John Wiley & Sons (WLY) 10-Q 10 Dec 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2015	Nov. 30, 2015
Entity Information [Line Items]
Entity Registrant Name	WILEY JOHN & SONS, INC.
Entity Central Index Key	107,140
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
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2015
Common Stock Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		48,586,722
Common Stock Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,479,628

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015	Oct. 31, 2014
Current Assets
Cash and cash equivalents	$ 308,235	$ 457,441	$ 198,912
Accounts receivable	183,447	147,183	204,424
Inventories	58,154	63,779	70,941
Prepaid and other	68,951	72,516	66,233
Total Current Assets	618,787	740,919	540,510
Product Development Assets	55,432	69,589	58,851
Technology, Property & Equipment	205,362	193,010	190,811
Intangible Assets	915,174	917,621	992,618
Goodwill	965,571	962,367	1,003,290
Income Tax Deposits	59,810	57,098	64,036
Other Assets	62,691	63,639	62,659
Total Assets	2,882,827	3,004,243	2,912,775
Current Liabilities
Short-term debt	150,000	100,000	50,000
Accounts and royalties payable	161,282	161,465	180,033
Deferred revenue	150,716	372,051	163,902
Accrued employment costs	61,790	93,922	66,737
Accrued income taxes	9,654	9,484	10,127
Accrued pension liability	4,602	4,594	4,625
Other accrued liabilities	55,355	62,167	52,976
Total Current Liabilities	593,399	803,683	528,400
Long-Term Debt	739,051	650,090	749,513
Accrued Pension Liability	196,094	209,727	155,497
Deferred Income Tax Liabilities	203,499	198,947	234,685
Other Long-Term Liabilities	83,111	86,756	82,278
Shareholders' Equity
Class A & Class B Common Stock	83,190	83,190	83,190
Additional paid-in-capital	361,567	353,018	345,082
Retained earnings	1,638,324	1,597,439	1,542,082
Accumulated other comprehensive loss	(399,367)	(406,633)	(250,490)
Treasury stock	(616,041)	(571,974)	(557,462)
Total Shareholders' Equity	1,067,673	1,055,040	1,162,402
Total Liabilities & Shareholders' Equity	$ 2,882,827	$ 3,004,243	$ 2,912,775

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED [Abstract]
Revenue	$ 433,362	$ 476,972	$ 856,343	$ 914,889
Costs and Expenses
Cost of sales	116,764	134,541	236,493	258,594
Operating and administrative expenses	239,987	253,328	482,485	505,062
Restructuring charges (credits)	3,694	0	7,119	(155)
Amortization of intangibles	12,652	13,099	25,072	25,754
Total Costs and Expenses	373,097	400,968	751,169	789,255
Operating Income	60,265	76,004	105,174	125,634
Interest Expense	(4,324)	(4,506)	(7,897)	(8,650)
Foreign Exchange Transaction Gain (Loss)	38	210	(42)	45
Interest Income and Other	644	1,108	1,308	1,418
Income Before Taxes	56,623	72,816	98,543	118,447
Provision For Income Taxes	13,023	19,039	22,486	31,024
Net Income	$ 43,600	$ 53,777	$ 76,057	$ 87,423
Earnings Per Share
Diluted (in dollars per share)	$ 0.74	$ 0.90	$ 1.29	$ 1.46
Basic (in dollars per share)	$ 0.75	$ 0.91	$ 1.30	$ 1.48
Average Shares
Diluted (in shares)	58,790	59,756	59,090	59,777
Basic (in shares)	58,163	58,962	58,433	58,960
Class A Common [Member]
Cash Dividends Per Share
Common stock (in dollars per share)	$ 0.30	$ 0.29	$ 0.60	$ 0.58
Class B Common [Member]
Cash Dividends Per Share
Common stock (in dollars per share)	$ 0.30	$ 0.29	$ 0.60	$ 0.58

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED [Abstract]
Net Income	$ 43,600	$ 53,777	$ 76,057	$ 87,423
Other Comprehensive Income (Loss) :
Foreign currency translation adjustment	(14,242)	(63,930)	4,864	(66,788)
Unamortized retirement costs, net of tax provision of $799, $1,877, $310 and $2,266, respectively	2,765	5,428	2,281	6,550
Unrealized gain (loss) on interest rate swaps, net of tax provision (benefit) of $16, $(144), $72, and $24, respectively	28	(227)	121	39
Total Other Comprehensive Income (Loss)	(11,449)	(58,729)	7,266	(60,199)
Comprehensive Income (Loss)	$ 32,151	$ (4,952)	$ 83,323	$ 27,224

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED [Abstract]
Unamortized retirement costs, tax provision	$ 799	$ 1,877	$ 310	$ 2,266
Unrealized gain (loss) on interest rate swaps, tax provision	$ 16	$ (144)	$ 72	$ 24

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Operating Activities
Net income	$ 76,057	$ 87,423
Adjustments to reconcile net income to cash used for operating activities:
Amortization of intangibles	25,072	25,754
Amortization of composition costs	19,967	20,810
Depreciation of technology, property and equipment	32,820	30,510
Restructuring charges (credits)	7,119	(155)
Restructuring payments	(18,339)	(16,267)
Stock-based compensation expense	8,112	8,118
Excess tax benefit from stock-based compensation	(527)	(1,774)
Royalty advances	(45,553)	(47,997)
Earned royalty advances	60,163	64,939
Other non-cash charges	18,115	20,436
Change in deferred revenue	(225,115)	(223,731)
Net change in operating assets and liabilities	(84,410)	(62,202)
Cash Used for Operating Activities	(126,519)	(94,136)
Investing Activities
Composition spending	(20,033)	(16,934)
Additions to technology, property and equipment	(46,177)	(29,584)
Acquisitions, net of cash acquired	(16,681)	(172,145)
Escrowed proceeds from sale of consumer publishing programs	0	1,100
Cash Used for Investing Activities	(82,891)	(217,563)
Financing Activities
Repayments of long-term debt	(112,641)	(228,051)
Borrowings of long-term debt	201,600	275,070
Borrowings of short-term debt	50,000	50,000
Change in book overdrafts	285	(8,123)
Cash dividends	(35,166)	(34,402)
Purchase of treasury stock	(44,703)	(41,534)
Proceeds from exercise of stock options and other	465	18,876
Excess tax benefit from stock-based compensation	527	1,774
Cash Provided by Financing Activities	60,367	33,610
Effects of Exchange Rate Changes on Cash and Cash Equivalents	(163)	(9,376)
Cash and Cash Equivalents
Decrease for the Period	(149,206)	(287,465)
Balance at Beginning of Period	457,441	486,377
Balance at End of Period	308,235	198,912
Cash Paid During the Period for:
Interest	6,654	7,483
Income taxes, net	$ 21,532	$ 28,159

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 31, 2015
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial condition, results of operations, comprehensive income (loss) and cash flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. Through October 31, 2014, financial results for the Company’s recent acquisition, CrossKnowledge Group, Ltd. (“CrossKnowledge”) were reported on a two-month lag, as previously disclosed, to facilitate accurate reporting. As a result, the prior year reporting results reflect three and four months of CrossKnowledge results for the quarter and year-to-date periods ending October 31, 2014, respectively. These financial statements should be read in conjunction with the most recent audited financial statements included in the Company’s Form 10-K for the fiscal year ended April 30, 2015. 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 at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation.

Recent Accounting Standards

Recent Accounting Standards	6 Months Ended
	Oct. 31, 2015
Recent Accounting Standards [Abstract]
Recent Accounting Standards	2. Recent 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 is effective for the Company on May 1, 2018 with early adoption permitted on May 1, 2017. 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. In April 2015, the FASB issued ASU 2015-05 "Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in Cloud Computing Arrangements" (“ASU 2015-05”). Cloud computing arrangements represent the delivery of hosted services over the internet which include software, platforms, infrastructure and other hosting arrangements. The ASU provides criteria to determine whether the cloud computing arrangement includes a software license. If the criteria are met, the customer will capitalize the fee attributable to the software license portion of the arrangement as internal-use software. If the arrangement does not include a software license, it should be treated as a service contract and expensed as services are received. The standard is effective for the Company on May 1, 2016 with early adoption permitted. An entity can elect to adopt either prospectively for all arrangements entered into after the effective date or retrospectively. The Company is currently assessing whether the adoption of the guidance will have a significant impact on its consolidated financial statements.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Oct. 31, 2015
Share-Based Compensation [Abstract]
Share-Based Compensation	3. Share-Based Compensation The Company has share-based compensation plans under which employees may be granted options to purchase shares of Company common stock at the fair market value at the time of grant. In addition to stock options, the Company grants performance-based stock awards and other restricted stock awards to certain employees. The Company recognizes the grant date fair value of share-based compensation in net income on a straight-line basis over the requisite service period. The measurement of performance for performance-based stock awards is based on actual financial results for targets established three years in advance. For the three months ended October 31, 2015 and 2014, the Company recognized share-based compensation expense, on a pre-tax basis, of $4.2 million and $4.8 million, respectively. For the six months ended October 31, 2015 and 2014, the Company recognized share-based compensation expense, on a pre-tax basis, of $8.1 million for both periods. The following table provides share-based compensation data for awards granted by the Company: For the Six Months Ended October 31, 2015 2014 Restricted Stock: Awards granted (in thousands) 289 294 Weighted average fair value of grant $55.91 $59.70 Stock Options: Awards granted (in thousands) 160 188 Weighted average fair value of grant $14.77 $16.97 The weighted average Black-Scholes fair value assumptions for stock option grants are as follows: For the Six Months Ended October 31, 2015 2014 Expected life of options (years) 7.2 7.2 Risk-free interest rate 2.1% 2.2% Expected volatility 29.7% 30.9% Expected dividend yield 2.1% 1.9% Fair value of common stock on grant date $55.99 $59.70

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Oct. 31, 2015
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	4. Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the three and six months ended October 31, 2015 and 2014 were as follows (in thousands): Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at July 31, 2015 $(227,748) $(159,918) $(252) $(387,918) Other comprehensive income (loss) before reclassifications (14,242) 1,382 (145) (13,005) Amounts reclassified from accumulated other comprehensive loss - 1,383 173 1,556 Total other comprehensive income (loss) (14,242) 2,765 28 (11,449) Balance at October 31, 2015 $(241,990) $(157,153) $(224) $(399,367) Balance at April 30, 2015 $(246,854) $(159,434) $(345) $(406,633) Other comprehensive income (loss) before reclassifications 4,864 (1,075) (229) 3,560 Amounts reclassified from accumulated other comprehensive loss - 3,356 350 3,706 Total other comprehensive income (loss) $4,864 $2,281 $121 $7,266 Balance at October 31, 2015 $(241,990) $(157,153) $(224) $(399,367) Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at July 31, 2014 $(69,522) $(121,903) $(336) $(191,761) Other comprehensive income (loss) before reclassifications (63,930) 3,917 (497) (60,510) Amounts reclassified from accumulated other comprehensive loss - 1,511 270 1,781 Total other comprehensive income (loss) (63,930) 5,428 (227) (58,729) Balance at October 31, 2014 $(133,452) $(116,475) $(563) $(250,490) Balance at April 30, 2014 $(66,664) $(123,025) $(602) $(190,291) Other comprehensive income (loss) before reclassifications (66,788) 3,441 (423) (63,770) Amounts reclassified from accumulated other comprehensive loss - 3,109 462 3,571 Total other comprehensive income (loss) (66,788) 6,550 39 (60,199) Balance at October 31, 2014 $(133,452) $(116,475) $(563) $(250,490) During the three months ended October 31, 2015 and 2014, pre-tax actuarial losses included in Unamortized Retirement Costs of approximately $1.2 million and $2.0 million, respectively, were amortized from Accumulated Other Comprehensive Loss and recognized as pension expense in Operating and Administrative Expenses in the Condensed Consolidated Statements of Income. During the six months ended October 31, 2015 and 2014, pre-tax actuarial losses of approximately $2.4 million and $3.9 million, respectively, were amortized.

Reconciliation of Weighted Aver

Reconciliation of Weighted Average Shares Outstanding and Share Repurchases	6 Months Ended
	Oct. 31, 2015
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases	5. Reconciliation of Weighted Average Shares Outstanding and Share Repurchases A reconciliation of the shares used in the computation of earnings per share follows (in thousands): For the Three Months Ended October 31, For the Six Months Ended October 31, 2015 2014 2015 2014 Weighted average shares outstanding 58,455 59,215 58,686 59,205 Less: Unearned restricted shares (292) (253) (253) (245) Shares used for basic earnings per share 58,163 58,962 58,433 58,960 Dilutive effect of stock options and other stock awards 627 794 657 817 Shares used for diluted earnings per share 58,790 59,756 59,090 59,777 Since their inclusion in the calculation of diluted earnings per share would have been anti-dilutive, options to purchase 339,003 shares of Class A Common Stock have been excluded for the three and six months ended October 31, 2015 and 185,860 shares of Class A Common Stock have been excluded for the three and six months ended October 31, 2014, respectively. In addition, for the six months ended October 31, 2015, 91,590 unearned restricted shares have been excluded as their inclusion would have been anti-dilutive. There were no unearned restricted shares excluded for the three months ended October 31, 2015. During the three and six months ended October 31, 2015, the Company repurchased 637,717 and 868,137 shares of common stock at an average price of $50.15 and $51.49, respectively.

Acquisitions

Acquisitions	6 Months Ended
	Oct. 31, 2015
Acquisitions [Abstract]
Acquisitions	6. Acquisitions: CrossKnowledge: On May 1, 2014, the Company acquired CrossKnowledge Group Limited (“CrossKnowledge”) for approximately $166 million in cash, net of cash acquired. 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 a variety of managerial and leadership skills assessments, courses, certifications, content and executive training programs that are delivered on a cloud-based LMS platform with over 19,000 learning objects in 17 languages. CrossKnowledge serves over five million end-users in 80 countries. Through October 31, 2014, financial results for CrossKnowledge were reported on a two-month lag, as previously disclosed, to facilitate accurate reporting. As a result, the Company’s financial statements for the first half of fiscal year 2015 reflected four months of operations for CrossKnowledge. As of January 31, 2015 reported financial results for CrossKnowledge are current. For the three months ended October 2015 and 2014, CrossKnowledge’s revenue included in Wiley’s results was $12.7 million and $11.3 million, respectively, and CrossKnowledge’s operating loss was $0.4 million and $0.7 million, respectively. For the first half of fiscal year 2016, CrossKnowledge’s revenue and operating loss included in Wiley’s results was $23.2 million and $2.3 million, compared to revenue of $15.3 million and $0.9 million in the first half of fiscal year 2015. The $166 million purchase price was allocated to identifiable long-lived intangible assets, mainly customer relationships and content ($63.0 million); technology ($6.3 million); long-term deferred tax liabilities ($21.5 million); negative working capital ($4.3 million); and goodwill ($122.5 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 CrossKnowledge’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 a weighted average estimated useful life of approximately 15 years. The acquisition was funded through the use of the Company’s existing credit facility and available cash balances.

Restructuring and Reinvestment

Restructuring and Reinvestment Program	6 Months Ended
	Oct. 31, 2015
Restructuring and Reinvestment Program [Abstract]
Restructuring and Reinvestment Program	7. Restructuring and Reinvestment Program: Beginning in fiscal year 2013, the Company initiated a program (the “Restructuring and Reinvestment Program”) to restructure and realign its cost base with current and anticipated future market conditions. The Company is targeting a majority of the cost savings achieved to improve margins and earnings, while the remainder will be reinvested in high growth digital business opportunities. The following tables summarize the pre-tax restructuring charges (credits) related to this program (in thousands): For the Three Cumulative Months ended For the Six Months Program October 31, Ended October 31, Charges to Date 2015 2015 2014 Charges (Credits) by Segment: Research $496 $866 $(185) $16,089 Professional Development 195 205 245 22,735 Education 205 194 51 3,773 Shared Services 2,798 5,854 (266) 60,500 Total $3,694 $7,119 $(155) $103,097 Charges (Credits) by Activity: Severance $753 $2,570 $641 $65,329 Process Reengineering Consulting 2,948 6,194 (145) 17,669 Other Activities (7) (1,645) (651) 20,099 Total $3,694 $7,119 $(155) $103,097 The credits above reflect true-ups to the previously estimated accrued restructuring charges. Other Activities reflects leased facility consolidations, contract termination costs and the curtailment of certain defined benefit pension plans. The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the six months ended October 31, 2015 (in thousands): Foreign April 30, Translation & October 31, 2015 Charges Payments Reclassifications 2015 Severance $18,794 2,570 $(11,893) $3 $9,474 Process Reengineering Consulting - 6,194 (4,005) - 2,189 Other Activities 11,859 (1,645) (2,441) (114) 7,659 Total $30,653 7,119 $(18,339) $(111) $19,322 The restructuring liability for accrued Severance costs is reflected in Accrued Employment Costs in the Condensed Consolidated Statements of Financial Position while the Process reengineering consulting costs are reflected in Other Accrued Liabilities. Approximately $0.1 million and $7.6 million of the Other Activities are reflected in Other Accrued Liabilities and Other Long-Term Liabilities, respectively.

Segment Information

Segment Information	6 Months Ended
	Oct. 31, 2015
Segment Information [Abstract]
Segment Information	8. Segment Information 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 North America, Europe, Asia, and Australia. 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. As part of Wiley’s restructuring and reorganization program the Company consolidated certain decentralized business functions (Sales Support, Marketing Services, etc.) into global shared service functions. These newly centralized service groups enable significant cost reduction opportunities, including efficiencies gained from standardized technology and centralized management. The cost of these functions were previously reported as direct operating expenses in each business segment but are now reported within the shared service functions and then allocated to each business segment. In addition, the Company modified its product/service revenue categories for the Research segment. As a result, prior year amounts have been restated to reflect these same reporting methodologies. Segment information is as follows (in thousands): For the Three Months For the Six Months Ended October 31, Ended October 31, 2015 2014 2015 2014 RESEARCH Revenue $238,388 $264,825 $475,778 $519,695 Direct Contribution to Profit $110,881 $122,744 $217,694 $237,478 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (10,085) (11,441) (20,264) (23,419) Technology and Content Management (25,749) (24,632) (49,805) (49,575) Occupancy and Other (7,948) (6,453) (14,957) (14,307) Contribution to Profit $67,099 $80,218 $132,668 $150,177 PROFESSIONAL DEVELOPMENT Revenue $99,166 $105,667 $197,831 $197,994 Direct Contribution to Profit $41,497 $37,597 $82,778 $70,509 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (6,783) (7,969) (13,656) (16,270) Technology and Content Management (10,254) (12,227) (20,058) (23,172) Occupancy and Other (5,703) (7,602) (11,298) (13,745) Contribution to Profit $18,757 $9,799 $37,766 $17,322 EDUCATION Revenue $95,808 $106,480 $182,734 $197,200 Direct Contribution to Profit $35,849 $40,741 $59,137 $69,304 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (3,740) (3,213) (7,165) (6,545) Technology and Content Management (12,592) (14,197) (23,810) (27,536) Occupancy and Other (4,151) (3,602) (8,095) (6,798) Contribution to Profit $15,366 $19,729 $20,067 $28,425 Total Contribution to Profit $101,222 $109,746 $190,501 $195,924 Unallocated Shared Services and Administrative Costs (40,957) (33,742) (85,327) (70,290) Operating Income $60,265 $76,004 $105,174 $125,634 The following table reflects total Shared Services and Administrative costs by function, which are allocated to business segments based on the methodologies described above: For the Three Months For the Six Months Ended October 31, Ended October 31, Total Shared Services and Administrative Costs: 2015 2014 2015 2014 Distribution & Operation Services $(20,903) $(22,706) $(41,376) $(46,540) Technology & Content Management (62,409) (60,181) (123,194) (122,128) Finance (11,814) (12,644) (24,492) (26,308) Other Administration (30,038) (29,547) (59,519) (56,947) Restructuring (Charges) Credits (see Note 7) (2,798) - (5,854) 266 Total $(127,962) $(125,078) $(254,435) $(251,657) For the Three Months For the Six Months Ended October 31, Ended October 31, Total Revenue by Product/Service: 2015 2014 2015 2014 Journal Revenue $205,460 $226,270 $407,673 $444,020 Books and Custom Material 146,351 172,304 303,914 342,951 Online Program Management (Deltak) 23,195 19,699 43,697 35,936 Talent Solutions 26,246 26,440 52,222 43,616 Course Workflow Solutions (WileyPlus) 18,446 18,400 19,466 19,714 Other 13,664 13,859 29,371 28,652 Total $433,362 $476,972 $856,343 $914,889

Inventories

Inventories	6 Months Ended
	Oct. 31, 2015
Inventories [Abstract]
Inventories	9. Inventories Inventories were as follows (in thousands): As of October 31, As of April 30, 2015 2014 2015 Finished goods $46,343 $54,766 $52,705 Work-in-process 7,153 7,132 6,552 Paper, cloth and other 4,004 4,640 4,676 $57,500 $66,538 63,933 Inventory value of estimated sales returns 7,513 9,420 6,555 LIFO reserve (6,859) (5,017) (6,709) Total inventories $58,154 $70,941 $63,779

Intangible Assets

Intangible Assets	6 Months Ended
	Oct. 31, 2015
Intangible Assets [Abstract]
Intangible Assets	10. Intangible Assets Intangible assets consisted of the following (in thousands): As of October 31, As of April 30, 2015 2014 2015 Intangible assets with indefinite lives: Brands and trademarks $153,456 $159,266 $152,332 Content and publishing rights 85,417 98,261 83,972 $238,873 $257,527 $236,304 Net intangible assets with determinable lives: Content and publishing rights $483,955 $521,416 $482,596 Customer relationships 176,236 193,969 181,272 Brands and trademarks 15,587 18,845 16,783 Covenants not to compete 523 861 666 $676,301 $735,091 $681,317 Total $915,174 $992,618 $917,621

Income Taxes

Income Taxes	6 Months Ended
	Oct. 31, 2015
Income Taxes [Abstract]
Income Taxes	11. Income Taxes The effective tax rate for the first six months of fiscal year 2016 was 22.8% compared to 26.2% in the prior year. The decrease was principally due to a higher portion of income from lower tax jurisdictions and lower United Kingdom statutory income tax rates. Payments Related to Tax Audit in Germany 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. In May 2012, as part of its routine tax audit process, the German tax authorities filed a challenge to the Company’s tax position with respect to the amortization of certain stepped-up assets. The Company filed an appeal with the local finance court in September 2014. Under German tax law, the Company must pay all contested taxes and the related interest to have the right to defend its position. The Company has made all required payments to date with total deposits paid of 48 million euros through October 31, 2015. The Company expects that it will be required to deposit additional amounts up to 10 million euros plus interest for tax returns to be filed in future periods until the issue is resolved. In October 2014, the Company received an unfavorable decision from the local finance court and is in the process of appealing the court decision. The Company’s management and its advisors continue to believe that the Company is “more likely than not” to successfully defend that the tax treatment was proper and in accordance with German tax regulations. As such, the Company has not recorded any charges related to the loss of the step-up benefit. The Company filed its appeal in January 2015. Resolution of the appeal is expected to take 18 to 24 months from January 2015. If the Company is ultimately successful, as expected, the tax deposits will be returned with 6% simple interest, based on current German legislation. As of October 31, 2015, the USD equivalent of the deposit and accrued interest was $59.8 million, which is recorded as Income Tax Deposits on the Condensed Consolidated Statements of Financial Position. The Company records the accrued interest at 6% within the Provision for Income Taxes in the Condensed Consolidated Statements of Income.

Retirement Plans

Retirement Plans	6 Months Ended
	Oct. 31, 2015
Retirement Plans [Abstract]
Retirement Plans	12. Retirement Plans The components of net pension expense for the Company’s global defined benefit plans were as follows (in thousands): For the Three Months Ended October 31, For the Six Months Ended October 31, 2015 2014 2015 2014 Service cost $367 $1,588 $737 $3,141 Interest cost 7,624 7,638 15,262 15,189 Expected return on plan assets (10,114) (9,112) (20,286) (17,977) Net amortization of prior service cost (24) (30) (49) (3) Recognized net actuarial loss 1,217 1,946 2,387 3,838 Settlement - - 1,857 - Net pension expense (credit) $(930) $2,030 $(92) $4,188 The settlement noted above relates to a disability payment made subject to terms of the Company’s Supplemental Executive Retirement Plan. Employer defined benefit pension plan contributions were $2.9 million and $2.2 million for the three months ended October 31, 2015 and 2014, respectively, and $10.7 million and $5.0 million for the six months ended October 31, 2015 and 2014, respectively. Contributions for employer defined contribution plans were approximately $3.3 million and $2.8 million for the three months ended October 31, 2015 and 2014, respectively, and $9.1 million and $8.9 million for the six months ended October 31, 2015 and 2014, respectively.

Debt and Available Credit Facil

Debt and Available Credit Facilities	6 Months Ended
	Oct. 31, 2015
Debt and Available Credit Facilities [Abstract]
Debt and Available Credit Facilities	13. Debt and Available Credit Facilities On October 31, 2015, the Company renewed its U.S. dollar facility with TD Bank, N.A. which is equally ranked with the Company’s existing agreement with Bank of America - Merrill Lynch and The Royal Bank of Scotland plc, and Santander Bank. The agreement consists of a $50 million 364-day revolving credit facility. The facility has been fully drawn since inception. The borrowing rate is LIBOR plus an applicable margin ranging from 0.80% to 1.40%, and a facility fee will be due on any undrawn amounts ranging from 0.125% to 0.30%, both depending on the Company consolidated leverage ratio, as defined. 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 October 31, 2015. The proceeds of this revolving credit facility were used to pay a portion of the Company’s existing revolving credit facility and meet seasonal operating cash requirements. On August 6, 2015, the Company entered into a $100 million 364-day U.S. dollar revolving credit facility reinstated every 30 days with Santander Bank, N.A. which is equally ranked with the Company’s existing agreement with Bank of America - Merrill Lynch and The Royal Bank of Scotland plc, and TD Bank, N.A. The facility has been fully drawn since inception. The borrowing rate is LIBOR plus a margin of 1.0%. The proceeds of the new revolving credit facility were used to pay a portion of the Company’s existing revolving credit facilities and meet seasonal operating cash requirements.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Oct. 31, 2015
Derivative Instruments and Hedging Activities [Abstract]
Derivative Instruments and Hedging Activities	14. 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 $889.0 million of variable rate loans outstanding at October 31, 2015, which approximated fair value. On August 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 0.65% 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 August 15, 2016. As of October 31, 2015, the notional amount of the interest rate swap was $150.0 million. 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 October 31, 2015, 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, which expired on March 31, 2015, the Company paid a fixed rate of 0.645% and received a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which was reset every month for a three-year period ending March 31, 2015. As of October 31, 2014, the notional amount of the interest rate swap was $150.0 million. 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 Condensed Consolidated Statements of Income for changes in the fair value of the interest rate swaps as they were fully offset by changes in the interest expense on the underlying variable rate debt instruments. 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 Condensed 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 Condensed 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. 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 October 31, 2015 and 2014 and April 30, 2015 was a deferred loss of $0.4 million, $1.0 million, and $0.6 million, respectively. The entire deferred loss of $0.4 million as of October 31, 2015 was recorded in Other Accrued Liabilities. Based on the maturity dates of the contracts, approximately $0.3 million and $0.2 million of the deferred losses as of October 31, 2014 and April 30, 2015 were recorded in Other Accrued Liabilities, respectively, with the remaining deferred losses in each period of $0.7 million and $0.4 million recorded in Other Long-Term Liabilities, respectively. The pre-tax losses that were reclassified from Accumulated Other Comprehensive Loss into Interest Expense for the six months ended October 31, 2015 and 2014 were $0.6 million and $0.8 million, respectively. 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 Condensed Consolidated Statements of Income, and carried at their fair value in the Condensed 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). The Company did not maintain any open forward contracts as of October 31, 2015 or April 30, 2015. As of October 31, 2014, the total notional amount of the open forward contracts was 75 million Euros. During the first six months of fiscal years 2015 and 2014, the Company did not designate any forward 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 October 31, 2014, the fair value of the open forward exchange contract was a loss of approximately $4.2 million and recorded within the Other Accrued Liabilities line item in the Condensed Consolidated Statements of Financial Position. The fair value was measured on a recurring basis using Level 2 inputs. For the three and six months ended October 31, 2014 the losses recognized on the forward contracts were ($0.2) million and ($4.2) million, respectively.

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	6 Months Ended
	Oct. 31, 2015
Recent Accounting Standards [Abstract]
Recent Accounting Standards	2. Recent 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 is effective for the Company on May 1, 2018 with early adoption permitted on May 1, 2017. 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. In April 2015, the FASB issued ASU 2015-05 "Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in Cloud Computing Arrangements" (“ASU 2015-05”). Cloud computing arrangements represent the delivery of hosted services over the internet which include software, platforms, infrastructure and other hosting arrangements. The ASU provides criteria to determine whether the cloud computing arrangement includes a software license. If the criteria are met, the customer will capitalize the fee attributable to the software license portion of the arrangement as internal-use software. If the arrangement does not include a software license, it should be treated as a service contract and expensed as services are received. The standard is effective for the Company on May 1, 2016 with early adoption permitted. An entity can elect to adopt either prospectively for all arrangements entered into after the effective date or retrospectively. The Company is currently assessing whether the adoption of the guidance will have a significant impact on its consolidated financial statements.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Oct. 31, 2015
Share-Based Compensation [Abstract]
Schedule of share-based compensation data for awards granted	The following table provides share-based compensation data for awards granted by the Company: For the Six Months Ended October 31, 2015 2014 Restricted Stock: Awards granted (in thousands) 289 294 Weighted average fair value of grant $55.91 $59.70 Stock Options: Awards granted (in thousands) 160 188 Weighted average fair value of grant $14.77 $16.97
Weighted-average black-scholes fair value assumptions by stock option grants	The weighted average Black-Scholes fair value assumptions for stock option grants are as follows: For the Six Months Ended October 31, 2015 2014 Expected life of options (years) 7.2 7.2 Risk-free interest rate 2.1% 2.2% Expected volatility 29.7% 30.9% Expected dividend yield 2.1% 1.9% Fair value of common stock on grant date $55.99 $59.70

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Oct. 31, 2015
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 three and six months ended October 31, 2015 and 2014 were as follows (in thousands): Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at July 31, 2015 $(227,748) $(159,918) $(252) $(387,918) Other comprehensive income (loss) before reclassifications (14,242) 1,382 (145) (13,005) Amounts reclassified from accumulated other comprehensive loss - 1,383 173 1,556 Total other comprehensive income (loss) (14,242) 2,765 28 (11,449) Balance at October 31, 2015 $(241,990) $(157,153) $(224) $(399,367) Balance at April 30, 2015 $(246,854) $(159,434) $(345) $(406,633) Other comprehensive income (loss) before reclassifications 4,864 (1,075) (229) 3,560 Amounts reclassified from accumulated other comprehensive loss - 3,356 350 3,706 Total other comprehensive income (loss) $4,864 $2,281 $121 $7,266 Balance at October 31, 2015 $(241,990) $(157,153) $(224) $(399,367) Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at July 31, 2014 $(69,522) $(121,903) $(336) $(191,761) Other comprehensive income (loss) before reclassifications (63,930) 3,917 (497) (60,510) Amounts reclassified from accumulated other comprehensive loss - 1,511 270 1,781 Total other comprehensive income (loss) (63,930) 5,428 (227) (58,729) Balance at October 31, 2014 $(133,452) $(116,475) $(563) $(250,490) Balance at April 30, 2014 $(66,664) $(123,025) $(602) $(190,291) Other comprehensive income (loss) before reclassifications (66,788) 3,441 (423) (63,770) Amounts reclassified from accumulated other comprehensive loss - 3,109 462 3,571 Total other comprehensive income (loss) (66,788) 6,550 39 (60,199) Balance at October 31, 2014 $(133,452) $(116,475) $(563) $(250,490)

Reconciliation of Weighted Av24

Reconciliation of Weighted Average Shares Outstanding and Share Repurchases (Tables)	6 Months Ended
	Oct. 31, 2015
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]
Reconciliation of shares used in computation of earnings per share	A reconciliation of the shares used in the computation of earnings per share follows (in thousands): For the Three Months Ended October 31, For the Six Months Ended October 31, 2015 2014 2015 2014 Weighted average shares outstanding 58,455 59,215 58,686 59,205 Less: Unearned restricted shares (292) (253) (253) (245) Shares used for basic earnings per share 58,163 58,962 58,433 58,960 Dilutive effect of stock options and other stock awards 627 794 657 817 Shares used for diluted earnings per share 58,790 59,756 59,090 59,777

Restructuring and Reinvestmen25

Restructuring and Reinvestment Program (Tables)	6 Months Ended
	Oct. 31, 2015
Restructuring and Reinvestment Program [Abstract]
Pre-tax restructuring charges (credits)	The following tables summarize the pre-tax restructuring charges (credits) related to this program (in thousands): For the Three Cumulative Months ended For the Six Months Program October 31, Ended October 31, Charges to Date 2015 2015 2014 Charges (Credits) by Segment: Research $496 $866 $(185) $16,089 Professional Development 195 205 245 22,735 Education 205 194 51 3,773 Shared Services 2,798 5,854 (266) 60,500 Total $3,694 $7,119 $(155) $103,097 Charges (Credits) by Activity: Severance $753 $2,570 $641 $65,329 Process Reengineering Consulting 2,948 6,194 (145) 17,669 Other Activities (7) (1,645) (651) 20,099 Total $3,694 $7,119 $(155) $103,097
Activity for restructuring and reinvestment program liability	The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the six months ended October 31, 2015 (in thousands): Foreign April 30, Translation & October 31, 2015 Charges Payments Reclassifications 2015 Severance $18,794 2,570 $(11,893) $3 $9,474 Process Reengineering Consulting - 6,194 (4,005) - 2,189 Other Activities 11,859 (1,645) (2,441) (114) 7,659 Total $30,653 7,119 $(18,339) $(111) $19,322

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Oct. 31, 2015
Segment Information [Abstract]
Segment information	Segment information is as follows (in thousands): For the Three Months For the Six Months Ended October 31, Ended October 31, 2015 2014 2015 2014 RESEARCH Revenue $238,388 $264,825 $475,778 $519,695 Direct Contribution to Profit $110,881 $122,744 $217,694 $237,478 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (10,085) (11,441) (20,264) (23,419) Technology and Content Management (25,749) (24,632) (49,805) (49,575) Occupancy and Other (7,948) (6,453) (14,957) (14,307) Contribution to Profit $67,099 $80,218 $132,668 $150,177 PROFESSIONAL DEVELOPMENT Revenue $99,166 $105,667 $197,831 $197,994 Direct Contribution to Profit $41,497 $37,597 $82,778 $70,509 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (6,783) (7,969) (13,656) (16,270) Technology and Content Management (10,254) (12,227) (20,058) (23,172) Occupancy and Other (5,703) (7,602) (11,298) (13,745) Contribution to Profit $18,757 $9,799 $37,766 $17,322 EDUCATION Revenue $95,808 $106,480 $182,734 $197,200 Direct Contribution to Profit $35,849 $40,741 $59,137 $69,304 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (3,740) (3,213) (7,165) (6,545) Technology and Content Management (12,592) (14,197) (23,810) (27,536) Occupancy and Other (4,151) (3,602) (8,095) (6,798) Contribution to Profit $15,366 $19,729 $20,067 $28,425 Total Contribution to Profit $101,222 $109,746 $190,501 $195,924 Unallocated Shared Services and Administrative Costs (40,957) (33,742) (85,327) (70,290) Operating Income $60,265 $76,004 $105,174 $125,634 The following table reflects total Shared Services and Administrative costs by function, which are allocated to business segments based on the methodologies described above: For the Three Months For the Six Months Ended October 31, Ended October 31, Total Shared Services and Administrative Costs: 2015 2014 2015 2014 Distribution & Operation Services $(20,903) $(22,706) $(41,376) $(46,540) Technology & Content Management (62,409) (60,181) (123,194) (122,128) Finance (11,814) (12,644) (24,492) (26,308) Other Administration (30,038) (29,547) (59,519) (56,947) Restructuring (Charges) Credits (see Note 7) (2,798) - (5,854) 266 Total $(127,962) $(125,078) $(254,435) $(251,657) For the Three Months For the Six Months Ended October 31, Ended October 31, Total Revenue by Product/Service: 2015 2014 2015 2014 Journal Revenue $205,460 $226,270 $407,673 $444,020 Books and Custom Material 146,351 172,304 303,914 342,951 Online Program Management (Deltak) 23,195 19,699 43,697 35,936 Talent Solutions 26,246 26,440 52,222 43,616 Course Workflow Solutions (WileyPlus) 18,446 18,400 19,466 19,714 Other 13,664 13,859 29,371 28,652 Total $433,362 $476,972 $856,343 $914,889

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Oct. 31, 2015
Inventories [Abstract]
Inventories	Inventories were as follows (in thousands): As of October 31, As of April 30, 2015 2014 2015 Finished goods $46,343 $54,766 $52,705 Work-in-process 7,153 7,132 6,552 Paper, cloth and other 4,004 4,640 4,676 $57,500 $66,538 63,933 Inventory value of estimated sales returns 7,513 9,420 6,555 LIFO reserve (6,859) (5,017) (6,709) Total inventories $58,154 $70,941 $63,779

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Oct. 31, 2015
Intangible Assets [Abstract]
Schedule of intangible assets	Intangible assets consisted of the following (in thousands): As of October 31, As of April 30, 2015 2014 2015 Intangible assets with indefinite lives: Brands and trademarks $153,456 $159,266 $152,332 Content and publishing rights 85,417 98,261 83,972 $238,873 $257,527 $236,304 Net intangible assets with determinable lives: Content and publishing rights $483,955 $521,416 $482,596 Customer relationships 176,236 193,969 181,272 Brands and trademarks 15,587 18,845 16,783 Covenants not to compete 523 861 666 $676,301 $735,091 $681,317 Total $915,174 $992,618 $917,621

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Oct. 31, 2015
Retirement Plans [Abstract]
Components of net pension expense for the defined benefit plans	The components of net pension expense for the Company’s global defined benefit plans were as follows (in thousands): For the Three Months Ended October 31, For the Six Months Ended October 31, 2015 2014 2015 2014 Service cost $367 $1,588 $737 $3,141 Interest cost 7,624 7,638 15,262 15,189 Expected return on plan assets (10,114) (9,112) (20,286) (17,977) Net amortization of prior service cost (24) (30) (49) (3) Recognized net actuarial loss 1,217 1,946 2,387 3,838 Settlement - - 1,857 - Net pension expense (credit) $(930) $2,030 $(92) $4,188

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Oct. 31, 2015
Basis of Presentation [Abstract]
Lag period between the company's recent international acquisition and financial reporting	2 months

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Share-Based Compensation [Abstract]
Share-based compensation expense	$ 4.2	$ 4.8	$ 8.1	$ 8.1
Restricted Stock [Member]
Share-based compensation data for awards granted by the Company [Abstract]
Awards granted (in shares)			289	294
Weighted average fair value of grant (in dollars per share)	$ 55.91	$ 59.70	$ 55.91	$ 59.70
Stock Options [Member]
Share-based compensation data for awards granted by the Company [Abstract]
Awards granted (in shares)			160	188
Weighted average fair value of grant (in dollars per share)			$ 14.77	$ 16.97
Weighted-average Black-Scholes fair value assumptions by stock option grants [Abstract]
Expected life of options			7 years 2 months 12 days	7 years 2 months 12 days
Risk-free interest rate			2.10%	2.20%
Expected volatility			29.70%	30.90%
Expected dividend yield			2.10%	1.90%
Fair value of common stock on grant date (in dollars per share)	$ 55.99	$ 59.70	$ 55.99	$ 59.70

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (387,918)	$ (191,761)	$ (406,633)	$ (190,291)
Other comprehensive income (loss) before reclassifications	(13,005)	(60,510)	3,560	(63,770)
Amounts reclassified from accumulated other comprehensive loss	1,556	1,781	3,706	3,571
Total other comprehensive income (loss)	(11,449)	(58,729)	7,266	(60,199)
Balance	(399,367)	(250,490)	(399,367)	(250,490)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(227,748)	(69,522)	(246,854)	(66,664)
Other comprehensive income (loss) before reclassifications	(14,242)	(63,930)	4,864	(66,788)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Total other comprehensive income (loss)	(14,242)	(63,930)	4,864	(66,788)
Balance	(241,990)	(133,452)	(241,990)	(133,452)
Unamortized Retirement Costs [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(159,918)	(121,903)	(159,434)	(123,025)
Other comprehensive income (loss) before reclassifications	1,382	3,917	(1,075)	3,441
Amounts reclassified from accumulated other comprehensive loss	1,383	1,511	3,356	3,109
Total other comprehensive income (loss)	2,765	5,428	2,281	6,550
Balance	(157,153)	(116,475)	(157,153)	(116,475)
Pre-tax actuarial losses included in Unamortized Retirement Costs	1,200	2,000	2,400	3,900
Interest Rate Swaps [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(252)	(336)	(345)	(602)
Other comprehensive income (loss) before reclassifications	(145)	(497)	(229)	(423)
Amounts reclassified from accumulated other comprehensive loss	173	270	350	462
Total other comprehensive income (loss)	28	(227)	121	39
Balance	$ (224)	$ (563)	$ (224)	$ (563)

Reconciliation of Weighted Av33

Reconciliation of Weighted Average Shares Outstanding and Share Repurchases (Details) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]
Weighted average shares outstanding (in shares)	58,455,000	59,215,000	58,686,000	59,205,000
Less: Unearned restricted shares (in shares)	(292,000)	(253,000)	(253,000)	(245,000)
Shares used for basic earnings per share (in shares)	58,163,000	58,962,000	58,433,000	58,960,000
Dilutive effect of stock options and other stock awards (in shares)	627,000	794,000	657,000	817,000
Shares used for diluted earnings per share (in shares)	58,790,000	59,756,000	59,090,000	59,777,000
Shares repurchased (in shares)	637,717		868,137
Average purchase price (in dollars per share)	$ 50.15		$ 51.49
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded for diluted EPS calculation (in shares)	339,003	185,860	339,003	185,860
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded for diluted EPS calculation (in shares)	0		91,590

Acquisitions (Details)

Acquisitions (Details) $ in Thousands, EndUser in Millions	May. 01, 2014USD ($)ObjectLanguageEndUserCountry	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Apr. 30, 2015USD ($)	May. 02, 2014USD ($)
Business Acquisition [Line Items]
Cash, net of cash acquired				$ 16,681	$ 172,145
Lag period between the company's recent international acquisition and financial reporting				2 months
Revenue		$ 433,362	$ 476,972	$ 856,343	914,889
Operating loss		60,265	76,004	105,174	125,634
Goodwill		965,571	1,003,290	$ 965,571	1,003,290	$ 962,367
Cross Knowledge [Member]
Business Acquisition [Line Items]
Cash, net of cash acquired	$ 166,000
Number of learning objects | Object	19,000
Number of languages in which training program provided | Language	17
Number of end-users served by enterprise | EndUser	5
Number of countries in which enterprise serves the end users | Country	80
Lag period between the company's recent international acquisition and financial reporting				2 months
Revenue		12,700	11,300	$ 23,200	15,300
Operating loss		$ (400)	$ (700)	$ (2,300)	$ (900)
Purchase price allocation, identifiable long-lived intangible assets							$ 63,000
Purchase price allocation, technology							6,300
Purchase price allocation, long-term deferred tax liabilities							21,500
Negative working capital							(4,300)
Goodwill							$ 122,500
Estimated useful life of intangible assets acquired				15 years

Restructuring and Reinvestmen35

Restructuring and Reinvestment Program (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		42 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	$ 3,694		$ 7,119	$ (155)	$ 103,097
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring Liability, Beginning Balance			30,653
Charges	3,694	$ 0	7,119	(155)
Payments			(18,339)	(16,267)
Foreign Translation & Reclassifications			(111)
Restructuring Liability, Ending Balance	19,322		19,322		19,322
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	753		2,570	641	65,329
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring Liability, Beginning Balance			18,794
Charges			2,570
Payments			(11,893)
Foreign Translation & Reclassifications			3
Restructuring Liability, Ending Balance	9,474		9,474		9,474
Process Reengineering Consulting [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	2,948		6,194	(145)	17,669
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring Liability, Beginning Balance			0
Charges			6,194
Payments			(4,005)
Foreign Translation & Reclassifications			0
Restructuring Liability, Ending Balance	2,189		2,189		2,189
Other Activities [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	(7)		(1,645)	(651)	20,099
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring Liability, Beginning Balance			11,859
Charges			(1,645)
Payments			(2,441)
Foreign Translation & Reclassifications			(114)
Restructuring Liability, Ending Balance	7,659		7,659		7,659
Other Activities [Member] | Other Accrued Liabilities [Member]
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring Liability, Ending Balance	100		100		100
Other Activities [Member] | Other Long-Term Liabilities [Member]
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring Liability, Ending Balance	7,600		7,600		7,600
Research [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	496		866	(185)	16,089
Professional Development [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	195		205	245	22,735
Education [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	205		194	51	3,773
Shared Services [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring charge	$ 2,798		$ 5,854	$ (266)	$ 60,500

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Oct. 31, 2015USD ($)CoreBusinesses	Oct. 31, 2014USD ($)
Segment Information [Abstract]
Number of core businesses | CoreBusinesses			3
Segment Reporting Information [Line Items]
Revenue	$ 433,362	$ 476,972	$ 856,343	$ 914,889
Shared services and administration costs	(127,962)	(125,078)	(254,435)	(251,657)
Operating Income	60,265	76,004	105,174	125,634
Distribution and Operation Services [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(20,903)	(22,706)	(41,376)	(46,540)
Technology and Content Management [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(62,409)	(60,181)	(123,194)	(122,128)
Finance [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(11,814)	(12,644)	(24,492)	(26,308)
Other Administration [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(30,038)	(29,547)	(59,519)	(56,947)
Restructuring (Charges) Credits [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(2,798)	0	(5,854)	266
Journal Revenue [Member]
Segment Reporting Information [Line Items]
Revenue	205,460	226,270	407,673	444,020
Books and Custom Material [Member]
Segment Reporting Information [Line Items]
Revenue	146,351	172,304	303,914	342,951
Online Program Management (Deltak) [Member]
Segment Reporting Information [Line Items]
Revenue	23,195	19,699	43,697	35,936
Talent Solutions [Member]
Segment Reporting Information [Line Items]
Revenue	26,246	26,440	52,222	43,616
Course Workflow Solutions (WileyPlus) [Member]
Segment Reporting Information [Line Items]
Revenue	18,446	18,400	19,466	19,714
Other [Member]
Segment Reporting Information [Line Items]
Revenue	13,664	13,859	29,371	28,652
Operating Segments [Member]
Segment Reporting Information [Line Items]
Contribution to Profit	101,222	109,746	190,501	195,924
Operating Segments [Member] | Research [Member]
Segment Reporting Information [Line Items]
Revenue	238,388	264,825	475,778	519,695
Direct contribution to profit	110,881	122,744	217,694	237,478
Contribution to Profit	67,099	80,218	132,668	150,177
Operating Segments [Member] | Research [Member] | Distribution and Operation Services [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(10,085)	(11,441)	(20,264)	(23,419)
Operating Segments [Member] | Research [Member] | Technology and Content Management [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(25,749)	(24,632)	(49,805)	(49,575)
Operating Segments [Member] | Research [Member] | Occupancy and Other [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(7,948)	(6,453)	(14,957)	(14,307)
Operating Segments [Member] | Professional Development [Member]
Segment Reporting Information [Line Items]
Revenue	99,166	105,667	197,831	197,994
Direct contribution to profit	41,497	37,597	82,778	70,509
Contribution to Profit	18,757	9,799	37,766	17,322
Operating Segments [Member] | Professional Development [Member] | Distribution and Operation Services [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(6,783)	(7,969)	(13,656)	(16,270)
Operating Segments [Member] | Professional Development [Member] | Technology and Content Management [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(10,254)	(12,227)	(20,058)	(23,172)
Operating Segments [Member] | Professional Development [Member] | Occupancy and Other [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(5,703)	(7,602)	(11,298)	(13,745)
Operating Segments [Member] | Education [Member]
Segment Reporting Information [Line Items]
Revenue	95,808	106,480	182,734	197,200
Direct contribution to profit	35,849	40,741	59,137	69,304
Contribution to Profit	15,366	19,729	20,067	28,425
Operating Segments [Member] | Education [Member] | Distribution and Operation Services [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(3,740)	(3,213)	(7,165)	(6,545)
Operating Segments [Member] | Education [Member] | Technology and Content Management [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(12,592)	(14,197)	(23,810)	(27,536)
Operating Segments [Member] | Education [Member] | Occupancy and Other [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	(4,151)	(3,602)	(8,095)	(6,798)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Shared services and administration costs	$ (40,957)	$ (33,742)	$ (85,327)	$ (70,290)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015	Oct. 31, 2014
Inventories [Abstract]
Finished goods	$ 46,343	$ 52,705	$ 54,766
Work-in-process	7,153	6,552	7,132
Paper, cloth and other	4,004	4,676	4,640
Gross inventory	57,500	63,933	66,538
Inventory value of estimated sales returns	7,513	6,555	9,420
LIFO reserve	(6,859)	(6,709)	(5,017)
Total inventories	$ 58,154	$ 63,779	$ 70,941

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015	Oct. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with indefinite lives	$ 238,873	$ 236,304	$ 257,527
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives	676,301	681,317	735,091
Total	915,174	917,621	992,618
Brands and Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with indefinite lives	153,456	152,332	159,266
Content and Publishing Rights [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with indefinite lives	85,417	83,972	98,261
Content and Publishing Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives	483,955	482,596	521,416
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives	176,236	181,272	193,969
Brands and Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives	15,587	16,783	18,845
Covenants not to Compete [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives	$ 523	$ 666	$ 861

Income Taxes (Details)

Income Taxes (Details) € in Millions, $ in Millions	6 Months Ended
	Oct. 31, 2015USD ($)	Oct. 31, 2015EUR (€)	Oct. 31, 2014
Income Taxes [Abstract]
Effective tax rate	22.80%	22.80%	26.20%
Minimum [Member]
Income Tax Examination [Line Items]
Expected resolution period on tax appeal	18 months	18 months
Maximum [Member]
Income Tax Examination [Line Items]
Expected resolution period on tax appeal	24 months	24 months
Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Expected tax benefits derived from the step-up		€ 50
Expected tax benefits amortization	15 years	15 years
Total deposits		€ 48
Additional deposits for future deposits		€ 10
Expected interest rate on deposits	6.00%	6.00%
Deposits and accrued interest income | $	$ 59.8

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Defined benefit plans, net periodic benefit cost [Abstract]
Service cost	$ 367	$ 1,588	$ 737	$ 3,141
Interest cost	7,624	7,638	15,262	15,189
Expected return on plan assets	(10,114)	(9,112)	(20,286)	(17,977)
Net amortization of prior service cost	(24)	(30)	(49)	(3)
Recognized net actuarial loss	1,217	1,946	2,387	3,838
Settlement	0	0	1,857	0
Net pension expense	(930)	2,030	(92)	4,188
Pension plan contributions	2,900	2,200	10,700	5,000
Defined contribution plan	$ 3,300	$ 2,800	$ 9,100	$ 8,900

Debt and Available Credit Fac41

Debt and Available Credit Facilities (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	Oct. 31, 2015	Aug. 06, 2015
Credit Facilities [Line Items]
Amount of financing available under credit facilities	$ 50	$ 100
Term of credit facility	364 days	364 days
Period of reinstatement of credit facility		30 days
Minimum [Member]
Credit Facilities [Line Items]
Facility fee	0.125%
Maximum [Member]
Credit Facilities [Line Items]
Facility fee	0.30%
LIBOR [Member]
Credit Facilities [Line Items]
Variable rate		1.00%
LIBOR [Member] | Minimum [Member]
Credit Facilities [Line Items]
Variable rate	0.80%
LIBOR [Member] | Maximum [Member]
Credit Facilities [Line Items]
Variable rate	1.40%

Derivative Instruments and He42

Derivative Instruments and Hedging Activities (Details) € in Millions, $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Oct. 31, 2014USD ($)	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Apr. 30, 2015USD ($)	Apr. 30, 2014USD ($)	Apr. 30, 2013USD ($)	Oct. 31, 2014EUR (€)
Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net losses reclassified from accumulated other comprehensive loss		$ 0.6	$ 0.8
Fair value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable rate loans outstanding		889
Interest rate swaps [Member]
Derivative [Line Items]
Fair value of derivative instrument	$ (1)	$ (0.4)	(1)	$ (0.6)
Interest rate swaps [Member] | Other Accrued Liabilities [Member]
Derivative [Line Items]
Deferred loss on interest rate swap recorded as liabilities				(0.4)	$ (0.3)	$ (0.2)
Interest rate swaps [Member] | Other Long-Term Liabilities [Member]
Derivative [Line Items]
Deferred loss on interest rate swap recorded as liabilities					$ (0.7)	$ (0.4)
Interest rate swaps [Member] | August 2014 Interest rate swap (variable rate loans) [Member]
Derivative [Line Items]
Inception date		Aug. 15, 2014
Fixed interest rate		0.65%
Description of variable rate basis		one-month LIBOR
Basis of variable interest rate, reference rate reset period		1 month
Term of derivative instrument		2 years
Expiration date		Aug. 15, 2016
Notional amount of derivative liability		$ 150
Interest rate swaps [Member] | January 2014 Interest rate swap (variable rate loans) [Member]
Derivative [Line Items]
Inception date		Jan. 15, 2014
Fixed interest rate		0.47%
Description of variable rate basis		one-month LIBOR
Basis of variable interest rate, reference rate reset period		1 month
Term of derivative instrument		2 years
Expiration date		Jan. 15, 2016
Notional amount of derivative liability		$ 150
Interest rate swaps [Member] | March 2012 Interest rate swap (variable rate loans) [Member]
Derivative [Line Items]
Inception date		Mar. 30, 2012
Fixed interest rate		0.645%
Description of variable rate basis		one-month LIBOR
Basis of variable interest rate, reference rate reset period		1 month
Term of derivative instrument		3 years
Expiration date		Mar. 31, 2015
Notional amount of derivative liability		$ 150
Forward exchange contracts [Member]
Derivative [Line Items]
Notional amount of derivative liability		$ 0		$ 0			€ 75
Forward exchange contracts [Member] | Foreign exchange transaction losses [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss on fair value of derivative instruments	$ (0.2)		(4.2)
Losses recognized on derivative instruments			$ (4.2)