Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2020 | May 31, 2020 | Oct. 31, 2019 | |
Entity Listings [Line Items] | |||
Entity Registrant Name | JOHN WILEY & SONS, INC. | ||
Entity Central Index Key | 0000107140 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 2,040 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-11507 | ||
Entity Tax Identification Number | 13-5593032 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Address, Address Line One | 111 River Street | ||
Entity Address, City or Town | Hoboken | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07030 | ||
City Area Code | 201 | ||
Local Phone Number | 748-6000 | ||
Common Stock Class A [Member] | |||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 46,767,784 | ||
Title of 12(b) Security | Class A Common Stock, par value $1.00 per share | ||
Trading Symbol | JW.A | ||
Security Exchange Name | NYSE | ||
Common Stock Class B [Member] | |||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,094,674 | ||
Title of 12(b) Security | Class B Common Stock, par value $1.00 per share | ||
Trading Symbol | JW.B | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 | |
Current Assets | |||
Cash and cash equivalents | $ 202,464 | $ 92,890 | |
Accounts receivable, net | 309,384 | 306,631 | |
Inventories, net | 43,614 | 35,582 | |
Prepaid expenses and other current assets | 59,465 | 67,441 | |
Total Current Assets | 614,927 | 502,544 | |
Product Development Assets, net | 53,643 | 62,470 | |
Royalty Advances, net | 36,710 | 36,185 | |
Technology, Property and Equipment, net | 298,005 | 289,021 | |
Intangible Assets, net | 807,405 | 865,572 | |
Goodwill | 1,116,790 | 1,095,666 | |
Operating Lease Right-of-Use Assets | 142,716 | 0 | |
Other Non-Current Assets | 98,598 | 97,308 | |
Total Assets | 3,168,794 | 2,948,766 | |
Current Liabilities | |||
Accounts payable | 93,691 | 90,980 | |
Accrued royalties | 87,408 | 78,062 | |
Short-term portion of long-term debt | 9,375 | 0 | |
Contract liabilities | [1] | 520,214 | 519,129 |
Accrued employment costs | 108,448 | 97,230 | |
Accrued income taxes | 13,728 | 21,025 | |
Short-term portion of operating lease liabilities | 21,810 | 0 | |
Other accrued liabilities | 72,595 | 75,900 | |
Total Current Liabilities | 927,269 | 882,326 | |
Long-Term Debt | 765,650 | 478,790 | |
Accrued Pension Liability | 187,969 | 166,331 | |
Deferred Income Tax Liabilities | 119,127 | 143,775 | |
Operating Lease Liabilities | 159,782 | 0 | |
Other Long-Term Liabilities | 75,373 | 96,197 | |
Total Liabilities | 2,235,170 | 1,767,419 | |
Shareholders' Equity | |||
Preferred Stock, $1 par value: Authorized - 2 million, Issued 0 | 0 | 0 | |
Additional paid-in-capital | 431,680 | 422,305 | |
Retained earnings | 1,780,129 | 1,931,074 | |
Accumulated other comprehensive (loss): | |||
Foreign currency translation adjustment | (340,703) | (312,107) | |
Unamortized retirement costs, net of tax | (227,920) | (196,057) | |
Unrealized (loss) gain on interest rate swap, net of tax | (6,874) | (574) | |
Total accumulated other comprehensive loss, net of tax | (575,497) | (508,738) | |
Treasury Shares | (785,870) | (746,476) | |
Total Shareholders' Equity | 933,624 | 1,181,347 | |
Total Liabilities and Shareholders' Equity | 3,168,794 | 2,948,766 | |
Class A [Member] | |||
Shareholders' Equity | |||
Common Stock | 70,166 | 70,127 | |
Class B [Member] | |||
Shareholders' Equity | |||
Common Stock | $ 13,016 | $ 13,055 | |
[1] | The sales return reserve recorded in Contract Liabilities is $32.8 million and $25.9 million as of April 30, 2020 and April 30, 2019, respectively. |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares shares in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Shareholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Class A [Member] | ||
Shareholders' Equity | ||
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, shares authorized (in shares) | 180,000 | 180,000 |
Common Stock, shares issued (in shares) | 70,166 | 70,127 |
Treasury stock (in shares) | 23,405 | 22,634 |
Class B [Member] | ||
Shareholders' Equity | ||
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, shares authorized (in shares) | 72,000 | 72,000 |
Common Stock, shares issued (in shares) | 13,016 | 13,055 |
Treasury stock (in shares) | 3,920 | 3,918 |
CONSOLIDATED STATEMENTS OF (LOS
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |||
Revenue, net | $ 1,831,483 | $ 1,800,069 | $ 1,796,103 | ||
Costs and Expenses | |||||
Cost of sales | 591,024 | 554,722 | 531,024 | ||
Operating and administrative expenses | 997,355 | 963,582 | 953,222 | ||
Impairment of goodwill and intangible assets | 202,348 | 0 | 3,600 | ||
Restructuring and related charges | 32,607 | 3,118 | 28,566 | ||
Amortization of intangibles | 62,436 | 54,658 | 48,230 | ||
Total Costs and Expenses | 1,885,770 | 1,576,080 | 1,564,642 | ||
Operating (Loss) Income | (54,287) | 223,989 | 231,461 | ||
Interest Expense | (24,959) | (16,121) | (13,274) | ||
Foreign Exchange Transaction Gains (Losses) | 2,773 | (6,016) | (12,819) | ||
Interest and Other Income | 13,381 | 11,100 | 8,563 | ||
(Loss) Income Before Taxes | (63,092) | 212,952 | 213,931 | ||
Provision for Income Taxes | 11,195 | 44,689 | 21,745 | ||
Net (Loss) Income | $ (74,287) | $ 168,263 | $ 192,186 | ||
(Loss) Earnings Per Share | |||||
Basic (in dollars per share) | $ (1.32) | [1],[2] | $ 2.94 | [2] | $ 3.37 |
Diluted (in dollars per share) | $ (1.32) | [1],[2] | $ 2.91 | [2] | $ 3.32 |
Weighted Average Number of Common Shares Outstanding | |||||
Basic (in shares) | 56,209 | 57,192 | 57,043 | ||
Diluted (in shares) | 56,209 | 57,840 | 57,888 | ||
[1] | In calculating diluted net (loss) earnings per common share for the fourth quarter and year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a U.S. GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | ||||
[2] | The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract] | |||
Net (Loss) Income | $ (74,287) | $ 168,263 | $ 192,186 |
Other Comprehensive (Loss) Income: | |||
Foreign currency translation adjustment | (28,596) | (60,534) | 67,639 |
Unrealized retirement costs, net of tax benefit of $10,137, $1,337, and $252, respectively | (31,863) | (5,031) | (524) |
Unrealized (loss) gain on interest rate swaps, net of tax benefit (provision) of $2,114, $1,161, and $(459), respectively | (6,300) | (3,593) | 592 |
Total other comprehensive income (loss) | (66,759) | (69,158) | 67,707 |
Comprehensive (Loss) Income | $ (141,046) | $ 99,105 | $ 259,893 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Other Comprehensive (Loss) Income: | |||
Unrealized retirement costs, net of tax benefit | $ 10,137 | $ 1,337 | $ 252 |
Unrealized (loss) gain on interest rate swaps, tax benefit (expense) | $ 2,114 | $ 1,161 | $ (459) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Operating Activities | |||
Net (Loss) Income | $ (74,287) | $ 168,263 | $ 192,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Impairment of goodwill and intangible assets | 202,348 | 0 | 3,600 |
Amortization of intangibles | 62,436 | 54,658 | 48,230 |
Amortization of product development assets | 35,975 | 37,079 | 41,432 |
Depreciation and amortization of technology, property and equipment | 76,716 | 69,418 | 64,327 |
Restructuring and related charges | 32,607 | 3,118 | 28,566 |
Stock-based compensation expense | 20,009 | 18,327 | 11,244 |
Employee retirement plan expense | 10,832 | 5,236 | 7,388 |
Royalty advances | (133,497) | (129,949) | (122,602) |
Earned royalty advances | 131,398 | 129,125 | 116,620 |
Foreign exchange transaction (gains) losses | (2,773) | 6,016 | 12,819 |
Other non-cash charges (credits) | 7,115 | (11,136) | (29,951) |
Changes in Operating Assets and Liabilities | |||
Accounts receivable, net | (2,962) | (64,734) | (14,209) |
Inventories, net | (2,714) | 3,820 | 13,517 |
Accounts payable | 1,163 | 7,369 | 16,543 |
Accrued royalties | 13,425 | 6,169 | 3,664 |
Contract liabilities | (118) | 29,901 | 36,243 |
Accrued income taxes | (5,962) | 9,613 | (565) |
Restructuring payments | (12,563) | (15,219) | (30,595) |
Other accrued liabilities | (7,817) | (32,713) | 1,022 |
Employee retirement plan contributions | (33,729) | (40,470) | (27,550) |
Operating lease liabilities | (28,243) | 0 | 0 |
Other | (924) | (3,060) | 10,393 |
Net Cash Provided By Operating Activities | 288,435 | 250,831 | 382,322 |
Investing Activities | |||
Product development spending | (26,608) | (24,426) | (36,503) |
Additions to technology, property and equipment | (88,593) | (77,167) | (114,225) |
Businesses acquired in purchase transactions, net of cash acquired | (229,629) | (190,415) | 0 |
Acquisitions of publication rights and other | (1,840) | (9,494) | (26,683) |
Net Cash Used in Investing Activities | (346,670) | (301,502) | (177,411) |
Financing Activities | |||
Repayment of long-term debt | (630,551) | (476,246) | (467,915) |
Borrowing of long-term debt | 934,323 | 596,320 | 459,304 |
Payment of debt issuance costs | (4,006) | 0 | 0 |
Purchase of treasury shares | (46,589) | (59,994) | (39,688) |
Change in book overdrafts | (48) | (5,674) | (4,191) |
Cash dividends | (76,658) | (75,752) | (73,542) |
Net (payments) proceeds from exercise of stock options and other | (3,794) | 3,751 | 29,201 |
Net Cash Provided by (Used in) Financing Activities | 172,677 | (17,595) | (96,831) |
Effects of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | (4,943) | (8,443) | 3,661 |
Cash Reconciliation: | |||
Cash and cash equivalents | 92,890 | 169,773 | 58,516 |
Restricted cash included in Prepaid expenses and other current assets | 658 | 484 | 0 |
Balance at Beginning of Year | 93,548 | 170,257 | 58,516 |
Increase/(Decrease) for Year | 109,499 | (76,709) | 111,741 |
Cash and cash equivalents | 202,464 | 92,890 | 169,773 |
Restricted cash included in Prepaid expenses and other current assets | 583 | 658 | 484 |
Balance at End of Year | 203,047 | 93,548 | 170,257 |
Cash Paid During the Year for | |||
Interest | 23,622 | 14,867 | 12,221 |
Income taxes, net of refunds | 41,537 | 48,264 | 48,709 |
Learning House [Member] | Warrants [Member] | |||
Non-cash items associated with the acquisition of Learning House: | |||
Warrants to purchase 0.4 million shares of Wiley Class A Common Stock issued in connection with the Learning House acquisition | $ 0 | $ 565 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) shares in Millions | Apr. 30, 2020shares |
Non-cash items associated with the acquisition of Learning House: | |
Warrants to purchase shares, in connection with acquisition (in shares) | 0.4 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member]Class A [Member] | Common Stock [Member]Class A [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member]Class B [Member] | Common Stock [Member]Class B [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member]Class A [Member] | Additional Paid-in Capital [Member]Class B [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member]Class A [Member] | Retained Earnings [Member]Class B [Member] | Treasury Stock [Member] | Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member]Class A [Member] | Treasury Stock [Member]Class B [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Loss [Member]Class A [Member] | Accumulated Other Comprehensive Loss [Member]Class B [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Class A [Member] | Class B [Member] |
Balance at Apr. 30, 2017 | $ 70,086 | $ 13,096 | $ 387,896 | $ 1,715,423 | $ (676,077) | $ (507,287) | $ 1,003,137 | |||||||||||||||||
Restricted Shares Issued under Stock-based Compensation Plans | 0 | 0 | (7,646) | (10) | 7,968 | 0 | 312 | |||||||||||||||||
Net Proceeds/(Payments) from Exercise of Stock Options and Other | 0 | 0 | 15,686 | 0 | 13,515 | 0 | 29,201 | |||||||||||||||||
Stock-based Compensation Expense | 0 | 0 | 11,184 | 0 | 60 | 0 | 11,244 | |||||||||||||||||
Purchase of Treasury Shares | 0 | 0 | 0 | 0 | (39,688) | 0 | (39,688) | |||||||||||||||||
Common Stock Dividends | 0 | 0 | $ 0 | $ 0 | $ (61,813) | $ (11,729) | $ 0 | $ 0 | $ 0 | $ 0 | $ (61,813) | $ (11,729) | ||||||||||||
Common Stock Class Conversions | 25 | (25) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 192,186 | 0 | 67,707 | 259,893 | |||||||||||||||||
Balance at Apr. 30, 2018 | 70,111 | 13,071 | 407,120 | 1,834,057 | (694,222) | (439,580) | 1,190,557 | |||||||||||||||||
Balance (New Revenue Standard [Member]) at Apr. 30, 2018 | $ 0 | $ 0 | $ 0 | $ 4,503 | $ 0 | $ 0 | $ 4,503 | |||||||||||||||||
Restricted Shares Issued under Stock-based Compensation Plans | 0 | 0 | (8,544) | 3 | 8,826 | 0 | 285 | |||||||||||||||||
Net Proceeds/(Payments) from Exercise of Stock Options and Other | 0 | 0 | 4,837 | 0 | (1,086) | 0 | 3,751 | |||||||||||||||||
Stock-based Compensation Expense | 0 | 0 | 18,327 | 0 | 0 | 0 | 18,327 | |||||||||||||||||
Purchase of Treasury Shares | 0 | 0 | 0 | 0 | (59,994) | 0 | (59,994) | |||||||||||||||||
Common Stock Dividends | 0 | 0 | 0 | 0 | (63,684) | (12,068) | 0 | 0 | 0 | 0 | (63,684) | (12,068) | ||||||||||||
Common Stock Class Conversions | 16 | (16) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Issuance of Warrants Related to Acquisition of a Business | 0 | 565 | 0 | 0 | 0 | 565 | ||||||||||||||||||
Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 168,263 | 0 | (69,158) | 99,105 | |||||||||||||||||
Balance at Apr. 30, 2019 | 70,127 | 13,055 | 422,305 | 1,931,074 | (746,476) | (508,738) | 1,181,347 | |||||||||||||||||
Restricted Shares Issued under Stock-based Compensation Plans | 0 | 0 | (10,992) | 0 | 11,347 | 0 | 355 | |||||||||||||||||
Net Proceeds/(Payments) from Exercise of Stock Options and Other | 0 | 0 | 358 | 0 | (4,152) | 0 | (3,794) | |||||||||||||||||
Stock-based Compensation Expense | 0 | 0 | 20,009 | 0 | 0 | 0 | 20,009 | |||||||||||||||||
Purchase of Treasury Shares | 0 | 0 | 0 | 0 | (46,589) | 0 | (46,589) | |||||||||||||||||
Common Stock Dividends | 0 | 0 | $ 0 | $ 0 | $ (64,264) | $ (12,394) | $ 0 | $ 0 | $ 0 | $ 0 | $ (64,264) | $ (12,394) | ||||||||||||
Common Stock Class Conversions | 39 | (39) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Comprehensive Income (Loss), Net of Tax | 0 | 0 | (74,287) | 0 | (66,759) | (141,046) | ||||||||||||||||||
Balance at Apr. 30, 2020 | $ 70,166 | $ 13,016 | $ 431,680 | $ 1,780,129 | $ (785,870) | $ (575,497) | $ 933,624 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Class A [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock dividend (in dollars per share) | $ 1.36 | $ 1.32 | $ 1.28 |
Class B [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock dividend (in dollars per share) | $ 1.36 | $ 1.32 | $ 1.28 |
Description of Business
Description of Business | 12 Months Ended |
Apr. 30, 2020 | |
Description of Business [Abstract] | |
Description of Business | Note 1 – Description of Business The Company, founded in 1807, was incorporated in the state of New York on January 15, 1904. Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley & Sons, Inc. and all of our subsidiaries, except where the context indicates otherwise. We are a global research and learning company. Through our Research Publishing & Platforms Academic & Professional Learning Education Services |
Summary of Significant Accounti
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards | 12 Months Ended |
Apr. 30, 2020 | |
Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards [Abstract] | |
Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards | Note 2 – Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards Summary of Significant Accounting Policies Basis of Presentation: Our Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. All amounts are in thousands, except per share amounts, and approximate due to rounding. Reclassifications: Certain prior year amounts have been reclassified to conform to the current year’s presentation. During the three months ended January 31, 2020, we identified an immaterial error within our Consolidated Statement of Financial Position, including the results for the fiscal year ended April 30, 2019. Certain consideration received for services not yet performed, mainly for our annual subscription licensing revenue agreements, was presented as a reduction to Accounts Receivable, Net, rather than an increase to Contract Liabilities. The correction increases Accounts Receivable, Net and increases Contract Liabilities by approximately $11.8 million for the fiscal year ended April 30, 2019. There was no impact on Revenue, Net, Operating Income, Net Income, Earnings Per Share, or Net Cash Provided by Operating Activities or the Consolidated Statements of Cash Flows. Management has evaluated all relevant quantitative and qualitative factors and has concluded that the error is not material to the Consolidated Statement of Financial Position for the previously reported periods. We have revised our accompanying Consolidated Statement of Financial Position to correct this for the fiscal year ended April 30, 2019 and any related disclosures. This immaterial error did not impact the April 30, 2020 Consolidated Statement of Financial Position. The current policy for our subscription licensing agreements is to record accounts receivable when performance occurs and recognize contract liabilities once the invoice is due, or cash payment is received from the customer . Use of Estimates: The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and revenue and expenses during the reporting period. These estimates include, among other items, sales return reserves, allocation of acquisition purchase price to assets acquired and liabilities assumed, goodwill and indefinite-lived intangible assets, intangible assets with definite lives and other long-lived assets, and retirement plans. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions on the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from those estimates, which could affect the reported results. Book Overdrafts: Under our cash management system, a book overdraft balance exists for our primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. Our funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2020 and 2019, book overdrafts of $7.4 million, in each year respectively, were included in Accounts Payable on the Consolidated Statements of Financial Position. Revenue Recognition: Revenue from contracts with customers is recognized using a five-step model consisting of the following: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) we satisfy a performance obligation. Performance obligations are satisfied when we transfer control of a good or service to a customer, which can occur over time or at a point in time. The amount of revenue recognized is based on the consideration to which we expect to be entitled in exchange for those goods or services, including the expected value of variable consideration. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable, and we no longer have an obligation to transfer additional goods or services to the customer or collectability becomes probable. See Note 3, “Revenue Recognition, Contracts with Customers,” of the Notes to Consolidated Financial Statements for further details of our revenue recognition policy. Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the time of purchase and are stated at cost, which approximates market value, because of the short-term maturity of the instruments. Allowance for Doubtful Accounts: The estimated allowance for doubtful accounts is based on a review of the aging of the accounts receivable balances, historical write-off experience, credit evaluations of customers, and current market conditions. A change in the evaluation of a customer’s credit could affect the estimated allowance. The allowance for doubtful accounts is shown as a reduction of Accounts Receivable, net on the Consolidated Statements of Financial Position and amounted to $18.3 million and $14.3 million as of April 30, 2020 and 2019, respectively. Sales Return Reserves: The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related increase to inventory and a reduction to accrued royalties as a result of the expected returns. Print book sales return reserves amounted to a net liability balance of $19.6 million and $18.5 million as of April 30, 2020 and 2019, respectively. The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease): 2020 2019 Increase in Inventories, net $ 8,686 $ 3,739 Decrease in Accrued royalties $ (4,441 ) $ (3,653 ) Increase in Contract liabilities $ 32,769 $ 25,934 Print book sales return reserve net liability balance $ (19,642 ) $ (18,542 ) Inventories: Inventories are carried at the lower of cost or market. U.S. book inventories aggregating $24.3 million and $21.0 million at April 30, 2020 and 2019, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method. Finished Goods not recorded at LIFO have been recorded at the lower of cost or market. Product Development Assets: Product development assets consist of book composition costs and other product development costs. Costs associated with developing a book publication are expensed until the product is determined to be commercially viable. Book composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Book composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Other product development costs represent the costs incurred in developing software, platforms, and digital content to be sold and licensed to third parties. Other product development costs are capitalized and amortized on a straight-line basis over their estimated useful lives. As of April 30, 2020, the weighted average estimated useful life of other product development costs was approximately 6 years. Royalty Advances: Royalty advances are capitalized and, upon publication, are expensed as royalties earned based on sales of the published works. Royalty advances are reviewed for recoverability and a reserve for loss is maintained, if appropriate. Shipping and Handling Costs: Costs incurred for third party shipping and handling are primarily reflected in Operating and Administrative Expenses on the Consolidated Statements of (Loss) Income. We incurred $28.8 million, $32.7 million, and $33.7 million in shipping and handling costs in the years ended April 30, 2020, 2019, and 2018, respectively. Advertising and Marketing Costs: Advertising and marketing costs are expensed as incurred. We incurred $103.1 million, $89.5 million, and $68.3 million in advertising and marketing costs in the years ended April 30, 2020, 2019, and 2018, respectively, and these costs are included in Cost of Sales and Operating and Administrative Expenses on the Consolidated Statements of (Loss) Income. Advertising and marketing costs of $65.8 million, $53.7 million, and $38.3 million were included in Cost of Sales in the years ended April 30, 2020, 2019, and 2018, respectively. This includes certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Advertising and marketing costs of $37.3 million, $35.8 million, and $30.0 million were included in Operating and Administrative Expenses in the years ended April 30, 2020, 2019, and 2018, respectively. Technology, Property, and Equipment: Technology, property, and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed as incurred. Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: Computer Software – 3 to 10 years, Computer Hardware – 3 to 5 years; Buildings and Leasehold Improvements – the lesser of the estimated useful life of the asset up to 40 years or the duration of the lease; Furniture, Fixtures, and Warehouse Equipment – 5 to 10 years. Costs incurred for computer software internally developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. Costs incurred during the application development stage include costs of materials, services and payroll and payroll-related costs for employees who are directly associated with the software project. Such costs are amortized over the expected useful life of the related software, which is generally 3 to 5 years. Costs related to the investment in our Enterprise Resource Planning and related systems are amortized over an expected useful life of 10 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred. Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed In connection with acquisitions, we allocate the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. The excess of the purchase consideration over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of the acquisition date fair value of the assets acquired and liabilities assumed required us to make significant estimates and assumptions, such as projected revenues and related growth rates, forecasted operating cash flows, customer attrition rates, obsolescence rates of developed technology, and discount rates. We may use a third-party valuation consultant to assist in the determination of such estimates. Goodwill and Indefinite-lived Intangible Assets: Goodwill represents the excess of the aggregate of the following: (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree, and (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Indefinite-lived intangible assets primarily consist of brands and trademarks, and publishing rights and are typically characterized by intellectual property with a long and well-established revenue stream resulting from strong and well-established imprint/brand recognition in the market. We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible Assets with Definite Lives and Other Long-Lived Assets: Definite-lived intangible assets principally consist of content and publishing rights, customer relationships, brands and trademarks, developed technology and non-compete agreements and are amortized over their estimated useful lives. The most significant factors in determining the estimated lives of these intangibles are the history and longevity of the brands, trademarks, and content and publication rights and developed technology acquired combined with the strength and pattern of projected cash flows. Intangible assets with definite lives as of April 30, 2020, are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 34 years, customer relationships – 16 years, brands and trademarks – 13 years, developed technology – 7 years, and non-compete agreements – 5 years. Assets with definite lives are evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the projected undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value based on the discounted future cash flows. Derivative Financial Instruments: From time to time, we enter into foreign exchange forward 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. We do not use financial instruments for trading or speculative purposes. Foreign Currency Gains/Losses: We maintain operations in many non-U.S. locations. Assets and liabilities are translated into U.S. dollars using end-of-period exchange rates and revenues and expenses are translated into U.S. dollars using weighted average rates. Our significant investments in non-U.S. businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders’ Equity. Foreign currency transaction gains or losses are recognized on the Consolidated Statements of (Loss) Income as incurred. Stock-Based Compensation: We recognize stock-based compensation expense based on the fair value of the stock-based awards on the grant date, reduced by an estimate for future forfeited awards. As such, stock-based compensation expense is only recognized for those awards that are expected to ultimately vest. The fair value of stock-based awards is recognized in net income generally on a straight-line basis over the requisite service period. The grant date fair value for stock options is estimated using the Black-Scholes option-pricing model. The determination of the assumptions used in the Black-Scholes model include the expected life of an option, the expected volatility of our common stock over the estimated life of the option, a risk-free interest rate, and the expected dividend yield. Judgment was also required in estimating the amount of stock-based awards that may be forfeited. Stock-based compensation expense associated with performance-based stock awards is based on actual financial results for targets established three years in advance. The cumulative effect on current and prior periods of a change in the estimated number of performance share awards, or estimated forfeiture rate, is recognized as an adjustment to earnings in the period of the revision. If actual results differ significantly from estimates, our stock-based compensation expense and Consolidated Statements of (Loss) Income could be impacted. Recently Adopted Accounting Standards Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09 which requires entities to recognize revenues when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted ASU 2014-09, and all related amendments, which established ASC Topic 606 (the "new revenue standard"), effective as of May 1, 2018, using the modified retrospective method. The adoption of the new revenue standard did not have a material impact to our consolidated revenues, financial position, or results of operations. Upon adoption, we recorded an immaterial net increase to opening retained earnings resulting from the change in timing of when certain components of our revenue are recognized as required under the new revenue standard as compared to historical policies. The impact of the adoption of the new revenue standard was not material to our Consolidated Statements of (Loss) Income for the year ended April 30, 2019; therefore, we have omitted the disclosure that summarizes the effect of the revenue recognition standard by line item on our Consolidated Statements of (Loss) Income. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. We adopted ASU 2018-02 on May 1, 2019. We did not elect to reclassify the income tax effects from comprehensive income to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act. Our policy for releasing the income tax effects from accumulated other comprehensive income is to release when the corresponding pretax accumulated other comprehensive income items are reclassified to earnings. Targeted Improvements to Accounting for Hedging Activities 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. Subsequently, in November 2018, the FASB issued ASU 2018-1 6, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”. ASU 2017-12 Leases In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Subsequently, the FASB issued in March 2019, ASU 2019-01, “Leases (Topic 842): Codification Improvements”, in December 2018 ASU 2018-20, “Leases (Topic 842): Narrow Scope Improvements for Lessors”, and in July 2018 the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements” and ASU 2018-10, “Codification Improvements to Topic 842, Leases”. ASU 2016-02 requires an entity to recognize a right-of-use asset (“ROU”) and lease liability for all leases with terms of more than 12 months and provide enhanced disclosures. Recognition, measurement, and presentation of expenses depends on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance. The new standard provides a number of optional practical expedients in transition. We elected the practical expedients to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs. We did not elect the practical expedient allowing the use-of-hindsight which would have required us to reassess the lease term of our leases based on all facts and circumstances through the effective date. In addition, we did not elect the practical expedient pertaining to land easements. In addition, the new standard provides as a practical expedient, certain policy elections for ongoing lease accounting which we elected at the date of adoption and included the following, (i) to not separate nonlease components from the associated lease component if certain conditions are met, and (ii) to not recognize ROU assets and lease liabilities for leases that qualify as short-term. A modified retrospective transition approach was required, applying the standard to all leases existing at the date of initial application. A company could choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as of its date of initial application. We adopted the new standard on May 1, 2019 and used the effective date as the date of initial application. Accordingly, previously reported financial information was not updated, and the disclosures required under the new standard will not be provided for dates and periods before May 1, 2019. At adoption, we recognized operating lease liabilities of $178 million based on the present value of the remaining minimum rental payments for existing operating leases and ROU assets of $142 million on our Consolidated Statement of Financial Position. The difference between the ROU assets and operating lease liabilities represents the existing deferred rent liabilities, prepaid rent balances, and applicable restructuring liabilities, which were reclassified upon adoption to reduce the measurement of the ROU assets. The adoption of the standard did not have an impact on our Consolidated Statement of Shareholders’ Equity, Consolidated Statement of (Loss) Income or Consolidated Statement of Cash Flow. See Note 12, “Operating Leases”, for further details on our operating leases. Simplifying the Test for Goodwill Impairment 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 us on May 1, 2020, with early adoption permitted. We early adopted ASU 2017-04 during the three months ended April 30, 2020. See Note 11, “Goodwill and Intangible Assets,” for further details on the impairment charges we recorded during the three months ended April 30, 2020. Recently Issued Accounting Standards Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. This would apply to companies meeting certain criteria that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This standard is effective for us as of March 12, 2020 through December 31, 2022. We are currently assessing the impact the new guidance will have on our consolidated financial statements. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU is intended to simplify various aspects related to accounting for income taxes, eliminates certain exceptions within Topic 740, “Income Taxes” and clarifies certain aspects of the current guidance to promote consistent application. The standard is effective for us on May 1, 2021, and early adoption is permitted in any interim period for which financial statements have not yet been issued. We are currently assessing the impact the new guidance will have on our consolidated financial statements. Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for us on May 1, 2020, and interim periods within that fiscal year, with early adoption permitted. This ASU may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We will adopt the new standard on May 1, 2020 prospectively to all implementation costs that will be incurred on or after the date of adoption. The impact will be based on future implementation costs for cloud computing arrangements, which we currently do not expect to have a material impact on our consolidated financial statements and related disclosures. Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for us on May 1, 2021, with early adoption permitted. The amendments in ASU 2018-14 would need to be applied on a retrospective basis. We are currently assessing the impact the new guidance will have on our disclosures. Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 removes, modifies and added disclosures. The standard is effective for us on May 1, 2020, with early adoption permitted. Certain disclosures in ASU 2018-13 would need to be applied on a retrospective basis and others on a prospective basis. We will adopt the new standard on May 1, 2020. We do not believe that the adoption of ASU 2018-13 will have an impact on our consolidated financial statements with the exception of new and expanded disclosures. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, in May 2019, the FASB issued ASU 2019-05 - "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”, in April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” in November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” and in February 2020, the FASB issued ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update)”. ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. ASU 2016-13, ASU 2019-05, ASU 2019-04, ASU 2018-19, ASU 2019-11 and ASU 2020-02 are effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted. We will adopt the new standard on May 1, 2020. Based on financial instruments currently held by us, the adoption of ASU 2016-13 will primarily impact our trade receivables, specifically our allowance for doubtful accounts. We haven’t completed our analysis, however, due to the historical, current and expected credit quality of our customers, we do not expect the adoption of ASU 2016-13 to have a material impact on our consolidated financial results. |
Revenue Recognition, Contracts
Revenue Recognition, Contracts with Customers | 12 Months Ended |
Apr. 30, 2020 | |
Revenue Recognition, Contracts with Customers [Abstract] | |
Revenue Recognition, Contracts with Customers | Note 3 Revenue Recognition, Contracts with Customers Disaggregation of Revenue The following tables present our revenue from contracts with customers disaggregated by segment and product type. Years Ended April 30, 2020 2019 2018 Research Publishing & Platforms: Research Publishing $ 908,952 $ 903,249 $ 903,950 Research Platforms 39,887 35,968 32,907 Total Research Publishing & Platforms 948,839 939,217 936,857 Academic & Professional Learning: Education Publishing 352,188 372,018 401,607 Professional Learning 298,601 331,285 338,508 Total Academic & Professional Learning 650,789 703,303 740,115 Education Services: Education Services 214,376 157,549 119,131 mthree 17,479 — — Total Education Services 231,855 157,549 119,131 Total Revenue $ 1,831,483 $ 1,800,069 $ 1,796,103 Description of Revenue Generating Activities Refer to Part I, Item 1, “Business” for a description of our business and our reportable segments. Research Publishing & Platforms Segment Research Publishing & Platforms revenue by product type are Research Publishing and Research Platforms. Research Publishing Research Publishing generates the majority of its revenue from contracts with its customers for the following revenue streams: • Journal Subscriptions; • Licensing, Reprints, Backfiles and Other; and • Open Access and Comprehensive Agreements. Journal Subscriptions Journal subscription contracts are negotiated by us directly with customers or their subscription agents. Subscription periods typically cover calendar years. In a In journal subscriptions, there are generally two performance obligations; a functional intellectual property license with a stand-ready promise to provide access to new content for one year, which includes online hosting of the content; and a functional intellectual property perpetual license for access to historical journal content, which also includes online hosting of the content. The transaction price consists of fixed consideration. Subscription revenue is generally collected in advance. We allocate revenue to the stand-ready promise to provide access to new content for one year based on its observable standalone selling price which is generally the contractually stated price and the revenue for new content is recognized over one year as we have a continuous stand-ready obligation to provide the right of access to additional intellectual property. The allocation of revenue to the perpetual licenses for access to historical journal content is done using the expected cost plus a margin approach as permitted by the revenue standard. Revenue is recognized at the point in time when access to historical content is initially granted. Licensing, Reprints, Backfiles and Other Within licensing, the revenue derived from these contracts is primarily comprised of advance payments, including minimum guarantees and sales- or usage-based royalty agreements. Our intellectual property is considered to be functional intellectual property. Due to the stand-ready promise to provide updates during the subscription period, which is generally an annual period, revenue for the minimum guarantee is recognized on a straight-line basis over the term of the agreement. For our sales-or usage-based royalty agreements, we recognize revenue in the period of usage based on the amounts earned. We record revenue under these arrangements for the amounts due and not yet reported to us based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts. We also have certain licenses whereby we receive a non-refundable minimum guarantee against a volume-based royalty throughout the term of the agreement. We recognize volume-based royalty income only when cumulative consideration exceeds the minimum guarantee. Reprints contracts generally contain a single performance obligation which is the delivery of printed articles. Revenue is recognized at the time of delivery of the printed articles. For Backfiles, the performance obligation is the granting of a functional intellectual property license. Revenue is recognized at the time the functional intellectual property license is granted. Other includes our Article Select offering, whereby we have a single performance obligation to our customers to give access to an article through the purchase of a token. The customer redeems the token for access to the article for a 24-hour period. The customer purchases the tokens with an upfront cash payment. Revenue is recognized when access to the article is provided. Open Access and Comprehensive Agreements Under the Author-Funded Access model, we have a signed contract with the customer that contains enforceable rights. The Author-Funded Access model in a typical model includes an over-time single performance obligation that combines a promise to host the customer’s content on our open access platform, and a promise to provide an APC at a discount to eligible users who are defined in the contract, in exchange for an upfront payment. Enforceable right to payment occurs over time as we fulfill our obligation to provide a discount to eligible users, as defined, on future APCs. Therefore, the upfront payment is recorded as a contract liability and revenue is recognized over time. In January 2019, Wiley announced a new contractual arrangement in support of Open Access, a countrywide partnership agreement with Projekt DEAL, a representative of nearly academic institutions in Germany. This transformative three-year agreement provides all Projekt DEAL institutions with access to read Wiley’s academic journals back to the year 1997, and researchers at Projekt DEAL institutions can publish articles open access in Wiley’s journals. The partnership will better support institutions and researchers in advancing open science, driving discovery, and developing and disseminating knowledge. We are compensated primarily through a fee per article published and a consolidated access fee. Research Platforms Atypon contracts typically include a single performance obligation for the implementation and hosting subscription services. The transaction price is fixed which may include price escalators that are fixed increases per year, and therefore, revenue is recognized upon the initiation of the subscription period and straight-lined over the contract period. The duration of these contracts is generally multi-year ranging from 2-5 years. Academic & Professional Learning Academic & Professional Learning revenue by product type are Education Publishing and Professional Learning. Education Publishing Education Publishing generates the majority of its revenue from contracts with its customers for the following revenue streams • Education and STM Publishing; • Digital Courseware; • Test Preparation and Certification; and • Licensing and Other Education Publishing and STM (Scientific, Technical and Medical) Publishing within Education Publishing and Professional Publishing within Professional Learning product type below Our performance obligations as it relates to Education, STM and Professional Publishing are primarily book products delivered in both print and digital form which could include a single or multiple performance obligations based on the number of print or digital books purchased which are represented by an International Standard Book Number (“ISBN’s”), with each ISBN representing a performance obligation. Each ISBN has an observable stand-alone selling price since Wiley sells the books separately. This revenue stream also includes variable consideration as it relates to discounts and returns for both print and digital books. Discounts are identifiable by performance obligation and therefore are applied at the point of sale by performance obligation. The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related reduction in inventory and royalty costs as a result of the expected returns. As it relates to print and digital books within the Education, STM, and Professional Publishing, revenue is recognized at the point when control of product transfers, which for print is upon shipment or for digital when fulfillment of the products has been rendered. Digital Courseware Courseware customers purchase access codes to utilize the product. This could include a single or multiple performance obligations based on the number of course ISBN’s purchased. Revenue is recognized when the access codes are activated and then over the applicable semester term such product relates to. Test Preparation and Certification Test Preparation and Certification contracts are generally three-year agreements. This revenue stream includes multiple performance obligations as it relates to the on-line and printed course materials, including such items as textbooks, e-books, video lectures, flashcards, study guides and test banks. The transaction price is fixed; however, discounts are offered and returns of certain products are allowed. We allocate revenue to each performance obligation based on its standalone selling price. Depending on the performance obligation, revenue is recognized at the time the product is delivered and control has passed to the customer or over time due to our stand-ready obligation to provide updates to the customer. Licensing and Other Revenue derived from our licensing contracts is primarily comprised of advance payments and sales- or usage-based royalties. Revenue for advance payments is recognized at the point in time that the functional intellectual property license is granted. For sales- or usage- based royalties, we record revenue under these arrangements for the amounts due and not yet reported to us based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts. Professional Learning Professional Learning generates the majority of its revenue from contracts with its customers for the following revenue streams • Professional Publishing, which is described above; • Licensing and Other, which is described above; • Corporate Training - Professional Assessment; and • Corporate Training - Corporate Learning Corporate Training - Professional Assessment Professional Assessment through our authorized distributor network includes multiple performance obligations. This includes a performance obligation that includes an annual membership which includes the right to purchase products and services, access to the platform, support and training. This performance obligation is recognized over time since we have an obligation to stand-ready for the customer’s use of the services. In addition, there are performance obligations for the assessments and related products or services which are recognized at a point in time when the assessment, product or service is provided or delivered. The transaction price is allocated to each performance obligation based on its observable standalone selling price. In addition, as it relates to Professional Assessment customers’ unexercised rights for situations where we have received a nonrefundable payment for a customer to receive an assessment and the customer is not expected to exercise such right, we will recognize such “breakage” amounts as revenue in proportion to the pattern of rights exercised by the customer which is generally one year. Corporate Training - Corporate Learning The transaction price consists of fixed consideration that is determined at the beginning of each year and received at the same time. Within Corporate Learning there are multiple performance obligations which includes the licenses to learning content and the learning application. Revenue is recognized over time as we have a continuous obligation to provide the right of access to the intellectual property which includes the licenses and learning applications. Education Services Education Services revenue by product type are Education Services and mthree. Education Services Revenue is primarily derived from pre-negotiated contracts with institutions that provide for a share of tuition generated from students who enroll in a program. The duration of Education Services contracts are generally multi-year agreements ranging from a period of 7-10 years, with some having optional renewal periods. These optional renewal periods are not a material right and are not considered a separate performance obligation. Education Services includes a single performance obligation for the services provided because of the integrated technology and services our institutional clients need to attract, enroll, educate and support students. Consideration is variable since it is based on the number of students enrolled in a program. We begin to recognize revenue at the start of the delivery of the class within a semester, which is also when the variable consideration contingency is resolved. mthree mthree includes a performance obligation for the services provided which is recognized over the period of time the services are provided to its customers. Accounts Receivable, net and Contract Liability Balances When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. The following table provides information about receivables and contract liabilities from contracts with customers. April 30, 2020 April 30, 2019 Increase/ (Decrease) Balances from contracts with customers: Accounts receivable, net $ 309,384 $ 306,631 $ 2,753 Contract liabilities (1) 520,214 519,129 1,085 Contract liabilities (included in Other Long-Term Liabilities) $ 14,949 $ 10,722 $ 4,227 (1) The sales return reserve recorded in Contract Liabilities is $32.8 million and $25.9 million as of April 30, 2020 and April 30, 2019, respectively. For the year ended April 30, 2020, we estimate that we recognized as revenue substantially all of the current contract liability at April 30, 2019. The increase to contract liabilities in fiscal year 2020 was primarily driven by renewals of journal subscription agreements, as well as open access and comprehensive agreements, partially offset by revenue earned on journal subscriptions and open access and comprehensive agreements and the negative impact of foreign exchange. The acquisitions during the year ended April 30, 2020 did not have a material impact on the change in our contract liability balances during fiscal year 2020. Remaining Performance Obligations included in Contract Liability As of April 30, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $535.2 million, which included the sales return reserve of $32.8 million. Excluding the sales return reserve, we expect that approximately $487.5 million will be recognized in the next twelve months with the remaining $14.9 million to be recognized thereafter. Assets Recognized for the Costs to Fulfill a Contract Costs to fulfill a contract are directly related to a contract that will be used to satisfy a performance obligation in the future and are expected to be recovered. These costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. These types of costs are incurred in the following revenue streams, (1) Research Platforms and (2) Education Services. Our assets associated with incremental costs to fulfill a contract were $11.5 million and $8.9 million at April 30, 2020 and 2019, respectively, and are included within Other Non-Current Assets on our Consolidated Statements of Financial Position. We recorded amortization expense of $4.2 million and $2.6 million during the years ended April 30, 2020 and 2019, respectively, related to these assets within Cost of Sales on the Consolidated Statements of (Loss) Income. Sales and value-added taxes are excluded from revenues. Shipping and handling costs, which are primarily incurred within the Academic & Professional Learning segment, occur before the transfer of control of the related goods. Therefore, in accordance with the revenue standard, it is not considered a promised service to the customer and would be considered a cost to fulfill our promise to transfer the goods. Costs incurred for third party shipping and handling are primarily reflected in Operating and Administrative Expenses on the Consolidated Statements of (Loss) Income. We incurred $28.8 million, $32.7 million, and $33.7 million in shipping and handling costs in the years ended April 30, 2020, 2019 and 2018 respectively. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | Note 4 – Acquisitions Fiscal Year 2020 Pro forma financial information related to these acquisitions has not been provided as it is not material to our consolidated results of operations. mthree On January 1, 2020, we completed the acquisition of of the outstanding stock of mthree. mthree is a rapidly growing education services provider that addresses the IT skills gap by finding, training and placing job-ready technology talent in roles with leading corporations worldwide. Its results of operations are included in our Education Services segment. The preliminary fair value of the consideration transferred at the acquisition date was $ million (£ million) which included $ million of cash and $ million of additional consideration to be paid after the acquisition date. We financed the payment of the cash consideration primarily through borrowings under our Amended and Restated RCA (as defined below in Note 14, “Debt and Available Credit Facilities”) and using cash on hand. The fair value of the cash consideration transferred including those amounts paid after the acquisition date, net of $ million of cash acquired was approximately $ million. At the time of the acquisition, Wiley entered into agreements with certain employees of mthree who will remain employees after the acquisition. Cash payments will be made based on reaching certain revenue and EBITDA targets in each year over a period. Such payments are subject to continuing employment and would therefore be considered compensation expense for services provided subsequent to the acquisition. Such expense would be recognized when it becomes probable that the targets will be achieved. The mthree acquisition was accounted for using the acquisition method of accounting. The excess purchase price over identifiable net tangible and intangible assets has been recorded to Goodwill in our as of April 30, 2020. The fair value assessed for the majority of the tangible assets acquired and liabilities assumed equaled their carrying value. Goodwill represents synergies and economies of scale expected from the combination of services. We recorded the preliminary fair value of the assets acquired and liabilities assumed on the acquisition date. of the goodwill will be deductible for tax purposes. The acquisition related costs to acquire mthree were expensed when incurred and were approximately $ million. Such costs were primarily allocated to the Education Services segment and are reflected in Operating and Administrative Expenses on the Consolidated Statements of (Loss) Income in the year ended April 30, 2020. mthree’s revenue and operating loss included in our Education Services segment results for the year ended was $ million and $ million, respectively. The following table summarizes the preliminary consideration transferred to acquire mthree and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. Preliminary Allocation Total cash consideration transferred $ 122,242 Assets: Current Assets 8,750 Technology, Property and Equipment, net 484 Intangible Assets, net 56,836 Goodwill 82,561 Operating Lease Right-of-Use Assets 3,710 Total Assets $ 152,341 Liabilities: Current Liabilities 14,380 Deferred Income Tax Liabilities 12,722 Operating Lease Liabilities 2,692 Other Long-Term Liabilities 305 Total Liabilities $ 30,099 The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition. Estimated Fair Value Weighted- Average Useful Life (in Years) Customer Relationships $ 48,792 12 Trademarks 6,725 10 Content 1,319 4 Total $ 56,836 The allocation of the total consideration transferred to the assets acquired and the liabilities assumed is preliminary, and could be revised as a result of additional information obtained due to the finalization of the third-party valuation report, leases and related commitments, tax related matters and contingencies and certain assets and liabilities, including receivables and payables, but such amounts will be finalized within the measurement period, which will not exceed one year from the acquisition date. Zyante Inc. On July 1, 2019, we completed the acquisition of Zyante Inc. (“zyBooks”), a leading provider of computer science and STEM education courseware. The results of operations of zyBooks is included in our Academic & Professional Learning segment results. The fair value of the consideration transferred at the acquisition date was $ million which included $ million of cash and $ million of additional consideration to be paid after the acquisition date, inclusive of purchase price adjustments which were finalized in the three months ended January 31, 2020. The fair value of the cash consideration transferred including those amounts paid after the acquisition date, net of $ million of cash acquired was approximately $ million. The zyBooks acquisition was accounted for using the acquisition method of accounting. The excess purchase price over identifiable net tangible and intangible assets has been recorded to Goodwill in our C as of April 30, 2020. The fair value assessed for the majority of the tangible assets acquired and liabilities assumed equaled their carrying value. Goodwill represents synergies and economies of scale expected from the combination of services. Goodwill has been allocated to the Academic & Professional Learning segment. of the goodwill will be deductible for tax purposes. zyBooks revenue included in our Academic & Professional Learning segment results for the year ended was $ million. The following table summarizes the consideration transferred to acquire zyBooks and the allocation of the purchase price among the assets acquired and liabilities assumed. Final Allocation Total cash consideration transferred $ 55,939 Assets: Current Assets 2,280 Technology, Property and Equipment, net 28 Intangible Assets, net 24,500 Goodwill 36,903 Total Assets $ 63,711 Liabilities: Current Liabilities 2,581 Deferred Income Tax Liabilities 5,191 Total Liabilities $ 7,772 The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition. Fair Value Weighted- Average Useful Life (in Years) Developed Technology $ 10,400 7 Customer Relationships 6,800 10 Content 4,400 10 Trademarks 2,900 10 Total $ 24,500 The allocation of the consideration transferred to the assets acquired and the liabilities assumed is final. Other Acquisitions The preliminary fair value of cash consideration transferred during the year ended for all other acquisitions was approximately $ million. These other acquisitions were accounted for using the acquisition method of accounting as of their respective acquisition dates. The excess purchase price over identifiable net tangible and intangible assets of $ million has been recorded to Goodwill in our , and $ million of intangible assets subject to amortization have been recorded, including customer relationships, developed technology and content that are being amortized over estimated weighted average useful lives of , and , respectively. The fair value assessed for the majority of the tangible assets acquired and liabilities assumed equaled their carrying value. Goodwill represents synergies and economies of scale expected from the combination of services. Goodwill of $ million has been allocated to the Academic & Professional Learning segment, and $ million has been allocated to the Research Publishing & Platforms segment. The revenue for the year ended related to these other acquisitions was approximately $9.7 million. On April 1, 2020, we completed the acquisition of Bio-Rad Laboratories Inc.’s Informatics products including the company’s spectroscopy software and spectral databases (“Informatics”). The results of Informatics are included in our Research Publishing & Platforms segment results. On March 2, 2020, we completed the acquisition of Madgex Holdings Limited (“Madgex”), a market-leading provider of advanced job board software and career center services. The results of Madgex are included in our Research Publishing & Platforms segment results. The allocation of the total consideration transferred to the assets acquired and the liabilities assumed for Informatics and Madgex is preliminary, and could be revised as a result of additional information obtained due to the finalization of the third-party valuation report, leases and related commitments, tax related matters and contingencies and certain assets and liabilities, including receivables and payables, but such amounts will be finalized within the measurement period, which will not exceed one year from the acquisition dates. On May 31, 2019, we completed the acquisition of certain assets of Knewton, Inc. (“Knewton”). Knewton is a provider of affordable courseware and adaptive learning technology. The results of Knewton are included in our Academic & Professional Learning segment results. The allocation of the consideration transferred to the assets acquired and the liabilities assumed for Knewton is final. We also completed the acquisition of immaterial businesses, which are included in our Research Publishing & Platforms segment, immaterial business included in our Academic & Professional Learning segment results and immaterial business in our Education Services business. Fiscal Year 2019 The Learning House, Inc. On November 1, 2018, we completed the acquisition of of the outstanding stock of The Learning House, Inc. (“Learning House”) a diversified education services provider. The results of operations of Learning House are included in our Education Services segment. ; The fair value of the consideration transferred was $ million which included $ million of cash and $ million of warrants, inclusive of purchase price adjustments which were finalized in the three months ended April 30, 2019. We financed the payment of the cash consideration through borrowings under our RCA (as defined below in Note 14, “Debt and Available Credit Facilities”). The warrants were classified as equity and allow the holder to purchase shares of our Class A Common Stock at an exercise price of $ , subject to adjustments. The term of the warrants is , expiring on November 1, 2021. The fair value of the warrants was determined using the Black-Scholes option pricing model. The final fair value of the cash consideration transferred, net of $ million of cash acquired was $ million. The transaction was accounted for using the acquisition method of accounting. We recorded the fair value of the assets acquired and liabilities assumed on the acquisition date, all of which are included in the Education Services segment. None of the goodwill is deductible for tax purposes. The allocation of the consideration transferred to the assets acquired and the liabilities assumed is final. The following table summarizes the consideration transferred to acquire Learning House and the allocation of the purchase price among the assets acquired and the liabilities assumed. Final Allocation Total consideration transferred $ 201,274 Assets: Current Assets 20,353 Technology, Property and Equipment, net 343 Intangible Assets, net 109,548 Goodwill 110,966 Other Non-Current Assets 5,025 Total Assets $ 246,235 Liabilities: Current Liabilities 16,999 Deferred Income Tax Liabilities 26,778 Other Long-Term Liabilities 1,184 Total Liabilities $ 44,961 The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition. Fair Value Weighted- Average Useful Life (in Years) Customer Relationships $ 103,850 15 Course Content 5,698 4 Total $ 109,548 Learning House’s revenue and operating loss included in our Education Services segment results for the year ended April 30, 2019 was $31.5 million and $8.0 million, respectively. Pro forma financial information related to this acquisition has not been provided as it is not material to our consolidated results of operations. |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Shares Outstanding | 12 Months Ended |
Apr. 30, 2020 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |
Reconciliation of Weighted Average Shares Outstanding | Note 5 – Reconciliation of Weighted Average Shares Outstanding A reconciliation of the shares used in the computation of earnings per share for the years ended April 30 follows: 2020 2019 2018 Weighted average shares outstanding 56,224 57,240 57,181 Less: Unvested restricted shares (15 ) (48 ) (138 ) Shares used for basic (loss) earnings per share 56,209 57,192 57,043 Dilutive effect of stock options and other stock awards — 648 845 Shares used for diluted (loss) earnings per share 56,209 57,840 57,888 In calculating diluted net loss per common share for the year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a U.S. GAAP net loss is reported and the effect of using dilutive shares is antidilutive. Since their inclusion in the calculation of diluted (loss) earnings per share would have been anti-dilutive, options to purchase 286,064, 260,984 and 244,590 shares of Class A Common Stock have been excluded for the years ended April 30, 2020, 2019 and 2018, respectively. There were 519,524, none, and 26,740 restricted shares excluded in the calculation of diluted (loss) earnings per share for the years ended April 30, 2020, 2019 and 2018 as their inclusion would have been anti-dilutive. Warrants excluded in the calculation of diluted (loss) earnings per share for the years ended April 30, 2020 and 2019 as their inclusion would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Apr. 30, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 6 – Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the years ended April 30, 2020, 2019, and 2018 were as follows: Foreign Currency Translation Unamortized Retirement Costs Interest Rate Swaps Total Balance at April 30, 2017 $ (319,212 ) $ (190,502 ) $ 2,427 $ (507,287 ) Other comprehensive income (loss) before reclassifications 67,639 (4,979 ) 1,739 64,399 Amounts reclassified from Accumulated Other Comprehensive Loss — 4,455 (1,147 ) 3,308 Total other comprehensive income (loss) 67,639 (524 ) 592 67,707 Balance at April 30, 2018 $ (251,573 ) $ (191,026 ) $ 3,019 $ (439,580 ) Other comprehensive (loss) income before reclassifications (60,534 ) (9,422 ) 1,121 (68,835 ) Amounts reclassified from Accumulated Other Comprehensive Loss — 4,391 (4,714 ) (323 ) Total other comprehensive (loss) income (60,534 ) (5,031 ) (3,593 ) (69,158 ) Balance at April 30, 2019 $ (312,107 ) $ (196,057 ) $ (574 ) $ (508,738 ) Other comprehensive (loss) before reclassifications (28,596 ) (36,965 ) (5,988 ) (71,549 ) Amounts reclassified from Accumulated Other Comprehensive Loss — 5,102 (312 ) 4,790 Total other comprehensive loss (28,596 ) (31,863 ) (6,300 ) (66,759 ) Balance at April 30, 2020 $ (340,703 ) $ (227,920 ) $ (6,874 ) $ (575,497 ) For the years ended April 30, 2020, 2019 and 2018, pre-tax actuarial losses included in Unamortized Retirement Costs of approximately $6.4 million, $5.5 million, and $5.9 million respectively, were amortized from Accumulated Other Comprehensive Loss and recognized as pension and post-retirement benefit expense primarily in Operating and Administrative Expenses and Interest and Other Income on the Consolidated Statements of (Loss) Income. |
Restructuring and Related Charg
Restructuring and Related Charges | 12 Months Ended |
Apr. 30, 2020 | |
Restructuring and Related Charges [Abstract] | |
Restructuring and Related Charges | Note 7 – Restructuring and Related Charges Business Optimization Program Beginning in fiscal year 2020, we initiated a multi-year Business Optimization Program (the “Business Optimization Program”) to drive efficiency improvement and operating savings. The following tables summarize the pre-tax restructuring charges related to this program: 2020 Charges by Segment: Research Publishing & Platforms $ 3,546 Academic & Professional Learning 10,475 Education Services 3,774 Corporate Expenses 15,018 Total Restructuring and Related Charges $ 32,813 Charges by Activity: Severance and termination benefits $ 26,864 Operating lease right-of-use asset impairment 161 Facility related charges 3,986 Other activities 1,802 Total Restructuring and Related Charges $ 32,813 Other Activities for the year ended April 30, 2020 primarily relate to reserves and costs associated with the cessation of certain offerings, and to a lesser extent, a pension settlement, and the impairment of certain software licenses. The following table summarizes the activity for the Business Optimization Program liability for the year ended April 30, 2020: April 30, 2019 Charges Payments Foreign Translation & Other Adjustments April 30, 2020 Severance and termination benefits $ — $ 26,864 $ (9,193 ) $ (39 ) $ 17,632 Other activities — 1,802 — (1,372 ) 430 Total $ — $ 28,666 $ (9,193 ) $ (1,411 ) $ 18,062 Approximately $16.9 million of the restructuring liability for accrued severance and termination benefits is reflected in Accrued Employment Costs and approximately $0.7 million is reflected in Other Long-Term Liabilities in the Consolidated Statement of Financial Position, as of April 30, 2020. The amount included in Other Long-Term Liabilities that relates to severance and termination benefits is expected to be paid in the year ended April 30, 2022. The restructuring liability as of April 30, 2020 for other activities is reflected in Other Accrued Liabilities in the Consolidated Statement of Financial Position. Restructuring and Reinvestment Program Beginning in the year ended April 30, 2013, we initiated a global program (the “Restructuring and Reinvestment Program”) to restructure and realign our cost base with current and anticipated future market conditions. We are targeting a majority of the expected 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 (credits) charges related to this program: 2020 2019 (1) 2018 (1) Total Charges Incurred to Date (Credits) Charges by Segment: Research Publishing & Platforms $ 340 $ 1,131 $ 5,257 $ 26,884 Academic & Professional Learning (5 ) 1,139 8,244 42,834 Education Services (103 ) 389 1,894 3,764 Corporate Expenses (438 ) 459 13,171 95,940 Total Restructuring and Related (Credits) Charges $ (206 ) $ 3,118 $ 28,566 $ 169,422 (Credits) Charges by Activity: Severance and termination benefits $ (250 ) $ 1,456 $ 27,213 $ 116,009 Consulting and contract termination costs (171 ) 526 1,815 20,984 Other activities 215 1,136 (462 ) 32,429 Total Restructuring and Related (Credits) Charges $ (206 ) $ 3,118 $ 28,566 $ 169,422 (1) As previously announced, we have changed our segment reporting structure to align with our strategic focus areas. See Note 20, “Segment Information,” for more details. Other activities for the year ended April 30, 2020 include facility related costs. Other Activities for the year ended April 30, 2019 reflect lease impairment related costs. The credits in other activities for the year ended April 30, 2018 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 year ended April 30, 2020: April 30, 2019 (Credits) Payments Adoption of New Lease Standard (1) Foreign Translation & Other Adjustments April 30, 2020 Severance and termination benefits $ 4,887 $ (250 ) $ (3,238 ) $ — $ (39 ) $ 1,360 Consulting and contract termination costs 303 (171 ) (132 ) — — — Other activities 2,544 — — (2,270 ) (44 ) 230 Total $ 7,734 $ (421 ) $ (3,370 ) $ (2,270 ) $ (83 ) $ 1,590 (1) Refer to Note 2, “ Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards The restructuring liability as of April 30, 2020 for accrued severance and termination benefits is reflected in Accrued Employment Costs in the Consolidated Statement of Financial Position. The restructuring liability as of April 30, 2020 for other activities are reflected in Other Long-Term Liabilities in the Consolidated Statement of Financial Position and mainly relate to facility relocation and lease impairment related costs. The amount included in Other Long-Term Liabilities is expected to be paid in the year ended April 30, 2022. We currently do not anticipate any further material charges related to the Restructuring and Reinvestment Program. |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Note 8 – Inventories Inventories, net consisted of the following at April 30: 2020 2019 Finished Goods $ 36,014 $ 33,736 Work-in-Process 1,398 2,094 Paper and Other Materials 331 373 Total Inventories Before Estimated Sales Returns and LIFO Reserve 37,743 36,203 Inventory Value of Estimated Sales Returns 8,686 3,739 LIFO Reserve (2,815 ) (4,360 ) Total Inventories $ 43,614 $ 35,582 See Note 2, “Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards,” under the caption “Sales Return Reserves,” for a discussion of the Inventory Value of Estimated Sales Returns. Finished Goods not recorded at LIFO have been recorded at the lower of cost or market, which resulted in a reduction of $16.1 million and $15.8 million as of April 30, 2020 and 2019, respectively. |
Product Development Assets
Product Development Assets | 12 Months Ended |
Apr. 30, 2020 | |
Product Development Assets [Abstract] | |
Product Development Assets | Note 9 – Product Development Assets Product development assets consisted of the following at April 30: 2020 2019 Book Composition Costs $ 18,744 $ 19,197 Software Costs 28,995 38,048 Content Development Costs 5,904 5,225 Total $ 53,643 $ 62,470 Product development assets include $4.9 million and $4.3 million of work-in-process as of April 30, 2020 and 2019, respectively, mainly for book composition costs. Product development assets are net of accumulated amortization of $244.1 million and $236.5 million as of April 30, 2020 and 2019, respectively. |
Technology, Property and Equipm
Technology, Property and Equipment | 12 Months Ended |
Apr. 30, 2020 | |
Technology, Property and Equipment [Abstract] | |
Technology, Property and Equipment | Note 10 – Technology, Property and Equipment Technology, property and equipment, net consisted of the following at April 30: 2020 2019 Capitalized Software $ 471,844 $ 440,437 Computer Hardware 46,640 68,718 Buildings and Leasehold Improvements 99,230 118,685 Furniture, Fixtures, and Warehouse Equipment 44,104 57,471 Land and Land Improvements 3,298 3,390 Technology, Property and Equipment, gross 665,116 688,701 Accumulated Depreciation and Amortization (367,111 ) (399,680 ) Total $ 298,005 $ 289,021 The following table details our depreciation and amortization expense for technology, property and equipment, net for the years ended April 30: 2020 2019 2018 Capitalized Software Amortization Expense $ 55,685 $ 50,095 $ 45,449 Depreciation and Amortization Expense, Excluding Capitalized Software 21,031 19,323 18,878 Total Depreciation and Amortization Expense for Technology, Property and Equipment $ 76,716 $ 69,418 $ 64,327 Technology, property and equipment includes $0.9 million and $2.3 of work-in-process as of April 30, 2020 and 2019, respectively, mainly for capitalized software. The net book value of capitalized software costs was $207.5 million and $200.2 million as of April 30, 2020 and 2019, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 30, 2020 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 11 – Goodwill and Intangible Assets Goodwill The following table summarizes the activity in goodwill by segment as of April 30: 2019 Acquisitions (1) Impairment Foreign Translation Adjustment 2020 Research Publishing & Platforms $ 438,511 $ 19,356 $ — $ (9,737 ) $ 448,130 Academic & Professional Learning 458,145 45,410 — (2,464 ) 501,091 Education Services 199,010 82,561 (110,000 ) (4,002 ) 167,569 Total $ 1,095,666 $ 147,327 $ (110,000 ) $ (16,203 ) $ 1,116,790 (1) Refer to Note 4, “Acquisitions,” in the Notes to Consolidated Financial Statements for more information related to the acquisitions that occurred in the year ended April 30, 2020. Change in Segment Reporting Structure As previously announced, we have changed our segment reporting structure to align with our strategic focus areas. See Note 20, “Segment Information,” for more details. Due to this reorganization, we have reallocated goodwill as of April 30, 2019 to our reporting units using a relative fair value approach. We tested goodwill for impairment immediately before and after the reorganization, and we concluded that the fair values of the reporting units were above their carrying values and, therefore, there was no indication of impairment. Annual Goodwill Impairment Test as of February 1, 2020 As of February 1, 2020, we completed our annual goodwill impairment test for our reporting units. We concluded that the fair values of our Research Publishing & Platforms and Academic & Professional Learning reporting units were above their carrying values and, therefore, there was no indication of impairment. During our annual goodwill impairment test initiated on February 1, 2020 we identified indicators that the goodwill of the Education Services business was impaired due to underperformance as compared with our acquisition case projections for revenue growth and operating cash flow. Subsequently, during the fourth quarter of fiscal year 2020, we determined that our updated revenue and operating cash flow projections would be further impacted by anticipated near-term headwinds due to COVID-19, including adverse impacts on new student starts and student re-enrollment. Therefore, we updated the impairment test as of March 31, 2020 to reflect this change in circumstances. As a result, we concluded that the carrying value was above the fair value which resulted in a pre-tax non-cash goodwill impairment of $ million. This charge is reflected in Impairment of Goodwill and Intangible Assets Prior to performing the goodwill impairment test for Education Services, we also evaluated the recoverability of long-lived assets of the reporting unit. When indicators of impairment are present, we test definite lived and long-lived assets for recoverability by comparing the carrying value of an asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. We considered the lower than expected revenue and forecasted over a sustained period of time, and downward revisions to our cash flow forecasts for this reporting unit to be indicators of impairment for their long-lived assets. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset group of the Education Services reporting unit exceeded the carrying value. Therefore, there was no impairment. We estimated the fair value of these reporting units using a weighting of fair values derived from an income and a market approach. Under the income approach, we determined the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on our best estimates of forecasted economic and market conditions over the period including growth rates, expected changes in operating cash flows and cash expenditures. The discount rate used is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected cash flows. The market approach estimates fair value based on market multiples of current and forward 12-month revenue or EBITDA, as applicable, derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit. As noted above, the fair value determined as part of the annual goodwill impairment test completed in the fourth quarter of 2020 exceeded the carrying value for the Research Publishing & Platforms and Academic & Professional Learning reporting units. Therefore, there was no impairment of goodwill. However, if the fair value of the Research Publishing & Platforms and Academic & Professional Learning reporting units decrease in future periods, we could potentially have an impairment. For the Education Services reporting unit there was an impairment. If the Education Services reporting unit fair value decreases further in future periods, we could potentially have an additional impairment. The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, changes in assumptions, including the impact of COVID-19, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment. Intangible Assets Intangible assets, net as of April 30 were as follows: 2020 2019 Cost Accumulated Amortization Accumulated Impairment Net Cost Accumulated Amortization Accumulated Impairment Net Intangible Assets with Definite Lives, net Content and Publishing Rights $ 806,862 $ (444,756 ) $ — $ 362,106 $ 806,628 $ (417,456 ) $ — $ 389,172 Customer Relationships 377,652 (87,234 ) — 290,418 310,977 (65,147 ) — 245,830 Developed Technology 19,225 (3,273 ) (2,841 ) 13,111 — — — — Brands and Trademarks 42,877 (22,689 ) — 20,188 32,802 (19,809 ) — 12,993 Covenants not to Compete 1,675 (1,429 ) — 246 1,681 (1,236 ) — 445 Total (1) 1,248,291 (559,381 ) (2,841 ) 686,069 1,152,088 (503,648 ) — 648,440 Intangible Assets with Indefinite Lives Brands and Trademarks 130,107 — (93,107 ) 37,000 134,509 — (3,600 ) 130,909 Publishing Rights 84,336 — — 84,336 86,223 — — 86,223 Total 214,443 — (93,107 ) 121,336 220,732 — (3,600 ) 217,132 Total Intangible Assets, Net $ 1,462,734 $ (559,381 ) $ (95,948 ) $ 807,405 $ 1,372,820 $ (503,648 ) $ (3,600 ) $ 865,572 (1) Refer to Note 4, “Acquisitions,” in the Notes to Consolidated Financial Statements for more information related to the acquisitions that occurred in 2020 and 2019. Based on the current amount of intangible assets subject to amortization and assuming current foreign exchange rates, the estimated amortization expense for the following years are as follows: Fiscal Year Amount 2021 $ 65,570 2022 59,748 2023 53,796 2024 50,554 2025 46,364 Thereafter 410,037 Total $ 686,069 Fiscal Year 2020 Impairment Annual Indefinite Lived Intangibles Impairment Test as of February 1, 2020 We also review our indefinite-lived intangible assets for impairment annually, which consists of brands and trademarks and certain acquired publishing rights. During the fourth quarter of 2020, we completed our annual impairment test related to the indefinite lived intangible assets. We concluded that the fair values of these indefinite-lived intangible assets were above their carrying values and, therefore, there was no indication of impairment, except for the Blackwell indefinite-lived trademark. For the year ended April 30, 2020, we recorded a pre-tax non-cash impairment charge of $ million for our Blackwell trademark, which was acquired in 2007 and carried as an indefinite-lived intangible asset primarily related to our Research Publishing & Platforms segment. and unify our research journal content under one Wiley brand, which will sharply limit the use of the Blackwell trade name. This impairment resulted in writing off substantially all of the carrying value of the intangible trademark asset. This charge is reflected in Impairment of Goodwill and Intangible Assets The resulting non-cash impairment charge is entirely unrelated to COVID-19 or the expected future financial performance of the Research Publishing & Platforms segment . Intangible Assets with Definite Lives As a result of our decision to discontinue the use of certain technology offerings within the Research Publishing & Platforms segment, we recorded a pre-tax non-cash impairment charge of $ million related to a certain developed technology intangible. This charge was included in Impairment of Goodwill and Intangible Assets on Fiscal Year 2018 Impairment In conjunction with a business review performed in the Academic & Professional Learning segment associated with the restructuring activities in the first quarter of the year ended April 30, 2018 we identified an indefinite-lived brand with forecasted cash flows that did not exceed its carrying value. As a result, a pre-tax impairment charge of $3.6 million was recorded in the first quarter of the year ended April 30, 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 was included in Impairment of Goodwill and Intangible Assets on the Consolidated Statements of (Loss) Income. |
Operating Leases
Operating Leases | 12 Months Ended |
Apr. 30, 2020 | |
Operating Leases [Abstract] | |
Operating Leases | Note 12 Operating Leases On May 1, 2019, we adopted a new accounting standard for leases. For further information, see Note 2, “ Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards We have contractual obligations as a lessee with respect to offices, warehouses and distribution centers, automobiles, and office equipment. We determine if an arrangement is a lease at inception of the contract in accordance with guidance detailed in the new standard and we perform the lease classification test as of the lease commencement date. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is calculated using an incremental borrowing rate, which was determined based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use an unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate. Under the new leasing standard, leases that are more than one year in duration are capitalized and recorded on the Consolidated Statements of Financial Position. Some of our leases offer an option to extend the term of such leases. We utilize the reasonably certain threshold criteria in determining which options we will exercise. Furthermore, some of our lease payments are based on index rates with minimum annual increases. These represent fixed payments and are captured in the future minimum lease payments calculation. For operating leases, the ROU assets and liabilities are presented in our Consolidated Statement of Financial Position as follows: April 30, 2020 Operating lease right-of-use assets $ 142,716 Short-term portion of operating lease liabilities 21,810 Operating lease liabilities, non-current $ 159,782 During the year ended April 30, 2020, we added $22.9 million to the ROU assets and $24.4 million to the operating lease liabilities due to new leases as well as modifications and remeasurements to our existing operating leases. Our total net lease costs are as follows: Year Ended April 30, 2020 Operating lease cost (1) $ 26,027 Variable lease cost 3,856 Short-term lease cost 86 Sublease income (691 ) Total net lease cost $ 29,278 (1) Operating lease cost does not include those costs included in Restructuring and Related Charges on the Consolidated Statements of (Loss) Income. See Note 7, “Restructuring and Related Charges” for more information on these programs. Other supplemental information includes the following: Weighted-Average Remaining Contractual Lease Term (Years) Year Ended April 30, 2020 Operating leases 10 Weighted-average discount rate: Operating leases 5.89 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 28,243 The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Consolidated Statement of Financial Position as of April 30, 2020: Fiscal Year Operating Lease Liabilities 2021 $ 32,303 2022 27,338 2023 24,659 2024 23,215 2025 22,004 Thereafter 113,848 Total future undiscounted minimum lease payments 243,367 Less: Imputed interest 61,775 Present Value of Minimum Lease Payments 181,592 Less: Current portion 21,810 Noncurrent portion $ 159,782 Prior to the Adoption of ASC Topic 842 The following schedule shows the composition of net rent expense for operating leases: 2019 2018 Minimum Rental $ 29,066 $ 31,451 Less: Sublease Rentals (719 ) (708 ) Total $ 28,347 $ 30,743 Rent expense associated with operating leases that include scheduled rent increases and tenant incentives, such as rent holidays or leasehold improvement allowances, were recorded on a straight-line basis over the term of the lease. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Note 13 – Income Taxes The provisions for income taxes for the years ended April 30 were as follows: 2020 2019 2018 Current Provision U.S. – Federal $ 1,145 $ 2,384 $ (2,216 ) International 37,494 52,518 46,112 State and Local 172 2,536 961 Total Current Provision $ 38,811 $ 57,438 $ 44,857 Deferred (Benefit) Provision U.S. – Federal $ (8,476 ) $ 335 $ (26,062 ) International (15,022 ) (7,630 ) 2,420 State and Local (4,118 ) (5,454 ) 530 Total Deferred (Benefit) Provision $ (27,616 ) $ (12,749 ) $ (23,112 ) Total Provision $ 11,195 $ 44,689 $ 21,745 International and United States pretax (loss) income for the years ended April 30 were as follows: 2020 2019 2018 International $ 104,185 $ 204,326 $ 219,178 United States (167,277 ) 8,626 (5,247 ) Total $ (63,092 ) $ 212,952 $ 213,931 Our effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: 2020 2019 2018 U.S. Federal Statutory Rate 21.0 % 21.0 % 30.4 % Cost (Benefit) of Higher (Lower) Taxes on Non-U.S. Income 4.8 0.9 (8.4 ) State Income Taxes, net of U.S. Federal Tax Benefit 3.3 (1.3 ) 0.4 Deferred Tax (Benefit) from U.S. Tax Act — 0.1 (11.7 ) Tax Credits and Related Benefits (1.1 ) (0.8 ) (1.7 ) Impairment of goodwill and intangibles (42.3 ) — — Other (3.4 ) 1.1 1.2 Effective Income Tax Rate (17.7 )% 21.0 % 10.2 % Our loss for the year ended April 30, 2020, was due to the impairment of goodwill and intangibles for which we received a relatively small tax benefit, resulting in an overall negative effective income tax rate of . Excluding the tax cost from such impairment, our effective income tax rate benefit was . Our income was earned outside the U.S. in jurisdictions with different statutory income tax rates than our U.S. statutory rate, at an average effective rate that is less than our combined U.S. Federal and State tax rate. The effective tax rate for the year ended April 30, 2020 was less than the year ended April 30, 2019 due to the impairment charges with respect to which we obtained a relatively small tax benefit. Excluding the effect of the impairment charges the tax benefit rate was 24.6% for the year ended April 30, 2020, compared to a 21.0% expense for the year ended April 30, 2019, primarily due to lower taxes on income outside the U.S. as well as increased tax credits and related benefits. Other: , we recorded a tax benefit of $ million and $ million, respectively related to the expiration of the statute of limitations or favorable resolutions of federal, state, and foreign tax matters with tax authorities. The CARES Act On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act includes provisions relating to refundable payroll tax credits, deferral of the employer portion of certain payroll taxes, net operating loss carrybacks, modifications to net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on our income tax expense for the year ended April 30, 2020. The Tax Act On December 22, 2017, the U.S. government enacted comprehensive tax legislation (“Tax Act”). The Tax Act significantly revised the U.S. corporate income tax system. We recorded a significant nonrecurring benefit from the Tax Act during the year ended April 30, 2018. Accounting for Uncertainty in Income Taxes: As of April 30, 2020 and April 30, 2019, the total amount of unrecognized tax benefits were $6.2 million and $7.7 million, respectively, of which $0.6 million and $0.7 million represented accruals for interest and penalties recorded as additional tax expense in accordance with our accounting policy. Within the income tax provision for the years ended April 30, 2020 and 2019, we recorded net interest expense on reserves for unrecognized and recognized tax benefits of $0.2 million and $0.3 million, respectively. As of April 30, 2020, and April 30, 2019, the total amounts of unrecognized tax benefits that would reduce our income tax provision, if recognized, were approximately $6.2 million and $7.7 million, respectively. We do not expect any significant changes to the unrecognized tax benefits within the next twelve months. A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item on the Consolidated Statements of Financial Position follows: 2020 2019 Balance at May 1 $ 7,659 $ 6,833 Additions for Current Year Tax Positions 694 1,473 Additions for Prior Year Tax Positions — 414 Reductions for Prior Year Tax Positions (655 ) (578 ) Foreign Translation Adjustment (15 ) (42 ) Payments and Settlements (56 ) (136 ) Reductions for Lapse of Statute of Limitations (1,433 ) (305 ) Balance at April 30 $ 6,194 $ 7,659 Tax Audits: We file income tax returns in the U.S. and various states and non-U.S. tax jurisdictions. Our major taxing jurisdictions are the United States, United Kingdom and Germany. Except for one immaterial item, we are no longer subject to income tax examinations for years prior to fiscal year 2014 in the major jurisdictions in which we are subject to tax. We received tax audit notices for our German entities for the audit period fiscal years 2014-2017. The audit process has been delayed due to COVID-19. Our last completed U.S. federal tax audit of our fiscal years 2011 through 2013 resulted in minimal adjustments related to temporary differences. Deferred Taxes: Deferred taxes result from temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows: 2020 2019 Net Operating Losses $ 17,966 $ 14,491 Reserve for Sales Returns and Doubtful Accounts 2,638 2,923 Accrued Employee Compensation 20,114 17,528 Foreign and Federal Credits 31,487 34,401 Other Accrued Expenses 11,827 6,262 Retirement and Post-Employment Benefits 37,927 40,653 Total Gross Deferred Tax Assets $ 121,959 $ 116,258 Less Valuation Allowance (23,287 ) (21,179 ) Total Deferred Tax Assets $ 98,672 $ 95,079 Prepaid Expenses and Other Current Assets $ (1,142 ) $ (744 ) Unremitted Foreign Earnings (1,985 ) (1,985 ) Intangible and Fixed Assets (205,882 ) (226,898 ) Total Deferred Tax Liabilities $ (209,009 ) $ (229,627 ) Net Deferred Tax Liabilities $ (110,337 ) $ (134,548 ) Reported As Deferred Tax Assets $ 8,790 $ 9,227 Deferred Tax Liabilities (119,127 ) (143,775 ) Net Deferred Tax Liabilities $ (110,337 ) $ (134,548 ) The decrease in net deferred tax liabilities is due to the non-cash impairment charge of our Blackwell trademark. This was partially offset by deferred tax liabilities relating to non-goodwill intangibles acquired in our various acquisitions as well as the amortization of our deferred tax liabilities related to non-goodwill intangibles, primarily from prior acquisitions. Our increase in deferred tax assets is primarily attributable to an increase in our accrued expenses and net operating losses, partially offset by a decrease in our foreign and federal credits. We have concluded that after valuation allowances, it is more likely than not that we will realize substantially all of the net deferred tax assets at April 30, 2020. In assessing the need for a valuation allowance, we take into account related deferred tax liabilities and estimated future reversals of existing temporary differences, future taxable earnings and tax planning strategies to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on our valuation allowances. A $23.3 million valuation allowance has been provided based primarily on the uncertainty of utilizing the tax benefits related to our deferred tax assets for foreign tax credits and state credits and net operating loss carry losses. As of April 30, 2020, we have apportioned state net operating loss carryforwards totaling $102.0 million, with a tax effected value of $6.0 million net of federal benefits, expiring in various amounts over 1 to 20 years. Our tax credits expire in various amounts over 6-20 years. Since April 30, 2018, we no longer intend to permanently reinvest earnings outside the U.S. We have a $2.0 million liability related to the estimated taxes that would be incurred upon repatriating certain non-U.S. earnings. |
Debt and Available Credit Facil
Debt and Available Credit Facilities | 12 Months Ended |
Apr. 30, 2020 | |
Debt and Available Credit Facilities [Abstract] | |
Debt and Available Credit Facilities | Note 14 – Debt and Available Credit Facilities Amended and Restated RCA On May 30, 2019, we entered into a credit agreement that amended and restated our existing revolving credit agreement (“Amended and Restated RCA”). The Amended and Restated RCA provides for senior unsecured credit facilities comprised of a (i) five year revolving credit facility in an aggregate principal amount up to $1.25 billion, and (ii) a five year term loan A facility consisting of $250 million. Under the terms of the Amended and Restated RCA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates: (i) at a rate based on the London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging from 0.98% to 1.50%, depending on our consolidated net leverage ratio, as defined, or (ii) at the lender’s base rate plus an applicable margin ranging from zero to 0.50%, depending on our consolidated net leverage ratio. The lender’s base rate is defined as the highest of (i) the U.S. federal funds effective rate plus a 0.50% margin, (ii) the Eurocurrency rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, we pay a facility fee for the revolving credit facility ranging from 0.15% to 0.25% depending on our consolidated net leverage ratio. We also have the option to request an increase in the revolving credit facility by an amount not to exceed $500 million, in minimum increments of $50 million, subject to the approval of the lenders. The Amended and Restated RCA In the three months ended July 31, 2019, we incurred an immaterial loss on the write-off of unamortized deferred costs in connection with the refinancing of our RCA (as defined below) which is reflected in Interest and Other Income on the Consolidated Statements of (Loss) Income for the year ended April 30, 2020. In the three months ended July 31, 2019, we incurred $4.0 million of costs related to the Amended and Restated RCA which resulted in total costs capitalized of $5.2 million. The amount related to the term loan A facility was $0.9 million, consisting of $0.8 million of lender fees and recorded as a reduction to Long-Term Debt and $0.1 million of non-lender fees included in Other Non-Current Assets. The amount related to the five-year revolving credit facility was $4.3 million, all of which is included in Other Non-Current Assets. The amortization expense of the lender and non-lender fees is recognized over the five-year term of the Amended and Restated RCA. Total amortization expense for the year ended April 20, 2020 was $1.0 million and is included in Interest Expense on our Consolidated Statement of (Loss) Income. Our total debt outstanding as of April 30, 2020 was $775.1 million, which included $9.4 million of current portion of long-term debt related to our term loan A under the Amended and Restated RCA and long-term debt of $765.7 million. The long-term debt consisted of $235.3 million related to our term loan A under the Amended and Restated RCA (amount is net of unamortized issuance costs of $0.7 million) and $530.4 million related to the revolving credit facility under the Amended and Restated RCA. RCA As of April 30, 2019, total debt outstanding was $478.8 million, which consisted of amounts due under our RCA. We had a revolving credit agreement (“RCA”) with a syndicated bank group led by Bank of America. The RCA consisted of a $1.1 billion five-year senior revolving credit facility payable March 1, 2021. Since there were no principal payments due until the end of the agreement in the year ended April 30, 2021, we had classified our entire debt obligation as long-term as of April 30, 2019. Lines of Credit We have other lines of credit aggregating $2.7 million at various interest rates. There were no outstanding borrowings under these credit lines at April 30, 2020 and 2019. Our total available lines of credit as of April 30, 2020, were approximately $1.5 billion, of which approximately $0.7 billion was unused. The weighted average interest rates on total debt outstanding during the years ended April 30, 2020 and 2019 were 3.12% and 2.69%, respectively. As of April 30, 2020 and 2019, the weighted average interest rates for total debt were 2.26% and 2.88%, respectively. Based on estimates of interest rates currently available to us for loans with similar terms and maturities, the fair value of our debt approximates its carrying value. |
Derivative Instruments and Acti
Derivative Instruments and Activities | 12 Months Ended |
Apr. 30, 2020 | |
Derivative Instruments and Activities [Abstract] | |
Derivative Instruments and Activities | Note 15 – Derivative Instruments and Activities From time-to-time, we enter 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. We do not use financial instruments for trading or speculative purposes. Interest Rate Contracts As of April 30, 2020, we had total debt outstanding of $775.1 million, net of unamortized issuance costs of $0.7 million of which $775.8 million are variable rate loans outstanding under the Amended and Restated RCA, which approximated fair value. As of April 30, 2020 and 2019, the interest rate swap agreements we maintained were designated as fully effective cash flow hedges as defined under Accounting Standards Codification 815 “Derivatives and Hedging” ("ASC 815"). As a result, there was no impact on our Consolidated Statements of (Loss) Income from 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 on the Consolidated Statements of Financial Position. As interest expense is recognized based on the variable rate loan agreements, the corresponding deferred gain or loss on the interest rate swaps is reclassified from Accumulated Other Comprehensive Loss to Interest Expense on the Consolidated Statements of (Loss) 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 February 26, 2020 we entered into two forward starting interest rate swap agreements, which fixed a portion of the variable interest due on our Amended and Restated RCA. Under the terms of the agreement, we pay a fixed rate of 1.150% and receive a variable rate of interest based on one-month LIBOR from the counterparty which is reset every month for a 3-year period ending March 15, 2023. As of April 30, 2020, the notional amount of the interest rate swaps was $100.0 million. On August 7, 2019 we entered into a forward starting interest rate swap agreement, which fixed a portion of the variable interest due on our Amended and Restated RCA. Under the terms of the agreement, we pay a fixed rate of 1.400% and receive a variable rate of interest based on one-month LIBOR from the counterparty which is reset every month for a 3-year period ending August 15, 2022. As of April 30, 2020, the notional amount of the interest rate swap was $100.0 million. On June 24, 2019 we entered into a forward starting interest rate swap agreement, which fixed a portion of the variable interest due on our Amended and Restated RCA. Under the terms of the agreement, we pay a fixed rate of 1.650% and receive a variable rate of interest based on one-month LIBOR from the counterparty which is reset every month for a 3-year period ending July 15, 2022. As of April 30, 2020, the notional amount of the interest rate swap was $100.0 million. On April 4, 2016, we 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, which expired on May 15, 2019, we paid a fixed rate of 0.920% and receive a variable rate of interest based on one-month LIBOR from the counterparty which was reset every month for a three-year period ending May 15, 2019. Prior to expiration, the notional amount of the interest rate swap was $350.0 million. We record the fair value of our interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. The fair value of the interest rate swaps as of April 30, 2020 and 2019, was a deferred loss of $8.3 million and a deferred gain of $0.5 million, respectively. Based on the maturity dates of the contracts, the entire deferred loss as of April 30, 2020 was recorded within Other Long-Term Liabilities and the entire deferred gain as of April 30, 2019 was recorded within Prepaid Expenses and Other Current Assets. The pre-tax gains that were reclassified from Accumulated Other Comprehensive Loss to Interest Expense for the years ended April 30, , , and were $ million, $ million, and $ million, respectively. Based on the amount in Accumulated Other Comprehensive Loss at , approximately $ million, net of tax, would be reclassified into net income in the next twelve months. Foreign Currency Contracts We may enter into forward exchange contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The forward exchange contracts are marked to market through Foreign Exchange Transaction Gains (Losses) on the Consolidated Statements of (Loss) Income and carried at their fair value on the Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Foreign Exchange Transaction Gains (Losses) on the Consolidated Statements of (Loss) Income. As of April 30, and , we did not maintain any open forward contracts. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Apr. 30, 2020 | |
Commitment and Contingencies [Abstract] | |
Commitment and Contingencies | Note 16 – Commitment and Contingencies We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us 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, we do not record a liability, but disclose 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 recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of April 30, 2020, will not have a material effect upon our consolidated financial condition or results of operations. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Apr. 30, 2020 | |
Retirement Plans [Abstract] | |
Retirement Plans | Note 17 – Retirement Plans We have retirement plans that cover substantially all employees. The plans generally provide for employee retirement between the ages 60 and 65, and benefits based on length of service and compensation, as defined. Our Board of Directors approved plan amendments that froze the following retirement plans: • Retirement Plan for the Employees of John Wiley & Sons, Canada was frozen effective December 31, 2015; • Retirement Plan for the Employees of John Wiley & Sons, Ltd., a U.K. plan was frozen effective April 30, 2015 and; • U.S. Employees’ Retirement Plan, Supplemental Benefit Plan, and Supplemental Executive Retirement Plan, were frozen effective June 30, 2013. We maintain the Supplemental Executive Retirement Plan for certain officers and senior management which provides for the payment of supplemental retirement benefits after the termination of employment for 10 years or in a lifetime annuity. Under certain circumstances, including a change of control as defined, the payment of such amounts could be accelerated on a present value basis. Future accrued benefits to this plan have been discontinued as noted above. The components of net pension (income) expense for the defined benefit plans and the weighted average assumptions were as follows: 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service Cost $ — $ 1,851 $ — $ 912 $ — $ 960 Interest Cost 11,247 12,652 11,704 12,943 11,666 13,876 Expected Return on Plan Assets (14,038 ) (26,116 ) (13,472 ) (25,551 ) (13,154 ) (26,385 ) Net Amortization of Prior Service Cost (154 ) 73 (154 ) 57 (154 ) 57 Recognized Net Actuarial Loss 2,403 3,993 2,035 3,746 2,289 3,832 Curtailment/Settlement Loss — 291 — — — 19 Net Pension (Income) Expense $ (542 ) $ (7,256 ) $ 113 $ (7,893 ) $ 647 $ (7,641 ) Discount Rate 4.1 % 2.4 % 4.3 % 2.6 % 4.1 % 2.6 % Rate of Compensation Increase N/A 3.0 % N/A 3.0 % N/A 3.0 % Expected Return on Plan Assets 6.8 % 6.5 % 6.8 % 6.5 % 6.8 % 6.5 % In the year ended April 30, 2020, there was a settlement charge of $ million related to the is reflected in Restructuring and Related Charges The service cost component of net pension (income) expense is reflected in Operating and Administrative Expenses on our Consolidated Statements of (Loss) Income. The other components of net benefit costs are reported separately from the service cost component and below Operating (Loss) Income. Such amounts are reflected in Interest and Other Income on our Consolidated Statements of (Loss) Income. The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the retirement plans with accumulated benefit obligations in excess of plan assets were $853.3 million, $816.5 million and $659.4 million, respectively, as of April 30, 2020, and $794.2 million, $762.8 million, and $621.9 million, respectively, as of April 30, 2019. The Recognized Net Actuarial Loss for each fiscal year is calculated using the “corridor method,” which reflects the amortization of the net loss at the beginning of the fiscal year in excess of 10% of the greater of the market value of plan assets or the projected benefit obligation. The amortization period is based on the average expected life of plan participants for plans with all or almost all inactive participants and frozen plans, and on the average remaining working lifetime of active plan participants for all other plans. We recognize the overfunded or underfunded status of defined benefit postretirement plans, measured as the difference between the fair value of plan assets and the projected benefit obligation, on the Consolidated Statements of Financial Position. The change in the funded status of the plan is recognized in Accumulated Other Comprehensive Loss on the Consolidated Statements of Financial Position. Plan assets and obligations are measured at fair value as of our Consolidated Statements of Financial Position date. The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows: U.S. Non-U.S. Total Actuarial Loss $ 3,666 $ 4,323 $ 7,989 Prior Service Cost (154 ) 55 (99 ) Total $ 3,512 $ 4,378 $ 7,890 The following table sets forth the changes in and the status of our defined benefit plans’ assets and benefit obligations: 2020 2019 U.S. Non-U.S. U.S. Non-U.S. CHANGE IN PLAN ASSETS Fair Value of Plan Assets, Beginning of Year $ 213,628 $ 408,249 $ 204,983 $ 419,448 Actual Return on Plan Assets 11,645 48,602 9,705 24,891 Employer Contributions 3,700 11,686 14,753 11,872 Employee Contributions — — — — Settlements — (1,459 ) — — Benefits Paid (15,027 ) (9,162 ) (15,813 ) (16,282 ) Foreign Currency Rate Changes — (12,436 ) — (31,680 ) Fair Value, End of Year $ 213,946 $ 445,480 $ 213,628 $ 408,249 CHANGE IN PROJECTED BENEFIT OBLIGATION Benefit Obligation, Beginning of Year $ (285,197 ) $ (509,015 ) $ (279,644 ) $ (540,686 ) Service Cost — (1,851 ) — (912 ) Interest Cost (11,247 ) (12,652 ) (11,704 ) (12,943 ) Actuarial Gains (Losses) (37,550 ) (36,287 ) (9,662 ) (11,013 ) Benefits Paid 15,027 9,162 15,813 16,282 Foreign Currency Rate Changes — 15,176 — 41,143 Settlements and Other — 1,164 — (886 ) Benefit Obligation, End of Year $ (318,967 ) $ (534,303 ) $ (285,197 ) $ (509,015 ) Underfunded Status, End of Year $ (105,021 ) $ (88,823 ) $ (71,569 ) $ (100,766 ) AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION Current Pension Liability (4,990 ) (885 ) (5,188 ) (816 ) Noncurrent Pension Liability (100,031 ) (87,938 ) (66,381 ) (99,950 ) Net Amount Recognized in Statement of Financial Position $ (105,021 ) $ (88,823 ) $ (71,569 ) $ (100,766 ) AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF Net Actuarial (Losses) $ (131,569 ) $ (181,403 ) $ (94,028 ) $ (177,157 ) Prior Service Cost Gains (Losses) 2,254 (1,051 ) 2,408 (1,154 ) Total Accumulated Other Comprehensive Loss $ (129,315 ) $ (182,454 ) $ (91,620 ) $ (178,311 ) Change in Accumulated Other Comprehensive Loss $ (37,695 ) $ (4,143 ) $ (11,546 ) $ 5,446 WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES Discount Rate 3.1 % 1.6 % 4.1 % 2.4 % Rate of Compensation Increase N/A 3.0 % N/A 3.0 % Accumulated Benefit Obligations $ (318,967 ) $ (497,489 ) $ (285,197 ) $ (477,561 ) Pension plan assets/investments: The investment guidelines for the defined benefit pension plans are established based upon an evaluation of market conditions, plan liabilities, cash requirements for benefit payments, and tolerance for risk. Investment guidelines include the use of actively and passively managed securities. The investment objective is to ensure that funds are available to meet the plans benefit obligations when they are due. The investment strategy is to invest in high quality and diversified equity and debt securities to achieve our long-term expectation. The plans’ risk management practices provide guidance to the investment managers, including guidelines for asset concentration, credit rating and liquidity. Asset allocation favors a balanced portfolio, with a global aggregated target allocation of approximately 45% equity securities and 55% fixed income securities and cash. Due to volatility in the market, the target allocation is not always desirable and asset allocations will fluctuate between acceptable ranges of plus or minus 5%. We regularly review the investment allocations and periodically rebalance investments to the target allocations. We categorize our pension assets into three levels based upon the assumptions (inputs) used to price the assets. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: ● Level 1: Unadjusted quoted prices in active markets for identical assets. ● Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets. ● Level 3: Unobservable inputs reflecting assumptions about the inputs used in pricing the asset. We did not maintain any level 3 assets during the years ended April 30, 2020 and 2019. In accordance with ASU 2015-07, “Fair Value Measurement (“Topic 820”), certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient do not have to be classified in the fair value hierarchy. We adopted ASU 2015-07 in the year ended April 30, 2018 and it was applied retrospectively to all periods presented. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefit plan assets. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30: 2020 2019 Level 1 Level 2 Total Level 1 Level 2 Total U.S. Plan Assets Investments measured at NAV: Global Equity Securities: Limited Partnership $ 110,965 $ 109,490 Fixed Income Securities: Commingled Trust Funds 102,981 104,138 Other: Real Estate Commingled Trust Fund — — Total Assets at NAV $ 213,946 $ 213,628 Non-U.S. Plan Assets Equity Securities: U.S. Equities $ — $ 36,842 $ 36,842 $ — $ 39,652 $ 39,652 Non-U.S. Equities — 103,460 103,460 — 117,575 117,575 Balanced Managed Funds — 44,989 44,989 — 48,550 48,550 Fixed Income Securities: Commingled Funds 3,431 254,134 257,565 855 199,720 200,575 Other: Real Estate/Other — 490 490 — 501 501 Cash and Cash Equivalents 2,134 — 2,134 1,396 — 1,396 Total Non-U.S. Plan Assets $ 5,565 $ 439,915 $ 445,480 $ 2,251 $ 405,998 $ 408,249 Total Plan Assets $ 5,565 $ 439,915 $ 659,426 $ 2,251 $ 405,998 $ 621,877 Expected employer contributions to the defined benefit pension plans in the year ended April 30, will be approximately $ million, including $ million of minimum amounts required for our non-U.S. plans. From time to time, we may elect to make voluntary contributions to our defined benefit plans to improve their funded status. Included in our defined benefit pension contributions for the year ended April 30, 2019 was a discretionary contribution of $ million to the Benefit payments to retirees from all defined benefit plans are expected to be the following in the fiscal year indicated: Fiscal Year U.S. Non-U.S. Total 2021 $ 16,581 $ 9,733 $ 26,314 2022 15,205 10,743 25,948 2023 15,533 11,065 26,598 2024 15,713 11,691 27,404 2025 15,363 13,439 28,802 2026 – 2030 77,026 71,836 148,862 Total $ 155,421 $ 128,507 $ 283,928 Retiree Health Benefits We provide contributory life insurance and health care benefits, subject to certain dollar limitations, for substantially all of our eligible retired U.S. employees. The retiree health benefit is no longer available for any employee who retires after December 31, 2017. The cost of such benefits is expensed over the years the employee renders service and is not funded in advance. The accumulated post-retirement benefit obligation recognized on the Consolidated Statements of Financial Position as of April 30, 2020 and 2019, was $1.4 and $1.6 million, respectively. Annual (credits) for these plans for the years ended April 30, 2020, 2019, and 2018 were $(0.1) million, $(0.1) million and $(0.1) million, respectively. Defined Contribution Savings Plans We have defined contribution savings plans. Our contribution is based on employee contributions and the level of our match. We may make discretionary contributions to all employees as a group. The expense recorded for these plans was approximately $19.0 million, $13.1 million, and $14.4 million in the years ended April 30, 2020, 2019, and 2018 respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Apr. 30, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 18 – Stock-Based Compensation All equity compensation plans have been approved by shareholders. Under the 2014 Key Employee Stock Plan, (“the Plan”), qualified employees are eligible to receive awards that may include stock options, performance-based stock awards, and other restricted stock awards. Under the Plan, a maximum number of 6.5 million shares of our Class A stock may be issued. As of April 30, 2020, there were approximately 3,501,116 securities remaining available for future issuance under the Plan. We issue treasury shares to fund awards issued under the Plan. Stock Option Activity Under the terms of our stock option plan, the exercise price of stock options granted may not be less than 100% of the fair market value of the stock at the date of grant. Options are exercisable over a maximum period of 10 years from the date of grant. For the years ended April 30, 2015 and prior, options generally vest 50% on the fourth and fifth anniversary date after the award is granted. For the year ended April 30, 2016, options vest 25% per year on April 30. We did not grant any stock option awards since the year ended April 30, 2016. As of April 30, 2019, all outstanding options vested allowing the participant the right to exercise their awards. The fair value of the options granted in the year ended April 30, 2016 was $14.77 using the Black-Scholes option-pricing model. The significant weighted average assumptions used in the fair value determination was the expected life which represented an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate was based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was based on the historical volatility of our Common Stock price over the estimated life of the option, while the dividend yield was based on the expected dividend payments to be made by us. A summary of the activity and status of our stock option plans follows: 2020 2019 2018 Number of Options (in 000’s) Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in millions) Number of Options (in 000’s) Weighted Average Exercise Price Number of Options (in 000’s) Weighted Average Exercise Price Outstanding at Beginning of Year 372 $ 49.70 611 $ 48.88 1,429 $ 47.39 Granted — $ — — $ — — $ — Exercised (34 ) $ 38.32 (229 ) $ 47.21 (788 ) $ 45.97 Expired or Forfeited (52 ) $ 54.57 (10 ) $ 56.97 (30 ) $ 54.24 Outstanding at End of Year 286 $ 50.14 2.0 $ — 372 $ 49.70 611 $ 48.88 Exercisable at End of Year 286 $ 50.14 2.0 $ — 372 $ 49.70 530 $ 47.43 Vested and Expected to Vest in the Future at April 30 286 $ 50.14 2.0 $ — 372 $ 49.70 599 $ 48.90 The intrinsic value is the difference between our common stock price and the option grant price. The total intrinsic value of options exercised during the years ended April 30, 2020, 2019, and 2018 was $0.3 million, $4.4 million, and $10.4 million, respectively. The total grant date fair value of stock options vested during the year ended April 30, 2019 was $4.8 million. As of April 30, 2020, there was no unrecognized share-based compensation expense related to stock options. The following table summarizes information about stock options outstanding and exercisable at April 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Number of Options (in 000’s) Weighted Average Remaining Term (in years) Weighted Average Exercise Price Number of Options (in 000’s) Weighted Average Exercise Price $39.53 to $40.02 78 1.5 $ 39.69 78 $ 39.69 $48.06 to $49.55 88 1.2 $ 48.75 88 $ 48.75 $55.99 to $59.70 120 2.9 $ 57.89 120 $ 57.89 Total/Average 286 2.0 $ 50.14 286 $ 50.14 Performance-Based and Other Restricted Stock Activity Under the terms of our long-term incentive plans, performance-based restricted unit awards are payable in restricted shares of our Class A Common Stock upon the achievement of certain three-year financial performance-based targets. During each three-year period, we adjust compensation expense based upon our best estimate of expected performance. For the years ended April 30, 2015 and prior, restricted performance shares vest 50% on the first and second anniversary date after the award is earned. For the years ended April 30, 2016 and 2017, restricted performance shares vest 50% on June 30 following the end of the three-year performance cycle and 50% on April 30 of the following year. Beginning in the year ended April 30, 2018, restricted performance share units vest 100% on June 30 following the end of the three-year performance cycle. We may also grant individual restricted unit awards payable in restricted shares of our Class A Common Stock to key employees in connection with their employment. For the years ended April 30, 2015 and prior, the restricted shares generally vest 50% at the end of the fourth and fifth years following the date of the grant. Starting with the year ended April 30, 2016 grants, restricted shares generally vest ratably 25% per year. Under certain circumstances relating to a change of control or termination, as defined, the restrictions would lapse, and shares would vest earlier. Activity for performance-based and other restricted stock awards during the years ended April 30, 2020, 2019, and 2018 was as follows (shares in thousands): 2020 2019 2018 Restricted Shares Weighted Average Grant Date Value Restricted Shares Restricted Shares Nonvested Shares at Beginning of Year 756 $ 57.38 861 913 Granted 759 $ 44.46 415 525 Change in Shares Due to Performance (70 ) $ 50.17 (19 ) (107 ) Vested and Issued (329 ) $ 53.14 (357 ) (318 ) Forfeited (173 ) $ 53.35 (144 ) (152 ) Nonvested Shares at End of Year 943 $ 49.74 756 861 For the years ended April 30, 2020, 2019 and 2018, we recognized stock-based compensation expense, on a pre-tax basis, of $20.0 million, $18.3 million and $11.2 million, respectively. As of April 30, 2020, there was $27.6 million of unrecognized share-based compensation cost related to performance-based and other restricted stock awards, which is expected to be recognized over a period up to 4 years, or 2.4 years on a weighted average basis. Compensation expense for restricted stock awards is measured using the closing market price of our Class A Common Stock at the date of grant. The total grant date value of shares vested during the years ended April 30, 2020, 2019, and 2018 was $17.5 million, $19.6 million, and $15.7 million, respectively. President and CEO New Hire Equity Awards On October 17, 2017, we announced Brian A. Napack as the new President and Chief Executive Officer of Wiley effective December 4, 2017 (the "Commencement Date"). Upon the Commencement Date, Mr. Napack also became a member of our Board of Directors (the "Board"). In connection with his appointment, Wiley and Mr. Napack entered into an employment offer letter (the "Employment Agreement"). The Employment Agreement provides that beginning with the year ended April 30, 2018–2020 performance cycle, eligibility to participate in annual grants under our Executive Long-Term Incentive Program (ELTIP). Targeted long-term incentive for this cycle is equal to 300% of base salary, or $2.7 million. Sixty percent forty percent The awards are described in further detail in Mr. Napack’s Employment Agreement filed with the SEC as Exhibit 10.1 to our Current Report on Form 8-K filed on October 17, 2017. In addition, the Employment Agreement provides for a sign-on grant of restricted share units, with a grant value of $4.0 million, converted to shares using our Class A closing stock price as of the Commencement Date, and vesting in two equal installments on the first and second anniversaries of the employment date. The grant date fair value for this award was $59.15 per share and included 67,625 units at the date of grant. Grants are subject to forfeiture in the case of voluntary termination prior to vesting and accelerated vesting in the case of earlier termination of employment without Cause, due to death or Disability or Constructive Discharge, or upon a Change in Control (as such terms are defined in the Employment Agreement). The awards are described in further detail in Mr. Napack’s Employment Agreement filed with the SEC as Exhibit 10.1 to our Current Report on Form 8-K filed on October 17, 2017. Director Stock Awards Under the terms of our 2018 Director Stock Plan (the “Director Plan”), each non-employee director, other than the Chairman of the Board, receives an annual award of restricted shares of our Class A Common Stock equal in value to 100% of the annual director stock retainer fee, based on the stock price at the close of the New York Stock Exchange on the date of grant. Such restricted shares will vest on the earliest of (i) the day before the next Annual Meeting following the grant, (ii) the non-employee director’s death or disability (as determined by the Governance Committee), or (iii) a change in control (as defined in the 2014 Key Employee Stock Plan). The granted shares may not be sold or transferred during the time the non-employee director remains a director. There were 20,048, 18,991, and 19,900 restricted shares awarded under the Director Plan for the years ended April 30, 2020, 2019, and 2018, respectively. |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Apr. 30, 2020 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | Note 19 – Capital Stock and Changes in Capital Accounts Each share of our Class B Common Stock is convertible into one share of Class A Common Stock. The holders of Class A stock are entitled to elect 30% of the entire Board of Directors and the holders of Class B stock are entitled to elect the remainder. On all other matters, each share of Class A stock is entitled to one tenth Share Repurchases During the year ended April 30, 2020, our Board of Directors approved an additional share repurchase program of $200 million of Class A or B Common Stock. As of April 30, 2020, we had authorization from our Board of Directors to purchase up to $200 million that was remaining under this program. No share repurchases were made under this program during the year ended April 30, 2020. The share repurchase program described above is in addition to the share repurchase program approved by our Board of Directors during the year ended April 30, 2017 of four million shares of Class A or B Common Stock. As of April 30, 2020, we had authorization from our Board of Directors to purchase up to 806,758 additional shares that were remaining under this program. The following table summarizes the shares repurchased of Class A and B Common Stock: 2020 2019 2018 Shares repurchased – Class A 1,079,936 1,191,496 713,177 Shares repurchased – Class B 2,281 — — Average Price – Class A and Class B $ 43.05 $ 50.35 $ 55.65 Changes in Common Stock The following is a summary of changes during the years ended April 30, in shares of our common stock and common stock in treasury (shares in thousands). Changes in Common Stock A: 2020 2019 2018 Number of shares, beginning of year 70,127 70,111 70,086 Common stock class conversions and other 39 16 25 Number of shares issued, end of year 70,166 70,127 70,111 Changes in Common Stock A in treasury: Number of shares held, beginning of year 22,634 21,853 22,097 Purchase of treasury shares 1,080 1,192 713 Restricted shares issued under stock-based compensation plans - non-PSU Awards (232 ) (205 ) (133 ) Restricted shares issued under stock-based compensation plans - PSU Awards (68 ) (110 ) (126 ) Shares issued under the Director Plan to Directors (97 ) (5 ) (20 ) Stock grants of fully vested Class A shares - common stock — — (20 ) Restricted shares, forfeited 1 9 15 Restricted shares issued from exercise of stock options (34 ) (229 ) (788 ) Shares withheld for taxes 122 130 116 Other (1 ) (1 ) (1 ) Number of shares held, end of year 23,405 22,634 21,853 Number of Common Stock A outstanding, end of year 46,761 47,493 48,258 Changes in Common Stock B: 2020 2019 2018 Number of shares, beginning of year 13,055 13,071 13,096 Common stock class conversions and other (39 ) (16 ) (25 ) Number of shares issued, end of year 13,016 13,055 13,071 Changes in Common Stock B in treasury: Number of shares held, beginning of year 3,918 3,918 3,918 Shares repurchased 2 — — Number of shares held, end of year 3,920 3,918 3,918 Number of Common Stock B outstanding, end of year 9,096 9,137 9,153 Dividends The following table summarizes the cash dividends paid during the year ended April 30, 2020: Date of Declaration by Board of Directors Quarterly Cash Dividend Total Dividend Class of Common Stock Dividend Paid Date Shareholders of Record as of Date June 27, 2019 $0.34 per common share $19.2 million Class A and Class B July 24, 2019 July 10, 2019 September 26, 2019 $0.34 per common share $19.1 million Class A and Class B October 23, 2019 October 8, 2019 December 18, 2019 $0.34 per common share $19.0 million Class A and Class B January 16, 2020 January 2, 2020 March 18, 2020 $0.34 per common share $19.0 million Class A and Class B April 15, 2020 March 31, 2020 |
Segment Information
Segment Information | 12 Months Ended |
Apr. 30, 2020 | |
Segment Information [Abstract] | |
Segment Information | Note 20 – Segment Information As previously announced, we have changed our segment reporting structure to align with our strategic focus areas: (1) Research Publishing & Platforms, which continues to include the Research publishing and Atypon businesses, (2) Academic & Professional Learning, which is the former “Publishing” segment combined with our corporate training businesses – previously noted as Professional Assessment and Corporate Learning; and (3) Education Services, which includes our Online Program Management and mthree training, upskilling and talent placement services for professionals and businesses We report our segment information in accordance with the provisions of FASB ASC Topic 280. These segments reflect the way our chief operating decision maker evaluates our business performance and manages the operations. Segment information is as follows: For the Years Ended April 30, 2020 2019 2018 Revenue: Research Publishing & Platforms $ 948,839 $ 939,217 $ 936,857 Academic & Professional Learning 650,789 703,303 740,115 Education Services 231,855 157,549 119,131 Total Revenue $ 1,831,483 $ 1,800,069 $ 1,796,103 Contribution to (Loss) Profit: Research Publishing & Platforms $ 169,119 $ 259,754 $ 272,904 Academic & Professional Learning 74,176 146,265 144,041 Education Services (117,515 ) (13,272 ) (1,899 ) Total Contribution to Profit $ 125,780 $ 392,747 $ 415,046 Corporate Expenses (180,067 ) (168,758 ) (183,585 ) Operating (Loss) Income $ (54,287 ) $ 223,989 $ 231,461 Adjusted Contribution to Profit: (1) Research Publishing & Platforms $ 265,353 $ 260,885 $ 278,161 Academic & Professional Learning 84,646 147,404 155,885 Education Services (3,844 ) (12,883 ) (5 ) Total Adjusted Contribution to Profit $ 346,155 $ 395,406 $ 434,041 Adjusted Corporate Expenses (165,487 ) (168,299 ) (170,414 ) Total Adjusted Operating Income $ 180,668 $ 227,107 $ 263,627 Depreciation and Amortization: Research Publishing & Platforms $ 69,495 $ 60,889 $ 54,805 Academic & Professional Learning 69,807 68,126 72,274 Education Services 24,131 18,117 13,112 Total Depreciation and Amortization $ 163,433 $ 147,132 $ 140,191 Corporate Depreciation and Amortization 11,694 14,023 13,798 Total Depreciation and Amortization $ 175,127 $ 161,155 $ 153,989 Adjusted EBITDA: (2) Research Publishing & Platforms $ 334,848 $ 321,774 $ 332,966 Academic & Professional Learning 154,453 215,530 228,159 Education Services 20,287 5,234 13,107 Total Segment Adjusted EBITDA $ 509,588 $ 542,538 $ 574,232 Corporate Adjusted EBITDA (153,793 ) (154,276 ) (156,616 ) Total Adjusted EBITDA $ 355,795 $ 388,262 $ 417,616 (1) Adjusted Contribution to Profit is Contribution to (Loss) Profit adjusted for restructuring charges and impairment of goodwill and intangible assets. See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment. (2) Adjusted EBITDA is Adjusted Contribution to Profit with depreciation and amortization added back. The following table shows a reconciliation of our consolidated U.S. GAAP net (loss) income to Non-GAAP EBITDA and Adjusted EBITDA: For the Years Ended April 30, 2020 2019 2018 Net (Loss) Income $ (74,287 ) $ 168,263 $ 192,186 Interest expense 24,959 16,121 13,274 Provision for income taxes 11,195 44,689 21,745 Depreciation and amortization 175,127 161,155 153,989 Non-GAAP EBITDA $ 136,994 $ 390,228 $ 381,194 Impairment of goodwill and intangible assets 202,348 — 3,600 Restructuring and related charges 32,607 3,118 28,566 Foreign exchange transaction (gains) losses (2,773 ) 6,016 12,819 Interest and other income (13,381 ) (11,100 ) (8,563 ) Non-GAAP Adjusted EBITDA $ 355,795 $ 388,262 $ 417,616 See Note 3, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2020, 2019 and 2018. For the Years Ended April 30, 2020 2019 2018 Total Assets Research Publishing & Platforms $ 1,225,313 $ 1,172,145 $ 1,242,458 Academic & Professional Learning 924,924 959,601 942,598 Education Services 486,316 440,516 199,023 Corporate 532,241 376,504 455,372 Total $ 3,168,794 $ 2,948,766 $ 2,839,451 Product Development Spending and Additions to Technology, Property and Equipment Research Publishing & Platforms $ (16,329 ) $ (12,928 ) $ (24,961 ) Academic & Professional Learning (38,229 ) (32,337 ) (43,625 ) Education Services (613 ) (3,160 ) (5,991 ) Corporate (60,030 ) (53,168 ) (76,151 ) Total $ (115,201 ) $ (101,593 ) (150,728 ) Revenue from external customers is based on the location of the customer and Technology, Property and Equipment, Net by geographic area were as follows: Revenue, net Technology, Property and Equipment, Net 2020 2019 2018 2020 2019 2018 United States $ 944,075 $ 932,927 $ 913,852 $ 261,296 $ 252,459 $ 249,542 United Kingdom 174,567 150,242 147,406 18,076 18,331 20,955 Germany 113,664 97,505 98,404 8,059 8,423 9,259 Japan 75,104 77,145 81,572 112 87 72 Australia 73,718 77,453 78,270 1,051 1,440 1,454 China 58,870 55,024 53,076 492 688 229 Canada 56,370 50,882 55,568 1,734 2,659 3,635 France 45,033 51,441 51,826 1,358 403 635 Scandinavia 29,682 30,971 31,695 223 229 309 Other Countries 260,400 276,479 284,434 5,604 4,302 3,844 Total $ 1,831,483 $ 1,800,069 $ 1,796,103 $ 298,005 $ 289,021 $ 289,934 |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) | 12 Months Ended |
Apr. 30, 2020 | |
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract] | |
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) | Note 21 – Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) Amounts in millions, except per share data 2020 2019 Revenue, net First Quarter $ 423.5 $ 410.9 Second Quarter 466.2 448.6 Third Quarter 467.1 449.4 Fourth Quarter 474.7 491.2 Year ended April 30, $ 1,831.5 $ 1,800.1 Gross Profit First Quarter $ 280.4 $ 283.1 Second Quarter 322.8 316.0 Third Quarter 313.2 305.5 Fourth Quarter 324.1 340.7 Year ended April 30, $ 1,240.5 $ 1,245.3 Operating (Loss) Income First Quarter $ 4.5 $ 36.1 Second Quarter 63.4 57.5 Third Quarter 48.5 50.3 Fourth Quarter (170.7 ) 80.1 Year ended April 30, $ (54.3 ) $ 224.0 Net (Loss) Income First Quarter $ 3.6 $ 26.3 Second Quarter 44.7 43.8 Third Quarter 35.4 34.9 Fourth Quarter (158.0 ) 63.3 Year ended April 30, $ (74.3 ) $ 168.3 2020 2019 Basic Diluted Basic Diluted (Loss) Earnings Per Share (1) First Quarter $ 0.06 $ 0.06 $ 0.46 $ 0.45 Second Quarter 0.79 0.79 0.76 0.76 Third Quarter 0.63 0.63 0.61 0.61 Fourth Quarter (2) (2.83 ) (2.83 ) 1.11 1.10 Year ended April 30, (2) $ (1.32 ) $ (1.32 ) $ 2.94 $ 2.91 (1) The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding. (2) In calculating diluted net (loss) earnings per common share for the fourth quarter and year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a U.S. GAAP net loss is reported and the effect of using dilutive shares is antidilutive. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22 – Subsequent Events Dividend: On June 25, 2020, our Board of Directors declared a quarterly dividend of $0.3425 per share, or approximately $19.1 million, on our Class A and Class B Common Stock. The dividend is payable on July 22, 2020 to shareholders of record on July 7, 2020. |
Schedule II-VALUATION AND QUALI
Schedule II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Apr. 30, 2020 | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS [Abstract] | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | Schedule II JOHN WILEY & SONS, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED APRIL 30, 2020, 2019, AND 2018 (Dollars in thousands) Description Balance at Beginning of Period Charged to Expenses Deductions From Reserves and Other (2) Balance at End of Period Year Ended April 30, 2020 Allowance for Sales Returns (1) $ 18,542 $ 48,829 $ 47,729 $ 19,642 Allowance for Doubtful Accounts $ 14,307 $ 5,470 $ 1,442 $ 18,335 Allowance for Inventory Obsolescence $ 15,825 $ 8,699 $ 8,457 $ 16,067 Valuation Allowance on Deferred Tax Assets $ 21,179 $ 2,108 $ — $ 23,287 Year Ended April 30, 2019 Allowance for Sales Returns (1) $ 18,628 $ 37,483 $ 37,569 $ 18,542 Allowance for Doubtful Accounts $ 10,107 $ 5,279 $ 1,079 $ 14,307 Allowance for Inventory Obsolescence $ 18,193 $ 7,328 $ 9,696 $ 15,825 Valuation Allowance on Deferred Tax Assets $ 8,811 $ 51 $ (12,317 ) $ 21,179 Year Ended April 30, 2018 Allowance for Sales Returns (1) $ 24,300 $ 38,711 $ 44,383 $ 18,628 Allowance for Doubtful Accounts $ 7,186 $ 5,439 $ 2,518 $ 10,107 Allowance for Inventory Obsolescence $ 21,096 $ 9,182 $ 12,085 $ 18,193 Valuation Allowance on Deferred Tax Assets $ 1,300 $ 7,511 $ — $ 8,811 (1) Allowance for Sales Returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as a reduction of Accounts Receivable, net (in the year ended April 30, 2018) with a corresponding increase in Inventories, net and a reduction in Accrued Royalties for the years ended April 30, , and . Due to the adoption of the revenue standard, the sales return reserve as of April 30, and 2019 is recorded in Contract Liabilities. . See Note 3, “Revenue Recognition, Contracts with Customers,” of the Notes to Consolidated Financial Statements for more information. (2) Deductions From Reserves and Other for the years ended April 30, , and include foreign exchange translation adjustments. Included in Allowance for Doubtful Accounts are accounts written off, less recoveries. Included in Allowance for Inventory Obsolescence are items removed from inventory. Included in Valuation Allowance on Deferred Tax Assets for the year ended April 30, 2019 are |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards [Abstract] | |
Basis of Presentation | Basis of Presentation: Our Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. All amounts are in thousands, except per share amounts, and approximate due to rounding. |
Reclassifications | Reclassifications: Certain prior year amounts have been reclassified to conform to the current year’s presentation. During the three months ended January 31, 2020, we identified an immaterial error within our Consolidated Statement of Financial Position, including the results for the fiscal year ended April 30, 2019. Certain consideration received for services not yet performed, mainly for our annual subscription licensing revenue agreements, was presented as a reduction to Accounts Receivable, Net, rather than an increase to Contract Liabilities. The correction increases Accounts Receivable, Net and increases Contract Liabilities by approximately $11.8 million for the fiscal year ended April 30, 2019. There was no impact on Revenue, Net, Operating Income, Net Income, Earnings Per Share, or Net Cash Provided by Operating Activities or the Consolidated Statements of Cash Flows. Management has evaluated all relevant quantitative and qualitative factors and has concluded that the error is not material to the Consolidated Statement of Financial Position for the previously reported periods. We have revised our accompanying Consolidated Statement of Financial Position to correct this for the fiscal year ended April 30, 2019 and any related disclosures. This immaterial error did not impact the April 30, 2020 Consolidated Statement of Financial Position. The current policy for our subscription licensing agreements is to record accounts receivable when performance occurs and recognize contract liabilities once the invoice is due, or cash payment is received from the customer . |
Use of Estimates | Use of Estimates: The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and revenue and expenses during the reporting period. These estimates include, among other items, sales return reserves, allocation of acquisition purchase price to assets acquired and liabilities assumed, goodwill and indefinite-lived intangible assets, intangible assets with definite lives and other long-lived assets, and retirement plans. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions on the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from those estimates, which could affect the reported results. |
Book Overdrafts | Book Overdrafts: Under our cash management system, a book overdraft balance exists for our primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. Our funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2020 and 2019, book overdrafts of $7.4 million, in each year respectively, were included in Accounts Payable on the Consolidated Statements of Financial Position. |
Revenue Recognition | Revenue Recognition: Revenue from contracts with customers is recognized using a five-step model consisting of the following: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) we satisfy a performance obligation. Performance obligations are satisfied when we transfer control of a good or service to a customer, which can occur over time or at a point in time. The amount of revenue recognized is based on the consideration to which we expect to be entitled in exchange for those goods or services, including the expected value of variable consideration. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable, and we no longer have an obligation to transfer additional goods or services to the customer or collectability becomes probable. See Note 3, “Revenue Recognition, Contracts with Customers,” of the Notes to Consolidated Financial Statements for further details of our revenue recognition policy. |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the time of purchase and are stated at cost, which approximates market value, because of the short-term maturity of the instruments. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts: The estimated allowance for doubtful accounts is based on a review of the aging of the accounts receivable balances, historical write-off experience, credit evaluations of customers, and current market conditions. A change in the evaluation of a customer’s credit could affect the estimated allowance. The allowance for doubtful accounts is shown as a reduction of Accounts Receivable, net on the Consolidated Statements of Financial Position and amounted to $18.3 million and $14.3 million as of April 30, 2020 and 2019, respectively. |
Sales Return Reserves | Sales Return Reserves: The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related increase to inventory and a reduction to accrued royalties as a result of the expected returns. Print book sales return reserves amounted to a net liability balance of $19.6 million and $18.5 million as of April 30, 2020 and 2019, respectively. The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease): 2020 2019 Increase in Inventories, net $ 8,686 $ 3,739 Decrease in Accrued royalties $ (4,441 ) $ (3,653 ) Increase in Contract liabilities $ 32,769 $ 25,934 Print book sales return reserve net liability balance $ (19,642 ) $ (18,542 ) |
Inventories | Inventories: Inventories are carried at the lower of cost or market. U.S. book inventories aggregating $24.3 million and $21.0 million at April 30, 2020 and 2019, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method. Finished Goods not recorded at LIFO have been recorded at the lower of cost or market. |
Product Development Assets | Product Development Assets: Product development assets consist of book composition costs and other product development costs. Costs associated with developing a book publication are expensed until the product is determined to be commercially viable. Book composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Book composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Other product development costs represent the costs incurred in developing software, platforms, and digital content to be sold and licensed to third parties. Other product development costs are capitalized and amortized on a straight-line basis over their estimated useful lives. As of April 30, 2020, the weighted average estimated useful life of other product development costs was approximately 6 years. |
Royalty Advances | Royalty Advances: Royalty advances are capitalized and, upon publication, are expensed as royalties earned based on sales of the published works. Royalty advances are reviewed for recoverability and a reserve for loss is maintained, if appropriate. |
Shipping and Handling Costs | Shipping and Handling Costs: Costs incurred for third party shipping and handling are primarily reflected in Operating and Administrative Expenses on the Consolidated Statements of (Loss) Income. We incurred $28.8 million, $32.7 million, and $33.7 million in shipping and handling costs in the years ended April 30, 2020, 2019, and 2018, respectively. |
Advertising and Marketing Costs | Advertising and Marketing Costs: Advertising and marketing costs are expensed as incurred. We incurred $103.1 million, $89.5 million, and $68.3 million in advertising and marketing costs in the years ended April 30, 2020, 2019, and 2018, respectively, and these costs are included in Cost of Sales and Operating and Administrative Expenses on the Consolidated Statements of (Loss) Income. Advertising and marketing costs of $65.8 million, $53.7 million, and $38.3 million were included in Cost of Sales in the years ended April 30, 2020, 2019, and 2018, respectively. This includes certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Advertising and marketing costs of $37.3 million, $35.8 million, and $30.0 million were included in Operating and Administrative Expenses in the years ended April 30, 2020, 2019, and 2018, respectively. |
Technology, Property, and Equipment | Technology, Property, and Equipment: Technology, property, and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed as incurred. Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: Computer Software – 3 to 10 years, Computer Hardware – 3 to 5 years; Buildings and Leasehold Improvements – the lesser of the estimated useful life of the asset up to 40 years or the duration of the lease; Furniture, Fixtures, and Warehouse Equipment – 5 to 10 years. Costs incurred for computer software internally developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. Costs incurred during the application development stage include costs of materials, services and payroll and payroll-related costs for employees who are directly associated with the software project. Such costs are amortized over the expected useful life of the related software, which is generally 3 to 5 years. Costs related to the investment in our Enterprise Resource Planning and related systems are amortized over an expected useful life of 10 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred. |
Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed | Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed In connection with acquisitions, we allocate the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. The excess of the purchase consideration over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of the acquisition date fair value of the assets acquired and liabilities assumed required us to make significant estimates and assumptions, such as projected revenues and related growth rates, forecasted operating cash flows, customer attrition rates, obsolescence rates of developed technology, and discount rates. We may use a third-party valuation consultant to assist in the determination of such estimates. |
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-lived Intangible Assets: Goodwill represents the excess of the aggregate of the following: (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree, and (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Indefinite-lived intangible assets primarily consist of brands and trademarks, and publishing rights and are typically characterized by intellectual property with a long and well-established revenue stream resulting from strong and well-established imprint/brand recognition in the market. We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. |
Intangible Assets with Definite Lives and Other Long-Lived Assets | Intangible Assets with Definite Lives and Other Long-Lived Assets: Definite-lived intangible assets principally consist of content and publishing rights, customer relationships, brands and trademarks, developed technology and non-compete agreements and are amortized over their estimated useful lives. The most significant factors in determining the estimated lives of these intangibles are the history and longevity of the brands, trademarks, and content and publication rights and developed technology acquired combined with the strength and pattern of projected cash flows. Intangible assets with definite lives as of April 30, 2020, are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 34 years, customer relationships – 16 years, brands and trademarks – 13 years, developed technology – 7 years, and non-compete agreements – 5 years. Assets with definite lives are evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the projected undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value based on the discounted future cash flows. |
Derivative Financial Instruments | Derivative Financial Instruments: From time to time, we enter into foreign exchange forward 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. We do not use financial instruments for trading or speculative purposes. |
Foreign Currency Gains/Losses | Foreign Currency Gains/Losses: We maintain operations in many non-U.S. locations. Assets and liabilities are translated into U.S. dollars using end-of-period exchange rates and revenues and expenses are translated into U.S. dollars using weighted average rates. Our significant investments in non-U.S. businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders’ Equity. Foreign currency transaction gains or losses are recognized on the Consolidated Statements of (Loss) Income as incurred. |
Stock-Based Compensation | Stock-Based Compensation: We recognize stock-based compensation expense based on the fair value of the stock-based awards on the grant date, reduced by an estimate for future forfeited awards. As such, stock-based compensation expense is only recognized for those awards that are expected to ultimately vest. The fair value of stock-based awards is recognized in net income generally on a straight-line basis over the requisite service period. The grant date fair value for stock options is estimated using the Black-Scholes option-pricing model. The determination of the assumptions used in the Black-Scholes model include the expected life of an option, the expected volatility of our common stock over the estimated life of the option, a risk-free interest rate, and the expected dividend yield. Judgment was also required in estimating the amount of stock-based awards that may be forfeited. Stock-based compensation expense associated with performance-based stock awards is based on actual financial results for targets established three years in advance. The cumulative effect on current and prior periods of a change in the estimated number of performance share awards, or estimated forfeiture rate, is recognized as an adjustment to earnings in the period of the revision. If actual results differ significantly from estimates, our stock-based compensation expense and Consolidated Statements of (Loss) Income could be impacted. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09 which requires entities to recognize revenues when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted ASU 2014-09, and all related amendments, which established ASC Topic 606 (the "new revenue standard"), effective as of May 1, 2018, using the modified retrospective method. The adoption of the new revenue standard did not have a material impact to our consolidated revenues, financial position, or results of operations. Upon adoption, we recorded an immaterial net increase to opening retained earnings resulting from the change in timing of when certain components of our revenue are recognized as required under the new revenue standard as compared to historical policies. The impact of the adoption of the new revenue standard was not material to our Consolidated Statements of (Loss) Income for the year ended April 30, 2019; therefore, we have omitted the disclosure that summarizes the effect of the revenue recognition standard by line item on our Consolidated Statements of (Loss) Income. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. We adopted ASU 2018-02 on May 1, 2019. We did not elect to reclassify the income tax effects from comprehensive income to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act. Our policy for releasing the income tax effects from accumulated other comprehensive income is to release when the corresponding pretax accumulated other comprehensive income items are reclassified to earnings. Targeted Improvements to Accounting for Hedging Activities 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. Subsequently, in November 2018, the FASB issued ASU 2018-1 6, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”. ASU 2017-12 Leases In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Subsequently, the FASB issued in March 2019, ASU 2019-01, “Leases (Topic 842): Codification Improvements”, in December 2018 ASU 2018-20, “Leases (Topic 842): Narrow Scope Improvements for Lessors”, and in July 2018 the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements” and ASU 2018-10, “Codification Improvements to Topic 842, Leases”. ASU 2016-02 requires an entity to recognize a right-of-use asset (“ROU”) and lease liability for all leases with terms of more than 12 months and provide enhanced disclosures. Recognition, measurement, and presentation of expenses depends on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance. The new standard provides a number of optional practical expedients in transition. We elected the practical expedients to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs. We did not elect the practical expedient allowing the use-of-hindsight which would have required us to reassess the lease term of our leases based on all facts and circumstances through the effective date. In addition, we did not elect the practical expedient pertaining to land easements. In addition, the new standard provides as a practical expedient, certain policy elections for ongoing lease accounting which we elected at the date of adoption and included the following, (i) to not separate nonlease components from the associated lease component if certain conditions are met, and (ii) to not recognize ROU assets and lease liabilities for leases that qualify as short-term. A modified retrospective transition approach was required, applying the standard to all leases existing at the date of initial application. A company could choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as of its date of initial application. We adopted the new standard on May 1, 2019 and used the effective date as the date of initial application. Accordingly, previously reported financial information was not updated, and the disclosures required under the new standard will not be provided for dates and periods before May 1, 2019. At adoption, we recognized operating lease liabilities of $178 million based on the present value of the remaining minimum rental payments for existing operating leases and ROU assets of $142 million on our Consolidated Statement of Financial Position. The difference between the ROU assets and operating lease liabilities represents the existing deferred rent liabilities, prepaid rent balances, and applicable restructuring liabilities, which were reclassified upon adoption to reduce the measurement of the ROU assets. The adoption of the standard did not have an impact on our Consolidated Statement of Shareholders’ Equity, Consolidated Statement of (Loss) Income or Consolidated Statement of Cash Flow. See Note 12, “Operating Leases”, for further details on our operating leases. Simplifying the Test for Goodwill Impairment 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 us on May 1, 2020, with early adoption permitted. We early adopted ASU 2017-04 during the three months ended April 30, 2020. See Note 11, “Goodwill and Intangible Assets,” for further details on the impairment charges we recorded during the three months ended April 30, 2020. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. This would apply to companies meeting certain criteria that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This standard is effective for us as of March 12, 2020 through December 31, 2022. We are currently assessing the impact the new guidance will have on our consolidated financial statements. Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU is intended to simplify various aspects related to accounting for income taxes, eliminates certain exceptions within Topic 740, “Income Taxes” and clarifies certain aspects of the current guidance to promote consistent application. The standard is effective for us on May 1, 2021, and early adoption is permitted in any interim period for which financial statements have not yet been issued. We are currently assessing the impact the new guidance will have on our consolidated financial statements. Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for us on May 1, 2020, and interim periods within that fiscal year, with early adoption permitted. This ASU may be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We will adopt the new standard on May 1, 2020 prospectively to all implementation costs that will be incurred on or after the date of adoption. The impact will be based on future implementation costs for cloud computing arrangements, which we currently do not expect to have a material impact on our consolidated financial statements and related disclosures. Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for us on May 1, 2021, with early adoption permitted. The amendments in ASU 2018-14 would need to be applied on a retrospective basis. We are currently assessing the impact the new guidance will have on our disclosures. Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 removes, modifies and added disclosures. The standard is effective for us on May 1, 2020, with early adoption permitted. Certain disclosures in ASU 2018-13 would need to be applied on a retrospective basis and others on a prospective basis. We will adopt the new standard on May 1, 2020. We do not believe that the adoption of ASU 2018-13 will have an impact on our consolidated financial statements with the exception of new and expanded disclosures. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, in May 2019, the FASB issued ASU 2019-05 - "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”, in April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” in November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” and in February 2020, the FASB issued ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update)”. ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. ASU 2016-13, ASU 2019-05, ASU 2019-04, ASU 2018-19, ASU 2019-11 and ASU 2020-02 are effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted. We will adopt the new standard on May 1, 2020. Based on financial instruments currently held by us, the adoption of ASU 2016-13 will primarily impact our trade receivables, specifically our allowance for doubtful accounts. We haven’t completed our analysis, however, due to the historical, current and expected credit quality of our customers, we do not expect the adoption of ASU 2016-13 to have a material impact on our consolidated financial results. |
Revenue Recognition, Contract_2
Revenue Recognition, Contracts with Customers (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
Revenue Recognition, Contracts with Customers [Abstract] | |
Revenue from Contract with Customer | Description of Revenue Generating Activities Refer to Part I, Item 1, “Business” for a description of our business and our reportable segments. Research Publishing & Platforms Segment Research Publishing & Platforms revenue by product type are Research Publishing and Research Platforms. Research Publishing Research Publishing generates the majority of its revenue from contracts with its customers for the following revenue streams: • Journal Subscriptions; • Licensing, Reprints, Backfiles and Other; and • Open Access and Comprehensive Agreements. Journal Subscriptions Journal subscription contracts are negotiated by us directly with customers or their subscription agents. Subscription periods typically cover calendar years. In a In journal subscriptions, there are generally two performance obligations; a functional intellectual property license with a stand-ready promise to provide access to new content for one year, which includes online hosting of the content; and a functional intellectual property perpetual license for access to historical journal content, which also includes online hosting of the content. The transaction price consists of fixed consideration. Subscription revenue is generally collected in advance. We allocate revenue to the stand-ready promise to provide access to new content for one year based on its observable standalone selling price which is generally the contractually stated price and the revenue for new content is recognized over one year as we have a continuous stand-ready obligation to provide the right of access to additional intellectual property. The allocation of revenue to the perpetual licenses for access to historical journal content is done using the expected cost plus a margin approach as permitted by the revenue standard. Revenue is recognized at the point in time when access to historical content is initially granted. Licensing, Reprints, Backfiles and Other Within licensing, the revenue derived from these contracts is primarily comprised of advance payments, including minimum guarantees and sales- or usage-based royalty agreements. Our intellectual property is considered to be functional intellectual property. Due to the stand-ready promise to provide updates during the subscription period, which is generally an annual period, revenue for the minimum guarantee is recognized on a straight-line basis over the term of the agreement. For our sales-or usage-based royalty agreements, we recognize revenue in the period of usage based on the amounts earned. We record revenue under these arrangements for the amounts due and not yet reported to us based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts. We also have certain licenses whereby we receive a non-refundable minimum guarantee against a volume-based royalty throughout the term of the agreement. We recognize volume-based royalty income only when cumulative consideration exceeds the minimum guarantee. Reprints contracts generally contain a single performance obligation which is the delivery of printed articles. Revenue is recognized at the time of delivery of the printed articles. For Backfiles, the performance obligation is the granting of a functional intellectual property license. Revenue is recognized at the time the functional intellectual property license is granted. Other includes our Article Select offering, whereby we have a single performance obligation to our customers to give access to an article through the purchase of a token. The customer redeems the token for access to the article for a 24-hour period. The customer purchases the tokens with an upfront cash payment. Revenue is recognized when access to the article is provided. Open Access and Comprehensive Agreements Under the Author-Funded Access model, we have a signed contract with the customer that contains enforceable rights. The Author-Funded Access model in a typical model includes an over-time single performance obligation that combines a promise to host the customer’s content on our open access platform, and a promise to provide an APC at a discount to eligible users who are defined in the contract, in exchange for an upfront payment. Enforceable right to payment occurs over time as we fulfill our obligation to provide a discount to eligible users, as defined, on future APCs. Therefore, the upfront payment is recorded as a contract liability and revenue is recognized over time. In January 2019, Wiley announced a new contractual arrangement in support of Open Access, a countrywide partnership agreement with Projekt DEAL, a representative of nearly academic institutions in Germany. This transformative three-year agreement provides all Projekt DEAL institutions with access to read Wiley’s academic journals back to the year 1997, and researchers at Projekt DEAL institutions can publish articles open access in Wiley’s journals. The partnership will better support institutions and researchers in advancing open science, driving discovery, and developing and disseminating knowledge. We are compensated primarily through a fee per article published and a consolidated access fee. Research Platforms Atypon contracts typically include a single performance obligation for the implementation and hosting subscription services. The transaction price is fixed which may include price escalators that are fixed increases per year, and therefore, revenue is recognized upon the initiation of the subscription period and straight-lined over the contract period. The duration of these contracts is generally multi-year ranging from 2-5 years. Academic & Professional Learning Academic & Professional Learning revenue by product type are Education Publishing and Professional Learning. Education Publishing Education Publishing generates the majority of its revenue from contracts with its customers for the following revenue streams • Education and STM Publishing; • Digital Courseware; • Test Preparation and Certification; and • Licensing and Other Education Publishing and STM (Scientific, Technical and Medical) Publishing within Education Publishing and Professional Publishing within Professional Learning product type below Our performance obligations as it relates to Education, STM and Professional Publishing are primarily book products delivered in both print and digital form which could include a single or multiple performance obligations based on the number of print or digital books purchased which are represented by an International Standard Book Number (“ISBN’s”), with each ISBN representing a performance obligation. Each ISBN has an observable stand-alone selling price since Wiley sells the books separately. This revenue stream also includes variable consideration as it relates to discounts and returns for both print and digital books. Discounts are identifiable by performance obligation and therefore are applied at the point of sale by performance obligation. The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related reduction in inventory and royalty costs as a result of the expected returns. As it relates to print and digital books within the Education, STM, and Professional Publishing, revenue is recognized at the point when control of product transfers, which for print is upon shipment or for digital when fulfillment of the products has been rendered. Digital Courseware Courseware customers purchase access codes to utilize the product. This could include a single or multiple performance obligations based on the number of course ISBN’s purchased. Revenue is recognized when the access codes are activated and then over the applicable semester term such product relates to. Test Preparation and Certification Test Preparation and Certification contracts are generally three-year agreements. This revenue stream includes multiple performance obligations as it relates to the on-line and printed course materials, including such items as textbooks, e-books, video lectures, flashcards, study guides and test banks. The transaction price is fixed; however, discounts are offered and returns of certain products are allowed. We allocate revenue to each performance obligation based on its standalone selling price. Depending on the performance obligation, revenue is recognized at the time the product is delivered and control has passed to the customer or over time due to our stand-ready obligation to provide updates to the customer. Licensing and Other Revenue derived from our licensing contracts is primarily comprised of advance payments and sales- or usage-based royalties. Revenue for advance payments is recognized at the point in time that the functional intellectual property license is granted. For sales- or usage- based royalties, we record revenue under these arrangements for the amounts due and not yet reported to us based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts. Professional Learning Professional Learning generates the majority of its revenue from contracts with its customers for the following revenue streams • Professional Publishing, which is described above; • Licensing and Other, which is described above; • Corporate Training - Professional Assessment; and • Corporate Training - Corporate Learning Corporate Training - Professional Assessment Professional Assessment through our authorized distributor network includes multiple performance obligations. This includes a performance obligation that includes an annual membership which includes the right to purchase products and services, access to the platform, support and training. This performance obligation is recognized over time since we have an obligation to stand-ready for the customer’s use of the services. In addition, there are performance obligations for the assessments and related products or services which are recognized at a point in time when the assessment, product or service is provided or delivered. The transaction price is allocated to each performance obligation based on its observable standalone selling price. In addition, as it relates to Professional Assessment customers’ unexercised rights for situations where we have received a nonrefundable payment for a customer to receive an assessment and the customer is not expected to exercise such right, we will recognize such “breakage” amounts as revenue in proportion to the pattern of rights exercised by the customer which is generally one year. Corporate Training - Corporate Learning The transaction price consists of fixed consideration that is determined at the beginning of each year and received at the same time. Within Corporate Learning there are multiple performance obligations which includes the licenses to learning content and the learning application. Revenue is recognized over time as we have a continuous obligation to provide the right of access to the intellectual property which includes the licenses and learning applications. Education Services Education Services revenue by product type are Education Services and mthree. Education Services Revenue is primarily derived from pre-negotiated contracts with institutions that provide for a share of tuition generated from students who enroll in a program. The duration of Education Services contracts are generally multi-year agreements ranging from a period of 7-10 years, with some having optional renewal periods. These optional renewal periods are not a material right and are not considered a separate performance obligation. Education Services includes a single performance obligation for the services provided because of the integrated technology and services our institutional clients need to attract, enroll, educate and support students. Consideration is variable since it is based on the number of students enrolled in a program. We begin to recognize revenue at the start of the delivery of the class within a semester, which is also when the variable consideration contingency is resolved. mthree mthree includes a performance obligation for the services provided which is recognized over the period of time the services are provided to its customers. Accounts Receivable, net and Contract Liability Balances When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards [Abstract] | |
Net Sales Return Reserves by Balance Sheet Account | The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease): 2020 2019 Increase in Inventories, net $ 8,686 $ 3,739 Decrease in Accrued royalties $ (4,441 ) $ (3,653 ) Increase in Contract liabilities $ 32,769 $ 25,934 Print book sales return reserve net liability balance $ (19,642 ) $ (18,542 ) |
Revenue Recognition, Contract_3
Revenue Recognition, Contracts with Customers (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Revenue Recognition, Contracts with Customers [Abstract] | |
Revenue from Contracts With Customers Disaggregated by Segment and Product Type | The following tables present our revenue from contracts with customers disaggregated by segment and product type. Years Ended April 30, 2020 2019 2018 Research Publishing & Platforms: Research Publishing $ 908,952 $ 903,249 $ 903,950 Research Platforms 39,887 35,968 32,907 Total Research Publishing & Platforms 948,839 939,217 936,857 Academic & Professional Learning: Education Publishing 352,188 372,018 401,607 Professional Learning 298,601 331,285 338,508 Total Academic & Professional Learning 650,789 703,303 740,115 Education Services: Education Services 214,376 157,549 119,131 mthree 17,479 — — Total Education Services 231,855 157,549 119,131 Total Revenue $ 1,831,483 $ 1,800,069 $ 1,796,103 |
Contract Asset and Liability Balances | The following table provides information about receivables and contract liabilities from contracts with customers. April 30, 2020 April 30, 2019 Increase/ (Decrease) Balances from contracts with customers: Accounts receivable, net $ 309,384 $ 306,631 $ 2,753 Contract liabilities (1) 520,214 519,129 1,085 Contract liabilities (included in Other Long-Term Liabilities) $ 14,949 $ 10,722 $ 4,227 (1) The sales return reserve recorded in Contract Liabilities is $32.8 million and $25.9 million as of April 30, 2020 and April 30, 2019, respectively. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
mthree [Member] | |
Business Acquisition [Line Items] | |
Consideration Transferred and Allocation of Purchase Price | The following table summarizes the preliminary consideration transferred to acquire mthree and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. Preliminary Allocation Total cash consideration transferred $ 122,242 Assets: Current Assets 8,750 Technology, Property and Equipment, net 484 Intangible Assets, net 56,836 Goodwill 82,561 Operating Lease Right-of-Use Assets 3,710 Total Assets $ 152,341 Liabilities: Current Liabilities 14,380 Deferred Income Tax Liabilities 12,722 Operating Lease Liabilities 2,692 Other Long-Term Liabilities 305 Total Liabilities $ 30,099 |
Intangible Assets Acquired and Weighted-Average Useful Life | The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition. Estimated Fair Value Weighted- Average Useful Life (in Years) Customer Relationships $ 48,792 12 Trademarks 6,725 10 Content 1,319 4 Total $ 56,836 |
zybooks [Member] | |
Business Acquisition [Line Items] | |
Consideration Transferred and Allocation of Purchase Price | The following table summarizes the consideration transferred to acquire zyBooks and the allocation of the purchase price among the assets acquired and liabilities assumed. Final Allocation Total cash consideration transferred $ 55,939 Assets: Current Assets 2,280 Technology, Property and Equipment, net 28 Intangible Assets, net 24,500 Goodwill 36,903 Total Assets $ 63,711 Liabilities: Current Liabilities 2,581 Deferred Income Tax Liabilities 5,191 Total Liabilities $ 7,772 |
Intangible Assets Acquired and Weighted-Average Useful Life | The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition. Fair Value Weighted- Average Useful Life (in Years) Developed Technology $ 10,400 7 Customer Relationships 6,800 10 Content 4,400 10 Trademarks 2,900 10 Total $ 24,500 |
The Learning House, Inc. [Member] | |
Business Acquisition [Line Items] | |
Consideration Transferred and Allocation of Purchase Price | The following table summarizes the consideration transferred to acquire Learning House and the allocation of the purchase price among the assets acquired and the liabilities assumed. Final Allocation Total consideration transferred $ 201,274 Assets: Current Assets 20,353 Technology, Property and Equipment, net 343 Intangible Assets, net 109,548 Goodwill 110,966 Other Non-Current Assets 5,025 Total Assets $ 246,235 Liabilities: Current Liabilities 16,999 Deferred Income Tax Liabilities 26,778 Other Long-Term Liabilities 1,184 Total Liabilities $ 44,961 |
Intangible Assets Acquired and Weighted-Average Useful Life | The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition. Fair Value Weighted- Average Useful Life (in Years) Customer Relationships $ 103,850 15 Course Content 5,698 4 Total $ 109,548 |
Reconciliation of Weighted Av_2
Reconciliation of Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |
Reconciliation of Shares used in Computation of Earnings Per Share | A reconciliation of the shares used in the computation of earnings per share for the years ended April 30 follows: 2020 2019 2018 Weighted average shares outstanding 56,224 57,240 57,181 Less: Unvested restricted shares (15 ) (48 ) (138 ) Shares used for basic (loss) earnings per share 56,209 57,192 57,043 Dilutive effect of stock options and other stock awards — 648 845 Shares used for diluted (loss) earnings per share 56,209 57,840 57,888 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
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 years ended April 30, 2020, 2019, and 2018 were as follows: Foreign Currency Translation Unamortized Retirement Costs Interest Rate Swaps Total Balance at April 30, 2017 $ (319,212 ) $ (190,502 ) $ 2,427 $ (507,287 ) Other comprehensive income (loss) before reclassifications 67,639 (4,979 ) 1,739 64,399 Amounts reclassified from Accumulated Other Comprehensive Loss — 4,455 (1,147 ) 3,308 Total other comprehensive income (loss) 67,639 (524 ) 592 67,707 Balance at April 30, 2018 $ (251,573 ) $ (191,026 ) $ 3,019 $ (439,580 ) Other comprehensive (loss) income before reclassifications (60,534 ) (9,422 ) 1,121 (68,835 ) Amounts reclassified from Accumulated Other Comprehensive Loss — 4,391 (4,714 ) (323 ) Total other comprehensive (loss) income (60,534 ) (5,031 ) (3,593 ) (69,158 ) Balance at April 30, 2019 $ (312,107 ) $ (196,057 ) $ (574 ) $ (508,738 ) Other comprehensive (loss) before reclassifications (28,596 ) (36,965 ) (5,988 ) (71,549 ) Amounts reclassified from Accumulated Other Comprehensive Loss — 5,102 (312 ) 4,790 Total other comprehensive loss (28,596 ) (31,863 ) (6,300 ) (66,759 ) Balance at April 30, 2020 $ (340,703 ) $ (227,920 ) $ (6,874 ) $ (575,497 ) |
Restructuring and Related Cha_2
Restructuring and Related Charges (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Business Optimization Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax Restructuring (Credits) Charges | The following tables summarize the pre-tax restructuring charges related to this program: 2020 Charges by Segment: Research Publishing & Platforms $ 3,546 Academic & Professional Learning 10,475 Education Services 3,774 Corporate Expenses 15,018 Total Restructuring and Related Charges $ 32,813 Charges by Activity: Severance and termination benefits $ 26,864 Operating lease right-of-use asset impairment 161 Facility related charges 3,986 Other activities 1,802 Total Restructuring and Related Charges $ 32,813 |
Activity for Restructuring Program Liability | The following table summarizes the activity for the Business Optimization Program liability for the year ended April 30, 2020: April 30, 2019 Charges Payments Foreign Translation & Other Adjustments April 30, 2020 Severance and termination benefits $ — $ 26,864 $ (9,193 ) $ (39 ) $ 17,632 Other activities — 1,802 — (1,372 ) 430 Total $ — $ 28,666 $ (9,193 ) $ (1,411 ) $ 18,062 |
Restructuring and Reinvestment Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Pre-tax Restructuring (Credits) Charges | The following tables summarize the pre-tax restructuring (credits) charges related to this program: 2020 2019 (1) 2018 (1) Total Charges Incurred to Date (Credits) Charges by Segment: Research Publishing & Platforms $ 340 $ 1,131 $ 5,257 $ 26,884 Academic & Professional Learning (5 ) 1,139 8,244 42,834 Education Services (103 ) 389 1,894 3,764 Corporate Expenses (438 ) 459 13,171 95,940 Total Restructuring and Related (Credits) Charges $ (206 ) $ 3,118 $ 28,566 $ 169,422 (Credits) Charges by Activity: Severance and termination benefits $ (250 ) $ 1,456 $ 27,213 $ 116,009 Consulting and contract termination costs (171 ) 526 1,815 20,984 Other activities 215 1,136 (462 ) 32,429 Total Restructuring and Related (Credits) Charges $ (206 ) $ 3,118 $ 28,566 $ 169,422 (1) As previously announced, we have changed our segment reporting structure to align with our strategic focus areas. See Note 20, “Segment Information,” for more details. |
Activity for Restructuring Program Liability | The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the year ended April 30, 2020: April 30, 2019 (Credits) Payments Adoption of New Lease Standard (1) Foreign Translation & Other Adjustments April 30, 2020 Severance and termination benefits $ 4,887 $ (250 ) $ (3,238 ) $ — $ (39 ) $ 1,360 Consulting and contract termination costs 303 (171 ) (132 ) — — — Other activities 2,544 — — (2,270 ) (44 ) 230 Total $ 7,734 $ (421 ) $ (3,370 ) $ (2,270 ) $ (83 ) $ 1,590 (1) Refer to Note 2, “ Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Inventories, net consisted of the following at April 30: 2020 2019 Finished Goods $ 36,014 $ 33,736 Work-in-Process 1,398 2,094 Paper and Other Materials 331 373 Total Inventories Before Estimated Sales Returns and LIFO Reserve 37,743 36,203 Inventory Value of Estimated Sales Returns 8,686 3,739 LIFO Reserve (2,815 ) (4,360 ) Total Inventories $ 43,614 $ 35,582 |
Product Development Assets (Tab
Product Development Assets (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Product Development Assets [Abstract] | |
Product Development Assets | Product development assets consisted of the following at April 30: 2020 2019 Book Composition Costs $ 18,744 $ 19,197 Software Costs 28,995 38,048 Content Development Costs 5,904 5,225 Total $ 53,643 $ 62,470 |
Technology, Property and Equi_2
Technology, Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Technology, Property and Equipment [Abstract] | |
Technology, Property and Equipment | Technology, property and equipment, net consisted of the following at April 30: 2020 2019 Capitalized Software $ 471,844 $ 440,437 Computer Hardware 46,640 68,718 Buildings and Leasehold Improvements 99,230 118,685 Furniture, Fixtures, and Warehouse Equipment 44,104 57,471 Land and Land Improvements 3,298 3,390 Technology, Property and Equipment, gross 665,116 688,701 Accumulated Depreciation and Amortization (367,111 ) (399,680 ) Total $ 298,005 $ 289,021 The following table details our depreciation and amortization expense for technology, property and equipment, net for the years ended April 30: 2020 2019 2018 Capitalized Software Amortization Expense $ 55,685 $ 50,095 $ 45,449 Depreciation and Amortization Expense, Excluding Capitalized Software 21,031 19,323 18,878 Total Depreciation and Amortization Expense for Technology, Property and Equipment $ 76,716 $ 69,418 $ 64,327 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Goodwill and Intangible Assets [Abstract] | |
Activity in Goodwill by Segment | The following table summarizes the activity in goodwill by segment as of April 30: 2019 Acquisitions (1) Impairment Foreign Translation Adjustment 2020 Research Publishing & Platforms $ 438,511 $ 19,356 $ — $ (9,737 ) $ 448,130 Academic & Professional Learning 458,145 45,410 — (2,464 ) 501,091 Education Services 199,010 82,561 (110,000 ) (4,002 ) 167,569 Total $ 1,095,666 $ 147,327 $ (110,000 ) $ (16,203 ) $ 1,116,790 (1) Refer to Note 4, “Acquisitions,” in the Notes to Consolidated Financial Statements for more information related to the acquisitions that occurred in the year ended April 30, 2020. |
Intangible Assets | Intangible assets, net as of April 30 were as follows: 2020 2019 Cost Accumulated Amortization Accumulated Impairment Net Cost Accumulated Amortization Accumulated Impairment Net Intangible Assets with Definite Lives, net Content and Publishing Rights $ 806,862 $ (444,756 ) $ — $ 362,106 $ 806,628 $ (417,456 ) $ — $ 389,172 Customer Relationships 377,652 (87,234 ) — 290,418 310,977 (65,147 ) — 245,830 Developed Technology 19,225 (3,273 ) (2,841 ) 13,111 — — — — Brands and Trademarks 42,877 (22,689 ) — 20,188 32,802 (19,809 ) — 12,993 Covenants not to Compete 1,675 (1,429 ) — 246 1,681 (1,236 ) — 445 Total (1) 1,248,291 (559,381 ) (2,841 ) 686,069 1,152,088 (503,648 ) — 648,440 Intangible Assets with Indefinite Lives Brands and Trademarks 130,107 — (93,107 ) 37,000 134,509 — (3,600 ) 130,909 Publishing Rights 84,336 — — 84,336 86,223 — — 86,223 Total 214,443 — (93,107 ) 121,336 220,732 — (3,600 ) 217,132 Total Intangible Assets, Net $ 1,462,734 $ (559,381 ) $ (95,948 ) $ 807,405 $ 1,372,820 $ (503,648 ) $ (3,600 ) $ 865,572 (1) Refer to Note 4, “Acquisitions,” in the Notes to Consolidated Financial Statements for more information related to the acquisitions that occurred in 2020 and 2019. |
Future Amortization Expense | Based on the current amount of intangible assets subject to amortization and assuming current foreign exchange rates, the estimated amortization expense for the following years are as follows: Fiscal Year Amount 2021 $ 65,570 2022 59,748 2023 53,796 2024 50,554 2025 46,364 Thereafter 410,037 Total $ 686,069 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Operating Leases [Abstract] | |
ROU Assets and Liabilities | For operating leases, the ROU assets and liabilities are presented in our Consolidated Statement of Financial Position as follows: April 30, 2020 Operating lease right-of-use assets $ 142,716 Short-term portion of operating lease liabilities 21,810 Operating lease liabilities, non-current $ 159,782 |
Total Net Lease Costs | Our total net lease costs are as follows: Year Ended April 30, 2020 Operating lease cost (1) $ 26,027 Variable lease cost 3,856 Short-term lease cost 86 Sublease income (691 ) Total net lease cost $ 29,278 (1) Operating lease cost does not include those costs included in Restructuring and Related Charges on the Consolidated Statements of (Loss) Income. See Note 7, “Restructuring and Related Charges” for more information on these programs. |
Other Supplemental Information | Other supplemental information includes the following: Weighted-Average Remaining Contractual Lease Term (Years) Year Ended April 30, 2020 Operating leases 10 Weighted-average discount rate: Operating leases 5.89 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 28,243 |
Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Consolidated Statement of Financial Position as of April 30, 2020: Fiscal Year Operating Lease Liabilities 2021 $ 32,303 2022 27,338 2023 24,659 2024 23,215 2025 22,004 Thereafter 113,848 Total future undiscounted minimum lease payments 243,367 Less: Imputed interest 61,775 Present Value of Minimum Lease Payments 181,592 Less: Current portion 21,810 Noncurrent portion $ 159,782 |
Net Rent Expense for Operating Leases | The following schedule shows the composition of net rent expense for operating leases: 2019 2018 Minimum Rental $ 29,066 $ 31,451 Less: Sublease Rentals (719 ) (708 ) Total $ 28,347 $ 30,743 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | The provisions for income taxes for the years ended April 30 were as follows: 2020 2019 2018 Current Provision U.S. – Federal $ 1,145 $ 2,384 $ (2,216 ) International 37,494 52,518 46,112 State and Local 172 2,536 961 Total Current Provision $ 38,811 $ 57,438 $ 44,857 Deferred (Benefit) Provision U.S. – Federal $ (8,476 ) $ 335 $ (26,062 ) International (15,022 ) (7,630 ) 2,420 State and Local (4,118 ) (5,454 ) 530 Total Deferred (Benefit) Provision $ (27,616 ) $ (12,749 ) $ (23,112 ) Total Provision $ 11,195 $ 44,689 $ 21,745 |
International and United States Pretax Income | International and United States pretax (loss) income for the years ended April 30 were as follows: 2020 2019 2018 International $ 104,185 $ 204,326 $ 219,178 United States (167,277 ) 8,626 (5,247 ) Total $ (63,092 ) $ 212,952 $ 213,931 |
Reconciliation of Effective Income Tax Rate | Our effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: 2020 2019 2018 U.S. Federal Statutory Rate 21.0 % 21.0 % 30.4 % Cost (Benefit) of Higher (Lower) Taxes on Non-U.S. Income 4.8 0.9 (8.4 ) State Income Taxes, net of U.S. Federal Tax Benefit 3.3 (1.3 ) 0.4 Deferred Tax (Benefit) from U.S. Tax Act — 0.1 (11.7 ) Tax Credits and Related Benefits (1.1 ) (0.8 ) (1.7 ) Impairment of goodwill and intangibles (42.3 ) — — Other (3.4 ) 1.1 1.2 Effective Income Tax Rate (17.7 )% 21.0 % 10.2 % |
Unrecognized Tax Benefits | A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item on the Consolidated Statements of Financial Position follows: 2020 2019 Balance at May 1 $ 7,659 $ 6,833 Additions for Current Year Tax Positions 694 1,473 Additions for Prior Year Tax Positions — 414 Reductions for Prior Year Tax Positions (655 ) (578 ) Foreign Translation Adjustment (15 ) (42 ) Payments and Settlements (56 ) (136 ) Reductions for Lapse of Statute of Limitations (1,433 ) (305 ) Balance at April 30 $ 6,194 $ 7,659 |
Deferred Tax Assets and Liabilities | We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows: 2020 2019 Net Operating Losses $ 17,966 $ 14,491 Reserve for Sales Returns and Doubtful Accounts 2,638 2,923 Accrued Employee Compensation 20,114 17,528 Foreign and Federal Credits 31,487 34,401 Other Accrued Expenses 11,827 6,262 Retirement and Post-Employment Benefits 37,927 40,653 Total Gross Deferred Tax Assets $ 121,959 $ 116,258 Less Valuation Allowance (23,287 ) (21,179 ) Total Deferred Tax Assets $ 98,672 $ 95,079 Prepaid Expenses and Other Current Assets $ (1,142 ) $ (744 ) Unremitted Foreign Earnings (1,985 ) (1,985 ) Intangible and Fixed Assets (205,882 ) (226,898 ) Total Deferred Tax Liabilities $ (209,009 ) $ (229,627 ) Net Deferred Tax Liabilities $ (110,337 ) $ (134,548 ) Reported As Deferred Tax Assets $ 8,790 $ 9,227 Deferred Tax Liabilities (119,127 ) (143,775 ) Net Deferred Tax Liabilities $ (110,337 ) $ (134,548 ) |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Retirement Plans [Abstract] | |
Net Periodic Pension (Income) Expense for Defined Benefit Plans and Weighted-Average Assumptions | The components of net pension (income) expense for the defined benefit plans and the weighted average assumptions were as follows: 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service Cost $ — $ 1,851 $ — $ 912 $ — $ 960 Interest Cost 11,247 12,652 11,704 12,943 11,666 13,876 Expected Return on Plan Assets (14,038 ) (26,116 ) (13,472 ) (25,551 ) (13,154 ) (26,385 ) Net Amortization of Prior Service Cost (154 ) 73 (154 ) 57 (154 ) 57 Recognized Net Actuarial Loss 2,403 3,993 2,035 3,746 2,289 3,832 Curtailment/Settlement Loss — 291 — — — 19 Net Pension (Income) Expense $ (542 ) $ (7,256 ) $ 113 $ (7,893 ) $ 647 $ (7,641 ) Discount Rate 4.1 % 2.4 % 4.3 % 2.6 % 4.1 % 2.6 % Rate of Compensation Increase N/A 3.0 % N/A 3.0 % N/A 3.0 % Expected Return on Plan Assets 6.8 % 6.5 % 6.8 % 6.5 % 6.8 % 6.5 % |
Amounts in Accumulated Other Comprehensive Loss to Be Recognized as Components of Net Periodic Benefit Cost During Next Fiscal Year | The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows: U.S. Non-U.S. Total Actuarial Loss $ 3,666 $ 4,323 $ 7,989 Prior Service Cost (154 ) 55 (99 ) Total $ 3,512 $ 4,378 $ 7,890 |
Changes in and Status of Plans' Assets and Benefit Obligations | The following table sets forth the changes in and the status of our defined benefit plans’ assets and benefit obligations: 2020 2019 U.S. Non-U.S. U.S. Non-U.S. CHANGE IN PLAN ASSETS Fair Value of Plan Assets, Beginning of Year $ 213,628 $ 408,249 $ 204,983 $ 419,448 Actual Return on Plan Assets 11,645 48,602 9,705 24,891 Employer Contributions 3,700 11,686 14,753 11,872 Employee Contributions — — — — Settlements — (1,459 ) — — Benefits Paid (15,027 ) (9,162 ) (15,813 ) (16,282 ) Foreign Currency Rate Changes — (12,436 ) — (31,680 ) Fair Value, End of Year $ 213,946 $ 445,480 $ 213,628 $ 408,249 CHANGE IN PROJECTED BENEFIT OBLIGATION Benefit Obligation, Beginning of Year $ (285,197 ) $ (509,015 ) $ (279,644 ) $ (540,686 ) Service Cost — (1,851 ) — (912 ) Interest Cost (11,247 ) (12,652 ) (11,704 ) (12,943 ) Actuarial Gains (Losses) (37,550 ) (36,287 ) (9,662 ) (11,013 ) Benefits Paid 15,027 9,162 15,813 16,282 Foreign Currency Rate Changes — 15,176 — 41,143 Settlements and Other — 1,164 — (886 ) Benefit Obligation, End of Year $ (318,967 ) $ (534,303 ) $ (285,197 ) $ (509,015 ) Underfunded Status, End of Year $ (105,021 ) $ (88,823 ) $ (71,569 ) $ (100,766 ) AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION Current Pension Liability (4,990 ) (885 ) (5,188 ) (816 ) Noncurrent Pension Liability (100,031 ) (87,938 ) (66,381 ) (99,950 ) Net Amount Recognized in Statement of Financial Position $ (105,021 ) $ (88,823 ) $ (71,569 ) $ (100,766 ) AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF Net Actuarial (Losses) $ (131,569 ) $ (181,403 ) $ (94,028 ) $ (177,157 ) Prior Service Cost Gains (Losses) 2,254 (1,051 ) 2,408 (1,154 ) Total Accumulated Other Comprehensive Loss $ (129,315 ) $ (182,454 ) $ (91,620 ) $ (178,311 ) Change in Accumulated Other Comprehensive Loss $ (37,695 ) $ (4,143 ) $ (11,546 ) $ 5,446 WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES Discount Rate 3.1 % 1.6 % 4.1 % 2.4 % Rate of Compensation Increase N/A 3.0 % N/A 3.0 % Accumulated Benefit Obligations $ (318,967 ) $ (497,489 ) $ (285,197 ) $ (477,561 ) |
Pension Plan Assets at Fair Value by Level Within Fair Value Hierarchy | The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30: 2020 2019 Level 1 Level 2 Total Level 1 Level 2 Total U.S. Plan Assets Investments measured at NAV: Global Equity Securities: Limited Partnership $ 110,965 $ 109,490 Fixed Income Securities: Commingled Trust Funds 102,981 104,138 Other: Real Estate Commingled Trust Fund — — Total Assets at NAV $ 213,946 $ 213,628 Non-U.S. Plan Assets Equity Securities: U.S. Equities $ — $ 36,842 $ 36,842 $ — $ 39,652 $ 39,652 Non-U.S. Equities — 103,460 103,460 — 117,575 117,575 Balanced Managed Funds — 44,989 44,989 — 48,550 48,550 Fixed Income Securities: Commingled Funds 3,431 254,134 257,565 855 199,720 200,575 Other: Real Estate/Other — 490 490 — 501 501 Cash and Cash Equivalents 2,134 — 2,134 1,396 — 1,396 Total Non-U.S. Plan Assets $ 5,565 $ 439,915 $ 445,480 $ 2,251 $ 405,998 $ 408,249 Total Plan Assets $ 5,565 $ 439,915 $ 659,426 $ 2,251 $ 405,998 $ 621,877 |
Expected Future Benefit Payments | Benefit payments to retirees from all defined benefit plans are expected to be the following in the fiscal year indicated: Fiscal Year U.S. Non-U.S. Total 2021 $ 16,581 $ 9,733 $ 26,314 2022 15,205 10,743 25,948 2023 15,533 11,065 26,598 2024 15,713 11,691 27,404 2025 15,363 13,439 28,802 2026 – 2030 77,026 71,836 148,862 Total $ 155,421 $ 128,507 $ 283,928 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock Option Plans | A summary of the activity and status of our stock option plans follows: 2020 2019 2018 Number of Options (in 000’s) Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in millions) Number of Options (in 000’s) Weighted Average Exercise Price Number of Options (in 000’s) Weighted Average Exercise Price Outstanding at Beginning of Year 372 $ 49.70 611 $ 48.88 1,429 $ 47.39 Granted — $ — — $ — — $ — Exercised (34 ) $ 38.32 (229 ) $ 47.21 (788 ) $ 45.97 Expired or Forfeited (52 ) $ 54.57 (10 ) $ 56.97 (30 ) $ 54.24 Outstanding at End of Year 286 $ 50.14 2.0 $ — 372 $ 49.70 611 $ 48.88 Exercisable at End of Year 286 $ 50.14 2.0 $ — 372 $ 49.70 530 $ 47.43 Vested and Expected to Vest in the Future at April 30 286 $ 50.14 2.0 $ — 372 $ 49.70 599 $ 48.90 |
Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at April 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Number of Options (in 000’s) Weighted Average Remaining Term (in years) Weighted Average Exercise Price Number of Options (in 000’s) Weighted Average Exercise Price $39.53 to $40.02 78 1.5 $ 39.69 78 $ 39.69 $48.06 to $49.55 88 1.2 $ 48.75 88 $ 48.75 $55.99 to $59.70 120 2.9 $ 57.89 120 $ 57.89 Total/Average 286 2.0 $ 50.14 286 $ 50.14 |
Activity for Performance-Based and Other Restricted Stock Awards | Activity for performance-based and other restricted stock awards during the years ended April 30, 2020, 2019, and 2018 was as follows (shares in thousands): 2020 2019 2018 Restricted Shares Weighted Average Grant Date Value Restricted Shares Restricted Shares Nonvested Shares at Beginning of Year 756 $ 57.38 861 913 Granted 759 $ 44.46 415 525 Change in Shares Due to Performance (70 ) $ 50.17 (19 ) (107 ) Vested and Issued (329 ) $ 53.14 (357 ) (318 ) Forfeited (173 ) $ 53.35 (144 ) (152 ) Nonvested Shares at End of Year 943 $ 49.74 756 861 |
Capital Stock and Changes in _2
Capital Stock and Changes in Capital Accounts (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Summary of Shares Repurchased | The following table summarizes the shares repurchased of Class A and B Common Stock: 2020 2019 2018 Shares repurchased – Class A 1,079,936 1,191,496 713,177 Shares repurchased – Class B 2,281 — — Average Price – Class A and Class B $ 43.05 $ 50.35 $ 55.65 |
Summary of Changes of Common Stock and Common Stock in Treasury | The following is a summary of changes during the years ended April 30, in shares of our common stock and common stock in treasury (shares in thousands). Changes in Common Stock A: 2020 2019 2018 Number of shares, beginning of year 70,127 70,111 70,086 Common stock class conversions and other 39 16 25 Number of shares issued, end of year 70,166 70,127 70,111 Changes in Common Stock A in treasury: Number of shares held, beginning of year 22,634 21,853 22,097 Purchase of treasury shares 1,080 1,192 713 Restricted shares issued under stock-based compensation plans - non-PSU Awards (232 ) (205 ) (133 ) Restricted shares issued under stock-based compensation plans - PSU Awards (68 ) (110 ) (126 ) Shares issued under the Director Plan to Directors (97 ) (5 ) (20 ) Stock grants of fully vested Class A shares - common stock — — (20 ) Restricted shares, forfeited 1 9 15 Restricted shares issued from exercise of stock options (34 ) (229 ) (788 ) Shares withheld for taxes 122 130 116 Other (1 ) (1 ) (1 ) Number of shares held, end of year 23,405 22,634 21,853 Number of Common Stock A outstanding, end of year 46,761 47,493 48,258 Changes in Common Stock B: 2020 2019 2018 Number of shares, beginning of year 13,055 13,071 13,096 Common stock class conversions and other (39 ) (16 ) (25 ) Number of shares issued, end of year 13,016 13,055 13,071 Changes in Common Stock B in treasury: Number of shares held, beginning of year 3,918 3,918 3,918 Shares repurchased 2 — — Number of shares held, end of year 3,920 3,918 3,918 Number of Common Stock B outstanding, end of year 9,096 9,137 9,153 |
Cash Dividends Paid | The following table summarizes the cash dividends paid during the year ended April 30, 2020: Date of Declaration by Board of Directors Quarterly Cash Dividend Total Dividend Class of Common Stock Dividend Paid Date Shareholders of Record as of Date June 27, 2019 $0.34 per common share $19.2 million Class A and Class B July 24, 2019 July 10, 2019 September 26, 2019 $0.34 per common share $19.1 million Class A and Class B October 23, 2019 October 8, 2019 December 18, 2019 $0.34 per common share $19.0 million Class A and Class B January 16, 2020 January 2, 2020 March 18, 2020 $0.34 per common share $19.0 million Class A and Class B April 15, 2020 March 31, 2020 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Segment Information [Abstract] | |
Segment Information | Segment information is as follows: For the Years Ended April 30, 2020 2019 2018 Revenue: Research Publishing & Platforms $ 948,839 $ 939,217 $ 936,857 Academic & Professional Learning 650,789 703,303 740,115 Education Services 231,855 157,549 119,131 Total Revenue $ 1,831,483 $ 1,800,069 $ 1,796,103 Contribution to (Loss) Profit: Research Publishing & Platforms $ 169,119 $ 259,754 $ 272,904 Academic & Professional Learning 74,176 146,265 144,041 Education Services (117,515 ) (13,272 ) (1,899 ) Total Contribution to Profit $ 125,780 $ 392,747 $ 415,046 Corporate Expenses (180,067 ) (168,758 ) (183,585 ) Operating (Loss) Income $ (54,287 ) $ 223,989 $ 231,461 Adjusted Contribution to Profit: (1) Research Publishing & Platforms $ 265,353 $ 260,885 $ 278,161 Academic & Professional Learning 84,646 147,404 155,885 Education Services (3,844 ) (12,883 ) (5 ) Total Adjusted Contribution to Profit $ 346,155 $ 395,406 $ 434,041 Adjusted Corporate Expenses (165,487 ) (168,299 ) (170,414 ) Total Adjusted Operating Income $ 180,668 $ 227,107 $ 263,627 Depreciation and Amortization: Research Publishing & Platforms $ 69,495 $ 60,889 $ 54,805 Academic & Professional Learning 69,807 68,126 72,274 Education Services 24,131 18,117 13,112 Total Depreciation and Amortization $ 163,433 $ 147,132 $ 140,191 Corporate Depreciation and Amortization 11,694 14,023 13,798 Total Depreciation and Amortization $ 175,127 $ 161,155 $ 153,989 Adjusted EBITDA: (2) Research Publishing & Platforms $ 334,848 $ 321,774 $ 332,966 Academic & Professional Learning 154,453 215,530 228,159 Education Services 20,287 5,234 13,107 Total Segment Adjusted EBITDA $ 509,588 $ 542,538 $ 574,232 Corporate Adjusted EBITDA (153,793 ) (154,276 ) (156,616 ) Total Adjusted EBITDA $ 355,795 $ 388,262 $ 417,616 (1) Adjusted Contribution to Profit is Contribution to (Loss) Profit adjusted for restructuring charges and impairment of goodwill and intangible assets. See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment. (2) Adjusted EBITDA is Adjusted Contribution to Profit with depreciation and amortization added back. |
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Adjusted EBITDA | The following table shows a reconciliation of our consolidated U.S. GAAP net (loss) income to Non-GAAP EBITDA and Adjusted EBITDA: For the Years Ended April 30, 2020 2019 2018 Net (Loss) Income $ (74,287 ) $ 168,263 $ 192,186 Interest expense 24,959 16,121 13,274 Provision for income taxes 11,195 44,689 21,745 Depreciation and amortization 175,127 161,155 153,989 Non-GAAP EBITDA $ 136,994 $ 390,228 $ 381,194 Impairment of goodwill and intangible assets 202,348 — 3,600 Restructuring and related charges 32,607 3,118 28,566 Foreign exchange transaction (gains) losses (2,773 ) 6,016 12,819 Interest and other income (13,381 ) (11,100 ) (8,563 ) Non-GAAP Adjusted EBITDA $ 355,795 $ 388,262 $ 417,616 |
Total Revenue by Product/Service and Total Assets, Expenditure for Long-Lived Assets and Depreciation and Amortization by Segment | See Note 3, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2020, 2019 and 2018. For the Years Ended April 30, 2020 2019 2018 Total Assets Research Publishing & Platforms $ 1,225,313 $ 1,172,145 $ 1,242,458 Academic & Professional Learning 924,924 959,601 942,598 Education Services 486,316 440,516 199,023 Corporate 532,241 376,504 455,372 Total $ 3,168,794 $ 2,948,766 $ 2,839,451 Product Development Spending and Additions to Technology, Property and Equipment Research Publishing & Platforms $ (16,329 ) $ (12,928 ) $ (24,961 ) Academic & Professional Learning (38,229 ) (32,337 ) (43,625 ) Education Services (613 ) (3,160 ) (5,991 ) Corporate (60,030 ) (53,168 ) (76,151 ) Total $ (115,201 ) $ (101,593 ) (150,728 ) |
Revenue from External Customers Based on Location of The Customer and Technology, Property and Equipment by Geographical Area | Revenue from external customers is based on the location of the customer and Technology, Property and Equipment, Net by geographic area were as follows: Revenue, net Technology, Property and Equipment, Net 2020 2019 2018 2020 2019 2018 United States $ 944,075 $ 932,927 $ 913,852 $ 261,296 $ 252,459 $ 249,542 United Kingdom 174,567 150,242 147,406 18,076 18,331 20,955 Germany 113,664 97,505 98,404 8,059 8,423 9,259 Japan 75,104 77,145 81,572 112 87 72 Australia 73,718 77,453 78,270 1,051 1,440 1,454 China 58,870 55,024 53,076 492 688 229 Canada 56,370 50,882 55,568 1,734 2,659 3,635 France 45,033 51,441 51,826 1,358 403 635 Scandinavia 29,682 30,971 31,695 223 229 309 Other Countries 260,400 276,479 284,434 5,604 4,302 3,844 Total $ 1,831,483 $ 1,800,069 $ 1,796,103 $ 298,005 $ 289,021 $ 289,934 |
Supplementary Quarterly Finan_2
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract] | |
Quarterly Financial Information | Amounts in millions, except per share data 2020 2019 Revenue, net First Quarter $ 423.5 $ 410.9 Second Quarter 466.2 448.6 Third Quarter 467.1 449.4 Fourth Quarter 474.7 491.2 Year ended April 30, $ 1,831.5 $ 1,800.1 Gross Profit First Quarter $ 280.4 $ 283.1 Second Quarter 322.8 316.0 Third Quarter 313.2 305.5 Fourth Quarter 324.1 340.7 Year ended April 30, $ 1,240.5 $ 1,245.3 Operating (Loss) Income First Quarter $ 4.5 $ 36.1 Second Quarter 63.4 57.5 Third Quarter 48.5 50.3 Fourth Quarter (170.7 ) 80.1 Year ended April 30, $ (54.3 ) $ 224.0 Net (Loss) Income First Quarter $ 3.6 $ 26.3 Second Quarter 44.7 43.8 Third Quarter 35.4 34.9 Fourth Quarter (158.0 ) 63.3 Year ended April 30, $ (74.3 ) $ 168.3 2020 2019 Basic Diluted Basic Diluted (Loss) Earnings Per Share (1) First Quarter $ 0.06 $ 0.06 $ 0.46 $ 0.45 Second Quarter 0.79 0.79 0.76 0.76 Third Quarter 0.63 0.63 0.61 0.61 Fourth Quarter (2) (2.83 ) (2.83 ) 1.11 1.10 Year ended April 30, (2) $ (1.32 ) $ (1.32 ) $ 2.94 $ 2.91 (1) The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding. (2) In calculating diluted net (loss) earnings per common share for the fourth quarter and year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a U.S. GAAP net loss is reported and the effect of using dilutive shares is antidilutive. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Operating Costs and Expenses [Abstract] | |||
Cost of sales | $ 591,024 | $ 554,722 | $ 531,024 |
Operating and administrative expenses | 997,355 | 963,582 | 953,222 |
Book Overdrafts [Abstract] | |||
Book overdrafts | 7,400 | 7,400 | |
Allowance for Doubtful Accounts [Abstract] | |||
Allowance for doubtful accounts | 18,300 | 14,300 | |
Sales Return Reserves [Abstract] | |||
Increase in Contract liabilities | (19,642) | (18,542) | |
Inventories [Abstract] | |||
LIFO inventories | 24,300 | 21,000 | |
Advertising Expense [Abstract] | |||
Advertising costs | 103,100 | 89,500 | 68,300 |
Shipping and Handling [Member] | |||
Operating Costs and Expenses [Abstract] | |||
Cost of sales | 28,800 | 32,700 | 33,700 |
Operating and administrative expenses | 28,800 | 32,700 | 33,700 |
Cost of Sales [Member] | |||
Advertising Expense [Abstract] | |||
Advertising costs | 65,800 | 53,700 | 38,300 |
Operating and Admin Expenses [Member] | |||
Advertising Expense [Abstract] | |||
Advertising costs | 37,300 | 35,800 | $ 30,000 |
Inventories, Net [Member] | |||
Sales Return Reserves [Abstract] | |||
Increase in Contract liabilities | 8,686 | 3,739 | |
Accrued Royalties [Member] | |||
Sales Return Reserves [Abstract] | |||
Increase in Contract liabilities | (4,441) | (3,653) | |
Contract Liabilities [Member] | |||
Sales Return Reserves [Abstract] | |||
Increase in Contract liabilities | $ 32,769 | 25,934 | |
Computer Software [Member] | Minimum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 3 years | ||
Computer Software [Member] | Maximum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 10 years | ||
Computer Hardware [Member] | Minimum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 3 years | ||
Computer Hardware [Member] | Maximum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 5 years | ||
Building and Leasehold Improvements [Member] | Maximum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 40 years | ||
Furniture, Fixtures and Warehouse Equipment [Member] | Minimum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 5 years | ||
Furniture, Fixtures and Warehouse Equipment [Member] | Maximum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 10 years | ||
Enterprise Resource Planning and Related Systems [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 10 years | ||
Book Composition Costs [Member] | Minimum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 1 year | ||
Book Composition Costs [Member] | Maximum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 3 years | ||
Other Product Development Costs [Member] | Weighted Average [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 6 years | ||
Software Development [Member] | Minimum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 3 years | ||
Software Development [Member] | Maximum [Member] | |||
Property Plant and Equipment Useful Life [Abstract] | |||
Estimated useful life | 5 years | ||
Content and Publishing Rights [Member] | Weighted Average [Member] | |||
Finite Lived Intangible Asset Useful Life [Abstract] | |||
Estimated useful life | 34 years | ||
Trademarks [Member] | Weighted Average [Member] | |||
Finite Lived Intangible Asset Useful Life [Abstract] | |||
Estimated useful life | 13 years | ||
Customer Relationships [Member] | Weighted Average [Member] | |||
Finite Lived Intangible Asset Useful Life [Abstract] | |||
Estimated useful life | 16 years | ||
Brands [Member] | Weighted Average [Member] | |||
Finite Lived Intangible Asset Useful Life [Abstract] | |||
Estimated useful life | 13 years | ||
Developed Technology [Member] | Weighted Average [Member] | |||
Finite Lived Intangible Asset Useful Life [Abstract] | |||
Estimated useful life | 7 years | ||
Non-compete Agreements [Member] | Weighted Average [Member] | |||
Finite Lived Intangible Asset Useful Life [Abstract] | |||
Estimated useful life | 5 years | ||
Performance-based Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Abstract] | |||
Target period for stock-based compensation expense in advance of actual financial results | 3 years | ||
Correction in Presentation of Certain Consideration Received for Services Not Yet Performed [Member] | Revision of Prior Period, Adjustment [Member] | |||
Prior Period Adjustments [Abstract] | |||
Increase in accounts receivable, net | 11,800 | ||
Increase in contract liabilities | $ 11,800 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards, Recently Adopted and Issued Accounting Standards (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
ROU Assets and Liabilities [Abstract] | ||
Operating lease, liability | $ 181,592 | |
Operating Lease Right-of-Use Assets | 142,716 | $ 0 |
ASU 2016-02 [Member] | Minimum [Member] | ||
ROU Assets and Liabilities [Abstract] | ||
Operating lease, liability | 178,000 | |
Operating Lease Right-of-Use Assets | $ 142,000 |
Revenue Recognition, Contract_4
Revenue Recognition, Contracts with Customers, Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | $ 474,700 | $ 467,100 | $ 466,200 | $ 423,500 | $ 491,200 | $ 449,400 | $ 448,600 | $ 410,900 | $ 1,831,483 | $ 1,800,069 | $ 1,796,103 |
Research Publishing and Platforms [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 948,839 | 939,217 | 936,857 | ||||||||
Research Publishing and Platforms [Member] | Research Publishing [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 908,952 | 903,249 | 903,950 | ||||||||
Research Publishing and Platforms [Member] | Research Platforms [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 39,887 | 35,968 | 32,907 | ||||||||
Academic & Professional Learning [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 650,789 | 703,303 | 740,115 | ||||||||
Academic & Professional Learning [Member] | Education Publishing [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 352,188 | 372,018 | 401,607 | ||||||||
Academic & Professional Learning [Member] | Professional Learning [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 298,601 | 331,285 | 338,508 | ||||||||
Education Services [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 231,855 | 157,549 | 119,131 | ||||||||
Education Services [Member] | Education Services [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 214,376 | 157,549 | 119,131 | ||||||||
Education Services [Member] | Mthree [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 17,479 | 0 | 0 | ||||||||
Operating Segments [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 1,831,483 | 1,800,069 | 1,796,103 | ||||||||
Operating Segments [Member] | Research Publishing and Platforms [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 948,839 | 939,217 | 936,857 | ||||||||
Operating Segments [Member] | Academic & Professional Learning [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | 650,789 | 703,303 | 740,115 | ||||||||
Operating Segments [Member] | Education Services [Member] | |||||||||||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||||||||||
Revenue | $ 231,855 | $ 157,549 | $ 119,131 |
Revenue Recognition, Contract_5
Revenue Recognition, Contracts with Customers, Description of Revenue Generating Activities (Details) | 12 Months Ended |
Apr. 30, 2020PerformanceobligationInstitution | |
Description of Revenue Generating Activities [Abstract] | |
Number of academic institutions | Institution | 700 |
Journals Subscriptions [Member] | |
Description of Revenue Generating Activities [Abstract] | |
Number of performance obligations | Performanceobligation | 2 |
Duration of contract | 1 year |
Test Preparation and Certification [Member] | |
Description of Revenue Generating Activities [Abstract] | |
Duration of contract | 3 years |
Professional Assessment [Member] | |
Description of Revenue Generating Activities [Abstract] | |
Duration of contract | 1 year |
Minimum [Member] | Publishing Technology Services [Member] | |
Description of Revenue Generating Activities [Abstract] | |
Duration of contract | 2 years |
Minimum [Member] | Education Services [Member] | |
Description of Revenue Generating Activities [Abstract] | |
Duration of contract | 7 years |
Maximum [Member] | Publishing Technology Services [Member] | |
Description of Revenue Generating Activities [Abstract] | |
Duration of contract | 5 years |
Maximum [Member] | Education Services [Member] | |
Description of Revenue Generating Activities [Abstract] | |
Duration of contract | 10 years |
Revenue Recognition, Contract_6
Revenue Recognition, Contracts with Customers, Accounts Receivable, net and Contract Liability (Deferred Revenue) Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | ||
Balances from contracts with customers [Abstract] | |||
Accounts receivable, net | $ 309,384 | $ 306,631 | |
Contract liabilities | [1] | 520,214 | 519,129 |
Contract liabilities (included in Other Long-Term Liabilities) | 14,949 | 10,722 | |
Increase/(decrease) [Abstract] | |||
Accounts receivable, net | 2,753 | ||
Contract liabilities | [1] | 1,085 | |
Contract liabilities (included in Other Long-Term Liabilities) | 4,227 | ||
Sales return reserve recorded in contract liability | $ 32,800 | $ 25,900 | |
[1] | The sales return reserve recorded in Contract Liabilities is $32.8 million and $25.9 million as of April 30, 2020 and April 30, 2019, respectively. |
Revenue Recognition, Contract_7
Revenue Recognition, Contracts with Customers, Remaining Performance Obligations, Assets Recognized for the Costs to Obtain or Fulfill a Contract (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Remaining Performance Obligations [Abstract] | |||
Remaining performance obligations | $ 535,200 | ||
Assets Recognized for the Costs to Obtain or Fulfill a Contract [Abstract] | |||
Costs capitalized | 11,500 | $ 8,900 | |
Amortization | 4,200 | 2,600 | |
Cost of revenue [Abstract] | |||
Operating and administrative expenses | 997,355 | 963,582 | $ 953,222 |
Shipping and Handling [Member] | |||
Cost of revenue [Abstract] | |||
Operating and administrative expenses | 28,800 | $ 32,700 | $ 33,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-05-01 | |||
Remaining Performance Obligations [Abstract] | |||
Remaining performance obligations excluding sales return reserve | $ 14,900 | ||
Expected timing of satisfaction, period | 12 months |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, € in Millions | Jan. 01, 2020USD ($) | Jan. 01, 2020EUR (€) | Jul. 01, 2019USD ($) | Nov. 01, 2018USD ($) | Apr. 30, 2020USD ($)Businessshares | Jan. 31, 2020USD ($) | Oct. 31, 2019USD ($)Business | Jul. 31, 2019USD ($)Business | Apr. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($)$ / sharesshares | Jul. 31, 2018USD ($) | Apr. 30, 2020USD ($)shares | Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) |
Acquisitions [Abstract] | |||||||||||||||
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired | $ 229,629,000 | $ 190,415,000 | $ 0 | ||||||||||||
Revenue | $ 474,700,000 | $ 467,100,000 | $ 466,200,000 | $ 423,500,000 | $ 491,200,000 | $ 449,400,000 | $ 448,600,000 | $ 410,900,000 | 1,831,483,000 | 1,800,069,000 | 1,796,103,000 | ||||
Operating income (loss) | (170,700,000) | $ 48,500,000 | $ 63,400,000 | $ 4,500,000 | 80,100,000 | $ 50,300,000 | 57,500,000 | $ 36,100,000 | (54,287,000) | 223,989,000 | 231,461,000 | ||||
Assets [Abstract] | |||||||||||||||
Goodwill | 1,116,790,000 | 1,095,666,000 | 1,116,790,000 | 1,095,666,000 | |||||||||||
Operating Lease Right-of-Use Assets | 142,716,000 | 0 | 142,716,000 | 0 | |||||||||||
Liabilities [Abstract] | |||||||||||||||
Operating Lease Liabilities | $ 181,592,000 | $ 181,592,000 | |||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Number of shares of common stock warrant holders are allowed to purchase (in shares) | shares | 400,000 | 400,000 | |||||||||||||
Research Publishing and Platforms [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Revenue | $ 948,839,000 | 939,217,000 | 936,857,000 | ||||||||||||
Assets [Abstract] | |||||||||||||||
Goodwill | $ 448,130,000 | 438,511,000 | 448,130,000 | 438,511,000 | |||||||||||
Academic and Professional Learning [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Revenue | 650,789,000 | 703,303,000 | 740,115,000 | ||||||||||||
Assets [Abstract] | |||||||||||||||
Goodwill | 501,091,000 | 458,145,000 | 501,091,000 | 458,145,000 | |||||||||||
Education Services [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Revenue | 231,855,000 | 157,549,000 | $ 119,131,000 | ||||||||||||
Assets [Abstract] | |||||||||||||||
Goodwill | 167,569,000 | $ 199,010,000 | 167,569,000 | 199,010,000 | |||||||||||
Mthree [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Fair value of consideration transferred | $ 128,600,000 | € 97.5 | |||||||||||||
Fair value of additional consideration to be paid after the acquisition date | 6,400,000 | ||||||||||||||
Cash acquired | 2,200,000 | ||||||||||||||
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired | $ 126,400,000 | ||||||||||||||
Period over which cash payment will be made upon reaching certain revenue and Adjusted EBITDA targets | 4 years | 4 years | |||||||||||||
Goodwill deductible for tax purposes | $ 0 | ||||||||||||||
Acquisition related costs | 1,300,000 | ||||||||||||||
Total cash consideration transferred | 122,242,000 | ||||||||||||||
Assets [Abstract] | |||||||||||||||
Current Assets | 8,750,000 | ||||||||||||||
Technology, Property and Equipment, net | 484,000 | ||||||||||||||
Intangible Assets, net | 56,836,000 | ||||||||||||||
Goodwill | 82,561,000 | ||||||||||||||
Operating Lease Right-of-Use Assets | 3,710,000 | ||||||||||||||
Total Assets | 152,341,000 | ||||||||||||||
Liabilities [Abstract] | |||||||||||||||
Current Liabilities | 14,380,000 | ||||||||||||||
Deferred Income Tax Liabilities | 12,722,000 | ||||||||||||||
Operating Lease Liabilities | 2,692,000 | ||||||||||||||
Other Long-Term Liabilities | 305,000 | ||||||||||||||
Total Liabilities | 30,099,000 | ||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 56,836,000 | ||||||||||||||
Percentage of ownership interest acquired | 100.00% | ||||||||||||||
Mthree [Member] | Education Services [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Revenue | 17,500 | ||||||||||||||
Operating income (loss) | 1,700,000 | ||||||||||||||
Mthree [Member] | Customer Relationships [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 48,792,000 | ||||||||||||||
Weighted-average useful life | 12 years | 12 years | |||||||||||||
Mthree [Member] | Content [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 1,319,000 | ||||||||||||||
Weighted-average useful life | 4 years | 4 years | |||||||||||||
Mthree [Member] | Trademarks [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 6,725,000 | ||||||||||||||
Weighted-average useful life | 10 years | 10 years | |||||||||||||
zybooks [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Total cash consideration transferred | $ 55,939,000 | ||||||||||||||
Assets [Abstract] | |||||||||||||||
Current Assets | 2,280,000 | ||||||||||||||
Technology, Property and Equipment, net | 28,000 | ||||||||||||||
Intangible Assets, net | 24,500,000 | ||||||||||||||
Goodwill | 36,903,000 | ||||||||||||||
Total Assets | 63,711,000 | ||||||||||||||
Liabilities [Abstract] | |||||||||||||||
Current Liabilities | 2,581,000 | ||||||||||||||
Deferred Income Tax Liabilities | 5,191,000 | ||||||||||||||
Total Liabilities | 7,772,000 | ||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | 24,500,000 | ||||||||||||||
zybooks [Member] | Academic and Professional Learning [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Fair value of consideration transferred | 57,100,000 | ||||||||||||||
Fair value of additional consideration to be paid after the acquisition date | 1,200,000 | ||||||||||||||
Cash acquired | 1,800,000 | ||||||||||||||
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired | 54,700,000 | ||||||||||||||
Revenue | 13,500,000 | ||||||||||||||
Goodwill deductible for tax purposes | 0 | ||||||||||||||
zybooks [Member] | Developed Technology [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 10,400,000 | ||||||||||||||
Weighted-average useful life | 7 years | ||||||||||||||
zybooks [Member] | Customer Relationships [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 6,800,000 | ||||||||||||||
Weighted-average useful life | 10 years | ||||||||||||||
zybooks [Member] | Content [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 4,400,000 | ||||||||||||||
Weighted-average useful life | 10 years | ||||||||||||||
zybooks [Member] | Trademarks [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 2,900,000 | ||||||||||||||
Weighted-average useful life | 10 years | ||||||||||||||
Other Acquisitions [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired | 48,500,000 | ||||||||||||||
Assets [Abstract] | |||||||||||||||
Goodwill | 27,900,000 | 27,900,000 | |||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | 27,700,000 | ||||||||||||||
Other Acquisitions [Member] | Research Publishing and Platforms [Member] | |||||||||||||||
Assets [Abstract] | |||||||||||||||
Goodwill | 19,400,000 | 19,400,000 | |||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Number of immaterial businesses acquired | Business | 2 | ||||||||||||||
Other Acquisitions [Member] | Academic and Professional Learning [Member] | |||||||||||||||
Assets [Abstract] | |||||||||||||||
Goodwill | $ 8,500,000 | $ 8,500,000 | |||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Number of immaterial businesses acquired | Business | 1 | ||||||||||||||
Other Acquisitions [Member] | Education Services [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Number of immaterial businesses acquired | Business | 1 | ||||||||||||||
Other Acquisitions [Member] | Developed Technology [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Weighted-average useful life | 5 years | ||||||||||||||
Other Acquisitions [Member] | Customer Relationships [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Weighted-average useful life | 8 years | ||||||||||||||
Other Acquisitions [Member] | Content [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Weighted-average useful life | 10 years | ||||||||||||||
The Learning House, Inc. [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Fair value of consideration transferred | $ 201,274,000 | ||||||||||||||
Cash acquired | 10,300,000 | ||||||||||||||
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired | 190,400,000 | ||||||||||||||
Total cash consideration transferred | 200,700,000 | ||||||||||||||
Assets [Abstract] | |||||||||||||||
Current Assets | 20,353,000 | ||||||||||||||
Technology, Property and Equipment, net | 343,000 | ||||||||||||||
Intangible Assets, net | 109,548,000 | ||||||||||||||
Goodwill | 110,966,000 | ||||||||||||||
Other non-current assets | 5,025,000 | ||||||||||||||
Total Assets | 246,235,000 | ||||||||||||||
Liabilities [Abstract] | |||||||||||||||
Current Liabilities | 16,999,000 | ||||||||||||||
Deferred Income Tax Liabilities | 26,778,000 | ||||||||||||||
Other Long-Term Liabilities | 1,184,000 | ||||||||||||||
Total Liabilities | $ 44,961,000 | ||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 109,548,000 | ||||||||||||||
Percentage of ownership interest acquired | 100.00% | ||||||||||||||
The Learning House, Inc. [Member] | Education Services [Member] | |||||||||||||||
Acquisitions [Abstract] | |||||||||||||||
Revenue | 31,500,000 | ||||||||||||||
Operating income (loss) | $ 8,000,000 | ||||||||||||||
The Learning House, Inc. [Member] | Customer Relationships [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 103,850,000 | ||||||||||||||
Weighted-average useful life | 15 years | ||||||||||||||
The Learning House, Inc. [Member] | Content [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Identifiable intangible assets acquired | $ 5,698,000 | ||||||||||||||
Weighted-average useful life | 4 years | ||||||||||||||
The Learning House, Inc. [Member] | Warrants [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Term of warrants | 3 years | ||||||||||||||
Issuance of warrants | $ 600,000 | ||||||||||||||
The Learning House, Inc. [Member] | Common Stock Class A [Member] | Warrants [Member] | |||||||||||||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | |||||||||||||||
Number of shares of common stock warrant holders are allowed to purchase (in shares) | shares | 400,000 | ||||||||||||||
Exercise price per share (in dollars per share) | $ / shares | $ 90 |
Reconciliation of Weighted Av_3
Reconciliation of Weighted Average Shares Outstanding (Details) - shares | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |||
Weighted average shares outstanding (in shares) | 56,224,000 | 57,240,000 | 57,181,000 |
Less: Unvested restricted shares (in shares) | (15,000) | (48,000) | (138,000) |
Shares used for basic (loss) earnings per share (in shares) | 56,209,000 | 57,192,000 | 57,043,000 |
Dilutive effect of stock options and other stock awards | 0 | 648,000 | 845,000 |
Shares used for diluted (loss) earnings per share (in shares) | 56,209,000 | 57,840,000 | 57,888,000 |
Stock Options [Member] | Common Stock Class A [Member] | |||
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract] | |||
Anti-dilutive shares excluded from diluted EPS calculation (in shares) | 286,064 | 260,984 | 244,590 |
Warrants [Member] | Common Stock Class A [Member] | |||
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract] | |||
Anti-dilutive shares excluded from diluted EPS calculation (in shares) | 523,529 | 242,402 | 0 |
Restricted Stock [Member] | |||
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract] | |||
Anti-dilutive shares excluded from diluted EPS calculation (in shares) | 519,524 | 0 | 26,740 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 1,181,347 | $ 1,190,557 | $ 1,003,137 |
Other comprehensive income (loss) before reclassifications | (71,549) | (68,835) | 64,399 |
Amounts reclassified from Accumulated Other Comprehensive Loss | 4,790 | (323) | 3,308 |
Total other comprehensive income (loss) | (66,759) | (69,158) | 67,707 |
Balance | 933,624 | 1,181,347 | 1,190,557 |
Accumulated Other Comprehensive Loss [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (508,738) | (439,580) | (507,287) |
Balance | (575,497) | (508,738) | (439,580) |
Foreign Currency Translation [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (312,107) | (251,573) | (319,212) |
Other comprehensive income (loss) before reclassifications | (28,596) | (60,534) | 67,639 |
Amounts reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | 0 |
Total other comprehensive income (loss) | (28,596) | (60,534) | 67,639 |
Balance | (340,703) | (312,107) | (251,573) |
Unamortized Retirement Costs [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (196,057) | (191,026) | (190,502) |
Other comprehensive income (loss) before reclassifications | (36,965) | (9,422) | (4,979) |
Amounts reclassified from Accumulated Other Comprehensive Loss | 5,102 | 4,391 | 4,455 |
Total other comprehensive income (loss) | (31,863) | (5,031) | (524) |
Balance | (227,920) | (196,057) | (191,026) |
Interest Rate Swaps [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (574) | 3,019 | 2,427 |
Other comprehensive income (loss) before reclassifications | (5,988) | 1,121 | 1,739 |
Amounts reclassified from Accumulated Other Comprehensive Loss | (312) | (4,714) | (1,147) |
Total other comprehensive income (loss) | (6,300) | (3,593) | 592 |
Balance | $ (6,874) | $ (574) | $ 3,019 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss, Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | |||
Amortization from Accumulated Other Comprehensive Loss [Abstract] | |||
Pension expense | $ 6.4 | $ 5.5 | $ 5.9 |
Restructuring and Related Cha_3
Restructuring and Related Charges, Pre-tax Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | $ 32,607 | $ 3,118 | $ 28,566 | ||
Business Optimization Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 32,813 | ||||
Business Optimization Program [Member] | Severance and Termination Benefits [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 26,864 | ||||
Business Optimization Program [Member] | Operating Lease Right-of-use Asset Impairment [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 161 | ||||
Business Optimization Program [Member] | Facility Related Charges [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 3,986 | ||||
Business Optimization Program [Member] | Other Activities [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 1,802 | ||||
Restructuring and Reinvestment Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | (206) | 3,118 | [1] | 28,566 | [1] |
Restructuring and related charges incurred to date | 169,422 | ||||
Restructuring and Reinvestment Program [Member] | Severance and Termination Benefits [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | (250) | 1,456 | [1] | 27,213 | [1] |
Restructuring and related charges incurred to date | 116,009 | ||||
Restructuring and Reinvestment Program [Member] | Consulting and Contract Termination Costs [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | (171) | 526 | [1] | 1,815 | [1] |
Restructuring and related charges incurred to date | 20,984 | ||||
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 215 | 1,136 | [1] | (462) | [1] |
Restructuring and related charges incurred to date | 32,429 | ||||
Research Publishing and Platforms [Member] | Business Optimization Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 3,546 | ||||
Research Publishing and Platforms [Member] | Restructuring and Reinvestment Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 340 | 1,131 | [1] | 5,257 | [1] |
Restructuring and related charges incurred to date | 26,884 | ||||
Academic and Professional Learning [Member] | Business Optimization Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 10,475 | ||||
Academic and Professional Learning [Member] | Restructuring and Reinvestment Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | (5) | 1,139 | [1] | 8,244 | [1] |
Restructuring and related charges incurred to date | 42,834 | ||||
Education Services [Member] | Business Optimization Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | 3,774 | ||||
Education Services [Member] | Restructuring and Reinvestment Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | (103) | 389 | [1] | 1,894 | [1] |
Restructuring and related charges incurred to date | 3,764 | ||||
Corporate Expenses [Member] | Restructuring and Reinvestment Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | (438) | $ 459 | [1] | $ 13,171 | [1] |
Restructuring and related charges incurred to date | 95,940 | ||||
Corporate Expenses [Member] | Business Optimization Program [Member] | |||||
Summary of pre-tax restructuring (credits) charges [Abstract] | |||||
Restructuring and related (credits) charges | $ 15,018 | ||||
[1] | As previously announced, we have changed our segment reporting structure to align with our strategic focus areas. See Note 20, “Segment Information,” for more details. |
Restructuring and Related Cha_4
Restructuring and Related Charges, Activity for Restructuring and Reinvestment Program Liability (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020USD ($) | ||
Business Optimization Program [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, beginning of period | $ 0 | |
Charges (Credits) | 28,666 | |
Payments | (9,193) | |
Foreign translation & other adjustments | (1,411) | |
Restructuring liability, end of period | 18,062 | |
Business Optimization Program [Member] | Accrued Employment Costs [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, end of period | 16,900 | |
Business Optimization Program [Member] | Other Long-Term Liabilities [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, end of period | 700 | |
Business Optimization Program [Member] | Severance and Termination Benefits [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, beginning of period | 0 | |
Charges (Credits) | 26,864 | |
Payments | (9,193) | |
Foreign translation & other adjustments | (39) | |
Restructuring liability, end of period | 17,632 | |
Business Optimization Program [Member] | Other Activities [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, beginning of period | 0 | |
Charges (Credits) | 1,802 | |
Payments | 0 | |
Foreign translation & other adjustments | (1,372) | |
Restructuring liability, end of period | 430 | |
Restructuring and Reinvestment Program [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, beginning of period | 7,734 | |
Charges (Credits) | (421) | |
Payments | (3,370) | |
Adoption of new lease standard | (2,270) | [1] |
Foreign translation & other adjustments | (83) | |
Restructuring liability, end of period | 1,590 | |
Restructuring and Reinvestment Program [Member] | Severance and Termination Benefits [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, beginning of period | 4,887 | |
Charges (Credits) | (250) | |
Payments | (3,238) | |
Adoption of new lease standard | 0 | [1] |
Foreign translation & other adjustments | (39) | |
Restructuring liability, end of period | 1,360 | |
Restructuring and Reinvestment Program [Member] | Consulting and Contract Termination Costs [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, beginning of period | 303 | |
Charges (Credits) | (171) | |
Payments | (132) | |
Adoption of new lease standard | 0 | [1] |
Foreign translation & other adjustments | 0 | |
Restructuring liability, end of period | 0 | |
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | ||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||
Restructuring liability, beginning of period | 2,544 | |
Charges (Credits) | 0 | |
Payments | 0 | |
Adoption of new lease standard | (2,270) | [1] |
Foreign translation & other adjustments | (44) | |
Restructuring liability, end of period | $ 230 | |
[1] | Refer to Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards,” and Note 12, “Operating Leases” for more information related to the adoption of the new lease standard. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Inventory, Net [Abstract] | ||
Finished Goods | $ 36,014 | $ 33,736 |
Work-in-Process | 1,398 | 2,094 |
Paper and Other Materials | 331 | 373 |
Total Inventories Before Estimated Sales Returns and LIFO Reserve | 37,743 | 36,203 |
Inventory Value of Estimated Sales Returns | 8,686 | 3,739 |
LIFO Reserve | (2,815) | (4,360) |
Total Inventories | 43,614 | 35,582 |
Inventory obsolescence reserve | $ 16,100 | $ 15,800 |
Product Development Assets (Det
Product Development Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Product Development Assets [Abstract] | ||
Product development assets | $ 53,643 | $ 62,470 |
Accumulated amortization | 244,100 | 236,500 |
Book Composition Costs [Member] | ||
Product Development Assets [Abstract] | ||
Product development assets | 18,744 | 19,197 |
Work in process | 4,900 | 4,300 |
Software Costs [Member] | ||
Product Development Assets [Abstract] | ||
Product development assets | 28,995 | 38,048 |
Content Development Costs [Member] | ||
Product Development Assets [Abstract] | ||
Product development assets | $ 5,904 | $ 5,225 |
Technology, Property and Equi_3
Technology, Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Technology, Property and Equipment, gross | $ 665,116 | $ 688,701 | |
Accumulated Depreciation and Amortization | (367,111) | (399,680) | |
Total | 298,005 | 289,021 | $ 289,934 |
Net book value of capitalized software costs | 207,500 | 200,200 | |
Capitalized Software Amortization Expense | 55,685 | 50,095 | 45,449 |
Depreciation and Amortization Expense, Excluding Capitalized Software | 21,031 | 19,323 | 18,878 |
Total Depreciation and Amortization Expense for Technology, Property and Equipment | 76,716 | 69,418 | $ 64,327 |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, Property and Equipment, gross | 471,844 | 440,437 | |
Work in process | 900 | 2,300 | |
Computer Hardware [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, Property and Equipment, gross | 46,640 | 68,718 | |
Buildings and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, Property and Equipment, gross | 99,230 | 118,685 | |
Furniture, Fixtures and Warehouse Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, Property and Equipment, gross | 44,104 | 57,471 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, Property and Equipment, gross | $ 3,298 | $ 3,390 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) $ in Thousands | 12 Months Ended | |
Apr. 30, 2020USD ($) | ||
Goodwill [Roll Forward] | ||
Beginning balance | $ 1,095,666 | |
Acquisitions | 147,327 | [1] |
Impairment | (110,000) | |
Foreign translation adjustment | (16,203) | |
Ending balance | 1,116,790 | |
Research Publishing and Platforms [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 438,511 | |
Acquisitions | 19,356 | [1] |
Impairment | 0 | |
Foreign translation adjustment | (9,737) | |
Ending balance | 448,130 | |
Academic and Professional Learning [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 458,145 | |
Acquisitions | 45,410 | [1] |
Impairment | 0 | |
Foreign translation adjustment | (2,464) | |
Ending balance | 501,091 | |
Education Services [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 199,010 | |
Acquisitions | 82,561 | [1] |
Impairment | (110,000) | |
Foreign translation adjustment | (4,002) | |
Ending balance | $ 167,569 | |
[1] | Refer to Note 4, “Acquisitions,” in the Notes to Consolidated Financial Statements for more information related to the acquisitions that occurred in the year ended April 30, 2020. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | ||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | ||||
Cost | [1] | $ 1,248,291 | $ 1,152,088 | |
Accumulated amortization | [1] | (559,381) | (503,648) | |
Accumulated Impairment | [1] | (2,841) | 0 | |
Total | [1] | 686,069 | 648,440 | |
Intangible assets with indefinite lives [Abstract] | ||||
Cost | 214,443 | 220,732 | ||
Accumulated impairment | (93,107) | (3,600) | ||
Total | 121,336 | 217,132 | ||
Intangible assets (excluding goodwill) [Abstract] | ||||
Cost | 1,462,734 | 1,372,820 | ||
Accumulated impairment | (95,948) | (3,600) | ||
Total Intangible Assets, Net | 807,405 | 865,572 | ||
Impairment of goodwill and intangible assets | 110,000 | |||
Estimated future amortization expense related to intangible assets [Abstract] | ||||
2021 | 65,570 | |||
2022 | 59,748 | |||
2023 | 53,796 | |||
2024 | 50,554 | |||
2025 | 46,364 | |||
Thereafter | 410,037 | |||
Total | [1] | 686,069 | 648,440 | |
Brands and Trademarks [Member] | ||||
Intangible assets with indefinite lives [Abstract] | ||||
Cost | 130,107 | 134,509 | ||
Accumulated impairment | (93,107) | (3,600) | ||
Total | 37,000 | 130,909 | ||
Content and Publishing Rights [Member] | ||||
Intangible assets with indefinite lives [Abstract] | ||||
Cost | 84,336 | 86,223 | ||
Accumulated impairment | 0 | 0 | ||
Total | 84,336 | 86,223 | ||
Brands [Member] | ||||
Intangible assets (excluding goodwill) [Abstract] | ||||
Impairment charges (BW in FY20) | $ 3,600 | 89,500 | ||
Fair value of intangible assets (BW in FY20) | $ 1,200 | |||
Developed Technology Rights [Member] | ||||
Intangible assets (excluding goodwill) [Abstract] | ||||
Impairment charges (BW in FY20) | 2,800 | |||
Content and Publishing Rights [Member] | ||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | ||||
Cost | 806,862 | 806,628 | ||
Accumulated amortization | (444,756) | (417,456) | ||
Accumulated Impairment | 0 | 0 | ||
Total | 362,106 | 389,172 | ||
Estimated future amortization expense related to intangible assets [Abstract] | ||||
Total | 362,106 | 389,172 | ||
Customer Relationships [Member] | ||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | ||||
Cost | 377,652 | 310,977 | ||
Accumulated amortization | (87,234) | (65,147) | ||
Accumulated Impairment | 0 | 0 | ||
Total | 290,418 | 245,830 | ||
Estimated future amortization expense related to intangible assets [Abstract] | ||||
Total | 290,418 | 245,830 | ||
Developed Technology Rights [Member] | ||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | ||||
Cost | 19,225 | 0 | ||
Accumulated amortization | (3,273) | 0 | ||
Accumulated Impairment | (2,841) | 0 | ||
Total | 13,111 | 0 | ||
Estimated future amortization expense related to intangible assets [Abstract] | ||||
Total | 13,111 | 0 | ||
Brands and Trademarks [Member] | ||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | ||||
Cost | 42,877 | 32,802 | ||
Accumulated amortization | (22,689) | (19,809) | ||
Accumulated Impairment | 0 | 0 | ||
Total | 20,188 | 12,993 | ||
Estimated future amortization expense related to intangible assets [Abstract] | ||||
Total | 20,188 | 12,993 | ||
Covenants Not to Compete [Member] | ||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | ||||
Cost | 1,675 | 1,681 | ||
Accumulated amortization | (1,429) | (1,236) | ||
Accumulated Impairment | 0 | 0 | ||
Total | 246 | 445 | ||
Estimated future amortization expense related to intangible assets [Abstract] | ||||
Total | $ 246 | $ 445 | ||
Brands [Member] | ||||
Identifiable intangible assets acquired and weighted-average useful life [Abstract] | ||||
Estimated useful life | 5 years | |||
[1] | Refer to Note 4, “Acquisitions,” in the Notes to Consolidated Financial Statements for more information related to the acquisitions that occurred in the year ended April 30, 2020. |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | ||
ROU Assets and Liabilities [Abstract] | ||||
Operating lease right-of-use assets | $ 142,716 | $ 0 | ||
Short-term portion of operating lease liabilities | 21,810 | 0 | ||
Operating lease liabilities, non-current | 159,782 | 0 | ||
Increase (decrease) in right of use assets | 22,900 | |||
Increase (decrease) in operating lease liabilities | 24,400 | |||
Net Lease Costs [Abstract] | ||||
Operating lease cost | [1] | 26,027 | ||
Variable lease cost | 3,856 | |||
Short-term lease cost | 86 | |||
Sublease income | (691) | |||
Total net lease cost | $ 29,278 | |||
Other Supplemental Information [Abstract] | ||||
Weighted-average remaining contractual lease term, operating leases | 10 years | |||
Weighted-average discount rate, operating leases | 5.89% | |||
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||||
Operating cash flows from operating leases | $ 28,243 | |||
Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities [Abstract] | ||||
2021 | 32,303 | |||
2022 | 27,338 | |||
2023 | 24,659 | |||
2024 | 23,215 | |||
2025 | 22,004 | |||
Thereafter | 113,848 | |||
Total future undiscounted minimum lease payments | 243,367 | |||
Less: Imputed interest | 61,775 | |||
Present Value of Minimum Lease Payments | 181,592 | |||
Less: Current portion | 21,810 | 0 | ||
Noncurrent portion | $ 159,782 | 0 | ||
Composition of rent expense [Abstract] | ||||
Minimum Rental | 29,066 | $ 31,451 | ||
Less: Sublease Rentals | (719) | (708) | ||
Total | $ 28,347 | $ 30,743 | ||
[1] | Operating lease cost does not include those costs included in Restructuring and Related Charges on the Consolidated Statements of (Loss) Income. See Note 7, “Restructuring and Related Charges” for more information on these programs. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Current Provision [Abstract] | |||
U.S. - Federal | $ 1,145 | $ 2,384 | $ (2,216) |
International | 37,494 | 52,518 | 46,112 |
State and Local | 172 | 2,536 | 961 |
Total Current Provision | 38,811 | 57,438 | 44,857 |
Deferred (Benefit) Provision [Abstract] | |||
U.S. - Federal | (8,476) | 335 | (26,062) |
International | (15,022) | (7,630) | 2,420 |
State and Local | (4,118) | (5,454) | 530 |
Total Deferred (Benefit) Provision | (27,616) | (12,749) | (23,112) |
Total Provision | 11,195 | 44,689 | 21,745 |
Foreign and domestic pretax income [Abstract] | |||
International | 104,185 | 204,326 | 219,178 |
United States | (167,277) | 8,626 | (5,247) |
(Loss) Income Before Taxes | $ (63,092) | $ 212,952 | $ 213,931 |
Effective income tax rate reconciliation [Abstract] | |||
U.S. Federal Statutory Rate | 21.00% | 21.00% | 30.40% |
Cost (Benefit) of Higher (Lower) Taxes on Non-U.S. Income | 4.80% | 0.90% | (8.40%) |
State Income Taxes, net of U.S. Federal Tax Benefit | 3.30% | (1.30%) | 0.40% |
Deferred Tax (Benefit) from U.S. Tax Act | 0.00% | 0.10% | (11.70%) |
Tax Credits and Related Benefits | (1.10%) | (0.80%) | (1.70%) |
Impairment of goodwill and intangibles | (42.30%) | 0.00% | 0.00% |
Other | (3.40%) | 1.10% | 1.20% |
Effective Income Tax Rate | (17.70%) | 21.00% | 10.20% |
Estimated net impact of non-recurring items from Tax Act excluding non-recurring items | 24.60% | 21.00% | |
Income Tax Contingency [Line Items] | |||
Recorded tax benefits due to expiration of statute of limitations and favorable resolutions of certain tax matters with tax authorities | $ 1,400 | $ 300 | |
Accounting for uncertainty in income taxes [Abstract] | |||
Unrecognized tax benefits | 6,200 | 7,700 | |
Accruals for interest and penalties | 600 | 700 | |
Interest expense on reserves for unrecognized and recognized tax benefits | 200 | 300 | |
Reconciliation of unrecognized tax benefits [Roll Forward] | |||
Balance, begenning of period | 7,659 | 6,833 | |
Additions for Current Year Tax Positions | 694 | 1,473 | |
Additions for Prior Year Tax Positions | 0 | 414 | |
Reductions for Prior Year Tax Positions | (655) | (578) | |
Foreign Translation Adjustment | (15) | (42) | |
Payments and Settlements | (56) | (136) | |
Reductions for Lapse of Statute of Limitations | (1,433) | (305) | |
Balance, end of period | 6,194 | 7,659 | $ 6,833 |
Significant components of deferred tax assets and liabilities [Abstract] | |||
Net Operating Losses | 17,966 | 14,491 | |
Reserve for Sales Returns and Doubtful Accounts | 2,638 | 2,923 | |
Accrued Employee Compensation | 20,114 | 17,528 | |
Foreign and Federal Credits | 31,487 | 34,401 | |
Other Accrued Expenses | 11,827 | 6,262 | |
Retirement and Post-Employment Benefits | 37,927 | 40,653 | |
Total Gross Deferred Tax Assets | 121,959 | 116,258 | |
Less Valuation Allowance | (23,287) | (21,179) | |
Total Deferred Tax Assets | 98,672 | 95,079 | |
Prepaid Expenses and Other Current Assets | (1,142) | (744) | |
Unremitted Foreign Earnings | (1,985) | (1,985) | |
Intangible and Fixed Assets | (205,882) | (226,898) | |
Total Deferred Tax Liabilities | (209,009) | (229,627) | |
Net Deferred Tax Liabilities | (110,337) | (134,548) | |
Reported As [Abstract] | |||
Deferred Tax Assets | 8,790 | 9,227 | |
Deferred Tax Liabilities | (119,127) | (143,775) | |
Net Deferred Tax Liabilities | (110,337) | $ (134,548) | |
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Estimated taxes upon repatriation | 2,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Apportioned state net operating loss carryforwards | 102,000 | ||
Apportioned state net operating loss carryforwards, tax effected value | $ 6,000 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards, expiration period | 1 year | ||
Tax credit carryforwards, expiration period | 6 years | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards, expiration period | 20 years | ||
Tax credit carryforwards, expiration period | 20 years |
Debt and Available Credit Fac_2
Debt and Available Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | May 30, 2019 | |
Line of Credit Facility [Line Items] | |||
Total debt outstanding | $ 775,100 | ||
Current portion of long-term debt | 9,375 | $ 0 | |
Long-Term Debt | 765,650 | 478,790 | |
Unamortized issuance costs | 700 | ||
Amended and Extended Revolving Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit agreement issuance cost capitalized | 5,200 | ||
Amortization expense of the lender and non-lender fees in interest expense | 1,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings under revolving credit facilities | $ 478,800 | ||
Amount of financing available under credit facilities | $ 1,100,000 | $ 1,250,000 | |
Line of credit facility, due date | Mar. 1, 2021 | ||
Term of credit facility | 5 years | ||
Credit agreement issuance cost capitalized | $ 4,300 | ||
Revolving Credit Facility [Member] | Amended and Extended Revolving Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings under revolving credit facilities | 530,400 | ||
Credit agreement issuance cost capitalized | 4,000 | ||
Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Amount of financing available under credit facilities | 1,500,000 | ||
Unused lines of credit | $ 700,000 | ||
Weighted average interest rate on total debt outstanding during the period | 3.12% | 2.69% | |
Weighted average interest rate on total debt at period end | 2.26% | 2.88% | |
Term Loan A Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings under revolving credit facilities | $ 235,300 | ||
Term of credit facility | 5 years | ||
Credit agreement face amount | $ 250,000 | ||
Credit agreement issuance cost capitalized | $ 900 | ||
Term Loan amount related to lender fees as a reduction to debt | 800 | ||
Term Loan amount related to non-lender fees in Other NC Assets | 100 | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Optional credit limit increase available on request | 500,000 | ||
Minimum increments in which optional credit limit increase may be requested | $ 50,000 | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility fee percentage | 0.15% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility fee percentage | 0.25% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 0.98% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 1.50% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 0.00% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 0.50% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Margin rate over reference rate used in determining base rate | 0.50% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Eurocurrency Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Margin rate over reference rate used in determining base rate | 1.00% | ||
Other Credit Facilities [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings under revolving credit facilities | $ 0 | $ 0 | |
Amount of financing available under credit facilities | $ 2,700 | $ 2,700 |
Derivative Instruments and Ac_2
Derivative Instruments and Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Derivative [Line Items] | |||
Total debt outstanding | $ 775.1 | ||
Unamortized debt issuance costs | 0.7 | ||
Variable rate loans outstanding | 775.8 | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Unrecognized gains to be reclassified into net income in the next twelve months | 2.7 | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Net gains reclassified from Accumulated Other Comprehensive Loss (note -- all gains for all 3 years) | 0.4 | $ 4.7 | $ 1.5 |
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 | $ 8.3 | $ 0.5 | |
Interest Rate Swaps [Member] | February 2020 Interest Rate Swap Variable Rate Loans [Member] | LIBOR [Member] | |||
Derivative [Line Items] | |||
Inception date | Feb. 26, 2020 | ||
Fixed interest rate to be paid | 1.15% | ||
Term of variable rate | 1 month | ||
Term of derivative instrument | 3 years | ||
Expiration date | Mar. 15, 2023 | ||
Notional amount of derivative liability | $ 100 | ||
Interest Rate Swaps [Member] | August 2019 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member] | |||
Derivative [Line Items] | |||
Inception date | Aug. 7, 2019 | ||
Fixed interest rate to be paid | 1.40% | ||
Term of variable rate | 1 month | ||
Term of derivative instrument | 3 years | ||
Expiration date | Aug. 15, 2022 | ||
Notional amount of derivative liability | $ 100 | ||
Interest Rate Swaps [Member] | June 2019 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member] | |||
Derivative [Line Items] | |||
Inception date | Jun. 24, 2019 | ||
Fixed interest rate to be paid | 1.65% | ||
Term of variable rate | 1 month | ||
Term of derivative instrument | 3 years | ||
Expiration date | Jul. 15, 2022 | ||
Notional amount of derivative liability | $ 100 | ||
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% | ||
Term of variable rate | 1 month | ||
Expiration date | May 15, 2019 | ||
Notional amount of derivative liability | $ 350 |
Retirement Plans, Recent Plan C
Retirement Plans, Recent Plan Curtailments (Details) | 12 Months Ended |
Apr. 30, 2020 | |
Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee retirement age limit under retirement plans | 60 years |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee retirement age limit under retirement plans | 65 years |
Supplemental Executive Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Term of supplemental retirement benefits | 10 years |
Retirement Plans, Components of
Retirement Plans, Components of Net Pension Expense (Income) and Weighted-Average Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Weighted-average assumptions [Abstract] | |||
Retirement plans settlemt charges for employees | $ 300 | ||
Retirement plans with accumulated benefit obligations in excess of plan assets [Abstract] | |||
Projected benefit obligation for plans with accumulated benefit obligations in excess of plan assets | 853,300 | $ 794,200 | |
Accumulated benefit obligation for plans with accumulated benefit obligations in excess of plan assets | 816,500 | 762,800 | |
Fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets | 659,400 | 621,900 | |
U.S. [Member] | |||
Defined benefit plans, net pension (income) expense [Abstract] | |||
Service Cost | 0 | 0 | $ 0 |
Interest Cost | 11,247 | 11,704 | 11,666 |
Expected Return on Plan Assets | (14,038) | (13,472) | (13,154) |
Net Amortization of Prior Service Cost | (154) | (154) | (154) |
Recognized Net Actuarial Loss | 2,403 | 2,035 | 2,289 |
Curtailment/Settlement Loss | 0 | 0 | 0 |
Net Pension Expense (Income) | $ (542) | $ 113 | $ 647 |
Weighted-average assumptions [Abstract] | |||
Discount Rate | 4.10% | 4.30% | 4.10% |
Expected Return on Plan Assets | 6.80% | 6.80% | 6.80% |
Retirement plans with accumulated benefit obligations in excess of plan assets [Abstract] | |||
Projected benefit obligation for plans with accumulated benefit obligations in excess of plan assets | $ 318,967 | $ 285,197 | |
Non-U.S. [Member] | |||
Defined benefit plans, net pension (income) expense [Abstract] | |||
Service Cost | 1,851 | 912 | $ 960 |
Interest Cost | 12,652 | 12,943 | 13,876 |
Expected Return on Plan Assets | (26,116) | (25,551) | (26,385) |
Net Amortization of Prior Service Cost | 73 | 57 | 57 |
Recognized Net Actuarial Loss | 3,993 | 3,746 | 3,832 |
Curtailment/Settlement Loss | 291 | 0 | 19 |
Net Pension Expense (Income) | $ (7,256) | $ (7,893) | $ (7,641) |
Weighted-average assumptions [Abstract] | |||
Discount Rate | 2.40% | 2.60% | 2.60% |
Rate of Compensation Increase | 3.00% | 3.00% | 3.00% |
Expected Return on Plan Assets | 6.50% | 6.50% | 6.50% |
Retirement plans with accumulated benefit obligations in excess of plan assets [Abstract] | |||
Projected benefit obligation for plans with accumulated benefit obligations in excess of plan assets | $ 497,489 | $ 477,561 |
Retirement Plans, Amounts in Ac
Retirement Plans, Amounts in Accumulated Other Comprehensive Loss to Be Recognized During Next Fiscal Year (Details) $ in Thousands | Apr. 30, 2020USD ($) |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | $ 7,989 |
Prior Service Cost | (99) |
Total | 7,890 |
U.S. [Member] | |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | 3,666 |
Prior Service Cost | (154) |
Total | 3,512 |
Non-U.S. [Member] | |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | 4,323 |
Prior Service Cost | 55 |
Total | $ 4,378 |
Retirement Plans, Changes in an
Retirement Plans, Changes in and Status of Defined Benefit Plans' Assets and Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | $ 621,877 | ||
Fair Value, End of Year | 659,426 | $ 621,877 | |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | |||
Accumulated Benefit Obligations | (853,300) | (794,200) | |
U.S. [Member] | |||
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | 213,628 | 204,983 | |
Actual Return on Plan Assets | 11,645 | 9,705 | |
Employer Contributions | 3,700 | 14,753 | |
Employee Contributions | 0 | 0 | |
Settlements | 0 | 0 | |
Benefits Paid | (15,027) | (15,813) | |
Foreign Currency Rate Changes | 0 | 0 | |
Fair Value, End of Year | 213,946 | 213,628 | $ 204,983 |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | |||
Benefit Obligation, Beginning of Year | (285,197) | (279,644) | |
Service Cost | 0 | 0 | 0 |
Interest Cost | (11,247) | (11,704) | (11,666) |
Actuarial Gains (Losses) | (37,550) | (9,662) | |
Benefits Paid | 15,027 | 15,813 | |
Foreign Currency Rate Changes | 0 | 0 | |
Settlements and Other | 0 | 0 | |
Benefit Obligation, End of Year | (318,967) | (285,197) | (279,644) |
Underfunded Status, End of Year | (105,021) | (71,569) | |
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract] | |||
Current Pension Liability | (4,990) | (5,188) | |
Noncurrent Pension Liability | (100,031) | (66,381) | |
Net Amount Recognized in Statement of Financial Position | (105,021) | (71,569) | |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF [Abstract] | |||
Net Actuarial (Losses) | (131,569) | (94,028) | |
Prior Service Cost Gains (Losses) | 2,254 | 2,408 | |
Total Accumulated Other Comprehensive Loss | (129,315) | (91,620) | |
Change in Accumulated Other Comprehensive Loss | $ (37,695) | $ (11,546) | |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | |||
Discount Rate | 3.10% | 4.10% | |
Rate of Compensation Increase | |||
Accumulated Benefit Obligations | $ (318,967) | $ (285,197) | |
Non-U.S. [Member] | |||
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | 408,249 | 419,448 | |
Actual Return on Plan Assets | 48,602 | 24,891 | |
Employer Contributions | 11,686 | 11,872 | |
Employee Contributions | 0 | 0 | |
Settlements | (1,459) | 0 | |
Benefits Paid | (9,162) | (16,282) | |
Foreign Currency Rate Changes | (12,436) | (31,680) | |
Fair Value, End of Year | 445,480 | 408,249 | 419,448 |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | |||
Benefit Obligation, Beginning of Year | (509,015) | (540,686) | |
Service Cost | (1,851) | (912) | (960) |
Interest Cost | (12,652) | (12,943) | (13,876) |
Actuarial Gains (Losses) | (36,287) | (11,013) | |
Benefits Paid | 9,162 | 16,282 | |
Foreign Currency Rate Changes | 15,176 | 41,143 | |
Settlements and Other | 1,164 | (886) | |
Benefit Obligation, End of Year | (534,303) | (509,015) | $ (540,686) |
Underfunded Status, End of Year | (88,823) | (100,766) | |
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract] | |||
Current Pension Liability | (885) | (816) | |
Noncurrent Pension Liability | (87,938) | (99,950) | |
Net Amount Recognized in Statement of Financial Position | (88,823) | (100,766) | |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF [Abstract] | |||
Net Actuarial (Losses) | (181,403) | (177,157) | |
Prior Service Cost Gains (Losses) | (1,051) | (1,154) | |
Total Accumulated Other Comprehensive Loss | (182,454) | (178,311) | |
Change in Accumulated Other Comprehensive Loss | $ (4,143) | $ 5,446 | |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | |||
Discount Rate | 1.60% | 2.40% | |
Rate of Compensation Increase | 3.00% | 3.00% | |
Accumulated Benefit Obligations | $ (497,489) | $ (477,561) |
Retirement Plans, Pension Plan
Retirement Plans, Pension Plan Assets/Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Pension plan assets/investments [Abstract] | |||
Acceptable ranges within which asset allocations will fluctuate | 5.00% | ||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 659,426 | $ 621,877 | |
Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 5,565 | 2,251 | |
Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 439,915 | 405,998 | |
Equity Securities [Member] | |||
Pension plan assets/investments [Abstract] | |||
Target allocation percentage | 45.00% | ||
Fixed Income Securities and Cash [Member] | |||
Pension plan assets/investments [Abstract] | |||
Target allocation percentage | 55.00% | ||
U.S. [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 213,946 | 213,628 | $ 204,983 |
U.S. [Member] | Investments Measured at NAV [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 213,946 | 213,628 | |
U.S. [Member] | Global Equity Securites: Limited Partnership [Member] | Investments Measured at NAV [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 110,965 | 109,490 | |
U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Investments Measured at NAV [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 102,981 | 104,138 | |
U.S. [Member] | Other: Real Estate Commingled Trust Fund [Member] | Investments Measured at NAV [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 445,480 | 408,249 | $ 419,448 |
Non-U.S. [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 5,565 | 2,251 | |
Non-U.S. [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 439,915 | 405,998 | |
Non-U.S. [Member] | U.S. Equities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 36,842 | 39,652 | |
Non-U.S. [Member] | U.S. Equities [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | U.S. Equities [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 36,842 | 39,652 | |
Non-U.S. [Member] | Non-U.S. Equities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 103,460 | 117,575 | |
Non-U.S. [Member] | Non-U.S. Equities [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | Non-U.S. Equities [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 103,460 | 117,575 | |
Non-U.S. [Member] | Balanced Managed Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 44,989 | 48,550 | |
Non-U.S. [Member] | Balanced Managed Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | Balanced Managed Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 44,989 | 48,550 | |
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 257,565 | 200,575 | |
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 3,431 | 855 | |
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 254,134 | 199,720 | |
Non-U.S. [Member] | Real Estate/Other [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 490 | 501 | |
Non-U.S. [Member] | Real Estate/Other [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | Real Estate/Other [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 490 | 501 | |
Non-U.S. [Member] | Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 2,134 | 1,396 | |
Non-U.S. [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 2,134 | 1,396 | |
Non-U.S. [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Retirement Plans, Expected Empl
Retirement Plans, Expected Employer Contributions and Benefit Payments and Other Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions to the defined benefit pension plans | $ 16,900 | ||
Discretionary contribution | 10,000 | ||
Expected future benefit payments [Abstract] | |||
2021 | 26,314 | ||
2022 | 25,948 | ||
2023 | 26,598 | ||
2024 | 27,404 | ||
2025 | 28,802 | ||
2026-2030 | 148,862 | ||
Total | 283,928 | ||
Defined Contribution Savings Plans [Abstract] | |||
Expense recorded | 19,000 | $ 13,100 | $ 14,400 |
U.S. [Member] | |||
Expected future benefit payments [Abstract] | |||
2021 | 16,581 | ||
2022 | 15,205 | ||
2023 | 15,533 | ||
2024 | 15,713 | ||
2025 | 15,363 | ||
2026-2030 | 77,026 | ||
Total | 155,421 | ||
Other postretirement benefits [Abstract] | |||
Annual (credits) expenses for benefit plans | (542) | 113 | 647 |
Non-U.S. [Member] | |||
Expected future benefit payments [Abstract] | |||
2021 | 9,733 | ||
2022 | 10,743 | ||
2023 | 11,065 | ||
2024 | 11,691 | ||
2025 | 13,439 | ||
2026-2030 | 71,836 | ||
Total | 128,507 | ||
Other postretirement benefits [Abstract] | |||
Annual (credits) expenses for benefit plans | (7,256) | (7,893) | (7,641) |
Non-U.S. [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions to the defined benefit pension plans | 11,800 | ||
Postretirement Life Insurance and Health Care Benefits [Member] | |||
Other postretirement benefits [Abstract] | |||
Accumulated post-retirement benefit obligation | 1,400 | 1,600 | |
Annual (credits) expenses for benefit plans | $ (100) | $ (100) | $ (100) |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - 2014 Key Employee Stock Plan [Member] - Class A Common Stock [Member] | Apr. 30, 2020shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized for issuance under the plan (in shares) | 6,500,000 |
Remaining shares available for future issuance under the plan (in shares) | 3,501,116 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Options Outstanding, Number of Options (in shares) | 286,000 | |||||
Options Outstanding, Weighted Average Remaining Term | 2 years | |||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 50.14 | |||||
Options Exercisable, Number of Options (in shares) | 286,000 | |||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 50.14 | |||||
$39.53 to $40.02 [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Range of Exercise Prices, Lower Range Limit (in dollars per share) | 39.53 | |||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 40.02 | |||||
Options Outstanding, Number of Options (in shares) | 78,000 | |||||
Options Outstanding, Weighted Average Remaining Term | 1 year 6 months | |||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 39.69 | |||||
Options Exercisable, Number of Options (in shares) | 78,000 | |||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 39.69 | |||||
$48.06 to $49.55 [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Range of Exercise Prices, Lower Range Limit (in dollars per share) | 48.06 | |||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 49.55 | |||||
Options Outstanding, Number of Options (in shares) | 88,000 | |||||
Options Outstanding, Weighted Average Remaining Term | 1 year 2 months 12 days | |||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 48.75 | |||||
Options Exercisable, Number of Options (in shares) | 88,000 | |||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 48.75 | |||||
$55.99 to $59.70 [Member] | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||
Range of Exercise Prices, Lower Range Limit (in dollars per share) | 55.99 | |||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 59.70 | |||||
Options Outstanding, Number of Options (in shares) | 120,000 | |||||
Options Outstanding, Weighted Average Remaining Term | 2 years 10 months 24 days | |||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 57.89 | |||||
Options Exercisable, Number of Options (in shares) | 120,000 | |||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 57.89 | |||||
Stock Options [Member] | ||||||
Estimated weighted average fair value for options granted and significant weighted average assumptions used [Abstract] | ||||||
Fair Value of Options on Grant Date (in dollars per share) | $ 14.77 | |||||
Options [Roll Forward] | ||||||
Outstanding at Beginning of Year (in shares) | 372,000 | 611,000 | 1,429,000 | |||
Granted (in shares) | 0 | 0 | 0 | 0 | ||
Exercised (in shares) | (34,000) | (229,000) | (788,000) | |||
Expired or Forfeited (in shares) | (52,000) | (10,000) | (30,000) | |||
Outstanding at End of Year (in shares) | 286,000 | 372,000 | 611,000 | 1,429,000 | ||
Exercisable at End of Year (in shares) | 286,000 | 372,000 | 530,000 | |||
Vested and Expected to Vest in the Future at End of Year (in shares) | 286,000 | 372,000 | 599,000 | |||
Weighted Average Exercise Price [Abstract] | ||||||
Outstanding at Beginning of Year (in dollars per share) | $ 49.70 | $ 48.88 | $ 47.39 | |||
Granted (in dollars per share) | 0 | 0 | 0 | |||
Exercised (in dollars per share) | 38.32 | 47.21 | 45.97 | |||
Expired or Forfeited (in dollars per share) | 54.57 | 56.97 | 54.24 | |||
Outstanding at End of Year (in dollars per share) | 50.14 | 49.70 | 48.88 | $ 47.39 | ||
Exercisable at End of Year (in dollars per share) | 50.14 | 49.70 | 47.43 | |||
Vested and Expected to Vest in the Future at End of Year (in dollars per share) | $ 50.14 | $ 49.70 | $ 48.90 | |||
Weighted Average Remaining Term [Abstract] | ||||||
Outstanding at End of Year | 2 years | |||||
Exercisable at End of Year | 2 years | |||||
Vested and Expected to Vest in the Future at End of Year | 2 years | |||||
Average Intrinsic Value [Abstract] | ||||||
Outstanding at End of Year | $ 0 | |||||
Exercisable at End of Year | 0 | |||||
Vested and Expected to Vest in the Future at End of Year | 0 | |||||
Options, Additional Disclosure [Abstract] | ||||||
Total intrinsic value of options exercised | 0.3 | $ 4.4 | $ 10.4 | |||
Total grant date fair value of stock options vested | $ 4.8 | |||||
Unrecognized share-based compensation expense | $ 0 | |||||
Stock Options [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise price of stock options granted as percentage of fair market value of stock at date of grant as required by the plan | 100.00% | |||||
Stock Options [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercisable period | 10 years | |||||
Stock Options [Member] | Vesting on Fourth Anniversary Date Following Date of Grant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Stock Options [Member] | Vesting on Fifth Anniversary Date Following Date of Grant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Stock Options [Member] | Annual Vesting on April 30th [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 25.00% |
Stock-Based Compensation, Perfo
Stock-Based Compensation, Performance-Based and Other Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Restricted Stock, Additional Disclosures [Abstract] | ||||||
Share-based Payment Arrangement, Noncash Expense | $ 20,009 | $ 18,327 | $ 11,244 | |||
Restricted Stock Awards [Member] | ||||||
Restricted Shares [Roll Forward] | ||||||
Nonvested Shares at Beginning of Year (in shares) | 756 | 861 | 913 | |||
Granted (in shares) | 759 | 415 | 525 | |||
Change in Shares Due to Performance (in shares) | (70) | (19) | (107) | |||
Vested and Issued (in shares) | (329) | (357) | (318) | |||
Forfeited (in shares) | (173) | (144) | (152) | |||
Nonvested Shares at End of Year (in shares) | 943 | 756 | 861 | 913 | ||
Weighted Average Grant Date Value [Abstract] | ||||||
Nonvested Shares at Beginning of Year (in dollars per share) | $ 57.38 | |||||
Granted (in dollars per share) | 44.46 | |||||
Change in Shares Due to Performance (in dollars per share) | 50.17 | |||||
Vested and Issued (in dollars per share) | 53.14 | |||||
Forfeited (in dollars per share) | 53.35 | |||||
Nonvested Shares at End of Year (in dollars per share) | $ 49.74 | $ 57.38 | ||||
Restricted Stock, Additional Disclosures [Abstract] | ||||||
Unrecognized share-based compensation expense | $ 27,600 | |||||
Award vesting period | 4 years | |||||
Weighted average recognition period for unrecognized share-based compensation | 2 years 4 months 24 days | |||||
Total grant date fair value of restricted shares vested | $ 17,500 | $ 19,600 | $ 15,700 | |||
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on Fourth Anniversary Date Following Date of Grant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on Fifth Anniversary Date Following Date of Grant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Restricted Stock Awards [Member] | Key Employees [Member] | Annual Vesting on Anniversary of Grant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 25.00% | |||||
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on June 30th of Year Following Performance Cycle [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | 100.00% | 100.00% | |||
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 | |||||
Performance-based Restricted Stock Awards [Member] | Vesting on First Anniversary Date after Award Is Earned [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Performance-based Restricted Stock Awards [Member] | Vesting on Second Anniversary Date after Award Is Earned [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
Performance-based Restricted Stock Awards [Member] | Vesting at End of Performance Cycle [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | 50.00% | ||||
Performance-based Restricted Stock Awards [Member] | Vesting on April 30th of Year Following Performance Cycle [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | 50.00% |
Stock-Based Compensation, Presi
Stock-Based Compensation, President and CEO New Hire Equity Awards (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Apr. 30, 2020USD ($)Installment$ / sharesshares | |
ELTIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Targeted long-term incentive as percentage of base salary | 300.00% |
Targeted long-term incentive value | $ | $ 2.7 |
ELTIP [Member] | Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of targeted long-term incentive value | 60.00% |
Grant date fair value (in dollars per share) | $ / shares | $ 59.15 |
Awards granted (in shares) | shares | 30,916 |
ELTIP [Member] | Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of targeted long-term incentive value | 40.00% |
Grant date fair value (in dollars per share) | $ / shares | $ 59.15 |
Awards granted (in shares) | shares | 20,611 |
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting percentage | 25.00% |
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting percentage | 25.00% |
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting percentage | 25.00% |
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting percentage | 25.00% |
Sign-On Grant [Member] | Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant date fair value (in dollars per share) | $ / shares | $ 59.15 |
Awards granted (in shares) | shares | 67,625 |
Grant value | $ | $ 4 |
Number of equal installments | Installment | 2 |
Stock-Based Compensation, Direc
Stock-Based Compensation, Director Stock Awards (Details) - Director Stock Plan [Member] - Class A Common Stock [Member] - Non-Employee Directors [Member] - shares | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Value of annual award as percentage of annual director retainer fee based on stock price on date of grant | 100.00% | ||
Shares awarded under the plan (in shares) | 20,048 | 18,991 | 19,900 |
Capital Stock and Changes in _3
Capital Stock and Changes in Capital Accounts (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Apr. 30, 2020USD ($)Vote$ / sharesshares | Apr. 30, 2019$ / sharesshares | Apr. 30, 2018$ / sharesshares | Apr. 30, 2017shares | |
Share repurchases [Abstract] | ||||
Average Price (in dollars per share) | $ / shares | $ 43.05 | $ 50.35 | $ 55.65 | |
2017 Share Repurchase Program [Member] | ||||
Capital Stock [Abstract] | ||||
Additional shares/dollars of common stock approved for repurchase under the share repurchase program (in shares in 2019 and dollars in 2020) | 4,000,000 | |||
Remaining number of shares/dollars authorized to be repurchased under the share repurchase program in 2017 program (shares) and 2020 program (dollars) | 806,758 | |||
2020 Share Repurchase Program [Member] | ||||
Capital Stock [Abstract] | ||||
Amount of additional stock authorized to be repurchased | $ | $ 200 | |||
Remaining amount authorized to be repurchased under the share repurchase program | $ | $ 200 | |||
Share repurchases [Abstract] | ||||
Shares Repurchased (in shares) | 0 | |||
Class A [Member] | ||||
Common Stock [Abstract] | ||||
Class A Common shares into which each share of Class B Common Stock is convertible (in shares) | 1 | |||
Percentage of the Board of Directors elected by Class A common stockholders | 30.00% | |||
Number of votes to which each share of common stock is entitled | Vote | 0.1 | |||
Share repurchases [Abstract] | ||||
Shares Repurchased (in shares) | 1,079,936 | 1,191,496 | 713,177 | |
Changes in Common Stock [Abstract] | ||||
Number of shares, beginning of year (in shares) | 70,127,000 | 70,111,000 | 70,086,000 | |
Common stock class conversions and other | 39,000 | 16,000 | 25,000 | |
Number of shares issued, end of period (in shares) | 70,166,000 | 70,127,000 | 70,111,000 | 70,086,000 |
Changes in Common Stock in Treasury [Abstract] | ||||
Number of shares held, beginning of year (in shares) | 22,634,000 | 21,853,000 | 22,097,000 | |
Purchase of treasury shares (in shares) | 1,080,000 | 1,192,000 | 713,000 | |
Shares issued under the Director Plan to Directors | (97,000) | (5,000) | (20,000) | |
Stock grants of fully vested Class A shares - common stock (in shares) | 0 | 0 | (20,000) | |
Restricted shares, forfeited (in shares) | 1,000 | 9,000 | 15,000 | |
Restricted shares issued from exercise of stock options (in shares) | (34,000) | (229,000) | (788,000) | |
Shares withheld for taxes (in shares) | 122,000 | 130,000 | 116,000 | |
Other (in shares) | (1,000) | (1,000) | (1,000) | |
Number of shares held, end of period (in shares) | 23,405,000 | 22,634,000 | 21,853,000 | 22,097,000 |
Number of Common Stock outstanding, end of period (in shares) | 46,761,000 | 47,493,000 | 48,258,000 | |
Class A [Member] | Non-Performance Shares [Member] | ||||
Changes in Common Stock in Treasury [Abstract] | ||||
Restricted shares issued under stock-based compensation plans (in shares) | (232,000) | (205,000) | (133,000) | |
Class A [Member] | Performance Share Units [Member] | ||||
Changes in Common Stock in Treasury [Abstract] | ||||
Restricted shares issued under stock-based compensation plans (in shares) | (68,000) | (110,000) | (126,000) | |
Class B [Member] | ||||
Common Stock [Abstract] | ||||
Number of votes to which each share of common stock is entitled | Vote | 1 | |||
Share repurchases [Abstract] | ||||
Shares Repurchased (in shares) | 2,281 | 0 | 0 | |
Changes in Common Stock [Abstract] | ||||
Number of shares, beginning of year (in shares) | 13,055,000 | 13,071,000 | 13,096,000 | |
Common stock class conversions and other | (39,000) | (16,000) | (25,000) | |
Number of shares issued, end of period (in shares) | 13,016,000 | 13,055,000 | 13,071,000 | 13,096,000 |
Changes in Common Stock in Treasury [Abstract] | ||||
Number of shares held, beginning of year (in shares) | 3,918,000 | 3,918,000 | 3,918,000 | |
Purchase of treasury shares (in shares) | 2,000 | 0 | 0 | |
Number of shares held, end of period (in shares) | 3,920,000 | 3,918,000 | 3,918,000 | 3,918,000 |
Number of Common Stock outstanding, end of period (in shares) | 9,096,000 | 9,137,000 | 9,153,000 |
Capital Stock and Changes in _4
Capital Stock and Changes in Capital Accounts, Cash Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 17, 2019 | Mar. 20, 2019 | Jan. 16, 2019 | Dec. 19, 2018 | Oct. 24, 2018 | Sep. 26, 2018 | Jul. 18, 2018 | Jun. 21, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 |
Share repurchases [Abstract] | |||||||||||
Average purchase price (in dollars per share) | $ 43.05 | $ 50.35 | $ 55.65 | ||||||||
Cash dividend [Abstract] | |||||||||||
Total Dividend | $ 19,000 | $ 19,000 | $ 19,100 | $ 19,200 | $ 76,658 | $ 75,752 | $ 73,542 | ||||
Class A Common Stock [Member] | |||||||||||
Share repurchases [Abstract] | |||||||||||
Shares Repurchased (in shares) | 1,079,936 | 1,191,496 | 713,177 | ||||||||
Cash dividend [Abstract] | |||||||||||
Common stock dividend (in dollars per share) | $ 1.36 | $ 1.32 | $ 1.28 | ||||||||
Class A Common Stock [Member] | Dividend Declared in Q1 2020 [Member] | |||||||||||
Cash dividend [Abstract] | |||||||||||
Date of Declaration by Board of Directors | Jun. 27, 2019 | ||||||||||
Common stock dividend (in dollars per share) | $ 0.34 | ||||||||||
Dividend paid date | Jul. 24, 2019 | ||||||||||
Dividend record date | Jul. 10, 2019 | ||||||||||
Class A Common Stock [Member] | Dividend Declared in Q2 2019 [Member] | |||||||||||
Cash dividend [Abstract] | |||||||||||
Date of Declaration by Board of Directors | Sep. 26, 2019 | ||||||||||
Common stock dividend (in dollars per share) | $ 0.34 | ||||||||||
Dividend paid date | Oct. 23, 2019 | ||||||||||
Dividend record date | Oct. 8, 2019 | ||||||||||
Class A Common Stock [Member] | Dividend Declared in Q3 2019 [Member] | |||||||||||
Cash dividend [Abstract] | |||||||||||
Date of Declaration by Board of Directors | Dec. 18, 2019 | ||||||||||
Common stock dividend (in dollars per share) | $ 0.34 | ||||||||||
Dividend paid date | Jan. 16, 2020 | ||||||||||
Dividend record date | Jan. 2, 2020 | ||||||||||
Class A Common Stock [Member] | Dividend Declared in Q4 2019 [Member] | |||||||||||
Cash dividend [Abstract] | |||||||||||
Date of Declaration by Board of Directors | Mar. 18, 2020 | ||||||||||
Common stock dividend (in dollars per share) | $ 0.34 | ||||||||||
Dividend paid date | Apr. 15, 2020 | ||||||||||
Dividend record date | Mar. 31, 2020 | ||||||||||
Class B Common [Member] | |||||||||||
Share repurchases [Abstract] | |||||||||||
Shares Repurchased (in shares) | 2,281 | 0 | 0 | ||||||||
Cash dividend [Abstract] | |||||||||||
Common stock dividend (in dollars per share) | $ 1.36 | $ 1.32 | $ 1.28 | ||||||||
Class B Common [Member] | Dividend Declared in Q1 2020 [Member] | |||||||||||
Cash dividend [Abstract] | |||||||||||
Date of Declaration by Board of Directors | Jun. 27, 2019 | ||||||||||
Common stock dividend (in dollars per share) | $ 0.34 | ||||||||||
Dividend paid date | Jul. 24, 2019 | ||||||||||
Dividend record date | Jul. 10, 2019 | ||||||||||
Class B Common [Member] | Dividend Declared in Q2 2019 [Member] | |||||||||||
Cash dividend [Abstract] | |||||||||||
Date of Declaration by Board of Directors | Sep. 26, 2019 | ||||||||||
Common stock dividend (in dollars per share) | $ 0.34 | ||||||||||
Dividend paid date | Oct. 23, 2019 | ||||||||||
Dividend record date | Oct. 8, 2019 | ||||||||||
Class B Common [Member] | Dividend Declared in Q3 2019 [Member] | |||||||||||
Cash dividend [Abstract] | |||||||||||
Date of Declaration by Board of Directors | Dec. 18, 2019 | ||||||||||
Common stock dividend (in dollars per share) | $ 0.34 | ||||||||||
Dividend paid date | Jan. 16, 2020 | ||||||||||
Dividend record date | Jan. 2, 2020 | ||||||||||
Class B Common [Member] | Dividend Declared in Q4 2019 [Member] | |||||||||||
Cash dividend [Abstract] | |||||||||||
Date of Declaration by Board of Directors | Mar. 18, 2020 | ||||||||||
Common stock dividend (in dollars per share) | $ 0.34 | ||||||||||
Dividend paid date | Apr. 15, 2020 | ||||||||||
Dividend record date | Mar. 31, 2020 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | ||
Segment Information [Abstract] | ||||||||||||
Revenue | $ 474,700 | $ 467,100 | $ 466,200 | $ 423,500 | $ 491,200 | $ 449,400 | $ 448,600 | $ 410,900 | $ 1,831,483 | $ 1,800,069 | $ 1,796,103 | |
Corporate Expenses | (180,067) | (168,758) | (183,585) | |||||||||
Operating (Loss) Income | $ (170,700) | $ 48,500 | $ 63,400 | $ 4,500 | $ 80,100 | $ 50,300 | $ 57,500 | $ 36,100 | (54,287) | 223,989 | 231,461 | |
Adjusted Operating Income | [1] | 180,668 | 227,107 | 263,627 | ||||||||
Depreciation and Amortization | 175,127 | 161,155 | 153,989 | |||||||||
Adjusted EBITDA | [2] | 355,795 | 388,262 | 417,616 | ||||||||
Research Publishing & Platforms [Member] | ||||||||||||
Segment Information [Abstract] | ||||||||||||
Revenue | 948,839 | 939,217 | 936,857 | |||||||||
Academic & Professional Learning [Member] | ||||||||||||
Segment Information [Abstract] | ||||||||||||
Revenue | 650,789 | 703,303 | 740,115 | |||||||||
Education Services [Member] | ||||||||||||
Segment Information [Abstract] | ||||||||||||
Revenue | 231,855 | 157,549 | 119,131 | |||||||||
Operating Segments [Member] | ||||||||||||
Segment Information [Abstract] | ||||||||||||
Revenue | 1,831,483 | 1,800,069 | 1,796,103 | |||||||||
Contribution to Profit | 125,780 | 392,747 | 415,046 | |||||||||
Adjusted Contribution to Profit | [1] | 346,155 | 395,406 | 434,041 | ||||||||
Depreciation and Amortization | 163,433 | 147,132 | 140,191 | |||||||||
Adjusted EBITDA | [2] | 509,588 | 542,538 | 574,232 | ||||||||
Operating Segments [Member] | Research Publishing & Platforms [Member] | ||||||||||||
Segment Information [Abstract] | ||||||||||||
Revenue | 948,839 | 939,217 | 936,857 | |||||||||
Contribution to Profit | 169,119 | 259,754 | 272,904 | |||||||||
Adjusted Contribution to Profit | [1] | 265,353 | 260,885 | 278,161 | ||||||||
Depreciation and Amortization | 69,495 | 60,889 | 54,805 | |||||||||
Adjusted EBITDA | [2] | 334,848 | 321,774 | 332,966 | ||||||||
Operating Segments [Member] | Academic & Professional Learning [Member] | ||||||||||||
Segment Information [Abstract] | ||||||||||||
Revenue | 650,789 | 703,303 | 740,115 | |||||||||
Contribution to Profit | 74,176 | 146,265 | 144,041 | |||||||||
Adjusted Contribution to Profit | [1] | 84,646 | 147,404 | 155,885 | ||||||||
Depreciation and Amortization | 69,807 | 68,126 | 72,274 | |||||||||
Adjusted EBITDA | [2] | 154,453 | 215,530 | 228,159 | ||||||||
Operating Segments [Member] | Education Services [Member] | ||||||||||||
Segment Information [Abstract] | ||||||||||||
Revenue | 231,855 | 157,549 | 119,131 | |||||||||
Contribution to Profit | (117,515) | (13,272) | (1,899) | |||||||||
Adjusted Contribution to Profit | [1] | (3,844) | (12,883) | (5) | ||||||||
Depreciation and Amortization | 24,131 | 18,117 | 13,112 | |||||||||
Adjusted EBITDA | [2] | 20,287 | 5,234 | 13,107 | ||||||||
Corporate [Member] | ||||||||||||
Segment Information [Abstract] | ||||||||||||
Adjusted Corporate Expenses | [1] | (165,487) | (168,299) | (170,414) | ||||||||
Depreciation and Amortization | 11,694 | 14,023 | 13,798 | |||||||||
Adjusted EBITDA | [2] | $ (153,793) | $ (154,276) | $ (156,616) | ||||||||
[1] | Adjusted Contribution to Profit is Contribution to (Loss) Profit adjusted for restructuring charges and impairment of goodwill and intangible assets. See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment. | |||||||||||
[2] | Adjusted EBITDA is Adjusted Contribution to Profit with depreciation and amortization added back. |
Segment Information, Reconcilia
Segment Information, Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Adjusted EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | ||
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Adjusted EBITDA [Abstract] | ||||||||||||
Net (Loss) Income | $ (158,000) | $ 35,400 | $ 44,700 | $ 3,600 | $ 63,300 | $ 34,900 | $ 43,800 | $ 26,300 | $ (74,287) | $ 168,263 | $ 192,186 | |
Interest expense | 24,959 | 16,121 | 13,274 | |||||||||
Provision for income taxes | 11,195 | 44,689 | 21,745 | |||||||||
Depreciation and amortization | 175,127 | 161,155 | 153,989 | |||||||||
Non-GAAP EBITDA | 136,994 | 390,228 | 381,194 | |||||||||
Impairment of goodwill and intangible assets | 202,348 | 0 | 3,600 | |||||||||
Restructuring and related charges | 32,607 | 3,118 | 28,566 | |||||||||
Foreign exchange transaction (gains) losses | (2,773) | 6,016 | 12,819 | |||||||||
Interest and other income | (13,381) | (11,100) | (8,563) | |||||||||
Non-GAAP Adjusted EBITDA | [1] | $ 355,795 | $ 388,262 | $ 417,616 | ||||||||
[1] | Adjusted EBITDA is Adjusted Contribution to Profit with depreciation and amortization added back. |
Segment Information, Total Asse
Segment Information, Total Assets by Segment (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 |
Segment Information [Abstract] | |||
Total assets | $ 3,168,794 | $ 2,948,766 | $ 2,839,451 |
Operating Segments [Member] | Research Publishing & Platforms [Member] | |||
Segment Information [Abstract] | |||
Total assets | 1,225,313 | 1,172,145 | 1,242,458 |
Operating Segments [Member] | Academic & Professional Learning [Member] | |||
Segment Information [Abstract] | |||
Total assets | 924,924 | 959,601 | 942,598 |
Operating Segments [Member] | Education Services [Member] | |||
Segment Information [Abstract] | |||
Total assets | 486,316 | 440,516 | 199,023 |
Corporate [Member] | |||
Segment Information [Abstract] | |||
Total assets | $ 532,241 | $ 376,504 | $ 455,372 |
Segment Information, Other Sign
Segment Information, Other Significant Reconciling Items by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Segment Information [Abstract] | |||
Expenditures for long lived assets | $ (115,201) | $ (101,593) | $ (150,728) |
Depreciation and amortization | 175,127 | 161,155 | 153,989 |
Operating Segments [Member] | |||
Segment Information [Abstract] | |||
Depreciation and amortization | 163,433 | 147,132 | 140,191 |
Operating Segments [Member] | Research Publishing & Platforms [Member] | |||
Segment Information [Abstract] | |||
Expenditures for long lived assets | (16,329) | (12,928) | (24,961) |
Depreciation and amortization | 69,495 | 60,889 | 54,805 |
Operating Segments [Member] | Academic & Professional Learning [Member] | |||
Segment Information [Abstract] | |||
Expenditures for long lived assets | (38,229) | (32,337) | (43,625) |
Depreciation and amortization | 69,807 | 68,126 | 72,274 |
Operating Segments [Member] | Education Services [Member] | |||
Segment Information [Abstract] | |||
Expenditures for long lived assets | (613) | (3,160) | (5,991) |
Depreciation and amortization | 24,131 | 18,117 | 13,112 |
Corporate [Member] | |||
Segment Information [Abstract] | |||
Expenditures for long lived assets | (60,030) | (53,168) | (76,151) |
Depreciation and amortization | $ 11,694 | $ 14,023 | $ 13,798 |
Segment Information, Revenues f
Segment Information, Revenues from External Customers and Technology, Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |
Segment Information [Abstract] | |||||||||||
Revenue, net | $ 474,700 | $ 467,100 | $ 466,200 | $ 423,500 | $ 491,200 | $ 449,400 | $ 448,600 | $ 410,900 | $ 1,831,483 | $ 1,800,069 | $ 1,796,103 |
Technology, Property and Equipment, net | 298,005 | 289,021 | 298,005 | 289,021 | 289,934 | ||||||
Reportable Geographical Components [Member] | United States [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 944,075 | 932,927 | 913,852 | ||||||||
Technology, Property and Equipment, net | 261,296 | 252,459 | 261,296 | 252,459 | 249,542 | ||||||
Reportable Geographical Components [Member] | United Kingdom [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 174,567 | 150,242 | 147,406 | ||||||||
Technology, Property and Equipment, net | 18,076 | 18,331 | 18,076 | 18,331 | 20,955 | ||||||
Reportable Geographical Components [Member] | Germany [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 113,664 | 97,505 | 98,404 | ||||||||
Technology, Property and Equipment, net | 8,059 | 8,423 | 8,059 | 8,423 | 9,259 | ||||||
Reportable Geographical Components [Member] | Japan [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 75,104 | 77,145 | 81,572 | ||||||||
Technology, Property and Equipment, net | 112 | 87 | 112 | 87 | 72 | ||||||
Reportable Geographical Components [Member] | Australia [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 73,718 | 77,453 | 78,270 | ||||||||
Technology, Property and Equipment, net | 1,051 | 1,440 | 1,051 | 1,440 | 1,454 | ||||||
Reportable Geographical Components [Member] | China [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 58,870 | 55,024 | 53,076 | ||||||||
Technology, Property and Equipment, net | 492 | 688 | 492 | 688 | 229 | ||||||
Reportable Geographical Components [Member] | Canada [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 56,370 | 50,882 | 55,568 | ||||||||
Technology, Property and Equipment, net | 1,734 | 2,659 | 1,734 | 2,659 | 3,635 | ||||||
Reportable Geographical Components [Member] | France [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 45,033 | 51,441 | 51,826 | ||||||||
Technology, Property and Equipment, net | 1,358 | 403 | 1,358 | 403 | 635 | ||||||
Reportable Geographical Components [Member] | Scandinavia [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 29,682 | 30,971 | 31,695 | ||||||||
Technology, Property and Equipment, net | 223 | 229 | 223 | 229 | 309 | ||||||
Reportable Geographical Components [Member] | Other Countries [Member] | |||||||||||
Segment Information [Abstract] | |||||||||||
Revenue, net | 260,400 | 276,479 | 284,434 | ||||||||
Technology, Property and Equipment, net | $ 5,604 | $ 4,302 | $ 5,604 | $ 4,302 | $ 3,844 |
Supplementary Quarterly Finan_3
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | |||||||||||
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract] | |||||||||||||||||||||
Revenue, net | $ 474,700 | $ 467,100 | $ 466,200 | $ 423,500 | $ 491,200 | $ 449,400 | $ 448,600 | $ 410,900 | $ 1,831,483 | $ 1,800,069 | $ 1,796,103 | ||||||||||
Gross profit | 324,100 | 313,200 | 322,800 | 280,400 | 340,700 | 305,500 | 316,000 | 283,100 | 1,240,500 | 1,245,300 | |||||||||||
Operating (Loss) Income | (170,700) | 48,500 | 63,400 | 4,500 | 80,100 | 50,300 | 57,500 | 36,100 | (54,287) | 223,989 | 231,461 | ||||||||||
Net (Loss) Income | $ (158,000) | $ 35,400 | $ 44,700 | $ 3,600 | $ 63,300 | $ 34,900 | $ 43,800 | $ 26,300 | $ (74,287) | $ 168,263 | $ 192,186 | ||||||||||
(Loss) Earnings Per Share [Abstract] | |||||||||||||||||||||
Basic (in dollars per share) | $ (2.83) | [1],[2] | $ 0.63 | [2] | $ 0.79 | [2] | $ 0.06 | [2] | $ 1.11 | [2] | $ 0.61 | [2] | $ 0.76 | [2] | $ 0.46 | [2] | $ (1.32) | [1],[2] | $ 2.94 | [2] | $ 3.37 |
Diluted (in dollars per share) | $ (2.83) | [1],[2] | $ 0.63 | [2] | $ 0.79 | [2] | $ 0.06 | [2] | $ 1.10 | [2] | $ 0.61 | [2] | $ 0.76 | [2] | $ 0.45 | [2] | $ (1.32) | [1],[2] | $ 2.91 | [2] | $ 3.32 |
[1] | In calculating diluted net (loss) earnings per common share for the fourth quarter and year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a U.S. GAAP net loss is reported and the effect of using dilutive shares is antidilutive. | ||||||||||||||||||||
[2] | The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 25, 2020 | Apr. 17, 2019 | Jan. 16, 2019 | Oct. 24, 2018 | Jul. 18, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | May 30, 2019 |
Cash dividends [Abstract] | |||||||||
Total Dividend | $ 19,000 | $ 19,000 | $ 19,100 | $ 19,200 | $ 76,658 | $ 75,752 | $ 73,542 | ||
Class A Common Stock [Member] | |||||||||
Cash dividends [Abstract] | |||||||||
Common stock dividend (in dollars per share) | $ 1.36 | $ 1.32 | $ 1.28 | ||||||
Class B Common [Member] | |||||||||
Cash dividends [Abstract] | |||||||||
Common stock dividend (in dollars per share) | $ 1.36 | $ 1.32 | $ 1.28 | ||||||
Revolving Credit Facility [Member] | |||||||||
Amended and Restated Credit Agreement [Abstract] | |||||||||
Term of credit facility | 5 years | ||||||||
Aggregate principal amount | $ 1,100,000 | $ 1,250,000 | |||||||
Credit agreement issuance cost capitalized | $ 4,300 | ||||||||
Term Loan A Facility [Member] | |||||||||
Amended and Restated Credit Agreement [Abstract] | |||||||||
Term of credit facility | 5 years | ||||||||
Credit agreement face amount | $ 250,000 | ||||||||
Credit agreement issuance cost capitalized | $ 900 | ||||||||
Subsequent Event [Member] | Dividend Declared in Q1 2020 [Member] | |||||||||
Cash dividends [Abstract] | |||||||||
Total Dividend | $ 19,100 | ||||||||
Subsequent Event [Member] | Class A Common Stock [Member] | Dividend Declared in Q1 2020 [Member] | |||||||||
Cash dividends [Abstract] | |||||||||
Date of Declaration by Board of Directors | Jun. 25, 2020 | ||||||||
Common stock dividend (in dollars per share) | $ 0.3425 | ||||||||
Dividend payable date | Jul. 22, 2020 | ||||||||
Dividend record date | Jul. 7, 2020 | ||||||||
Subsequent Event [Member] | Class B Common [Member] | Dividend Declared in Q1 2020 [Member] | |||||||||
Cash dividends [Abstract] | |||||||||
Date of Declaration by Board of Directors | Jun. 25, 2020 | ||||||||
Common stock dividend (in dollars per share) | $ 0.3425 | ||||||||
Dividend payable date | Jul. 22, 2020 | ||||||||
Dividend record date | Jul. 7, 2020 |
Schedule II-VALUATION AND QUA_2
Schedule II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2018 | ||
Allowance for Sales Returns [Member] | ||||
Valuation allowances and reserves [Roll Forward] | ||||
Balance at beginning of period | [1] | $ 18,542 | $ 18,628 | $ 24,300 |
Charged to expenses | [1] | 48,829 | 37,483 | 38,711 |
Deductions from reserves and other | [1],[2] | 47,729 | 37,569 | 44,383 |
Balance at end of period | [1] | 19,642 | 18,542 | 18,628 |
Allowance for Doubtful Accounts [Member] | ||||
Valuation allowances and reserves [Roll Forward] | ||||
Balance at beginning of period | 14,307 | 10,107 | 7,186 | |
Charged to expenses | 5,470 | 5,279 | 5,439 | |
Deductions from reserves and other | [2] | 1,442 | 1,079 | 2,518 |
Balance at end of period | 18,335 | 14,307 | 10,107 | |
Allowance for Inventory Obsolescence [Member] | ||||
Valuation allowances and reserves [Roll Forward] | ||||
Balance at beginning of period | 15,825 | 18,193 | 21,096 | |
Charged to expenses | 8,699 | 7,328 | 9,182 | |
Deductions from reserves and other | [2] | 8,457 | 9,696 | 12,085 |
Balance at end of period | 16,067 | 15,825 | 18,193 | |
Valuation Allowance on Deferred Tax Assets [Member] | ||||
Valuation allowances and reserves [Roll Forward] | ||||
Balance at beginning of period | 21,179 | 8,811 | 1,300 | |
Charged to expenses | 2,108 | 51 | 7,511 | |
Deductions from reserves and other | [2] | 0 | (12,317) | 0 |
Balance at end of period | $ 23,287 | $ 21,179 | $ 8,811 | |
[1] | Allowance for Sales Returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as a reduction of Accounts Receivable, net (in the year ended April 30, 2018) with a corresponding increase in Inventories, net and a reduction in Accrued Royalties for the years ended April 30, 2020, 2019 and 2018. Due to the adoption of the revenue standard, the sales return reserve as of April 30, 2020 and 2019 is recorded in Contract Liabilities. In prior periods, it was recorded as a reduction of Accounts Receivable, net. See Note 3, “Revenue Recognition, Contracts with Customers,” of the Notes to Consolidated Financial Statements for more information. | |||
[2] | Deductions From Reserves and Other for the years ended April 30, 2020, 2019 and 2018 include foreign exchange translation adjustments. Included in Allowance for Doubtful Accounts are accounts written off, less recoveries. Included in Allowance for Inventory Obsolescence are items removed from inventory. Included in Valuation Allowance on Deferred Tax Assets for the year ended April 30, 2019 are foreign tax credits generated and valuation allowances needed in connection with the Tax Act. |