in pension benefit liabilities | ' | 18,200,000 | ' |
Decrease in accumulated other comprehensive loss after-tax due to decrease in pension benefit liabilities | ' | 11,300,000 | ' |
Curtailment expense | ' | 2,700,000 | ' |
Retirement plans with accumulated benefit obligations in excess of plan assets [Abstract] | ' | ' | ' |
Projected benefit obligation for plans with accumulated benefit obligations in excess of plan assets | 711,000,000 | 683,500,000 | ' |
Accumulated benefit obligation for plans with accumulated benefit obligations in excess of plan assets | 676,900,000 | 655,000,000 | ' |
Fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets | 546,300,000 | 480,700,000 | ' |
Minimum percentage of market value of plan assets for calculating corridor method (in hundredths) | 10.00% | ' | ' |
Reduction of pension expense | 1,200,000 | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets, Beginning of Year | 493,216,000 | ' | ' |
Fair Value, End of Year | 559,078,000 | 493,216,000 | ' |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | ' | ' | ' |
Curtailment | ' | 2,700,000 | ' |
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | ' | ' | ' |
Current Pension Liability | -4,671,000 | -4,359,000 | ' |
Pension plan assets/investments [Abstract] | ' | ' | ' |
Equity securities, target allocation percentage (in hundredths) | 52.00% | ' | ' |
Fixed income securities and cash, target allocation percentage (in hundredths) | 46.00% | ' | ' |
Real estate, target allocation percentage (in hundredths) | 2.00% | ' | ' |
Acceptable ranges within which asset allocations will fluctuate (in hundredths) | 5.00% | ' | ' |
Future employer contributions [Abstract] | ' | ' | ' |
Expected employer contributions to the defined benefit pension plans | 14,600,000 | ' | ' |
Minimum amounts required for the Company's non-U.S. plans | 10,400,000 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 559,078,000 | 493,216,000 | ' |
Expected future benefit payments [Abstract] | ' | ' | ' |
2015 | 18,100,000 | ' | ' |
2016 | 19,700,000 | ' | ' |
2017 | 20,300,000 | ' | ' |
2018 | 21,900,000 | ' | ' |
2019 | 22,500,000 | ' | ' |
2020 through 2024 | 128,900,000 | ' | ' |
Other postretirement benefits [Abstract] | ' | ' | ' |
Accumulated post-retirement benefit obligation for contributory life insurance and health care benefits | 6,200,000 | 6,300,000 | ' |
Defined contribution savings plan expense | 900,000 | 800,000 | 700,000 |
Employer contribution in defined contribution savings plans | 13,900,000 | 9,200,000 | 9,100,000 |
Expense recorded in defined contribution savings plans | 15,700,000 | 9,200,000 | 9,100,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 14,089,000 | 45,268,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 14,089,000 | 45,268,000 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 544,989,000 | 447,948,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 544,989,000 | 447,948,000 | ' |
U.S. Plans [Member] | ' | ' | ' |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | ' | ' | ' |
Actuarial Loss | 1,319,000 | ' | ' |
Prior Service Cost | 0 | ' | ' |
Total | 1,319,000 | ' | ' |
Supplemental retirement benefits [Abstract] | ' | ' | ' |
Curtailment expense | 0 | 18,158,000 | ' |
Defined benefit plans, net periodic benefit cost [Abstract] | ' | ' | ' |
Service Cost | 0 | 12,701,000 | 9,951,000 |
Interest Cost | 12,613,000 | 12,032,000 | 12,042,000 |
Expected Return on Plan Assets | -14,838,000 | -12,927,000 | -11,679,000 |
Net Amortization of Prior Service Cost and Transition Asset | 0 | 854,000 | 902,000 |
Recognized Net Actuarial Loss | 5,681,000 | 6,050,000 | 4,444,000 |
Curtailment/Settlement Loss | 0 | 2,681,000 | 0 |
Net Pension Expense | 3,456,000 | 21,391,000 | 15,660,000 |
Weighted-average assumptions [Abstract] | ' | ' | ' |
Discount Rate (in hundredths) | 4.20% | 4.70% | 5.70% |
Rate of Compensation Increase (in hundredths) | ' | 3.10% | 4.00% |
Expected Return on Plan Assets (in hundredths) | 8.00% | 8.00% | 8.00% |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets, Beginning of Year | 186,527,000 | 160,396,000 | ' |
Actual Return on Plan Assets | 22,101,000 | 22,161,000 | ' |
Employer Contributions | 9,608,000 | 13,210,000 | ' |
Employee Contributions | 0 | 0 | ' |
Settlements | 0 | 0 | ' |
Benefits Paid | -10,250,000 | -9,240,000 | ' |
Foreign Currency Rate Changes | 0 | 0 | ' |
Fair Value, End of Year | 207,986,000 | 186,527,000 | 160,396,000 |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | ' | ' | ' |
Benefit Obligation, Beginning of Year | -307,659,000 | -253,399,000 | ' |
Service Cost | 0 | -12,701,000 | -9,951,000 |
Interest Cost | -12,613,000 | -12,032,000 | -12,042,000 |
Employee Contributions | 0 | 0 | ' |
Actuarial Gain (Loss) | 24,361,000 | -56,453,000 | ' |
Benefits Paid | 10,250,000 | 9,240,000 | ' |
Foreign Currency Rate Changes | 0 | 0 | ' |
Curtailment | 0 | 18,158,000 | ' |
Amendments and Other | 0 | -472,000 | ' |
Benefit Obligation, End of Year | -285,661,000 | -307,659,000 | -253,399,000 |
Funded Status | -77,673,000 | -121,132,000 | ' |
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | ' | ' | ' |
Other Noncurrent Assets | 0 | 0 | ' |
Current Pension Liability | -4,091,000 | -3,826,000 | ' |
Noncurrent Pension Liability | -73,582,000 | -117,306,000 | ' |
Net Amount Recognized in Statement of Financial Position | -77,673,000 | -121,132,000 | ' |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF (before tax) [Abstract] | ' | ' | ' |
Net Actuarial Loss | -68,005,000 | -105,311,000 | ' |
Prior Service Cost | 0 | 0 | ' |
Total Accumulated Other Comprehensive Loss | -68,005,000 | -105,311,000 | ' |
Change in Accumulated Other Comprehensive Loss | 37,306,000 | -19,948,000 | ' |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | ' | ' | ' |
Discount Rate (in hundredths) | 4.70% | 4.20% | ' |
Rate of Compensation Increase (in hundredths) | ' | ' | ' |
Accumulated Benefit Obligations | -285,661,000 | -307,659,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 207,986,000 | 186,527,000 | 160,396,000 |
U.S. Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 207,986,000 | 186,527,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 207,986,000 | 186,527,000 | ' |
U.S. Plans [Member] | U.S. Commingled Funds [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 76,534,000 | 79,449,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 76,534,000 | 79,449,000 | ' |
U.S. Plans [Member] | U.S. Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Plans [Member] | U.S. Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 76,534,000 | 79,449,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 76,534,000 | 79,449,000 | ' |
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 32,815,000 | 33,814,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 32,815,000 | 33,814,000 | ' |
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 32,815,000 | 33,814,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 32,815,000 | 33,814,000 | ' |
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 85,335,000 | 61,440,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 85,335,000 | 61,440,000 | ' |
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 85,335,000 | 61,440,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 85,335,000 | 61,440,000 | ' |
U.S. Plans [Member] | Real Estate [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 13,302,000 | 11,824,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 13,302,000 | 11,824,000 | ' |
U.S. Plans [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
U.S. Plans [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 13,302,000 | 11,824,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 13,302,000 | 11,824,000 | ' |
Non-U.S. Plans [Member] | ' | ' | ' |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | ' | ' | ' |
Actuarial Loss | 6,721,000 | ' | ' |
Prior Service Cost | 113,000 | ' | ' |
Total | 6,834,000 | ' | ' |
Supplemental retirement benefits [Abstract] | ' | ' | ' |
Curtailment expense | 0 | 0 | ' |
Defined benefit plans, net periodic benefit cost [Abstract] | ' | ' | ' |
Service Cost | 8,066,000 | 6,204,000 | 6,062,000 |
Interest Cost | 17,144,000 | 15,784,000 | 15,862,000 |
Expected Return on Plan Assets | -21,607,000 | -17,975,000 | -17,412,000 |
Net Amortization of Prior Service Cost and Transition Asset | 124,000 | 127,000 | 133,000 |
Recognized Net Actuarial Loss | 7,490,000 | 3,905,000 | 670,000 |
Curtailment/Settlement Loss | 79,000 | 0 | 0 |
Net Pension Expense | 11,296,000 | 8,045,000 | 5,315,000 |
Weighted-average assumptions [Abstract] | ' | ' | ' |
Discount Rate (in hundredths) | 4.20% | 5.00% | 5.60% |
Rate of Compensation Increase (in hundredths) | 3.20% | 3.40% | 4.40% |
Expected Return on Plan Assets (in hundredths) | 6.70% | 6.80% | 6.80% |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value of Plan Assets, Beginning of Year | 306,689,000 | 270,329,000 | ' |
Actual Return on Plan Assets | 15,459,000 | 40,844,000 | ' |
Employer Contributions | 10,396,000 | 14,311,000 | ' |
Employee Contributions | 1,770,000 | 1,892,000 | ' |
Settlements | -437,000 | 0 | ' |
Benefits Paid | -10,005,000 | -6,907,000 | ' |
Foreign Currency Rate Changes | 27,220,000 | -13,780,000 | ' |
Fair Value, End of Year | 351,092,000 | 306,689,000 | 270,329,000 |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | ' | ' | ' |
Benefit Obligation, Beginning of Year | -394,278,000 | -326,730,000 | ' |
Service Cost | -8,066,000 | -6,204,000 | -6,062,000 |
Interest Cost | -17,144,000 | -15,784,000 | -15,862,000 |
Employee Contributions | -1,770,000 | -1,892,000 | ' |
Actuarial Gain (Loss) | 1,350,000 | -66,702,000 | ' |
Benefits Paid | 10,005,000 | 6,907,000 | ' |
Foreign Currency Rate Changes | -33,237,000 | 16,127,000 | ' |
Curtailment | 0 | 0 | ' |
Amendments and Other | 437,000 | 0 | ' |
Benefit Obligation, End of Year | -442,703,000 | -394,278,000 | -326,730,000 |
Funded Status | -91,611,000 | -87,589,000 | ' |
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | ' | ' | ' |
Other Noncurrent Assets | 21,000 | 0 | ' |
Current Pension Liability | -580,000 | -533,000 | ' |
Noncurrent Pension Liability | -91,052,000 | -87,056,000 | ' |
Net Amount Recognized in Statement of Financial Position | -91,611,000 | -87,589,000 | ' |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF (before tax) [Abstract] | ' | ' | ' |
Net Actuarial Loss | -107,540,000 | -102,083,000 | ' |
Prior Service Cost | -966,000 | -1,039,000 | ' |
Total Accumulated Other Comprehensive Loss | -108,506,000 | -103,122,000 | ' |
Change in Accumulated Other Comprehensive Loss | -5,384,000 | -36,078,000 | ' |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | ' | ' | ' |
Discount Rate (in hundredths) | 4.20% | 4.20% | ' |
Rate of Compensation Increase (in hundredths) | 3.20% | 3.20% | ' |
Accumulated Benefit Obligations | -402,225,000 | -359,438,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 351,092,000 | 306,689,000 | 270,329,000 |
Non-U.S. Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 14,089,000 | 45,268,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 14,089,000 | 45,268,000 | ' |
Non-U.S. Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 337,003,000 | 261,421,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 337,003,000 | 261,421,000 | ' |
Non-U.S. Plans [Member] | U.S. Equities [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 24,384,000 | 39,955,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 24,384,000 | 39,955,000 | ' |
Non-U.S. Plans [Member] | U.S. Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 1,156,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 1,156,000 | ' |
Non-U.S. Plans [Member] | U.S. Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 24,384,000 | 38,799,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 24,384,000 | 38,799,000 | ' |
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 73,250,000 | 109,868,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 73,250,000 | 109,868,000 | ' |
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 2,261,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 2,261,000 | ' |
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 73,250,000 | 107,607,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 73,250,000 | 107,607,000 | ' |
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 78,250,000 | 12,509,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 78,250,000 | 12,509,000 | ' |
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 11,284,000 | 10,571,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 11,284,000 | 10,571,000 | ' |
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 66,966,000 | 1,938,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 66,966,000 | 1,938,000 | ' |
Non-U.S. Plans [Member] | Government/Sovereign Securities [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 16,511,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 16,511,000 | ' |
Non-U.S. Plans [Member] | Government/Sovereign Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 12,656,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 12,656,000 | ' |
Non-U.S. Plans [Member] | Government/Sovereign Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 3,855,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 3,855,000 | ' |
Non-U.S. Plans [Member] | Fixed Income Funds [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 164,948,000 | 109,014,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 164,948,000 | 109,014,000 | ' |
Non-U.S. Plans [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 15,781,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 15,781,000 | ' |
Non-U.S. Plans [Member] | Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 164,948,000 | 93,233,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 164,948,000 | 93,233,000 | ' |
Non-U.S. Plans [Member] | Real Estate/Other [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 7,455,000 | 15,989,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 7,455,000 | 15,989,000 | ' |
Non-U.S. Plans [Member] | Real Estate/Other [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 0 | 0 | ' |
Non-U.S. Plans [Member] | Real Estate/Other [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 7,455,000 | 15,989,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 7,455,000 | 15,989,000 | ' |
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 2,805,000 | 2,843,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 2,805,000 | 2,843,000 | ' |
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 2,805,000 | 2,843,000 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | 2,805,000 | 2,843,000 | ' |
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
CHANGE IN PLAN ASSETS [Roll Forward] | ' | ' | ' |
Fair Value, End of Year | 0 | 0 | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' |
Fair Value of Plan Assets | $0 | $0 | ' |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employee retirement age limit under retirement plans | '60 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employee retirement age limit under retirement plans | '65 years | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding, number of options (in shares) | 2,508,000 | ' | ' |
Options outstanding, weighted average remaining term | '5 years 8 months 12 days | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $42.34 | ' | ' |
Options exercisable, number of options (in shares) | 1,191,000 | ' | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $39.16 | ' | ' |
$31.89 to $35.04 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding, number of options (in shares) | 576,000 | ' | ' |
Options outstanding, weighted average remaining term | '3 years 6 months | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $34.75 | ' | ' |
Options exercisable, number of options (in shares) | 576,000 | ' | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $34.75 | ' | ' |
$38.55 to $39.53 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding, number of options (in shares) | 459,000 | ' | ' |
Options outstanding, weighted average remaining term | '6 years 8 months 12 days | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $39.23 | ' | ' |
Options exercisable, number of options (in shares) | 141,000 | ' | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $38.55 | ' | ' |
$40.02 to $47.55 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding, number of options (in shares) | 558,000 | ' | ' |
Options outstanding, weighted average remaining term | '5 years 3 months 18 days | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $42.19 | ' | ' |
Options exercisable, number of options (in shares) | 354,000 | ' | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $43.45 | ' | ' |
$48.06 to $49.55 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Options outstanding, number of options (in shares) | 915,000 | ' | ' |
Options outstanding, weighted average remaining term | '6 years 10 months 24 days | ' | ' |
Options outstanding, weighted average exercise price (in dollars per share) | $48.77 | ' | ' |
Options exercisable, number of options (in shares) | 120,000 | ' | ' |
Options exercisable, weighted average exercise price (in dollars per share) | $48.46 | ' | ' |
Minimum [Member] | $31.89 to $35.04 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Range of exercise prices, lower limit (in dollars per share) | $31.89 | ' | ' |
Range of exercise prices, upper limit (in dollars per share) | $35.04 | ' | ' |
Minimum [Member] | $38.55 to $39.53 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Range of exercise prices, lower limit (in dollars per share) | $38.55 | ' | ' |
Range of exercise prices, upper limit (in dollars per share) | $39.53 | ' | ' |
Minimum [Member] | $40.02 to $47.55 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Range of exercise prices, lower limit (in dollars per share) | $40.02 | ' | ' |
Range of exercise prices, upper limit (in dollars per share) | $47.55 | ' | ' |
Minimum [Member] | $48.06 to $49.55 [Member] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' |
Range of exercise prices, lower limit (in dollars per share) | $48.06 | ' | ' |
Range of exercise prices, upper limit (in dollars per share) | $49.55 | ' | ' |
2009 Key Employee Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Class A common shares authorized for issuance under the plan (in shares) | 8,000,000 | ' | ' |
Remaining shares available for future issuance under the plan (in shares) | 5,183,438 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise price of stock options granted as required by the plan (in hundredths) | 100.00% | ' | ' |
Maximum period for which options are exercisable | '10 years | ' | ' |
Vesting percentage on first vesting date (in hundredths) | 50.00% | ' | ' |
First vesting date | '4th | ' | ' |
Vesting percentage on second vesting date (in hundredths) | 50.00% | ' | ' |
Second vesting date | '5th | ' | ' |
Weighted-average Black Scholes fair value assumptions by stock option grants [Abstract] | ' | ' | ' |
Fair value of options on grant date (in dollars per share) | $10.12 | $12.26 | $14.11 |
Expected life of options | '7 years 4 months 24 days | '7 years 3 months 18 days | '7 years 3 months 18 days |
Risk-free interest rate (in hundredths) | 2.10% | 1.20% | 2.30% |
Expected volatility (in hundredths) | 30.50% | 30.20% | 29.00% |
Expected dividend yield (in hundredths) | 2.50% | 2.00% | 1.60% |
Fair value of common stock on grant date (in dollars per share) | $39.53 | $48.06 | $49.55 |
Stock Options Outstanding and Exercisable [Roll Forward] | ' | ' | ' |
Outstanding at beginning of year (in shares) | 3,732,000 | 4,130,000 | 4,258,000 |
Granted (in shares) | 322,000 | 394,000 | 411,000 |
Exercised (in shares) | -1,421,000 | -784,000 | -539,000 |
Expired or forfeited (in shares) | -125,000 | -8,000 | 0 |
Outstanding at end of year (in shares) | 2,508,000 | 3,732,000 | 4,130,000 |
Exercisable at end of year (in shares) | 1,191,000 | 2,166,000 | 2,301,000 |
Vested and expected to vest in the future at end of year (in shares) | 2,432,000 | 3,603,000 | ' |
Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Outstanding at beginning of year (in dollars per share) | $42.85 | $40.74 | $38.52 |
Granted (in dollars per share) | $39.53 | $48.06 | $49.55 |
Exercised (in dollars per share) | $42.57 | $34.44 | $29.97 |
Expired or forfeited (in dollars per share) | $47.65 | $35 | $0 |
Outstanding at end of year (in dollars per share) | $42.34 | $42.85 | $40.74 |
Exercisable at end of year (in dollars per share) | $39.16 | $42.45 | $40.08 |
Vested and expected to vest in the future at end of year (in dollars per share) | $42.38 | $42.93 | ' |
Weighted Average Remaining Term [Abstract] | ' | ' | ' |
Outstanding at end of year | '5 years 8 months 12 days | ' | ' |
Exercisable at end of year | '3 years 8 months 12 days | ' | ' |
Vested and expected to vest in the future at end of year | '5 years 8 months 12 days | ' | ' |
Average Intrinsic Value [Abstract] | ' | ' | ' |
Outstanding at end of year | $37.90 | ' | ' |
Exercisable at end of year | 21.8 | ' | ' |
Vested and expected to vest in the future at end of year | 36.7 | ' | ' |
Stock-based Compensation [Abstract] | ' | ' | ' |
Total intrinsic value of options exercised | 12.4 | 10.6 | 10.7 |
Total grant date fair value of stock options vested | 6.4 | ' | ' |
Unrecognized share-based compensation expense | 4.5 | ' | ' |
Maximum recognition period for unrecognized share-based compensation | '5 years | ' | ' |
Weighted average recognition period for unrecognized share-based compensation | '2 years 2 months 12 days | ' | ' |
Performance-based Restricted Stock Awards [Member] | ' | ' | ' |
Stock-based Compensation [Abstract] | ' | ' | ' |
Unrecognized share-based compensation expense | 17.6 | ' | ' |
Maximum recognition period for unrecognized share-based compensation | '5 years | ' | ' |
Weighted average recognition period for unrecognized share-based compensation | '3 years | ' | ' |
Period for achievement of performance-based targets | '3 years | ' | ' |
Restricted shares vesting rate (in hundredths) | 50.00% | ' | ' |
Weighted Average Grant Date Value [Abstract] | ' | ' | ' |
Total grant date fair value of restricted shares vested | $9.70 | $9 | $7.50 |
Restricted Shares [Member] | ' | ' | ' |
Restricted Shares [Roll Forward] | ' | ' | ' |
Nonvested shares at beginning of year (in shares) | 837,000 | 1,042,000 | 904,000 |
Granted (in shares) | 348,000 | 296,000 | 272,000 |
Change in shares due to performance (in shares) | -92,000 | -227,000 | 31,000 |
Vested and issued (in shares) | -256,000 | -237,000 | -159,000 |
Forfeited (in shares) | -92,000 | -37,000 | -6,000 |
Nonvested shares at end of year (in shares) | 745,000 | 837,000 | 1,042,000 |
Weighted Average Grant Date Value [Abstract] | ' | ' | ' |
Nonvested shares at beginning of year (in dollars per share) | $43.39 | ' | ' |
Granted (in dollars per share) | $40.85 | ' | ' |
Change in shares due to performance (in dollars per share) | $49.32 | ' | ' |
Vested and issued (in dollars per share) | $38.01 | ' | ' |
Forfeited (in dollars per share) | $42.71 | ' | ' |
Nonvested shares at end of year (in dollars per share) | $43.40 | $43.39 | ' |
Director Stock Plan [Member] | ' | ' | ' |
Weighted Average Grant Date Value [Abstract] | ' | ' | ' |
Annual award value (in hundredths) | 100.00% | ' | ' |
Shares awarded under the plan (in shares) | 12,408 | 13,437 | 12,474 |
Capital_Stock_and_Changes_in_C1
Capital Stock and Changes in Capital Accounts (Details) (USD $) | 12 Months Ended |
Apr. 30, 2014 | |
Share Repurchase Program [Abstract] | ' |
Additional shares of common stock approved for repurchase under the share repurchase program (in shares) | 4,000,000 |
Number of shares repurchased during the period (in shares) | 1,248,030 |
Average price of shares repurchased during the period (in dollars per share) | $50.79 |
Remaining number of shares authorized to be repurchased under the share repurchase program (in shares) | 3,261,622 |
Class A [Member] | ' |
Common Stock [Abstract] | ' |
Class A Common shares into which each share of Class B Common Stock is convertible (in shares) | 1 |
Percentage of the Board of Directors elected by Class A common stockholders (in hundredths) | 30.00% |
Number of votes to which each share of common stock is entitled | 0.1 |
Class B [Member] | ' |
Common Stock [Abstract] | ' |
Number of votes to which each share of common stock is entitled | 1 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Segment | |||||||||||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $457,100 | $457,900 | $449,200 | $411,000 | $445,900 | $472,400 | $431,800 | $410,700 | $1,775,195 | $1,760,778 | $1,782,742 |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | 447,147 | 412,042 | 387,997 |
Foreign exchange transaction losses | ' | ' | ' | ' | ' | ' | ' | ' | -8 | -2,041 | -2,261 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 195,534 | 186,922 | 272,095 |
Total assets | 3,077,365 | ' | ' | ' | 2,806,375 | ' | ' | ' | 3,077,365 | 2,806,375 | 2,532,946 |
Expenditures for long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 152,647 | 372,410 | 212,052 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 148,097 | 149,516 | 138,091 |
Journal Subscriptions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 678,057 | 651,790 | 660,725 |
Print Books, Textbooks and Custom Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 557,161 | 609,182 | 672,469 |
Digital Books and Other Digital Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 175,033 | 146,455 | 118,715 |
Online Education Program Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 70,188 | 33,745 | 0 |
Online Training and Assessment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 40,201 | 29,854 | 7,553 |
Divested Consumer Publishing Programs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 45,555 | 73,048 |
Other Publishing Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 254,555 | 244,197 | 250,232 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution to Profit | ' | ' | ' | ' | ' | ' | ' | ' | 378,143 | 342,697 | 400,937 |
Operating Segments [Member] | Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | 102,139 | 106,578 | 109,079 |
Operating Segments [Member] | Technology Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | 197,289 | 171,105 | 146,750 |
Operating Segments [Member] | Finance [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | 45,261 | 43,251 | 42,774 |
Operating Segments [Member] | Other Administration [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | 102,458 | 91,108 | 89,394 |
Operating Segments [Member] | Research [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,044,349 | 1,009,825 | 1,040,727 |
Direct contribution to profit | ' | ' | ' | ' | ' | ' | ' | ' | 447,139 | 420,963 | 452,274 |
Contribution to Profit | ' | ' | ' | ' | ' | ' | ' | ' | 307,893 | 286,506 | 317,460 |
Total assets | 1,392,372 | ' | ' | ' | 1,371,082 | ' | ' | ' | 1,392,372 | 1,371,082 | 1,444,114 |
Expenditures for long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 23,311 | 33,817 | 24,454 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 62,664 | 60,049 | 56,335 |
Operating Segments [Member] | Research [Member] | Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -44,229 | -46,009 | -47,995 |
Operating Segments [Member] | Research [Member] | Technology Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -73,238 | -66,105 | -65,734 |
Operating Segments [Member] | Research [Member] | Occupancy and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -21,779 | -22,343 | -21,085 |
Operating Segments [Member] | Professional Development [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 363,869 | 416,495 | 427,562 |
Direct contribution to profit | ' | ' | ' | ' | ' | ' | ' | ' | 98,725 | 86,678 | 108,431 |
Contribution to Profit | ' | ' | ' | ' | ' | ' | ' | ' | 20,382 | 5,446 | 25,054 |
Total assets | 554,146 | ' | ' | ' | 520,703 | ' | ' | ' | 554,146 | 520,703 | 548,751 |
Expenditures for long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 59,837 | 43,587 | 103,934 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 28,542 | 35,434 | 34,734 |
Operating Segments [Member] | Professional Development [Member] | Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -36,158 | -40,664 | -45,118 |
Operating Segments [Member] | Professional Development [Member] | Technology Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -31,599 | -29,187 | -25,248 |
Operating Segments [Member] | Professional Development [Member] | Occupancy and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -10,586 | -11,381 | -13,011 |
Operating Segments [Member] | Education [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 366,977 | 334,458 | 314,453 |
Direct contribution to profit | ' | ' | ' | ' | ' | ' | ' | ' | 107,956 | 103,828 | 107,711 |
Contribution to Profit | ' | ' | ' | ' | ' | ' | ' | ' | 49,868 | 50,745 | 58,423 |
Total assets | 455,848 | ' | ' | ' | 422,658 | ' | ' | ' | 455,848 | 422,658 | 156,286 |
Expenditures for long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 11,935 | 240,283 | 20,729 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 40,023 | 33,937 | 29,792 |
Operating Segments [Member] | Education [Member] | Distribution [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -15,286 | -15,277 | -15,945 |
Operating Segments [Member] | Education [Member] | Technology Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -34,401 | -30,727 | -27,572 |
Operating Segments [Member] | Education [Member] | Occupancy and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services and administration costs | ' | ' | ' | ' | ' | ' | ' | ' | -8,401 | -7,079 | -5,771 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unallocated shared services and administrative costs | ' | ' | ' | ' | ' | ' | ' | ' | -171,470 | -143,270 | -120,518 |
Foreign exchange transaction losses | ' | ' | ' | ' | ' | ' | ' | ' | -8 | -2,041 | -2,261 |
Interest expense & other, net | ' | ' | ' | ' | ' | ' | ' | ' | -11,131 | -10,464 | -6,063 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 195,534 | 186,922 | 272,095 |
Total assets | 674,998 | ' | ' | ' | 491,932 | ' | ' | ' | 674,998 | 491,932 | 383,795 |
Expenditures for long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 57,564 | 54,723 | 62,935 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 16,868 | 20,096 | 17,230 |
Reportable Geographical Components [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $1,775,195 | $1,760,778 | $1,782,742 |
Segment_Information_Revenues_f
Segment Information, Revenues from External Customers and Long-Lived Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $457,100,000 | $457,900,000 | $449,200,000 | $411,000,000 | $445,900,000 | $472,400,000 | $431,800,000 | $410,700,000 | $1,775,195,000 | $1,760,778,000 | $1,782,742,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | 457,100,000 | 457,900,000 | 449,200,000 | 411,000,000 | 445,900,000 | 472,400,000 | 431,800,000 | 410,700,000 | 1,775,195,000 | 1,760,778,000 | 1,782,742,000 |
Pretax income for consolidated operations outside the United States | ' | ' | ' | ' | ' | ' | ' | ' | 159,400,000 | 156,100,000 | 171,300,000 |
Export Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 169,000,000 | 150,300,000 | 151,100,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 169,000,000 | 150,300,000 | 151,100,000 |
Reportable Geographical Components [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,775,195,000 | 1,760,778,000 | 1,782,742,000 |
Long-Lived Assets | 188,718,000 | ' | ' | ' | 189,625,000 | ' | ' | ' | 188,718,000 | 189,625,000 | 187,979,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,775,195,000 | 1,760,778,000 | 1,782,742,000 |
Reportable Geographical Components [Member] | United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 937,106,000 | 911,838,000 | 893,662,000 |
Long-Lived Assets | 135,711,000 | ' | ' | ' | 134,107,000 | ' | ' | ' | 135,711,000 | 134,107,000 | 127,641,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 937,106,000 | 911,838,000 | 893,662,000 |
Reportable Geographical Components [Member] | United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 127,716,000 | 123,827,000 | 135,781,000 |
Long-Lived Assets | 32,286,000 | ' | ' | ' | 31,093,000 | ' | ' | ' | 32,286,000 | 31,093,000 | 33,145,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 127,716,000 | 123,827,000 | 135,781,000 |
Reportable Geographical Components [Member] | Germany [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 89,107,000 | 84,737,000 | 88,314,000 |
Long-Lived Assets | 12,877,000 | ' | ' | ' | 12,492,000 | ' | ' | ' | 12,877,000 | 12,492,000 | 13,550,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 89,107,000 | 84,737,000 | 88,314,000 |
Reportable Geographical Components [Member] | Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 251,402,000 | 247,962,000 | 251,360,000 |
Long-Lived Assets | 4,403,000 | ' | ' | ' | 7,308,000 | ' | ' | ' | 4,403,000 | 7,308,000 | 7,956,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 251,402,000 | 247,962,000 | 251,360,000 |
Reportable Geographical Components [Member] | Australia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 79,453,000 | 79,958,000 | 81,150,000 |
Long-Lived Assets | 2,712,000 | ' | ' | ' | 3,533,000 | ' | ' | ' | 2,712,000 | 3,533,000 | 4,400,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 79,453,000 | 79,958,000 | 81,150,000 |
Reportable Geographical Components [Member] | Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 61,559,000 | 66,440,000 | 74,797,000 |
Long-Lived Assets | 729,000 | ' | ' | ' | 1,092,000 | ' | ' | ' | 729,000 | 1,092,000 | 1,287,000 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 61,559,000 | 66,440,000 | 74,797,000 |
Reportable Geographical Components [Member] | Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 228,852,000 | 246,016,000 | 257,678,000 |
Long-Lived Assets | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
International Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales from the United States to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | $228,852,000 | $246,016,000 | $257,678,000 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | 31-May-14 | |
Subsequent Event [Member] | ||||||||||||
Cross Knowledge [Member] | ||||||||||||
Language | ||||||||||||
Object | ||||||||||||
Country | ||||||||||||
EndUser | ||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $175,000,000 |
Number of learning objects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000 |
Number of languages in which training program provided | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 |
Number of end-users served by enterprise | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 |
Number of countries in which enterprise serves the end users | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 |
Revenue | 457,100,000 | 457,900,000 | 449,200,000 | 411,000,000 | 445,900,000 | 472,400,000 | 431,800,000 | 410,700,000 | 1,775,195,000 | 1,760,778,000 | 1,782,742,000 | 37,000,000 |
EBITDA amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,000,000 |
Supplementary_Financial_Inform1
Supplementary Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |||||||||
Supplementary Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue | $457,100,000 | $457,900,000 | $449,200,000 | $411,000,000 | $445,900,000 | $472,400,000 | $431,800,000 | $410,700,000 | $1,775,195,000 | $1,760,778,000 | $1,782,742,000 | ||||||||
Gross profit | 330,900,000 | 327,400,000 | 318,800,000 | 291,200,000 | 312,200,000 | 330,600,000 | 302,200,000 | 283,500,000 | 1,268,300,000 | 1,228,500,000 | ' | ||||||||
Operating income | 47,500,000 | [1] | 73,400,000 | [2] | 50,200,000 | [3] | 35,600,000 | [4] | 13,900,000 | [1] | 83,600,000 | [2] | 62,900,000 | [3] | 39,000,000 | [4] | 206,673,000 | 199,427,000 | 280,419,000 |
Net income | 35,900,000 | [1] | 52,500,000 | [2] | 36,200,000 | [3] | 35,900,000 | [4] | 7,900,000 | [1] | 57,100,000 | [2] | 43,100,000 | [3] | 36,100,000 | [4] | 160,510,000 | 144,225,000 | 212,746,000 |
Income per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Diluted (in dollars per share) | $0.60 | [1] | $0.88 | [2] | $0.61 | [3] | $0.61 | [4] | $0.13 | [1] | $0.95 | [2] | $0.71 | [3] | $0.60 | [4] | $2.70 | $2.39 | $3.47 |
Basic (in dollars per share) | $0.61 | [1] | $0.89 | [2] | $0.62 | [3] | $0.61 | [4] | $0.14 | [1] | $0.96 | [2] | $0.72 | [3] | $0.61 | [4] | $2.73 | $2.43 | $3.53 |
Restructuring charges | 15,400,000 | 4,300,000 | 15,300,000 | 7,800,000 | 24,500,000 | ' | ' | 4,800,000 | 42,722,000 | 29,293,000 | 0 | ||||||||
Restructuring costs, net of tax | 10,100,000 | 2,900,000 | 10,400,000 | 5,000,000 | 16,300,000 | ' | ' | 3,500,000 | 28,300,000 | 19,800,000 | ' | ||||||||
Restructuring charge (in dollars per share) | $0.17 | $0.05 | $0.17 | $0.08 | $0.27 | ' | ' | $0.06 | $0.48 | $0.33 | ' | ||||||||
Asset impairment charges | ' | ' | 4,800,000 | ' | 15,200,000 | ' | 15,500,000 | ' | ' | ' | ' | ||||||||
Asset impairment charges, net of tax | ' | ' | 3,400,000 | ' | 11,400,000 | ' | 9,600,000 | ' | ' | ' | ' | ||||||||
Per share equivalent of asset impairment charges, after tax (in dollars per share) | ' | ' | $0.06 | ' | $0.19 | ' | $0.16 | ' | ' | ' | ' | ||||||||
Non-cash deferred tax benefit associated with new tax legislation enacted in the U.K. | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | 8,400,000 | 8,800,000 | ||||||||
Gain (loss) on disposition of assets | -3,800,000 | ' | ' | ' | ' | ' | 9,800,000 | ' | ' | ' | ' | ||||||||
Gain (loss) on disposition of assets, net of tax | ' | ' | ' | ' | -3,600,000 | ' | 6,200,000 | ' | ' | ' | ' | ||||||||
Gain (loss) on disposition of assets net of tax, per share (in dollars per share) | ' | ' | ' | ($0.06) | ' | ' | $0.10 | ' | ' | ' | ' | ||||||||
Other tax expense due to recently published IRS tax positions | ' | ' | ' | ' | $2,100,000 | ' | ' | ' | ' | ' | ' | ||||||||
Other tax expense due to recently published IRS tax positions (in dollars per share) | ' | ' | ' | ' | $0.04 | ' | ' | ' | ' | ' | ' | ||||||||
[1] | In the fourth quarters of fiscal years 2014 and 2013, the Company recorded net restructuring charges related to the Restructuring and Reinvestment Program of $15.4 million ($10.1 million after tax or $0.17 per share) and $24.5 million ($16.3 million after tax or $0.27 per share), respectively. In the fourth quarter of fiscal year 2013, the Company recorded impairment charges of $15.2 million ($11.4 million after tax or $0.19 per share). In addition, during the fourth quarter of fiscal year 2013, the Company recorded a loss of $3.8 million, ($3.6 million after tax or $0.06 per share) related to the sale of certain Professional Development consumer publishing programs and a tax charge of $2.1 million ($0.04 per share) due to published IRS positions related to the Company's ability to take certain deductions in the U.S. | ||||||||||||||||||
[2] | In the third quarter of fiscal year 2014, the Company recorded net restructuring charges of $4.3 million ($2.9 million after tax or $0.05 per share) related to the Restructuring and Reinvestment Program. | ||||||||||||||||||
[3] | In the second quarter of fiscal year 2014, the Company recorded restructuring charges of $15.3 million ($10.4 million after tax or $0.17 per share) related to the Restructuring and Reinvestment Program. In the second quarters of fiscal years 2014 and 2013, the Company recorded asset impairment charges of $4.8 million ($3.4 million after tax or $0.06 per share) and $15.5 million ($9.6 million after tax or $0.16 per share), respectively. In addition, the Company reported a gain in the second quarter of fiscal year 2013 associated with the sale of key assets of its travel publishing program of $9.8 million ($6.2 million after tax or $0.10 per share). | ||||||||||||||||||
[4] | In the first quarters of fiscal years 2014 and 2013, the Company recorded restructuring charges of $7.8 million ($5.0 million after tax or $0.08 per share) and $4.8 million ($3.5 million after tax or $0.06 per share) under its restructuring programs, respectfully. |
Schedule_IIVALUATION_AND_QUALI1
Schedule II-VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |||
Allowance for Sales Returns [Member] | ' | ' | ' | |||
Valuation allowances and reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | $31,834 | [1] | $35,773 | [1] | $48,909 | [1] |
Charged to Cost & Expenses | 52,770 | [1] | 74,793 | [1] | 82,901 | [1] |
Deductions From Reserves | 55,971 | [1],[2] | 78,732 | [1],[2] | 96,037 | [1],[2] |
Balance at End of Period | 28,633 | [1] | 31,834 | [1] | 35,773 | [1] |
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation allowances and reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | 7,360 | 6,850 | 19,642 | |||
Charged to Cost & Expenses | 2,441 | 1,863 | 2,111 | |||
Deductions From Reserves | 1,855 | [2] | 1,353 | [2] | 14,903 | [2] |
Balance at End of Period | 7,946 | 7,360 | 6,850 | |||
Allowance for Inventory Obsolescence [Member] | ' | ' | ' | |||
Valuation allowances and reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | 28,243 | 33,932 | 36,917 | |||
Charged to Cost & Expenses | 18,202 | 19,930 | 23,074 | |||
Deductions From Reserves | 21,358 | [2] | 25,619 | [2] | 26,059 | [2] |
Balance at End of Period | $25,087 | $28,243 | $33,932 | |||
[1] | Allowance for Sales Returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as a reduction of Accounts Receivable with a corresponding increase in Inventories and a reduction in Accounts and Royalties Payable (See Note 2). | |||||
[2] | Deductions from reserves include foreign exchange translation adjustments and accounts written off, less recoveries. |