John Wiley & Sons (WLY) 10-Q 8 Dec 17 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2017	Nov. 30, 2017
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	2,018
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2017
Common Stock Class A [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		47,743,263
Common Stock Class B [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,167,393

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017	Oct. 31, 2016
Current Assets
Cash and cash equivalents	$ 72,871	$ 58,516	$ 267,410
Accounts receivable, net	193,506	188,679	212,590
Inventories, net	43,540	47,852	51,779
Prepaid and other current assets	54,092	64,688	147,753
Total Current Assets	364,009	359,735	679,532
Product Development Assets	68,124	70,955	38,574
Royalty Advances	12,500	28,320	10,353
Technology, Property & Equipment, net	274,624	252,488	248,281
Intangible Assets, net	828,524	828,099	822,962
Goodwill	999,546	982,101	974,068
Other Non-Current Assets	85,503	84,519	79,684
Total Assets	2,632,830	2,606,217	2,853,454
Current Liabilities
Accounts and royalties payable	150,888	139,206	158,985
Deferred revenue	244,328	436,235	223,307
Accrued employment costs	79,827	98,185	69,072
Accrued income taxes	17,711	22,222	8,515
Accrued pension liability	5,826	5,776	5,459
Other accrued liabilities	83,615	86,232	77,484
Total Current Liabilities	582,195	787,856	542,822
Long-Term Debt	562,962	365,000	883,992
Accrued Pension Liability	208,382	214,597	181,735
Deferred Income Tax Liabilities	156,397	160,491	191,729
Other Long-Term Liabilities	75,844	75,136	71,675
Shareholders' Equity
Additional paid-in capital	392,493	387,896	379,009
Retained earnings	1,747,998	1,715,423	1,656,991
Accumulated other comprehensive loss	(476,725)	(507,287)	(486,649)
Treasury stock (Class A - 22,398,073 and 22,096,970 as of October 31, 2017 and April 30, 2017, respectively; Class B - 3,917,574 and 3,917,574 as of October 31, 2017 and April 30, 2017, respectively)	(699,898)	(676,077)	(651,040)
Total Shareholders' Equity	1,047,050	1,003,137	981,501
Total Liabilities & Shareholders' Equity	2,632,830	2,606,217	2,853,454
Class A [Member]
Shareholders' Equity
Common Stock	70,097	70,086	69,798
Class B [Member]
Shareholders' Equity
Common Stock	$ 13,085	$ 13,096	$ 13,392

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED (Parenthetical) - $ / shares	Oct. 31, 2017	Apr. 30, 2017
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)	70,096,703	70,086,003
Treasury stock (in shares)	22,398,073	22,096,970
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)	13,084,967	13,095,667
Treasury stock (in shares)	3,917,574	3,917,574

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Revenue	$ 451,731	$ 425,588	$ 863,175	$ 829,873
Costs and Expenses
Cost of sales	119,865	111,574	234,653	225,052
Operating and administrative expenses	239,318	247,270	483,126	482,497
Restructuring and related (credits) charges	(1,406)	6,847	24,323	5,927
Amortization of intangibles	11,183	12,253	23,802	24,826
Total Costs and Expenses	368,960	377,944	765,904	738,302
Operating Income	82,771	47,644	97,271	91,571
Interest Expense	(3,455)	(4,360)	(6,728)	(8,431)
Foreign Exchange Transaction Losses	(416)	(360)	(5,552)	(139)
Interest Income and Other	576	478	581	728
Income Before Taxes	79,476	43,402	85,572	83,729
Provision For Income Taxes	19,428	54,853	16,288	64,180
Net Income (Loss)	$ 60,048	$ (11,451)	$ 69,284	$ 19,549
Earnings (Loss) Per Share
Diluted (in dollars per share)	$ 1.04	$ (0.20)	$ 1.20	$ 0.34
Basic (in dollars per share)	$ 1.06	$ (0.20)	$ 1.22	$ 0.34
Average Shares
Diluted (in shares)	57,554	57,538	57,633	58,259
Basic (in shares)	56,875	57,538	56,948	57,494
Class A Common [Member]
Cash Dividends Per Share
Common stock (in dollars per share)	$ 0.32	$ 0.31	$ 0.64	$ 0.62
Class B Common [Member]
Cash Dividends Per Share
Common stock (in dollars per share)	$ 0.32	$ 0.31	$ 0.64	$ 0.62

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net Income (Loss)	$ 60,048	$ (11,451)	$ 69,284	$ 19,549
Other Comprehensive Income (Loss):
Foreign currency translation adjustment	5,636	(25,824)	33,041	(70,464)
Unamortized retirement costs, net of tax (benefit) provision of $(131), $8,163, $(708) and $11,456, respectively	(579)	22,151	(2,526)	31,155
Unrealized gain on interest rate swaps, net of tax provision of $249, $721, $28 and $212, respectively	407	1,176	46	346
Total Other Comprehensive Income (Loss)	5,464	(2,497)	30,561	(38,963)
Comprehensive Income (Loss)	$ 65,512	$ (13,948)	$ 99,845	$ (19,414)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Other Comprehensive Income (Loss):
Unamortized retirement costs, tax provision (benefit)	$ (131)	$ 8,163	$ (708)	$ 11,456
Unrealized gain on interest rate swaps, tax provision	$ 249	$ 721	$ 28	$ 212

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Operating Activities
Net income	$ 69,284	$ 19,549
Adjustments to reconcile net income to cash used for operating activities:
Amortization of intangibles	23,802	24,826
Amortization of product development assets	20,246	18,701
Depreciation of technology, property and equipment	34,775	34,092
Restructuring charges	24,323	5,927
Restructuring payments	(20,739)	(10,770)
Deferred income tax benefit on UK rate change	0	(2,575)
Unfavorable tax settlement	0	47,531
One-time pension settlement	0	8,842
Stock-based compensation expense	2,536	4,907
Excess tax benefit from stock based compensation	0	(187)
Royalty advances	(46,860)	(46,070)
Earned royalty advances	62,993	64,321
Other non-cash charges	13,234	31,157
Change in deferred revenue	(200,970)	(199,419)
Net change in operating assets and liabilities	(28,981)	(86,926)
Cash Used for Operating Activities	(46,357)	(86,094)
Investing Activities
Product development spending	(15,145)	(16,604)
Additions to technology, property and equipment	(56,252)	(52,728)
Acquisitions, net of cash acquired	(6,097)	(135,753)
Cash Used for Investing Activities	(77,494)	(205,085)
Financing Activities
Repayments of long-term debt	(78,492)	(201,415)
Borrowings of long-term debt	275,081	480,400
Change in book overdrafts	(2,629)	(5,861)
Cash dividends	(36,699)	(35,883)
Purchase of treasury stock	(29,257)	(21,289)
Proceeds from exercise of stock options and other	7,347	15,703
Excess tax benefit from stock based compensation	0	187
Cash Provided by Financing Activities	135,351	231,842
Effects of Exchange Rate Changes on Cash and Cash Equivalents	2,855	(37,059)
Cash and Cash Equivalents
Increase (Decrease) for the Period	14,355	(96,396)
Balance at Beginning of Period	58,516	363,806
Balance at End of Period	72,871	267,410
Cash Paid During the Period for:
Interest	6,471	5,594
Income taxes, net of refunds	$ 26,398	$ 20,231

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 31, 2017
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 condensed consolidated 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. 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, 2017. 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, 2017
Recent Accounting Standards [Abstract]
Recent Accounting Standards	2. Recent Accounting Standards Effective April 30, 2017, the Company adopted Accounting Standard Update ("ASU") 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company elected to adopt this standard prospectively and thus prior period balances were not adjusted. As of October 31, 2016, there were $12.9 million of current deferred tax assets reported within Prepaid and Other Current Assets in the Condensed Consolidated Statements of Financial Position. In August 2017, the FASB issued ASU 2017-12 "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" to simplify and improve the application and financial reporting of hedge accounting. The guidance eases the requirements for measuring and reporting hedge ineffectiveness, and clarifies that changes in the fair value of hedging instruments for cash flow, net investment, and fair value hedges should be reflected in the same income statement line item as the earnings effect of the hedged item. The guidance also permits entities to designate specific components in cash flow and interest rate hedges as the hedged risk, instead of using total cash flows. The standard is effective for the Company on May 1, 2019, with early adoption permitted. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting", which clarifies when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is only required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The new guidance must be applied prospectively to awards modified on or after the adoption date. The future impact of ASU 2017-09 will be dependent on the nature of future stock award modifications. In March 2017, the FASB issued ASU 2017-07 "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The guidance requires that the service cost component of net pension and postretirement benefit costs be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, while the other components of net benefit costs must be reported separately from the service cost component and below operating income. The guidance also allows only the service cost component to be eligible for capitalization when applicable. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The new guidance must be applied retrospectively for the presentation of net benefit costs in the income statement and prospectively for the capitalization of the service cost component of net benefit costs. Although the Company does not expect the standard to have an impact on its consolidated net income, the Company's net pension and postretirement costs for the three and six months ended October 31, 2017 include approximately $2.0 million and $3.9 million of net benefits that will be reclassified from operating income to a line item below operating income upon adoption. The Company's net pension and retirement costs for three and six months ended October 31, 2016 include $0.9 million and $1.7 million of net benefits that will be reclassified from operating income to a line item below operating income upon adoption. In January 2017, the FASB issued ASU 2017-04 "Intangibles – Goodwill and Other (Topic 350): "Simplifying the Test for Goodwill Impairment", which simplifies the measurement of a potential goodwill impairment charge by eliminating the requirement to calculate an implied fair value of the goodwill based on the fair value of a reporting unit's other assets and liabilities. The new guidance eliminates the implied fair value method and instead measures a potential impairment charge based on the excess of a reporting unit's carrying value compared to its fair value. The impairment charge cannot exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for the Company on May 1, 2020, with early adoption permitted. Based on the Company's most recent annual goodwill impairment test completed in fiscal year 2017, the Company expects no initial impact on adoption. In January 2017, the FASB issued ASU 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of a Business", which clarifies the definition of a business in order to allow for the evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or business. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The future impact of ASU 2017-01 will be dependent upon the nature of future acquisitions or dispositions made by the Company. In October 2016, the FASB issued ASU 2016-16 "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory", which simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this Standard eliminate the exception for an intra-entity transfer of an asset other than inventory. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The Company expects no initial impact on the adoption. In August 2016, the FASB issued ASU 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments", which provides clarification on classifying a variety of activities within the Statement of Cash flows. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The Company is currently assessing the impact the new guidance will have on its statement of cash flows. In March 2016, the FASB issued ASU 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting", which simplifies the accounting for share-based payment transactions, including income taxes, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance also allows an entity to make an accounting policy election to account for forfeitures when they occur or to estimate the number of awards that are expected to vest with a subsequent true up to actual forfeitures (current GAAP). The Company adopted ASU 2016-09 on a prospective basis on May 1, 2017. As a result of the adoption: ● Excess income tax benefits and deficiencies from stock-based compensation are now recognized as a discrete item within the Provision for Income Taxes in the Condensed Consolidated Statements of Income, rather than Additional Paid-In-Capital in the Condensed Consolidated Statements of Financial Position, and amounted to $0.2 million for the six months ended October 31, 2017. ● Excess income tax benefits and deficiencies are no longer considered when applying the treasury stock method for computing diluted shares outstanding, which resulted in an increase in diluted shares outstanding of approximately 34,000 and 24,000 shares for the three and six months ended October 31, 2017. ● Excess income tax benefits and deficiencies are now classified as an Operating Activity in the Condensed Consolidated Statements of Cash Flows. There were no excess tax benefits recorded in operating activities for the six months ended October 31, 2017, while $0.2 million were recorded in Financing Activities for the six months ended October 31, 2016. ● The Company has elected to continue estimating expected forfeitures in determining stock compensation expense each period. In February 2016, the FASB issued ASU 2016-02 "Leases (Topic 842)". ASU 2016-02 requires lessees to recognize most leases on the balance sheet which will result in an increase in reported assets and liabilities. The recognition of expenses within the income statement is consistent with the existing lease accounting standards. There are no significant changes in the new standard for lessors under operating leases. The standard is effective for the Company on May 1, 2019 with early adoption permitted. Adoption requires application of the new guidance for all periods presented. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) ("ASU 2014-09") which will supersede most existing revenue recognition guidance. The standard is effective for the Company on May 1, 2018. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations" ("ASU 2016-08"), ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing" ("ASU 2016-10"), ASU 2016-12, "Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients" ("ASU 2016-12"), and ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers" ("ASU 2016-20"), which provide clarification and additional guidance related to ASU 2014-09. The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 with ASU 2014-09. The Company is utilizing a comprehensive approach to assess the impact of the guidance on its contract portfolio by reviewing its current accounting policies and practices to identify potential differences that would result from applying the new requirements to its revenue contracts and is currently evaluating the effect that implementation of this standard will have on its consolidated financial position and results of operations. We have elected to use the modified retrospective approach to adopting the new revenue standards where we recognize the cumulative effect of initially applying the new revenue standards as an adjustment to the opening balance of retained earnings. The Company is also in the process of reviewing its current systems, internal controls and processes, and evaluating any necessary changes to support the implementation of the new revenue standards.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Oct. 31, 2017
Stock-Based Compensation [Abstract]
Stock-Based Compensation	3. Stock-Based Compensation The Company has stock-based compensation plans under which employees may be granted performance-based stock awards and other restricted stock awards. Prior to fiscal year 2017, the Company also granted options to purchase shares of Company common stock at the fair market value at the time of grant. The Company recognizes the grant date fair value of stock-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, 2017 and 2016, the Company recognized stock-based compensation (benefit) expense, on a pre-tax basis, of $4.0 million and $4.6 million, respectively. For the six months ended October 31, 2017 and 2016, the Company recognized stock-based compensation expense, on a pre-tax basis of $2.5 million and $4.9 million, respectively. The following table summarizes restricted stock awards granted by the Company: Six Months Ended October 2017 2016 Restricted Stock: Awards granted (in thousands) 405 509 Weighted average fair value of grant $ 51.44 $ 50.56 For the six months ended October 31, 2017 and 2016, the Company did not grant stock option awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Oct. 31, 2017
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, 2017 and 2016 were as follows (in thousands): Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at July 31, 2017 $ (291,807 ) $ (192,449 ) $ 2,066 $ (482,190 ) Other comprehensive income (loss) before reclassifications 5,636 (1,673 ) 238 4,201 Amounts reclassified from accumulated other comprehensive loss - 1,094 169 1,263 Total other comprehensive income (loss) 5,636 (579 ) 407 5,464 Balance at October $ (286,171 ) $ (193,028 ) $ 2,473 $ (476,726 ) Balance at April 30, 2017 $ (319,212 ) $ (190,502 ) $ 2,427 $ (507,287 ) Other comprehensive income (loss) before reclassifications 33,041 (4,690 ) (194 ) 28,157 Amounts reclassified from accumulated other comprehensive loss - 2,164 240 2,404 Total other comprehensive income (loss) 33,041 (2,526 ) 46 30,561 Balance at October $ (286,171 ) $ (193,028 ) $ 2,473 $ (476,726 ) Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at July 31, 2016 $ (312,560 ) $ (170,401 ) $ (1,191 ) $ (484,152 ) Other comprehensive income (loss) before reclassifications (25,824 ) 15,826 1,200 (8,798 ) Amounts reclassified from accumulated other comprehensive loss - 6,325 (24 ) 6,301 Total other comprehensive income (loss) (25,824 ) 22,151 1,176 (2,497 ) Balance at October 31, 2016 $ (338,384 ) $ (148,250 ) $ (15 ) $ (486,649 ) Balance at April 30, 2016 $ (267,920 ) $ (179,405 ) $ (361 ) $ (447,686 ) Other comprehensive income (loss) before reclassifications (70,464 ) 25,494 97 (44,873 ) Amounts reclassified from accumulated other comprehensive loss - 5,661 249 5,910 Total other comprehensive income (loss) (70,464 ) 31,155 346 (38,963 ) Balance at October 31, 2016 $ (338,384 ) $ (148,250 ) $ (15 ) $ (486,649 ) During the three months ended October 31, 2017 and 2016, pre-tax actuarial losses (gains) included in Unamortized Retirement Costs of approximately $1.5 million and $10.0 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, 2017 and 2016, pre-tax actuarial losses of approximately $2.9 million and $8.7 million, respectively, were amortized.

Reconciliation of Weighted Aver

Reconciliation of Weighted Average Shares Outstanding and Share Repurchases	6 Months Ended
	Oct. 31, 2017
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): Three Months Ended October Six Months Ended October 2017 2016 2017 2016 Weighted average shares outstanding 57,013 57,759 57,100 57,717 Less: Unearned restricted shares (138 ) (221 ) (152 ) (223 ) Shares used for basic earnings per share 56,875 57,538 56,948 57,494 Dilutive effect of stock options and other stock awards 679 - 685 765 Shares used for diluted earnings per share 57,554 57,538 57,633 58,259 Since their inclusion in the calculation of diluted earnings per share would have been anti-dilutive, options to purchase 284,787 and 315,425 shares of Class A Common Stock have been excluded for the six months ended October 31, 2017 and 2016, respectively. In addition, for the six months ended October 31, 2016, 42,783 unearned restricted shares have been excluded as their inclusion would have been antidilutive. There were 26,740 unearned restricted shares excluded for the three months ended October 31, 2017. During the three months ended October 31, 2017 and 2016, the Company repurchased 285,599 and 193,955 shares of common stock at an average price of $53.37 and $51.56, respectively. During the six months ended October 31, 2017 and 2016, the Company repurchased 550,757 and 415,260 shares of common stock at an average price of $53.12 and $51.27, respectively.

Acquisitions

Acquisitions	6 Months Ended
	Oct. 31, 2017
Acquisitions [Abstract]
Acquisitions	6. Acquisitions: On September 30, 2016, the Company acquired the net assets of Atypon Systems, Inc. ("Atypon"), a Silicon Valley-based publishing-software company, for approximately $121 million in cash, net of cash acquired. Atypon is a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market and manage their content on the web. Atypon is headquartered in Santa Clara, CA, with approximately 260 employees in the U.S. and EMEA. Atypon provides services through Literatum Literatum

Restructuring Charges

Restructuring Charges	6 Months Ended
	Oct. 31, 2017
Restructuring Charges [Abstract]
Restructuring Charges	7. Restructuring Charges: 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 most of the cost savings achieved to improve margins and earnings, with the remainder reinvested in growth opportunities. The following tables summarize the pre-tax restructuring charges (credits) related to this program (in thousands): Cumulative Program Three Months Six Months Charges Ended October Ended October to Date 2017 2016 2017 2016 Charges (Credits) by Segment: Research $ (388 ) $ 229 $ 4,448 $ 160 $ 24,604 Publishing 71 215 7,325 569 39,814 Solutions (625 ) 524 2,170 524 4,721 Shared Services (464 ) 5,879 10,380 4,674 93,128 Total $ (1,406 ) $ 6,847 $ 24,323 $ 5,927 $ 162,267 Charges (Credits) by Activity: Severance $ (1,455 ) $ 4,322 $ 23,266 $ 4,579 $ 110,856 Process Reengineering Consulting - - 1,521 7 20,335 Other Activities 49 2,525 (464 ) 1,341 31,076 Total $ (1,406 ) $ 6,847 $ 24,323 $ 5,927 $ 162,267 Other Activities reflects leased facility consolidations, contract termination costs and the curtailment of certain defined benefit pension plans. The credits in Other Activities for the six months ended October 31, 2017 mainly reflect changes in estimates for previously accrued restructuring charges related to facility lease reserves. The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the six months ended October 31, 2017 (in thousands): Foreign Translation & April Charges Payments Reclassifications October Severance $ 10,082 $ 23,266 $ (12,739 ) $ 345 $ 20,954 Process Reengineering Consulting - 1,521 (1,320 ) - 201 Other Activities 12,708 (464 ) (6,680 ) (2,025 ) 3,539 Total $ 22,790 $ 24,323 $ (20,739 ) $ (1,680 ) $ 24,694 The restructuring liability as of October 31, 2017 for accrued Severance costs is reflected in Accrued Employment Costs in the Condensed Consolidated Statements of Financial Position. The liability as of October 31, 2017, for Process Reengineering Consulting costs is reflected in Other Accrued Liabilities. As of October 31, 2017, approximately $2.2 million and $1.3 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, 2017
Segment Information [Abstract]
Segment Information	8. Segment Information Effective August 1, 2016, the Company completed several changes to its organizational structure that resulted in a change in how the Company manages its businesses, allocates resources and measures performance. As a result, the Company revised its reportable segments to reflect how management currently reviews financial information and makes operating decisions. The Company's new segment reporting structure consists of three reportable segments as follows: The Research segment supports researchers, professionals and learners in the discovery and use of research knowledge to help them achieve their goals in research, learning and practice. Research provides scientific, technical, medical, and scholarly journals, as well as related content and services, to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Journal publishing areas include the physical sciences and engineering, health sciences, social science and humanities and life sciences. Research also includes the Company's recent acquisition of Atypon, a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market and manage their content on the web. Research customers include academic, corporate, government, and public libraries; funders of research; 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 and other customers. Publishing centers include Australia, China, Germany, India, the United Kingdom and the United States. The Publishing segment acquires, develops and publishes scientific, professional and education books and related content, as well as test preparation services and course workflow tools, to libraries, corporations, students, professionals and researchers. Communities served include business, finance, accounting, workplace learning, management, leadership, technology, behavioral health, engineering/architecture, science and medicine, 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, the United Kingdom and the United States. The Solutions segment delivers online program management services for universities and corporate learning and assessment services for businesses. Online Program Management services include market research, marketing, student recruitment, enrollment support, proactive retention support, academic services to design courses, faculty support and access to the Engage Learning Management System, which facilitates the online education experience. Graduate degree programs include Business Administration, Finance, Accounting, Healthcare, Engineering, Communications and others. The Corporate Learning business offers online learning and training solutions for global corporations, universities, and small and medium-sized enterprises, which are sold on a subscription or fee basis. Corporate Learning topics include leadership, diversity, value creation, client orientation, change and corporate strategy. The Company's professional assessment services include pre-hire screening and post-hire personality assessments, which are delivered to business customers through online digital delivery platforms either directly or through an authorized distributor network of independent consultants, trainers and coaches. The Company's assessment tools enable employers to optimize candidate selections and develop the full potential of their employees. These 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. The Company reports its segment information in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 280, "Segment Reporting," ("FASB ASC Topic 280"). 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): Three Months Six Months Ended October Ended October 2017 2016 2017 2016 Revenue: Research $ 228,870 $ 205,994 $ 452,497 $ 413,218 Publishing 164,985 163,300 296,263 308,261 Solutions 57,876 56,294 114,415 108,394 Total Revenue $ 451,731 $ 425,588 $ 863,175 $ 829,873 Contribution to Profit: Research $ 71,163 $ 60,292 $ 132,624 $ 120,727 Publishing 42,476 36,490 47,485 55,832 Solutions 7,309 5,359 5,341 5,506 Total Contribution to Profit $ 120,948 $ 102,141 $ 185,450 $ 182,065 Corporate Expenses (38,177 ) (54,497 ) (88,179 ) (90,494 ) Operating Income $ 82,771 $ 47,644 $ 97,271 $ 91,571

Inventories

Inventories	6 Months Ended
	Oct. 31, 2017
Inventories [Abstract]
Inventories	9. Inventories Inventories were as follows (in thousands): October April 2017 2016 2017 Finished goods $ 35,217 $ 42,063 $ 38,329 Work-in-process 3,427 5,055 7,078 Paper and other materials 517 3,557 650 $ 39,161 $ 50,675 $ 46,057 Inventory value of estimated sales returns 7,461 6,028 4,727 LIFO reserve (3,082 ) (4,924 ) (2,932 ) Total inventories $ 43,540 $ 51,779 $ 47,852

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Oct. 31, 2017
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	10. Goodwill and Intangible Assets The following table summarizes the activity in goodwill by segment as of October 31 (in thousands): Foreign Translation April Adjustment October Research $ 437,928 $ 9,569 $ 447,497 Publishing 283,192 7,876 291,068 Solutions 260,981 - 260,981 Total $ 982,101 $ 17,445 $ 999,546 Foreign Translation April Acquisitions Adjustment October Research $ 406,395 $ 74,119 $ (51,110 ) $ 429,404 Publishing 284,217 - (4,709 ) 279,508 Solutions 261,051 4,105 - 265,156 Total $ 951,663 $ 78,224 $ (55,819 ) $ 974,068 Intangible assets consisted of the following (in thousands): October April 2017 2016 2017 Intangible assets with indefinite lives: Brands and trademarks $ 133,180 $ 130,632 $ 135,061 Content and publishing rights 90,815 84,274 84,173 $ 223,995 $ 214,906 $ 219,234 Net intangible assets with determinable lives: Content and publishing rights $ 420,508 $ 406,467 $ 421,597 Customer relationships 166,006 182,584 169,116 Brands and trademarks 17,246 17,522 17,195 Covenants not to compete 769 1,483 957 $ 604,529 $ 608,056 $ 608,865 Total $ 828,524 $ 822,962 $ 828,099 In conjunction with a business review performed in the Publishing segment associated with the restructuring activities discussed above, in the first quarter of fiscal year 2018, the Company identified an indefinite lived brand with forecasted cash flows that did not support its carrying value. As a result, an impairment charge of $3.6 million was recorded in the first quarter of fiscal year 2018 to reduce the carrying value of the brand to its fair value of $1.2 million, which will now be amortized over an estimated useful life of 5 years. This impairment charge is included in Operating and Administrative Expenses in the Condensed Consolidated Statements of Income.

Income Taxes

Income Taxes	6 Months Ended
	Oct. 31, 2017
Income Taxes [Abstract]
Income Taxes	11. Income Taxes The following table summarizes the effective tax rate for the three and six months ended October 31, 2017: Three Months Six Months Ended October Ended October 2017 2016 2017 2016 Effective Tax Rate as Reported 24.4 % 126.4 % 19.0 % 76.7 % Impact of an unfavorable German court decision in - (109.5 )% - (56.8 )% Effective Tax Rate excluding the impact of an unfavorable German court decision in 24.4 % 16.9 % 19.0 % 19.9 % Impact of a reduction in the statutory rate in the U.K. in on deferred tax balances - 6.0 % - 3.1 % Effective Tax Rate excluding the impact of an unfavorable German court decision and U.K. tax rate change 24.4 % 22.9 % 19.0 % 23.0 % The effective tax rates, excluding the impact of an unfavorable German court decision in 2016 were lower than the U.S. statutory rate primarily due to lower foreign tax rates applicable to non-US earnings. The prior year's effective tax rates were also reduced by a reduction in the statutory rate in the United Kingdom ("U.K.") resulting in a $2.6 million tax benefit from the re-measurement of the Company's applicable U.K. deferred tax balances. The 24.4% rate for the three months ended October 31, 2017 was greater than 22.9% in the prior year primarily due to a higher tax benefit on certain restructuring costs incurred during the three months ended October 31, 2016. The 19.0% rate for the six months ended October 31, 2017 was less than 23.0% primarily due to a lower statutory rate in the U.K. on U.K. earnings, large equity compensation deductions from significant vesting of restricted stock and other one-time adjustments.

Retirement Plans

Retirement Plans	6 Months Ended
	Oct. 31, 2017
Retirement Plans [Abstract]
Retirement Plans	12. Retirement Plans The components of net pension expense (income) for the Company's global defined benefit plans were as follows (in thousands): Three Months Ended October Six Months Ended October 2017 2016 2017 2016 Service cost $ 242 $ 251 $ 472 $ 503 Interest cost 6,346 6,506 12,598 13,704 Expected return on plan assets (9,782 ) (8,656 ) (19,439 ) (18,031 ) Net amortization of prior service cost (23 ) (24 ) (48 ) (49 ) Recognized net actuarial loss 1,534 1,270 3,035 2,632 Pension plan actuarial loss - 8,842 - 8,842 Net pension expense (credit) $ (1,683 ) $ 8,189 $ (3,382 ) $ 7,601 Employer defined benefit pension plan contributions were $2.8 million and $3.0 million for the three months ended October 31, 2017 and 2016, respectively, and $5.6 million and $10.6 million for the six months ended October 31, 2017 and 2016, respectively. Contributions for employer defined contribution plans were approximately $3.0 million and $3.5 million for the three months ended October 31, 2017 and 2016, respectively, and $7.9 million and $8.4 million for the six months ended October 31, 2017 and 2016, respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Oct. 31, 2017
Derivative Instruments and Hedging Activities [Abstract]
Derivative Instruments and Hedging Activities	13. 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 $563.0 million of variable rate loans outstanding at October 31, 2017, which approximated fair value. The Company had $884.0 million of variable rate loans outstanding at October 31, 2016, which approximated fair value. As of October 31, 2017 and 2016 and April 30, 2017, the interest rate swap agreements maintained by the Company were designated as 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, 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. On April 4, 2016, the Company entered into a forward starting interest rate swap agreement which fixed a portion of the variable interest due on a variable rate debt renewal on May 16, 2016. Under the terms of the agreement, the Company pays a fixed rate of 0.92% and receives a variable rate of interest based on one-month LIBOR from the counterparty which is reset every month for a three-year period ending May 15, 2019. As of October 31, 2017 and October 31, 2016, the notional amount of the interest rate swap was $350.0 million. The Company records the fair value of its interest rate swaps on a recurring basis using Level inputs of quoted prices for similar assets or liabilities in active markets. The fair value of the interest rate swaps as of October and and April was a deferred gain of , a deferred loss of , and a deferred gain of , respectively. Based on the maturity dates of the contracts, the entire deferred gain and loss as of October and respectively, were recorded within Other Long-Term Assets, Other Accrued Liabilities and Other Long-Term Liabilities, respectively. The pre-tax gains (losses) that were reclassified from Accumulated Other Comprehensive Loss into Interest Expense for the months ended October and were and , respectively. The pre-tax losses that were reclassified from Accumulated Other Compensation Loss into Interest Expense for the months ended October and were and , 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). As of October and April the Company did not maintain any open forward contracts. As of October the Company maintained open forward contract with notional amount of pounds sterling. During the months of fiscal years and 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 the fair value of the open forward exchange contracts was a gain of approximately and recorded within Prepaid and Other Current Assets in the Condensed Consolidated Statements of Financial Position. The fair value was measured on a recurring basis using Level inputs. For the and months ended October the gain recognized on the forward contracts were and , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies 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 October will not have a material effect upon the consolidated financial condition or results of operations of the Company. Over the past few years, the Company has from time to time faced claims from photographers or agencies that the Company has used photographs without licenses or beyond licensed permissions. The Company has insurance coverage for a significant portion of such claims. The Company does not believe that its exposure to such claims either individually or in the aggregate is material.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Oct. 31, 2017
Basis of Presentation [Abstract]
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 condensed consolidated 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. 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, 2017. 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 (Po

Recent Accounting Standards (Policies)	6 Months Ended
	Oct. 31, 2017
Recent Accounting Standards [Abstract]
Recent Accounting Standards	Effective April 30, 2017, the Company adopted Accounting Standard Update ("ASU") 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The Company elected to adopt this standard prospectively and thus prior period balances were not adjusted. As of October 31, 2016, there were $12.9 million of current deferred tax assets reported within Prepaid and Other Current Assets in the Condensed Consolidated Statements of Financial Position. In August 2017, the FASB issued ASU 2017-12 "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" to simplify and improve the application and financial reporting of hedge accounting. The guidance eases the requirements for measuring and reporting hedge ineffectiveness, and clarifies that changes in the fair value of hedging instruments for cash flow, net investment, and fair value hedges should be reflected in the same income statement line item as the earnings effect of the hedged item. The guidance also permits entities to designate specific components in cash flow and interest rate hedges as the hedged risk, instead of using total cash flows. The standard is effective for the Company on May 1, 2019, with early adoption permitted. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting", which clarifies when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is only required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The new guidance must be applied prospectively to awards modified on or after the adoption date. The future impact of ASU 2017-09 will be dependent on the nature of future stock award modifications. In March 2017, the FASB issued ASU 2017-07 "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The guidance requires that the service cost component of net pension and postretirement benefit costs be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, while the other components of net benefit costs must be reported separately from the service cost component and below operating income. The guidance also allows only the service cost component to be eligible for capitalization when applicable. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The new guidance must be applied retrospectively for the presentation of net benefit costs in the income statement and prospectively for the capitalization of the service cost component of net benefit costs. Although the Company does not expect the standard to have an impact on its consolidated net income, the Company's net pension and postretirement costs for the three and six months ended October 31, 2017 include approximately $2.0 million and $3.9 million of net benefits that will be reclassified from operating income to a line item below operating income upon adoption. The Company's net pension and retirement costs for three and six months ended October 31, 2016 include $0.9 million and $1.7 million of net benefits that will be reclassified from operating income to a line item below operating income upon adoption. In January 2017, the FASB issued ASU 2017-04 "Intangibles – Goodwill and Other (Topic 350): "Simplifying the Test for Goodwill Impairment", which simplifies the measurement of a potential goodwill impairment charge by eliminating the requirement to calculate an implied fair value of the goodwill based on the fair value of a reporting unit's other assets and liabilities. The new guidance eliminates the implied fair value method and instead measures a potential impairment charge based on the excess of a reporting unit's carrying value compared to its fair value. The impairment charge cannot exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for the Company on May 1, 2020, with early adoption permitted. Based on the Company's most recent annual goodwill impairment test completed in fiscal year 2017, the Company expects no initial impact on adoption. In January 2017, the FASB issued ASU 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of a Business", which clarifies the definition of a business in order to allow for the evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or business. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The future impact of ASU 2017-01 will be dependent upon the nature of future acquisitions or dispositions made by the Company. In October 2016, the FASB issued ASU 2016-16 "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory", which simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this Standard eliminate the exception for an intra-entity transfer of an asset other than inventory. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The Company expects no initial impact on the adoption. In August 2016, the FASB issued ASU 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments", which provides clarification on classifying a variety of activities within the Statement of Cash flows. The standard is effective for the Company on May 1, 2018, with early adoption permitted. The Company is currently assessing the impact the new guidance will have on its statement of cash flows. In March 2016, the FASB issued ASU 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting", which simplifies the accounting for share-based payment transactions, including income taxes, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance also allows an entity to make an accounting policy election to account for forfeitures when they occur or to estimate the number of awards that are expected to vest with a subsequent true up to actual forfeitures (current GAAP). The Company adopted ASU 2016-09 on a prospective basis on May 1, 2017. As a result of the adoption: ● Excess income tax benefits and deficiencies from stock-based compensation are now recognized as a discrete item within the Provision for Income Taxes in the Condensed Consolidated Statements of Income, rather than Additional Paid-In-Capital in the Condensed Consolidated Statements of Financial Position, and amounted to $0.2 million for the six months ended October 31, 2017. ● Excess income tax benefits and deficiencies are no longer considered when applying the treasury stock method for computing diluted shares outstanding, which resulted in an increase in diluted shares outstanding of approximately 34,000 and 24,000 shares for the three and six months ended October 31, 2017. ● Excess income tax benefits and deficiencies are now classified as an Operating Activity in the Condensed Consolidated Statements of Cash Flows. There were no excess tax benefits recorded in operating activities for the six months ended October 31, 2017, while $0.2 million were recorded in Financing Activities for the six months ended October 31, 2016. ● The Company has elected to continue estimating expected forfeitures in determining stock compensation expense each period. In February 2016, the FASB issued ASU 2016-02 "Leases (Topic 842)". ASU 2016-02 requires lessees to recognize most leases on the balance sheet which will result in an increase in reported assets and liabilities. The recognition of expenses within the income statement is consistent with the existing lease accounting standards. There are no significant changes in the new standard for lessors under operating leases. The standard is effective for the Company on May 1, 2019 with early adoption permitted. Adoption requires application of the new guidance for all periods presented. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) ("ASU 2014-09") which will supersede most existing revenue recognition guidance. The standard is effective for the Company on May 1, 2018. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations" ("ASU 2016-08"), ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing" ("ASU 2016-10"), ASU 2016-12, "Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients" ("ASU 2016-12"), and ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers" ("ASU 2016-20"), which provide clarification and additional guidance related to ASU 2014-09. The Company must adopt ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 with ASU 2014-09. The Company is utilizing a comprehensive approach to assess the impact of the guidance on its contract portfolio by reviewing its current accounting policies and practices to identify potential differences that would result from applying the new requirements to its revenue contracts and is currently evaluating the effect that implementation of this standard will have on its consolidated financial position and results of operations. We have elected to use the modified retrospective approach to adopting the new revenue standards where we recognize the cumulative effect of initially applying the new revenue standards as an adjustment to the opening balance of retained earnings. The Company is also in the process of reviewing its current systems, internal controls and processes, and evaluating any necessary changes to support the implementation of the new revenue standards.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Oct. 31, 2017
Stock-Based Compensation [Abstract]
Schedule of Restricted Stock Data for Awards Granted	The following table summarizes restricted stock awards granted by the Company: Six Months Ended October 2017 2016 Restricted Stock: Awards granted (in thousands) 405 509 Weighted average fair value of grant $ 51.44 $ 50.56

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Oct. 31, 2017
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, 2017 and 2016 were as follows (in thousands): Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at July 31, 2017 $ (291,807 ) $ (192,449 ) $ 2,066 $ (482,190 ) Other comprehensive income (loss) before reclassifications 5,636 (1,673 ) 238 4,201 Amounts reclassified from accumulated other comprehensive loss - 1,094 169 1,263 Total other comprehensive income (loss) 5,636 (579 ) 407 5,464 Balance at October $ (286,171 ) $ (193,028 ) $ 2,473 $ (476,726 ) Balance at April 30, 2017 $ (319,212 ) $ (190,502 ) $ 2,427 $ (507,287 ) Other comprehensive income (loss) before reclassifications 33,041 (4,690 ) (194 ) 28,157 Amounts reclassified from accumulated other comprehensive loss - 2,164 240 2,404 Total other comprehensive income (loss) 33,041 (2,526 ) 46 30,561 Balance at October $ (286,171 ) $ (193,028 ) $ 2,473 $ (476,726 ) Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at July 31, 2016 $ (312,560 ) $ (170,401 ) $ (1,191 ) $ (484,152 ) Other comprehensive income (loss) before reclassifications (25,824 ) 15,826 1,200 (8,798 ) Amounts reclassified from accumulated other comprehensive loss - 6,325 (24 ) 6,301 Total other comprehensive income (loss) (25,824 ) 22,151 1,176 (2,497 ) Balance at October 31, 2016 $ (338,384 ) $ (148,250 ) $ (15 ) $ (486,649 ) Balance at April 30, 2016 $ (267,920 ) $ (179,405 ) $ (361 ) $ (447,686 ) Other comprehensive income (loss) before reclassifications (70,464 ) 25,494 97 (44,873 ) Amounts reclassified from accumulated other comprehensive loss - 5,661 249 5,910 Total other comprehensive income (loss) (70,464 ) 31,155 346 (38,963 ) Balance at October 31, 2016 $ (338,384 ) $ (148,250 ) $ (15 ) $ (486,649 )

Reconciliation of Weighted Av26

Reconciliation of Weighted Average Shares Outstanding and Share Repurchases (Tables)	6 Months Ended
	Oct. 31, 2017
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): Three Months Ended October Six Months Ended October 2017 2016 2017 2016 Weighted average shares outstanding 57,013 57,759 57,100 57,717 Less: Unearned restricted shares (138 ) (221 ) (152 ) (223 ) Shares used for basic earnings per share 56,875 57,538 56,948 57,494 Dilutive effect of stock options and other stock awards 679 - 685 765 Shares used for diluted earnings per share 57,554 57,538 57,633 58,259

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Oct. 31, 2017
Restructuring Charges [Abstract]
Pre-tax Restructuring Charges (Credits)	The following tables summarize the pre-tax restructuring charges (credits) related to this program (in thousands): Cumulative Program Three Months Six Months Charges Ended October Ended October to Date 2017 2016 2017 2016 Charges (Credits) by Segment: Research $ (388 ) $ 229 $ 4,448 $ 160 $ 24,604 Publishing 71 215 7,325 569 39,814 Solutions (625 ) 524 2,170 524 4,721 Shared Services (464 ) 5,879 10,380 4,674 93,128 Total $ (1,406 ) $ 6,847 $ 24,323 $ 5,927 $ 162,267 Charges (Credits) by Activity: Severance $ (1,455 ) $ 4,322 $ 23,266 $ 4,579 $ 110,856 Process Reengineering Consulting - - 1,521 7 20,335 Other Activities 49 2,525 (464 ) 1,341 31,076 Total $ (1,406 ) $ 6,847 $ 24,323 $ 5,927 $ 162,267
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, 2017 (in thousands): Foreign Translation & April Charges Payments Reclassifications October Severance $ 10,082 $ 23,266 $ (12,739 ) $ 345 $ 20,954 Process Reengineering Consulting - 1,521 (1,320 ) - 201 Other Activities 12,708 (464 ) (6,680 ) (2,025 ) 3,539 Total $ 22,790 $ 24,323 $ (20,739 ) $ (1,680 ) $ 24,694

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Oct. 31, 2017
Segment Information [Abstract]
Segment Information	Segment information is as follows (in thousands): Three Months Six Months Ended October Ended October 2017 2016 2017 2016 Revenue: Research $ 228,870 $ 205,994 $ 452,497 $ 413,218 Publishing 164,985 163,300 296,263 308,261 Solutions 57,876 56,294 114,415 108,394 Total Revenue $ 451,731 $ 425,588 $ 863,175 $ 829,873 Contribution to Profit: Research $ 71,163 $ 60,292 $ 132,624 $ 120,727 Publishing 42,476 36,490 47,485 55,832 Solutions 7,309 5,359 5,341 5,506 Total Contribution to Profit $ 120,948 $ 102,141 $ 185,450 $ 182,065 Corporate Expenses (38,177 ) (54,497 ) (88,179 ) (90,494 ) Operating Income $ 82,771 $ 47,644 $ 97,271 $ 91,571

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Oct. 31, 2017
Inventories [Abstract]
Schedule of Inventories	Inventories were as follows (in thousands): October April 2017 2016 2017 Finished goods $ 35,217 $ 42,063 $ 38,329 Work-in-process 3,427 5,055 7,078 Paper and other materials 517 3,557 650 $ 39,161 $ 50,675 $ 46,057 Inventory value of estimated sales returns 7,461 6,028 4,727 LIFO reserve (3,082 ) (4,924 ) (2,932 ) Total inventories $ 43,540 $ 51,779 $ 47,852

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Oct. 31, 2017
Goodwill and Intangible Assets [Abstract]
Activity in Goodwill by Segment	The following table summarizes the activity in goodwill by segment as of October 31 (in thousands): Foreign Translation April Adjustment October Research $ 437,928 $ 9,569 $ 447,497 Publishing 283,192 7,876 291,068 Solutions 260,981 - 260,981 Total $ 982,101 $ 17,445 $ 999,546 Foreign Translation April Acquisitions Adjustment October Research $ 406,395 $ 74,119 $ (51,110 ) $ 429,404 Publishing 284,217 - (4,709 ) 279,508 Solutions 261,051 4,105 - 265,156 Total $ 951,663 $ 78,224 $ (55,819 ) $ 974,068
Schedule of Intangible Assets	Intangible assets consisted of the following (in thousands): October April 2017 2016 2017 Intangible assets with indefinite lives: Brands and trademarks $ 133,180 $ 130,632 $ 135,061 Content and publishing rights 90,815 84,274 84,173 $ 223,995 $ 214,906 $ 219,234 Net intangible assets with determinable lives: Content and publishing rights $ 420,508 $ 406,467 $ 421,597 Customer relationships 166,006 182,584 169,116 Brands and trademarks 17,246 17,522 17,195 Covenants not to compete 769 1,483 957 $ 604,529 $ 608,056 $ 608,865 Total $ 828,524 $ 822,962 $ 828,099

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Oct. 31, 2017
Income Taxes [Abstract]
Summary of Effective Income Tax Rate	The following table summarizes the effective tax rate for the three and six months ended October 31, 2017: Three Months Six Months Ended October Ended October 2017 2016 2017 2016 Effective Tax Rate as Reported 24.4 % 126.4 % 19.0 % 76.7 % Impact of an unfavorable German court decision in - (109.5 )% - (56.8 )% Effective Tax Rate excluding the impact of an unfavorable German court decision in 24.4 % 16.9 % 19.0 % 19.9 % Impact of a reduction in the statutory rate in the U.K. in on deferred tax balances - 6.0 % - 3.1 % Effective Tax Rate excluding the impact of an unfavorable German court decision and U.K. tax rate change 24.4 % 22.9 % 19.0 % 23.0 %

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Oct. 31, 2017
Retirement Plans [Abstract]
Components of Net Periodic Pension Expense (Income) for Defined Benefit Plans	The components of net pension expense (income) for the Company's global defined benefit plans were as follows (in thousands): Three Months Ended October Six Months Ended October 2017 2016 2017 2016 Service cost $ 242 $ 251 $ 472 $ 503 Interest cost 6,346 6,506 12,598 13,704 Expected return on plan assets (9,782 ) (8,656 ) (19,439 ) (18,031 ) Net amortization of prior service cost (23 ) (24 ) (48 ) (49 ) Recognized net actuarial loss 1,534 1,270 3,035 2,632 Pension plan actuarial loss - 8,842 - 8,842 Net pension expense (credit) $ (1,683 ) $ 8,189 $ (3,382 ) $ 7,601

Recent Accounting Standards (De

Recent Accounting Standards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in diluted shares outstanding (in shares)	679,000	0	685,000	765,000
Excess tax benefits recorded in operating activities			$ 0	$ (187)
Excess tax benefits recorded in financing activities			0	(187)
Prepaid and Other Current Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets, current		$ 12,900		12,900
Accounting Standards Update 2017-07 Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net benefit costs expected to be reclassified from operating income to a line item below operating income	$ 2,000	$ 900	3,900	1,700
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess income tax benefits from stock-based compensation			$ 200
Increase (decrease) in diluted shares outstanding (in shares)	34,000		24,000
Excess tax benefits recorded in operating activities			$ 0
Excess tax benefits recorded in financing activities				$ 200

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation (benefit) expense	$ 4	$ 4.6	$ 2.5	$ 4.9
Restricted Stock [Member]
Restricted stock data for awards granted by the Company [Abstract]
Awards granted (in shares)			405	509
Weighted average fair value of grant (in dollars per share)	$ 51.44	$ 50.56	$ 51.44	$ 50.56
Performance-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for achievement of performance-based targets			3 years

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance			$ 1,003,137
Other comprehensive income (loss) before reclassifications	$ 4,201	$ (8,798)	28,157	$ (44,873)
Amounts reclassified from accumulated other comprehensive loss	1,263	6,301	2,404	5,910
Total Other Comprehensive Income (Loss)	5,464	(2,497)	30,561	(38,963)
Balance	1,047,050	981,501	1,047,050	981,501
Accumulated Other Comprehensive Loss [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(482,190)	(484,152)	(507,287)	(447,686)
Balance	(476,726)	(486,649)	(476,726)	(486,649)
Foreign Currency Translation [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(291,807)	(312,560)	(319,212)	(267,920)
Other comprehensive income (loss) before reclassifications	5,636	(25,824)	33,041	(70,464)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Total Other Comprehensive Income (Loss)	5,636	(25,824)	33,041	(70,464)
Balance	(286,171)	(338,384)	(286,171)	(338,384)
Unamortized Retirement Costs [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(192,449)	(170,401)	(190,502)	(179,405)
Other comprehensive income (loss) before reclassifications	(1,673)	15,826	(4,690)	25,494
Amounts reclassified from accumulated other comprehensive loss	1,094	6,325	2,164	5,661
Total Other Comprehensive Income (Loss)	(579)	22,151	(2,526)	31,155
Balance	(193,028)	(148,250)	(193,028)	(148,250)
Interest Rate Swaps [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	2,066	(1,191)	2,427	(361)
Other comprehensive income (loss) before reclassifications	238	1,200	(194)	97
Amounts reclassified from accumulated other comprehensive loss	169	(24)	240	249
Total Other Comprehensive Income (Loss)	407	1,176	46	346
Balance	$ 2,473	$ (15)	$ 2,473	$ (15)

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss, Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Operating and administrative expenses	$ 239,318	$ 247,270	$ 483,126	$ 482,497
Unamortized Retirement Costs [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Operating and administrative expenses	$ 1,500	$ 10,000	$ 2,900	$ 8,700

Reconciliation of Weighted Av37

Reconciliation of Weighted Average Shares Outstanding and Share Repurchases (Details) - $ / shares	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]
Weighted average shares outstanding (in shares)	57,013,000	57,759,000	57,100,000	57,717,000
Less: Unearned restricted shares (in shares)	(138,000)	(221,000)	(152,000)	(223,000)
Shares used for basic earnings per share (in shares)	56,875,000	57,538,000	56,948,000	57,494,000
Dilutive effect of stock options and other stock awards (in shares)	679,000	0	685,000	765,000
Shares used for diluted earnings per share (in shares)	57,554,000	57,538,000	57,633,000	58,259,000
Shares repurchased (in shares)	285,599	193,955	550,757	415,260
Average purchase price (in dollars per share)	$ 53.37	$ 51.56	$ 53.12	$ 51.27
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted EPS calculation (in shares)	26,740			42,783
Stock Options [Member] | Class A Common [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted EPS calculation (in shares)			284,787	315,425

Acquisitions (Details)

Acquisitions (Details) $ in Thousands, Article in Millions	Sep. 30, 2016USD ($)EmployeeJournalArticleWebSiteSocietyandPublisher	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Apr. 30, 2017USD ($)	Apr. 30, 2016USD ($)
Business Acquisition [Line Items]
Cash paid for acquisition, net of cash acquired				$ 6,097	$ 135,753
Revenue		$ 451,731	$ 425,588	863,175	829,873
Goodwill		999,546	974,068	999,546	974,068		$ 982,101	$ 951,663
Operating income (loss)		82,771	$ 47,644	97,271	$ 91,571
Atypon Systems Inc [Member]
Business Acquisition [Line Items]
Cash paid for acquisition, net of cash acquired	$ 121,000
Number of employees | Employee	260
Revenue		8,000		$ 16,300
Goodwill	$ 70,000
Working capital	3,000
Estimated useful life of intangible assets acquired				12 years
Operating income (loss)		$ (600)		$ (1,100)
Atypon Systems Inc [Member] | Minimum [Member]
Business Acquisition [Line Items]
Revenue						$ 31,000
Atypon Systems Inc [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets	14,000
Atypon Systems Inc [Member] | Software [Member]
Business Acquisition [Line Items]
Intangible assets	28,000
Atypon Systems Inc [Member] | Trademarks [Member]
Business Acquisition [Line Items]
Intangible assets	$ 6,000
Atypon Systems Inc [Member] | Literatum [Member]
Business Acquisition [Line Items]
Number of journals hosted | Journal	9,000
Number of journal articles hosted | Article	13
Atypon Systems Inc [Member] | Literatum [Member] | Minimum [Member]
Business Acquisition [Line Items]
Number of publication web sites hosted | WebSite	1,800
Number of societies and publishers hosted | SocietyandPublisher	1,500

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		66 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	$ (1,406)	$ 6,847	$ 24,323	$ 5,927
Restructuring and Reinvestment Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	(1,406)	6,847	24,323	5,927	$ 162,267
Restructuring and Reinvestment Program [Member] | Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	(1,455)	4,322	23,266	4,579	110,856
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	0	0	1,521	7	20,335
Restructuring and Reinvestment Program [Member] | Other Activities [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	49	2,525	(464)	1,341	31,076
Research [Member] | Restructuring and Reinvestment Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	(388)	229	4,448	160	24,604
Publishing [Member] | Restructuring and Reinvestment Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	71	215	7,325	569	39,814
Solutions [Member] | Restructuring and Reinvestment Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	(625)	524	2,170	524	4,721
Shared Services [Member] | Restructuring and Reinvestment Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges (credits)	$ (464)	$ 5,879	$ 10,380	$ 4,674	$ 93,128

Restructuring Charges, Activity

Restructuring Charges, Activity for Restructuring and Reinvestment Program Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		66 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring charges	$ (1,406)	$ 6,847	$ 24,323	$ 5,927
Payments			(20,739)	(10,770)
Restructuring and Reinvestment Program [Member]
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring liability, beginning of period			22,790
Restructuring charges	(1,406)	6,847	24,323	5,927	$ 162,267
Payments			(20,739)
Foreign translation & reclassifications			(1,680)
Restructuring liability, end of period	24,694		24,694		24,694
Restructuring and Reinvestment Program [Member] | Severance [Member]
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring liability, beginning of period			10,082
Restructuring charges	(1,455)	4,322	23,266	4,579	110,856
Payments			(12,739)
Foreign translation & reclassifications			345
Restructuring liability, end of period	20,954		20,954		20,954
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member]
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring liability, beginning of period			0
Restructuring charges	0	0	1,521	7	20,335
Payments			(1,320)
Foreign translation & reclassifications			0
Restructuring liability, end of period	201		201		201
Restructuring and Reinvestment Program [Member] | Other Activities [Member]
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring liability, beginning of period			12,708
Restructuring charges	49	$ 2,525	(464)	$ 1,341	31,076
Payments			(6,680)
Foreign translation & reclassifications			(2,025)
Restructuring liability, end of period	3,539		3,539		3,539
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | Other Accrued Liabilities [Member]
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring liability, end of period	2,200		2,200		2,200
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | Other Long-Term Liabilities [Member]
Activity for Restructuring and Reinvestment Program liability [Roll Forward]
Restructuring liability, end of period	$ 1,300		$ 1,300		$ 1,300

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)	Oct. 31, 2017USD ($)Segment	Oct. 31, 2016USD ($)
Segment Information [Abstract]
Number of reportable segments | Segment			3
Segment Reporting Information [Line Items]
Revenue	$ 451,731	$ 425,588	$ 863,175	$ 829,873
Contribution to profit (loss)	120,948	102,141	185,450	182,065
Operating and administrative expenses	(239,318)	(247,270)	(483,126)	(482,497)
Operating income	82,771	47,644	97,271	91,571
Operating Segments [Member] | Research [Member]
Segment Reporting Information [Line Items]
Revenue	228,870	205,994	452,497	413,218
Contribution to profit (loss)	71,163	60,292	132,624	120,727
Operating Segments [Member] | Publishing [Member]
Segment Reporting Information [Line Items]
Revenue	164,985	163,300	296,263	308,261
Contribution to profit (loss)	42,476	36,490	47,485	55,832
Operating Segments [Member] | Solutions [Member]
Segment Reporting Information [Line Items]
Revenue	57,876	56,294	114,415	108,394
Contribution to profit (loss)	7,309	5,359	5,341	5,506
Corporate [Member]
Segment Reporting Information [Line Items]
Operating and administrative expenses	$ (38,177)	$ (54,497)	$ (88,179)	$ (90,494)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2017	Apr. 30, 2017	Oct. 31, 2016
Inventories [Abstract]
Finished goods	$ 35,217	$ 38,329	$ 42,063
Work-in-process	3,427	7,078	5,055
Paper and other materials	517	650	3,557
Gross inventory	39,161	46,057	50,675
Inventory value of estimated sales returns	7,461	4,727	6,028
LIFO reserve	(3,082)	(2,932)	(4,924)
Total inventories	$ 43,540	$ 47,852	$ 51,779

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016
Goodwill [Roll Forward]
Beginning balance	$ 982,101	$ 951,663
Acquisitions		78,224
Foreign translation adjustment	17,445	(55,819)
Ending balance	999,546	974,068
Research [Member]
Goodwill [Roll Forward]
Beginning balance	437,928	406,395
Acquisitions		74,119
Foreign translation adjustment	9,569	(51,110)
Ending balance	447,497	429,404
Publishing [Member]
Goodwill [Roll Forward]
Beginning balance	283,192	284,217
Acquisitions		0
Foreign translation adjustment	7,876	(4,709)
Ending balance	291,068	279,508
Solutions [Member]
Goodwill [Roll Forward]
Beginning balance	260,981	261,051
Acquisitions		4,105
Foreign translation adjustment	0	0
Ending balance	$ 260,981	$ 265,156

Goodwill and Intangible Asset44

Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2017	Oct. 31, 2017	Apr. 30, 2017	Oct. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with indefinite lives		$ 223,995	$ 219,234	$ 214,906
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives		604,529	608,865	608,056
Total		828,524	828,099	822,962
Brands and Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with indefinite lives		133,180	135,061	130,632
Content and Publishing Rights [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with indefinite lives		90,815	84,173	84,274
Content and Publishing Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives		420,508	421,597	406,467
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives		166,006	169,116	182,584
Brands and Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives		17,246	17,195	17,522
Covenants Not to Compete [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives		$ 769	$ 957	$ 1,483
Brands [Member]
Finite-Lived Intangible Assets [Line Items]
Net intangible assets with determinable lives	$ 1,200
Impairment of intangible assets	$ 3,600
Estimated useful life		5 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Effective income tax rate [Abstract]
Effective Tax Rate as Reported	24.40%	126.40%	19.00%	76.70%
Impact of an unfavorable German court decision in 2016	(0.00%)	(109.50%)	(0.00%)	(56.80%)
Effective Tax Rate excluding the impact of an unfavorable German court decision in 2016	24.40%	16.90%	19.00%	19.90%
Impact of a reduction in the statutory rate in the U.K. in 2016 on deferred tax balances	(0.00%)	6.00%	(0.00%)	3.10%
Effective Tax Rate excluding the impact of an unfavorable German court decision and U.K. tax rate change	24.40%	22.90%	19.00%	23.00%
U.K. [Member]
Income Tax Contingency [Line Items]
Tax benefit from the re-measurement legislation enacted			$ (2.6)

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2017	Oct. 31, 2016	Oct. 31, 2017	Oct. 31, 2016
Defined benefit plans, net periodic benefit cost [Abstract]
Service cost	$ 242	$ 251	$ 472	$ 503
Interest cost	6,346	6,506	12,598	13,704
Expected return on plan assets	(9,782)	(8,656)	(19,439)	(18,031)
Net amortization of prior service cost	(23)	(24)	(48)	(49)
Recognized net actuarial loss	1,534	1,270	3,035	2,632
Pension plan actuarial loss	0	8,842	0	8,842
Net pension expense (credit)	(1,683)	8,189	(3,382)	7,601
Employer defined benefit pension plan contributions	2,800	3,000	5,600	10,600
Contributions for employer defined contribution plans	$ 3,000	$ 3,500	$ 7,900	$ 8,400

Derivative Instruments and He47

Derivative Instruments and Hedging Activities (Details) £ in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)Contract	Oct. 31, 2017USD ($)	Oct. 31, 2016USD ($)Contract	Apr. 30, 2017USD ($)	Oct. 31, 2016GBP (£)Contract
Derivative [Line Items]
Variable rate loans outstanding	$ 563	$ 884	$ 563	$ 884
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member]
Derivative [Line Items]
Net gain (losses) reclassified from Accumulated Other Comprehensive Loss	0.3	0.4	(0.4)	(0.9)
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Assets fair value of derivative instrument	$ 3.9		$ 3.9		$ 3.9
Liability fair value of derivative instrument		$ 0.2		$ 0.2
Interest Rate Swaps [Member] | April 2016 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member]
Derivative [Line Items]
Inception date			Apr. 4, 2016
Fixed interest rate to be paid	0.92%		0.92%
Description of variable rate basis			one-month LIBOR
Term of variable rate			1 month
Term of derivative instrument			3 years
Expiration date			May 15, 2019
Notional amount of derivative liability	$ 350		$ 350
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Notional amount of derivative liability | £						£ 274
Number of open derivative contracts held | Contract		1		1		1
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Transaction Gains (Losses) [Member]
Derivative [Line Items]
Gain (loss) on fair value of derivative instruments		$ 25.4		$ 64.7
Forward Exchange Contracts [Member] | Recurring [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Prepaid and Other Current Assets [Member]
Derivative [Line Items]
Gain recognized on derivative instruments		$ 66		$ 66