Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 31, 2021 | Aug. 31, 2021 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 001-11507 | |
Entity Registrant Name | JOHN WILEY & SONS, INC. | |
Entity Central Index Key | 0000107140 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-5593032 | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Stock Class A [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, par value $1.00 per share | |
Trading Symbol | JW.A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 46,828,460 | |
Common Stock Class B [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Class B Common Stock, par value $1.00 per share | |
Trading Symbol | JW.B | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 9,048,725 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 30, 2021 | ||
Current assets | ||||
Cash and cash equivalents | $ 82,982 | $ 93,795 | ||
Accounts receivable, net of allowance for credit losses of $21.4 million and $21.5 million, respectively | 284,579 | 311,571 | ||
Inventories, net | 40,392 | 42,538 | ||
Prepaid expenses and other current assets | 70,736 | 78,393 | ||
Total current assets | 478,689 | 526,297 | ||
Product development assets, net | 49,017 | 49,517 | ||
Royalty advances, net | 27,668 | 39,582 | ||
Technology, property and equipment, net | 273,306 | 282,270 | ||
Intangible assets, net | 995,613 | 1,015,302 | [1] | |
Goodwill | 1,301,599 | 1,304,340 | [2] | |
Operating lease right-of-use assets | 122,334 | 121,430 | ||
Other non-current assets | 114,574 | 107,701 | ||
Total assets | 3,362,800 | 3,446,439 | ||
Current liabilities | ||||
Accounts payable | 62,230 | 95,791 | ||
Accrued royalties | 90,064 | 78,582 | ||
Short-term portion of long-term debt | [3] | 12,500 | 12,500 | |
Contract liabilities | [4] | 418,459 | 545,425 | |
Accrued employment costs | 66,771 | 144,744 | ||
Accrued income taxes | 9,628 | 8,590 | ||
Short-term portion of operating lease liabilities | 21,547 | 22,440 | ||
Other accrued liabilities | 81,902 | 80,900 | ||
Total current liabilities | 763,101 | 988,972 | ||
Long-term debt | 952,020 | 809,088 | ||
Accrued pension liability | 136,391 | 146,247 | ||
Deferred income tax liabilities | 188,880 | 172,903 | ||
Operating lease liabilities | 145,340 | 145,832 | ||
Other long-term liabilities | 99,163 | 92,106 | ||
Total liabilities | 2,284,895 | 2,355,148 | ||
Shareholders' equity | ||||
Preferred stock, $1 par value per share: Authorized shares - 2 million, Issued shares - 0 | 0 | 0 | ||
Additional paid-in capital | 445,690 | 444,358 | ||
Retained earnings | 1,844,578 | 1,850,058 | ||
Accumulated other comprehensive loss, net of tax | (494,600) | (490,790) | ||
Less treasury shares at cost (Class A - 23,390 and 23,419 as of July 31, 2021 and April 30, 2021, respectively; Class B - 3,923 and 3,922 as of July 31, 2021 and April 30, 2021, respectively) | (800,945) | (795,517) | ||
Total shareholders' equity | 1,077,905 | 1,091,291 | ||
Total liabilities and shareholders' equity | 3,362,800 | 3,446,439 | ||
Class A [Member] | ||||
Shareholders' equity | ||||
Common stock | 70,211 | 70,208 | ||
Class B [Member] | ||||
Shareholders' equity | ||||
Common stock | $ 12,971 | $ 12,974 | ||
[1] | The developed technology balance as of April 30, 2021 is presented net of accumulated impairments and write-offs of $2.8 million. The indefinite-lived brands and trademarks as of April 30, 2021 is net of accumulated impairments of $93.1 million. | |||
[2] | The Education Services goodwill balance as of April 30, 2021 includes a cumulative pretax noncash goodwill impairment of $110.0 million. | |||
[3] | Relates to our term loan A under the Amended and Restated RCA. | |||
[4] | The sales return reserve recorded in Contract liabilities is $40.7 million and $38.0 million, as of July 31, 2021 and April 30, 2021, respectively. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 |
Current assets | ||
Accounts receivable, allowance for credit losses | $ 21.4 | $ 21.5 |
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) | 70,211 | 70,208 |
Treasury stock (in shares) | 23,390 | 23,419 |
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) | 12,971 | 12,974 |
Treasury stock (in shares) | 3,923 | 3,922 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | ||
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME - UNAUDITED [Abstract] | |||
Revenue, net | $ 488,388 | $ 431,326 | |
Costs and expenses | |||
Cost of sales | 165,956 | 144,809 | |
Operating and administrative expenses | 260,589 | 237,369 | |
Restructuring and related (credits) charges | [1] | (276) | 2,218 |
Amortization of intangible assets | 21,151 | 16,891 | |
Total costs and expenses | 447,420 | 401,287 | |
Operating income | 40,968 | 30,039 | |
Interest expense | (4,639) | (4,614) | |
Foreign exchange transaction gains (losses) | 370 | (82) | |
Gain on sale of certain assets | 3,750 | 0 | |
Other income, net | 3,553 | 4,391 | |
Income before taxes | 44,002 | 29,734 | |
Provision for income taxes | 30,172 | 13,400 | |
Net income | $ 13,830 | $ 16,334 | |
Earnings per share | |||
Basic (in dollars per share) | $ 0.25 | $ 0.29 | |
Diluted (in dollars per share) | $ 0.24 | $ 0.29 | |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 55,869 | 55,912 | |
Diluted (in shares) | 56,599 | 56,193 | |
[1] | See Note 9, “Restructuring and Related (Credits) Charges” for these charges by segment. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED [Abstract] | ||
Net income | $ 13,830 | $ 16,334 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustment | (5,937) | 46,853 |
Unamortized retirement credits (costs), net of tax (expense) benefit of $(443) and $1,705, respectively | 1,589 | (5,665) |
Unrealized gain on interest rate swaps, net of tax (expense) of $(173) and $(30), respectively | 538 | 191 |
Total other comprehensive (loss) income | (3,810) | 41,379 |
Comprehensive income | $ 10,020 | $ 57,713 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Other comprehensive (loss) income: | ||
Unamortized retirement credits (costs), tax (expense) benefit | $ (443) | $ 1,705 |
Unrealized gain on interest rate swaps, tax (expense) | $ (173) | $ (30) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | ||
Operating activities | |||
Net income | $ 13,830 | $ 16,334 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Amortization of intangible assets | 21,151 | 16,891 | |
Amortization of product development assets | 9,058 | 9,148 | |
Depreciation and amortization of technology, property and equipment | 24,357 | 23,468 | |
Restructuring and related (credits) charges | [1] | (276) | 2,218 |
Stock-based compensation expense | 6,341 | 4,314 | |
Employee retirement plan expense | 6,239 | 4,033 | |
Foreign exchange transaction (gains) losses | (370) | 82 | |
Gain on sale of certain assets | (3,750) | 0 | |
Other noncash charges | 27,672 | 15,285 | |
Net change in operating assets and liabilities | (189,026) | (212,556) | |
Net cash used in operating activities | (84,774) | (120,783) | |
Investing activities | |||
Product development spending | (5,670) | (5,325) | |
Additions to technology, property and equipment | (17,910) | (18,964) | |
Businesses acquired in purchase transactions, net of cash acquired | (3,032) | (136) | |
Proceeds related to the sale of certain assets | 3,375 | 0 | |
Acquisitions of publication rights and other | (295) | (3,855) | |
Net cash used in investing activities | (23,532) | (28,280) | |
Financing activities | |||
Repayments of long-term debt | (41,300) | (139,331) | |
Borrowings of long-term debt | 184,003 | 206,687 | |
Purchases of treasury shares | (7,367) | 0 | |
Change in book overdrafts | (12,780) | (3,292) | |
Cash dividends | (19,307) | (19,261) | |
Impact of tax withholding on stock-based compensation and other | (4,160) | (1,319) | |
Net cash provided by financing activities | 99,089 | 43,484 | |
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (1,586) | 4,500 | |
Cash reconciliation: | |||
Cash and cash equivalents | 93,795 | 202,464 | |
Restricted cash included in Prepaid expenses and other current assets | 564 | 583 | |
Balance at beginning of period | 94,359 | 203,047 | |
(Decrease)/increase for the period | (10,803) | (101,079) | |
Cash and cash equivalents | 82,982 | 101,385 | |
Restricted cash included in Prepaid expenses and other current assets | 574 | 583 | |
Balance at end of period | 83,556 | 101,968 | |
Cash paid during the period for: | |||
Interest | 4,183 | 4,221 | |
Income taxes, net of refunds | $ 6,441 | $ 25,704 | |
[1] | See Note 9, “Restructuring and Related (Credits) Charges” for these charges by segment. |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands | Common Stock [Member]Class A [Member] | Common Stock [Member]Class B [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Class A [Member] | Additional Paid-in Capital [Member]Class B [Member] | Retained Earnings [Member] | Retained Earnings [Member]Class A [Member] | Retained Earnings [Member]Class B [Member] | Accumulated Other Comprehensive Loss, Net of Tax [Member] | Accumulated Other Comprehensive Loss, Net of Tax [Member]Class A [Member] | Accumulated Other Comprehensive Loss, Net of Tax [Member]Class B [Member] | Treasury Stock [Member] | Treasury Stock [Member]Class A [Member] | Treasury Stock [Member]Class B [Member] | Total | Class A [Member] | Class B [Member] | Cumulative Effect of Change in Accounting Principle, Net of Tax [Member]Common Stock [Member]Class A [Member] | Cumulative Effect of Change in Accounting Principle, Net of Tax [Member]Common Stock [Member]Class B [Member] | Cumulative Effect of Change in Accounting Principle, Net of Tax [Member]Additional Paid-in Capital [Member] | Cumulative Effect of Change in Accounting Principle, Net of Tax [Member]Retained Earnings [Member] | Cumulative Effect of Change in Accounting Principle, Net of Tax [Member]Accumulated Other Comprehensive Loss, Net of Tax [Member] | Cumulative Effect of Change in Accounting Principle, Net of Tax [Member]Treasury Stock [Member] | Cumulative Effect of Change in Accounting Principle, Net of Tax [Member] |
Balance at Apr. 30, 2020 | $ 70,166 | $ 13,016 | $ 431,680 | $ 1,780,129 | $ (575,497) | $ (785,870) | $ 933,624 | $ 0 | $ 0 | $ 0 | $ (1,390) | $ 0 | $ 0 | $ (1,390) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Restricted shares issued under stock-based compensation plans | 0 | 0 | (5,121) | 1 | 0 | 5,184 | 64 | |||||||||||||||||
Impact of tax withholding on stock-based compensation and other | 0 | 0 | 368 | 0 | 0 | (1,687) | (1,319) | |||||||||||||||||
Stock-based compensation expense | 0 | 0 | 4,314 | 0 | 0 | 0 | 4,314 | |||||||||||||||||
Common stock dividends | 0 | 0 | $ 0 | $ 0 | $ (16,149) | $ (3,112) | $ 0 | $ 0 | $ 0 | $ 0 | $ (16,149) | $ (3,112) | ||||||||||||
Common stock class conversions | 11 | (11) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Comprehensive income, net of tax | 0 | 0 | 0 | 16,334 | 41,379 | 0 | 57,713 | |||||||||||||||||
Balance at Jul. 31, 2020 | 70,177 | 13,005 | 431,241 | 1,775,813 | (534,118) | (782,373) | 973,745 | |||||||||||||||||
Balance at Apr. 30, 2021 | 70,208 | 12,974 | 444,358 | 1,850,058 | (490,790) | (795,517) | 1,091,291 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Restricted shares issued under stock-based compensation plans | 0 | 0 | (6,342) | (3) | 0 | 6,409 | 64 | |||||||||||||||||
Impact of tax withholding on stock-based compensation and other | 0 | 0 | 310 | 0 | 0 | (4,470) | (4,160) | |||||||||||||||||
Stock-based compensation expense | 0 | 0 | 7,364 | 0 | 0 | 0 | 7,364 | |||||||||||||||||
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | (7,367) | (7,367) | |||||||||||||||||
Common stock dividends | 0 | 0 | $ 0 | $ 0 | $ (16,185) | $ (3,122) | $ 0 | $ 0 | $ 0 | $ 0 | $ (16,185) | $ (3,122) | ||||||||||||
Common stock class conversions | 3 | (3) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Comprehensive income, net of tax | 0 | 0 | 0 | 13,830 | (3,810) | 0 | 10,020 | |||||||||||||||||
Balance at Jul. 31, 2021 | $ 70,211 | $ 12,971 | $ 445,690 | $ 1,844,578 | $ (494,600) | $ (800,945) | $ 1,077,905 |
CONDENSED CONSOLIDATED STATEM_8
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED (Parenthetical) - $ / shares | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Class A [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Common stock dividend (in dollars per share) | $ 0.3450 | $ 0.3425 |
Class B [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Common stock dividend (in dollars per share) | $ 0.3450 | $ 0.3425 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jul. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley & Sons, Inc. and all our subsidiaries, except where the context indicates otherwise. Our Unaudited Condensed Consolidated Financial Statements include all the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Unaudited Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Income and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are in thousands, except per share amounts, and approximate due to rounding. These financial statements should be read in conjunction with the most recent audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2021 as filed with the SEC on July 6, 2021 (2021 Form 10-K). Our Unaudited Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by US GAAP have been condensed or omitted. The preparation of our Unaudited Condensed Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation. In the fourth quarter of fiscal year 2021, a UK entity acquired in connection with the acquisition of mthree, which was acquired on January 1, 2020 , As a result of these events, the Company evaluated whether it was appropriate to consolidate the assets, liabilities, and operations of the entity as part of its consolidated financial statements as of April 30, 2021 and for the period from the entity being dissolved through April 30, 2021, and also whether there was a liability to the Crown and a related loss associated with the dissolution of the entity under US GAAP in the fiscal year 2021. The Company evaluated the criteria in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810 As of July 31, 2021, there has been no change in the Company’s conclusions or in the expected timing of the restoration of the entity as described above. Accordingly, the Company continued to consolidate the assets, liabilities and operations of the entity in its consolidated financial statements as of July 31, 2021. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Jul. 31, 2021 | |
Recent Accounting Standards [Abstract] | |
Recent Accounting Standards | Note 2 Recent Accounting Standards Recently Adopted Accounting Standards Simplifying the Accounting for Income Taxes In December 2019, the FASB issued Accounting Standards Update (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. We adopted ASU 2019-12 on May 1, 2021. The adoption did not have a material impact on our consolidated financial statements at the time of adoption. The impact in the future would depend on any changes in tax laws and the applicable enactment dates. In accordance with ASU 2019-12, the enactment date is when any effects are recognized in the consolidated financial statements. Recently Issued Accounting Standards Convertible Debt Instruments, Derivatives and EPS In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings-per-share (EPS) guidance. This standard is effective for us on May 1, 2022, including interim periods within the fiscal year. Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently assessing the impact the new guidance will have on our consolidated financial statements. 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 immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022 . We are currently assessing the impact the new guidance will have on our consolidated financial statements . |
Acquisitions
Acquisitions | 3 Months Ended |
Jul. 31, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3 Acquisitions Pro forma financial information related to these acquisitions has not been provided as it is not material to our consolidated results of operations. Fiscal Year 2021 Hindawi On December 31, 2020, we completed the acquisition of 100% of the outstanding stock of Hindawi Limited (“Hindawi”). Hindawi is a scientific research publisher and an innovator in open access publishing. Its results of operations are included in our Research Publishing & Platforms segment. The preliminary fair value of the consideration transferred at the acquisition date was $300.1 million which included $299.3 million of cash and $0.8 million related to the settlement of a preexisting relationship. We financed the payment of the cash consideration primarily through borrowings under our Amended and Restated RCA (as defined below in Note 15, “Debt and Available Credit Facilities”) and using cash on hand. The fair value of the cash consideration transferred, net of $1.0 million of cash acquired was approximately $298.3 million. Hindawi’s revenue and operating income included in our Research Publishing and Platforms segment results for the three months ended July 31, 2021 was $11.5 million and $1.8 million, respectively. During the three months ended July 31, 2021, no revisions were made to the allocation of the consideration transferred to the assets acquired and liabilities assumed. We recorded the preliminary fair value of the assets acquired and liabilities assumed on the acquisition date, which included a preliminary allocation of $ million of goodwill allocated to the segment, and $ million of intangible assets subject to amortization. The allocation of the total consideration transferred to the assets acquired, including intangible assets and goodwill, 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. |
Revenue Recognition, Contracts
Revenue Recognition, Contracts with Customers | 3 Months Ended |
Jul. 31, 2021 | |
Revenue Recognition, Contracts with Customers [Abstract] | |
Revenue Recognition, Contracts with Customers | Note 4 Revenue Recognition, Contracts with Customers Disaggregation of Revenue The following table presents our revenue from contracts with customers disaggregated by segment and product type. Three Months Ended July 31, 2021 2020 Research Publishing & Platforms: Research Publishing $ 263,358 $ 230,464 Research Platforms 11,398 10,346 Total Research Publishing & Platforms 274,756 240,810 Academic & Professional Learning: Education Publishing (1) 66,380 63,603 Professional Learning 72,884 62,829 Total Academic & Professional Learning 139,264 126,432 Education Services: University Services (2) 54,394 50,262 Talent Development Services (1)(3) 19,974 13,822 Total Education Services 74,368 64,084 Total Revenue $ 488,388 $ 431,326 (1) In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning – Education Publishing to Education Services – Talent Development Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services - Talent Development Services. The revenue was $0.5 million for the three months ended July 31, 2020. There were no changes to our total consolidated financial results. (2) University Services was previously referred to as Education Services OPM. (3) Talent Development Services was previously referred to as mthree. The following information describes our disaggregation of revenue by segment and product type. Overall, the majority of our revenue is recognized over time. Research Publishing & Platforms Research Publishing & Platforms’ customers include academic, corporate, government, and public libraries, funders of research, researchers, scientists, clinicians, engineers and technologists, scholarly and professional societies, and students and professors. Research Publishing & Platforms products are sold and distributed globally through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to professional society members, and other customers. Publishing centers include Australia, China, Germany, India, the United Kingdom (UK), and the United States (US). The majority of revenue generated from Research Publishing and Platforms products is recognized over time. Total Research Publishing & Platforms revenue was $274.8 million in the three months ended July 31, 2021. We disaggregated revenue by Research Publishing and Research Platforms to reflect the different type of products and services provided. Research Publishing Products Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services, to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $263.4 million in the three months ended July 31, 2021 and the majority is recognized over time. Research Publishing products generate approximately 80% of its revenue from contracts with its customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Comprehensive Agreements (read and publish) and the remainder from Licensing, Reprints, Backfiles, and Other. Research Platforms Services Research Platforms is a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content on the web through the Literatum platform. Research Platforms revenue was $11.4 million in the three months ended July 31, 2021 and the majority is recognized over time. Academic & Professional Learning Academic & Professional Learning provides Education Publishing and Professional Learning products and services including scientific, professional, and education print and digital books, digital courseware, and test preparation services, to libraries, corporations, students, professionals, and researchers, as well as learning, development, and assessment services for businesses and professionals. Communities served include business, finance, accounting, workplace learning, management, leadership, technology, behavioral health, engineering/ architecture, science and medicine, and education. Products are developed for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, web sites, distributor networks and other online applications. Publishing centers include Australia, Germany, India, the UK, and the US. Total Academic & Professional Learning revenue was $ million in the . We disaggregated revenue by type of products provided. Academic & Professional Learning products are Education Publishing and Professional Learning. Academic & Professional Learning revenues are mainly recognized at a point in time . Education Publishing Products Education Publishing products revenue was $66.4 million in the three months ended July 31, 2021. Education Publishing products generate approximately 75% of its revenue from contracts with its customers from Education (print and digital) Publishing, which is recognized at a point in time, and 7% from Digital Courseware which is recognized over time. The remainder of its revenues were from Test Preparation and Certification and Licensing and Other, which has a mix of revenue recognized at a point in time and over time. Professional Learning Products Professional Learning products revenue was $72.9 million in the three months ended July 31, 2021. Professional Learning (print and digital) products generate approximately 61% of revenue from contracts with its customers from Professional Publishing, and Licensing and Other, and both are mainly recognized at a point in time. Approximately 39% of Professional Learning products revenue is from contracts with its customers from Corporate Training and Corporate Learning, which is recognized mainly over time. Education Services Education Services revenue was $74.4 million in the three months ended July 31, 2021 and the majority is recognized over time. We disaggregated revenue by type of services provided, which are University Services (previously referred to as Education Services OPM) and Talent Development Services (previously referred to as mthree). University Services University Services revenue was $54.4 million in the three months ended July 31, 2021 and is mainly recognized over time. University Services engages in the comprehensive management of online degree programs for universities and has grown to include a broad array of tech enabled service offerings that address our partner specific pain points. Increasingly, this includes delivering full stack career credentialing education that advances specific careers with in-demand skills. Talent Development Services Talent Development Services revenue was $ million in the and is recognized at the point in time the services are provided to its customers. Talent Development Services 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 accounts receivable, net and contract liabilities from contracts with customers. July 31, 2021 April 30, 2021 Increase/ (Decrease) Balances from contracts with customers: Accounts receivable, net $ 284,579 $ 311,571 $ (26,992 ) Contract liabilities (1) 418,459 545,425 (126,966 ) Contract liabilities (included in Other long-term liabilities) $ 18,382 $ 19,560 $ (1,178 ) (1) The sales return reserve recorded in Contract liabilities is $40.7 million and $38.0 million, as of July 31, 2021 and April 30, 2021, respectively. For the three months ended July 31, 2021, we estimate that we recognized revenue of approximately that was included in the current contract liability at April 30, 2021 . The decrease in contract liabilities excluding the sales return reserve, was primarily driven by revenue earned on journal subscription agreements, comprehensive agreements, open access and test preparation and certification offerings, partially offset by renewals of journal subscription agreements, comprehensive agreements, open access, and test preparation and certification offerings. Remaining Performance Obligations included in Contract Liability As of July 31, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $436.8 million, which included the sales return reserve of $40.7 million. Excluding the sales return reserve, we expect that approximately $377.7 million will be recognized in the next twelve months with the remaining $18.4 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 product types, (1) Research Platforms services, which includes customer specific implementation costs per the terms of the contract and (2) University Services, which includes customer specific costs to develop courses per the terms of the contract. Our assets associated with incremental costs to fulfill a contract were $11.8 million and $12.1 million at July 31, 2021 and April 30, 2021, respectively, and are included within Other non-current assets on our Unaudited Condensed Consolidated Statements of Financial Position. We recorded amortization expense of $1.5 million and $1.2 million in the three months ended July 31, 2021 and 2020, respectively, related to these assets within Cost of sales on our Unaudited Condensed Consolidated Statements of Net 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 our Unaudited Condensed Consolidated Statements of Net Income. We incurred $6.8 million and $6.7 million in shipping and handling costs in the three months ended July 31, 2021 and 2020, respectively. |
Operating Leases
Operating Leases | 3 Months Ended |
Jul. 31, 2021 | |
Operating Leases [Abstract] | |
Operating Leases | Note 5 Operating Leases Lessee 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 lease standard and we perform the lease classification test as of the lease commencement date. Right-of-use (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 leasing standard, leases that are more than one year in duration are capitalized and recorded on our Unaudited Condensed 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 lease liabilities are presented on our Condensed Consolidated Statement of Financial Position as follows: July 31, 2021 April 30, 2021 Operating lease ROU assets $ 122,334 $ 121,430 Short-term portion of operating lease liabilities 21,547 22,440 Operating lease liabilities, non-current $ 145,340 $ 145,832 During the three months ended July 31, 2021, we added $5.0 million to the ROU assets and 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: Three Months Ended July 31, 2021 2020 Operating lease cost $ 5,917 $ 6,635 Variable lease cost 344 521 Short-term lease cost 20 88 Sublease income (201 ) (170 ) Total net lease cost (1) $ 6,080 $ 7,074 (1) Total net lease cost does not include those costs and sublease income included in Restructuring and related (credits) charges on our Unaudited Condensed Consolidated Statements of Net Income. This includes those operating leases we had identified in the year ended April 30, 2021 a See Note 9 , “Restructuring and Related (Credits) Charges” for more information on these programs. Other supplemental information includes the following: Three Months Ended July 31, 2021 2020 Weighted-average remaining contractual lease term (years) 9 10 Weighted-average discount rate 5.83 % 5.89 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,974 $ 8,974 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 our Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2021: Fiscal Year Operating Lease Liabilities 2022 (remaining 9 months) $ 22,263 2023 27,323 2024 26,010 2025 24,630 2026 21,991 Thereafter 95,376 Total future undiscounted minimum lease payments 217,593 Less: Imputed interest 50,706 Present value of minimum lease payments 166,887 Less: Current portion 21,547 Noncurrent portion $ 145,340 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Jul. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 6 Stock-Based Compensation We have stock-based compensation plans under which employees may be granted performance-based stock awards, other restricted stock awards and options. We recognize the grant date fair value of stock-based compensation in net income on a straight-line basis, net of estimated forfeitures over the requisite service period. The measurement of performance for performance-based stock awards is based on actual financial results for targets established up to in advance, or less. 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 or less financial performance-based targets. During each period or less, we adjust compensation expense based upon our best estimate of expected performance. 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. The following table summarizes awards we granted to employees (shares in thousands): Three Months Ended July 31, 2021 2020 Restricted Stock Awards granted (shares) 433 358 Weighted average fair value of grant $ 57.36 $ 38.88 Stock Option Activity On June 24, 2021, we granted stock option awards. These options vest on , on , on and on . The options are exercisable over a maximum period of from the date of grant. The grant date fair value of these options was $ using the Black-Scholes option-pricing model. The significant assumptions used in the fair value determination were as follows: Expected life of options (years) 6.3 Risk-free interest rate 1.1 % Expected volatility 30.6 % Expected dividend yield 2.4 % Fair value of common stock on grant date $ 57.34 Exercise price of stock option grant $ 63.07 Prior to the above stock option grants in the , we did t grant any stock option awards since the year ended April 30, 2016. As of April 30, 2019, all outstanding stock options vested allowing the participant the right to exercise their awards, and there was unrecognized share-based compensation expense remaining related to those stock options. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Jul. 31, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 7 Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the three months ended July 31, 2021 and 2020 were as follows: Foreign Currency Translation Unamortized Retirement Costs Interest Rate Swaps Total Balance at April 30, 2021 $ (257,941 ) $ (228,146 ) $ (4,703 ) $ (490,790 ) Other comprehensive (loss) income before reclassifications (5,937 ) 142 (293 ) (6,088 ) Amounts reclassified from Accumulated other comprehensive loss — 1,447 831 2,278 Total other comprehensive (loss) income (5,937 ) 1,589 538 (3,810 ) Balance at July 31, 2021 $ (263,878 ) $ (226,557 ) $ (4,165 ) $ (494,600 ) Balance at April 30, 2020 $ (340,703 ) $ (227,920 ) $ (6,874 ) $ (575,497 ) Other comprehensive income (loss) before reclassifications 46,853 (7,190 ) (669 ) 38,994 Amounts reclassified from Accumulated other comprehensive loss — 1,525 860 2,385 Total other comprehensive income (loss) 46,853 (5,665 ) 191 41,379 Balance at July 31, 2020 $ (293,850 ) $ (233,585 ) $ (6,683 ) $ (534,118 ) During the three months ended July 31, 2021 and 2020, pretax actuarial losses included in Unamortized Retirement Costs of approximately $1.8 million and $1.9 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 Other income, net on our Unaudited Condensed Consolidated Statements of Net Income. Our policy for releasing the income tax effects from accumulated other comprehensive (loss) income is to release when the corresponding pretax accumulated other comprehensive (loss) income items are reclassified to earnings. |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Shares Outstanding | 3 Months Ended |
Jul. 31, 2021 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |
Reconciliation of Weighted Average Shares Outstanding | Note 8 Reconciliation of Weighted Average Shares Outstanding A reconciliation of the shares used in the computation of earnings per share follows (shares in thousands): Three Months Ended July 31, 2021 2020 Weighted average shares outstanding 55,869 55,916 Less: Unvested restricted shares — (4 ) Shares used for basic earnings per share 55,869 55,912 Dilutive effect of unvested restricted stock units and other stock awards 730 281 Shares used for diluted earnings per share 56,599 56,193 Antidilutive options to purchase Class A common shares, restricted shares, warrants to purchase Class A common shares, and contingently issuable restricted stock which are excluded from the table above 930 1,086 The shares associated with performance-based stock awards are considered contingently issuable shares and will be included in the diluted weighted average number of common shares outstanding when they have met the performance conditions and when their effect is dilutive |
Restructuring and Related (Cred
Restructuring and Related (Credits) Charges | 3 Months Ended |
Jul. 31, 2021 | |
Restructuring and Related (Credits) Charges [Abstract] | |
Restructuring and Related (Credits) Charges | Note 9 Restructuring and Related (Credits) 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 pretax restructuring (credits) charges related to this program: Three Months Ended July 31, Total Charges 2021 2020 Incurred to Date (Credits) Charges by Segment: Research Publishing & Platforms $ 216 $ (197 ) $ 3,861 Academic & Professional Learning 171 (227 ) 13,875 Education Services (34 ) 139 4,271 Corporate Expenses (629 ) 2,470 43,979 Total Restructuring and Related (Credits) Charges $ (276 ) $ 2,185 $ 65,986 (Credits) Charges by Activity: Severance and termination benefits $ (614 ) $ 1,110 $ 37,781 Impairment of operating lease ROU assets and property and equipment — — 15,079 Acceleration of expense related to operating lease ROU assets and property and equipment — — 3,378 Facility related charges, net 338 1,075 8,008 Other activities — — 1,740 Total Restructuring and Related (Credits) Charges $ (276 ) $ 2,185 $ 65,986 The credits in severance and termination benefits activities for the three months ended July 31, 2021, primarily reflects changes in the number of headcount reductions and estimates for previously accrued costs. Facilities related charges include sublease income related to those operating leases we had identified in the year ended April 30, 2021 a The following table summarizes the activity for the Business Optimization Program liability for the three months ended July 31, 2021: April 30, 2021 (Credits) Payments Foreign Translation & Other Adjustments July 31, 2021 Severance and termination benefits $ 11,465 $ (614 ) $ (3,766 ) $ (71 ) $ 7,014 Total $ 11,465 $ (614 ) $ (3,766 ) $ (71 ) $ 7,014 The restructuring liability for accrued severance and termination benefits is reflected in Accrued employment costs in the Unaudited Condensed Consolidated Statement of Financial Position as of |
Segment Information
Segment Information | 3 Months Ended |
Jul. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | Note 10 Segment Information We report our segment information in accordance with the provisions of FASB Accounting Standards Codification (ASC) Topic 280, “Segment Reporting”. These segments reflect the way our chief operating decision maker evaluates our business performance and manages the operations. The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Contribution to Profit. Our segment reporting structure consists of three reportable segments, which are listed below, as well as a Corporate category, which includes certain costs that are not allocated to the reportable segments: ● Research Publishing & Platforms ● Academic & Professional Learning ● Education Segment information is as follows: Three Months Ended July 31, 2021 2020 Revenue: Research Publishing & Platforms $ 274,756 $ 240,810 Academic & Professional Learning (1) 139,264 126,432 Education Services (1) 74,368 64,084 Total revenue $ 488,388 $ 431,326 Adjusted Contribution to Profit: Research Publishing & Platforms $ 79,024 $ 69,621 Academic & Professional Learning (1) 8,323 (245 ) Education Services (1) (1,861 ) 595 Total adjusted contribution to profit 85,486 69,971 Adjusted corporate contribution to profit (44,794 ) (37,714 ) Total adjusted contribution to profit $ 40,692 $ 32,257 Depreciation and Amortization: Research Publishing & Platforms $ 23,762 $ 19,701 Academic & Professional Learning (1) 18,364 18,804 Education Services (1) 8,303 7,279 Total depreciation and amortization 50,429 45,784 Corporate depreciation and amortization 4,137 3,723 Total depreciation and amortization $ 54,566 $ 49,507 (1) In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning to Education Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services. The Revenue, Adjusted Contribution to Profit and Depreciation and Amortization for WileyNXT was $0.5 million, $0.1 million, and none, respectively, for the three months ended July 31, 2020. There were no changes to our total consolidated financial results. The following table shows a reconciliation of our consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit: Three Months Ended July 31, 2021 2020 US GAAP Operating Income $ 40,968 $ 30,039 Adjustments: Restructuring and related (credits) charges (1) (276 ) 2,218 Non-GAAP Adjusted Contribution to Profit $ 40,692 $ 32,257 (1) See Note 9, “Restructuring and Related (Credits) Charges” for these charges by segment. See Note 4, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the three months ended July 31, 2021 and 2020. |
Inventories
Inventories | 3 Months Ended |
Jul. 31, 2021 | |
Inventories [Abstract] | |
Inventories | Note 11 Inventories Inventories, net consisted of the following: July 31, 2021 April 30, 2021 Finished goods $ 28,645 $ 31,704 Work-in-process 2,767 2,060 Paper and other materials 376 331 Total inventories before estimated sales returns and LIFO reserve $ 31,788 $ 34,095 Inventory value of estimated sales returns 11,047 10,886 LIFO reserve (2,443 ) (2,443 ) Inventories, net $ 40,392 $ 42,538 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Jul. 31, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 12 Goodwill and Intangible Assets Goodwill The following table summarizes the activity in goodwill by segment as of July 31, 2021: April 30, 2021 (1) Foreign Translation Adjustment July 31, 2021 Research Publishing & Platforms $ 619,203 $ (763 ) $ 618,440 Academic & Professional Learning 512,512 (1,884 ) 510,628 Education Services 172,625 (94 ) 172,531 Total $ 1,304,340 $ (2,741 ) $ 1,301,599 (1) The Education Services goodwill balance as of April 30, 2021 includes a cumulative pretax noncash goodwill impairment of $110.0 million. Intangible Assets Intangible assets, net were as follows: July 31, 2021 April 30, 2021 (1) Intangible assets with definite lives, net: Content and publishing rights $ 552,624 $ 564,229 Customer relationships 259,158 266,477 Developed technology 36,667 34,961 Brands and trademarks 18,684 19,536 Covenants not to compete 23 58 Total intangible assets with definite lives, net 867,156 885,261 Intangible assets with indefinite lives: Brands and trademarks 37,000 37,000 Publishing rights 91,457 93,041 Total intangible assets with indefinite lives 128,457 130,041 Total intangible assets, net $ 995,613 $ 1,015,302 (1) The developed technology balance as of April 30, 2021 is presented net of accumulated impairments and write-offs of $2.8 million. The indefinite-lived brands and trademarks as of April 30, 2021 is net of accumulated impairments of $93.1 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 13 Income Taxes The effective tax rate for the three months ended July 31, 2021 was 68.6% compared to 45.1% for the three months ended July 31, 2020. The rate for each three-month period was greater than the US statutory rate primarily due to increases in the UK statutory rate in each period, resulting in a noncash deferred tax expense in each period from the re-measurement of our applicable UK net deferred tax liabilities. The rate for the three months ended July 31, 2021 was greater than the rate for the three months ended July 31, 2020 due to a larger increase in the UK statutory rate than the prior period. During the first three months of fiscal 2022, the UK enacted legislation that increased its statutory rate from 19% to 25% effective April 1, 2023, resulting in a $20.7 million non-cash deferred tax expense. During the first three months of fiscal 2021, the UK officially enacted legislation that increased its statutory rate from 17% to 19%, resulting in a $6.7 million non-cash deferred tax expense. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Jul. 31, 2021 | |
Retirement Plans [Abstract] | |
Retirement Plans | Note 14 Retirement Plans The components of net pension income for the defined benefit plans were as follows: Three Months Ended July 31, 2021 2020 Service cost $ 307 $ 333 Interest cost 5,223 4,521 Expected return on plan assets (10,259 ) (9,378 ) Amortization of prior service cost (22 ) (25 ) Amortization of net actuarial loss 1,897 1,987 Net pension income $ (2,854 ) $ (2,562 ) The service cost component of net pension income is reflected in Operating and administrative expenses on our Unaudited Condensed Consolidated Statements of Net Income. The other components of net pension income are reported separately from the service cost component and below Operating income. Such amounts are reflected in Other income, net on our Unaudited Condensed Consolidated Statements of Net Income. Employer defined benefit pension plan contributions were $4.5 million and $5.1 million for the three months ended July 31, 2021 and 2020, respectively. Defined Contribution Savings Plans The expense for employer defined contribution savings plans was $9.1 million and $6.6 million for the three months ended July 31, 2021 and 2020, respectively. |
Debt and Available Credit Facil
Debt and Available Credit Facilities | 3 Months Ended |
Jul. 31, 2021 | |
Debt and Available Credit Facilities [Abstract] | |
Debt and Available Credit Facilities | Note 15 Debt and Available Credit Facilities Our total debt outstanding consisted of the amounts set forth in the following table: July 31, 2021 April 30, 2021 Short-term portion of long-term debt (1) $ 12,500 $ 12,500 Term loan A - Amended and Restated RCA (2) 219,844 222,928 Revolving credit facility - Amended and Restated RCA 732,176 586,160 Total long-term debt, less current portion 952,020 809,088 Total debt $ 964,520 $ 821,588 (1) Relates to our term loan A under the Amended and Restated RCA. (2) Amounts are shown net of unamortized issuance costs of $0.5 million as of July 31, 2021 and $0.5 million as of April 30, 2021. 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 US 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 The amortization expense of the costs incurred related to the Amended and Restated RCA related to the lender and non-lender fees is recognized over the term of the Amended and Restated RCA. Total amortization expense was $ million for the three months ended July 31, 2021 and 2020, respectively and is included in Interest expense . As of July 31, 2021, we had approximately $518.8 million of unused borrowing capacity under our Amended and Restated RCA and other facilities. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Jul. 31, 2021 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities | Note 16 Derivative Instruments and Hedging 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 July 31, 2021, we had total debt outstanding of $964.5 million, net of unamortized issuance costs of $0.5 million of which $965.0 million are variable rate loans outstanding under the Amended and Restated RCA, which approximated fair value. We had outstanding interest rate swap agreements with combined notional amounts of $400.0 million as of July 31, 2021 and April 30, 2021. These agreements were accounted for as cash flow hedges which fixed a portion of the variable interest due on our Amended and Restated RCA 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 July 31, 2021 and April 30, 2021 was a deferred loss of $4.9 million and $5.6 million, respectively. Based on the maturity dates of the contracts, $1.6 million of the deferred loss as of July 31, 2021 was recorded within Other accrued liabilities and $3.3 million of the deferred loss was recorded within Other long-term liabilities. The entire deferred loss as of April 30, 2021 was recorded within Other long-term liabilities The pretax losses that were reclassified from Accumulated other comprehensive loss into Interest expense for the three months ended July 31, 2021 and 2020 were $1.1 million and $0.9 million, respectively. 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 our Unaudited Condensed Consolidated Statements of Net Income and carried at their fair value on our Unaudited Condensed Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Foreign exchange transaction gains (losses) on our Unaudited Condensed Consolidated Statements of Net Income. As of July 31, 2021, and April 30, 2021, we did not maintain any open forward exchange contracts. In addition, we did not maintain any open forward contracts during the three months ended July 31, 2021 and 2020. |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 3 Months Ended |
Jul. 31, 2021 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | Note 17 Capital Stock and Changes in Capital Accounts Share Repurchases The following table summarizes the shares repurchased of Class A and Class B Common Stock (shares in thousands): Three Months Ended July 31, 2021 Shares repurchased - Class A 129 Shares repurchased - Class B 1 Average price - Class A and Class B $ 56.88 There were no share repurchases during the three months ended July 31, 2020. Dividends The following table summarizes the cash dividends paid during the three months ended July 31, 2021: 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 22, 2021 $0.3450 per common share $19.3 million Class A and Class B July 21, 2021 July 6, 2021 Changes in Common Stock The following is a summary of changes during the three months ended July 31, in shares of our common stock and common stock in treasury (shares in thousands): Changes in Common Stock A: 2021 2020 Number of shares, beginning of year 70,208 70,166 Common stock class conversions 3 11 Number of shares issued, end of period 70,211 70,177 Changes in Common Stock A in treasury: Number of shares held, beginning of year 23,419 23,405 Purchase of treasury shares 129 — Restricted shares issued under stock-based compensation plans - non-PSU Awards (118 ) (94 ) Restricted shares issued under stock-based compensation plans - PSU Awards (103 ) (86 ) Restricted shares issued from exercise of stock options (22 ) (33 ) Shares withheld for taxes 85 67 Number of shares held, end of period 23,390 23,259 Number of Common Stock A outstanding, end of period 46,821 46,918 Changes in Common Stock B: 2021 2020 Number of shares, beginning of year 12,974 13,016 Common stock class conversions (3 ) (11 ) Number of shares issued, end of period 12,971 13,005 Changes in Common Stock B in treasury: Number of shares held, beginning of year 3,922 3,920 Purchase of treasury shares 1 — Number of shares held, end of period 3,923 3,920 Number of Common Stock B outstanding, end of period 9,048 9,085 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 18 Commitments 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 July 31, 2021, will not have a material effect upon our consolidated financial condition or results of operations. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Jul. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley & Sons, Inc. and all our subsidiaries, except where the context indicates otherwise. Our Unaudited Condensed Consolidated Financial Statements include all the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Unaudited Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Income and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are in thousands, except per share amounts, and approximate due to rounding. These financial statements should be read in conjunction with the most recent audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2021 as filed with the SEC on July 6, 2021 (2021 Form 10-K). Our Unaudited Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by US GAAP have been condensed or omitted. The preparation of our Unaudited Condensed Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation. In the fourth quarter of fiscal year 2021, a UK entity acquired in connection with the acquisition of mthree, which was acquired on January 1, 2020 , As a result of these events, the Company evaluated whether it was appropriate to consolidate the assets, liabilities, and operations of the entity as part of its consolidated financial statements as of April 30, 2021 and for the period from the entity being dissolved through April 30, 2021, and also whether there was a liability to the Crown and a related loss associated with the dissolution of the entity under US GAAP in the fiscal year 2021. The Company evaluated the criteria in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810 As of July 31, 2021, there has been no change in the Company’s conclusions or in the expected timing of the restoration of the entity as described above. Accordingly, the Company continued to consolidate the assets, liabilities and operations of the entity in its consolidated financial statements as of July 31, 2021. |
Recent Accounting Standards (Po
Recent Accounting Standards (Policies) | 3 Months Ended |
Jul. 31, 2021 | |
Recent Accounting Standards [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards Simplifying the Accounting for Income Taxes In December 2019, the FASB issued Accounting Standards Update (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. We adopted ASU 2019-12 on May 1, 2021. The adoption did not have a material impact on our consolidated financial statements at the time of adoption. The impact in the future would depend on any changes in tax laws and the applicable enactment dates. In accordance with ASU 2019-12, the enactment date is when any effects are recognized in the consolidated financial statements. Recently Issued Accounting Standards Convertible Debt Instruments, Derivatives and EPS In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock. As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings-per-share (EPS) guidance. This standard is effective for us on May 1, 2022, including interim periods within the fiscal year. Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently assessing the impact the new guidance will have on our consolidated financial statements. 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 immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022 . We are currently assessing the impact the new guidance will have on our consolidated financial statements |
Revenue Recognition, Contract_2
Revenue Recognition, Contracts with Customers (Policies) | 3 Months Ended |
Jul. 31, 2021 | |
Revenue Recognition, Contracts with Customers [Abstract] | |
Revenue from Contract with Customer | Research Publishing & Platforms Research Publishing & Platforms’ customers include academic, corporate, government, and public libraries, funders of research, researchers, scientists, clinicians, engineers and technologists, scholarly and professional societies, and students and professors. Research Publishing & Platforms products are sold and distributed globally through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to professional society members, and other customers. Publishing centers include Australia, China, Germany, India, the United Kingdom (UK), and the United States (US). The majority of revenue generated from Research Publishing and Platforms products is recognized over time. Total Research Publishing & Platforms revenue was $274.8 million in the three months ended July 31, 2021. We disaggregated revenue by Research Publishing and Research Platforms to reflect the different type of products and services provided. Research Publishing Products Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services, to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $263.4 million in the three months ended July 31, 2021 and the majority is recognized over time. Research Publishing products generate approximately 80% of its revenue from contracts with its customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Comprehensive Agreements (read and publish) and the remainder from Licensing, Reprints, Backfiles, and Other. Research Platforms Services Research Platforms is a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content on the web through the Literatum platform. Research Platforms revenue was $11.4 million in the three months ended July 31, 2021 and the majority is recognized over time. Academic & Professional Learning Academic & Professional Learning provides Education Publishing and Professional Learning products and services including scientific, professional, and education print and digital books, digital courseware, and test preparation services, to libraries, corporations, students, professionals, and researchers, as well as learning, development, and assessment services for businesses and professionals. Communities served include business, finance, accounting, workplace learning, management, leadership, technology, behavioral health, engineering/ architecture, science and medicine, and education. Products are developed for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, web sites, distributor networks and other online applications. Publishing centers include Australia, Germany, India, the UK, and the US. Total Academic & Professional Learning revenue was $ million in the . We disaggregated revenue by type of products provided. Academic & Professional Learning products are Education Publishing and Professional Learning. Academic & Professional Learning revenues are mainly recognized at a point in time . Education Publishing Products Education Publishing products revenue was $66.4 million in the three months ended July 31, 2021. Education Publishing products generate approximately 75% of its revenue from contracts with its customers from Education (print and digital) Publishing, which is recognized at a point in time, and 7% from Digital Courseware which is recognized over time. The remainder of its revenues were from Test Preparation and Certification and Licensing and Other, which has a mix of revenue recognized at a point in time and over time. Professional Learning Products Professional Learning products revenue was $72.9 million in the three months ended July 31, 2021. Professional Learning (print and digital) products generate approximately 61% of revenue from contracts with its customers from Professional Publishing, and Licensing and Other, and both are mainly recognized at a point in time. Approximately 39% of Professional Learning products revenue is from contracts with its customers from Corporate Training and Corporate Learning, which is recognized mainly over time. Education Services Education Services revenue was $74.4 million in the three months ended July 31, 2021 and the majority is recognized over time. We disaggregated revenue by type of services provided, which are University Services (previously referred to as Education Services OPM) and Talent Development Services (previously referred to as mthree). University Services University Services revenue was $54.4 million in the three months ended July 31, 2021 and is mainly recognized over time. University Services engages in the comprehensive management of online degree programs for universities and has grown to include a broad array of tech enabled service offerings that address our partner specific pain points. Increasingly, this includes delivering full stack career credentialing education that advances specific careers with in-demand skills. Talent Development Services Talent Development Services revenue was $ million in the and is recognized at the point in time the services are provided to its customers. Talent Development Services 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. |
Revenue Recognition, Contract_3
Revenue Recognition, Contracts with Customers (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Revenue Recognition, Contracts with Customers [Abstract] | |
Revenue from Contracts With Customers Disaggregated by Segment and Product Type | The following table presents our revenue from contracts with customers disaggregated by segment and product type. Three Months Ended July 31, 2021 2020 Research Publishing & Platforms: Research Publishing $ 263,358 $ 230,464 Research Platforms 11,398 10,346 Total Research Publishing & Platforms 274,756 240,810 Academic & Professional Learning: Education Publishing (1) 66,380 63,603 Professional Learning 72,884 62,829 Total Academic & Professional Learning 139,264 126,432 Education Services: University Services (2) 54,394 50,262 Talent Development Services (1)(3) 19,974 13,822 Total Education Services 74,368 64,084 Total Revenue $ 488,388 $ 431,326 (1) In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning – Education Publishing to Education Services – Talent Development Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services - Talent Development Services. The revenue was $0.5 million for the three months ended July 31, 2020. There were no changes to our total consolidated financial results. (2) University Services was previously referred to as Education Services OPM. (3) Talent Development Services was previously referred to as mthree. |
Accounts Receivable, Net and Contract Liabilities from Contracts with Customers | The following table provides information about accounts receivable, net and contract liabilities from contracts with customers. July 31, 2021 April 30, 2021 Increase/ (Decrease) Balances from contracts with customers: Accounts receivable, net $ 284,579 $ 311,571 $ (26,992 ) Contract liabilities (1) 418,459 545,425 (126,966 ) Contract liabilities (included in Other long-term liabilities) $ 18,382 $ 19,560 $ (1,178 ) (1) The sales return reserve recorded in Contract liabilities is $40.7 million and $38.0 million, as of July 31, 2021 and April 30, 2021, respectively. |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Operating Leases [Abstract] | |
ROU Assets and Lease Liabilities | For operating leases, the ROU assets and lease liabilities are presented on our Condensed Consolidated Statement of Financial Position as follows: July 31, 2021 April 30, 2021 Operating lease ROU assets $ 122,334 $ 121,430 Short-term portion of operating lease liabilities 21,547 22,440 Operating lease liabilities, non-current $ 145,340 $ 145,832 |
Total Net Lease Costs | Our total net lease costs are as follows: Three Months Ended July 31, 2021 2020 Operating lease cost $ 5,917 $ 6,635 Variable lease cost 344 521 Short-term lease cost 20 88 Sublease income (201 ) (170 ) Total net lease cost (1) $ 6,080 $ 7,074 (1) Total net lease cost does not include those costs and sublease income included in Restructuring and related (credits) charges on our Unaudited Condensed Consolidated Statements of Net Income. This includes those operating leases we had identified in the year ended April 30, 2021 a See Note 9 , “Restructuring and Related (Credits) Charges” for more information on these programs. |
Other Supplemental Information for Operating Leases | Other supplemental information includes the following: Three Months Ended July 31, 2021 2020 Weighted-average remaining contractual lease term (years) 9 10 Weighted-average discount rate 5.83 % 5.89 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,974 $ 8,974 |
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 our Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2021: Fiscal Year Operating Lease Liabilities 2022 (remaining 9 months) $ 22,263 2023 27,323 2024 26,010 2025 24,630 2026 21,991 Thereafter 95,376 Total future undiscounted minimum lease payments 217,593 Less: Imputed interest 50,706 Present value of minimum lease payments 166,887 Less: Current portion 21,547 Noncurrent portion $ 145,340 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Awards Granted to Employees | The following table summarizes awards we granted to employees (shares in thousands): Three Months Ended July 31, 2021 2020 Restricted Stock Awards granted (shares) 433 358 Weighted average fair value of grant $ 57.36 $ 38.88 |
Significant Assumptions Used in Fair Value Determination | Expected life of options (years) 6.3 Risk-free interest rate 1.1 % Expected volatility 30.6 % Expected dividend yield 2.4 % Fair value of common stock on grant date $ 57.34 Exercise price of stock option grant $ 63.07 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the three months ended July 31, 2021 and 2020 were as follows: Foreign Currency Translation Unamortized Retirement Costs Interest Rate Swaps Total Balance at April 30, 2021 $ (257,941 ) $ (228,146 ) $ (4,703 ) $ (490,790 ) Other comprehensive (loss) income before reclassifications (5,937 ) 142 (293 ) (6,088 ) Amounts reclassified from Accumulated other comprehensive loss — 1,447 831 2,278 Total other comprehensive (loss) income (5,937 ) 1,589 538 (3,810 ) Balance at July 31, 2021 $ (263,878 ) $ (226,557 ) $ (4,165 ) $ (494,600 ) Balance at April 30, 2020 $ (340,703 ) $ (227,920 ) $ (6,874 ) $ (575,497 ) Other comprehensive income (loss) before reclassifications 46,853 (7,190 ) (669 ) 38,994 Amounts reclassified from Accumulated other comprehensive loss — 1,525 860 2,385 Total other comprehensive income (loss) 46,853 (5,665 ) 191 41,379 Balance at July 31, 2020 $ (293,850 ) $ (233,585 ) $ (6,683 ) $ (534,118 ) |
Reconciliation of Weighted Av_2
Reconciliation of Weighted Average Shares Outstanding (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |
Reconciliation of Shares used in Computation of Earnings (Loss) Per Share | A reconciliation of the shares used in the computation of earnings per share follows (shares in thousands): Three Months Ended July 31, 2021 2020 Weighted average shares outstanding 55,869 55,916 Less: Unvested restricted shares — (4 ) Shares used for basic earnings per share 55,869 55,912 Dilutive effect of unvested restricted stock units and other stock awards 730 281 Shares used for diluted earnings per share 56,599 56,193 Antidilutive options to purchase Class A common shares, restricted shares, warrants to purchase Class A common shares, and contingently issuable restricted stock which are excluded from the table above 930 1,086 |
Restructuring and Related (Cr_2
Restructuring and Related (Credits) Charges (Tables) - Business Optimization Program [Member] | 3 Months Ended |
Jul. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |
Pretax Restructuring (Credits) Charges | The following tables summarize the pretax restructuring (credits) charges related to this program: Three Months Ended July 31, Total Charges 2021 2020 Incurred to Date (Credits) Charges by Segment: Research Publishing & Platforms $ 216 $ (197 ) $ 3,861 Academic & Professional Learning 171 (227 ) 13,875 Education Services (34 ) 139 4,271 Corporate Expenses (629 ) 2,470 43,979 Total Restructuring and Related (Credits) Charges $ (276 ) $ 2,185 $ 65,986 (Credits) Charges by Activity: Severance and termination benefits $ (614 ) $ 1,110 $ 37,781 Impairment of operating lease ROU assets and property and equipment — — 15,079 Acceleration of expense related to operating lease ROU assets and property and equipment — — 3,378 Facility related charges, net 338 1,075 8,008 Other activities — — 1,740 Total Restructuring and Related (Credits) Charges $ (276 ) $ 2,185 $ 65,986 |
Activity for Restructuring Liability | The following table summarizes the activity for the Business Optimization Program liability for the three months ended July 31, 2021: April 30, 2021 (Credits) Payments Foreign Translation & Other Adjustments July 31, 2021 Severance and termination benefits $ 11,465 $ (614 ) $ (3,766 ) $ (71 ) $ 7,014 Total $ 11,465 $ (614 ) $ (3,766 ) $ (71 ) $ 7,014 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | Segment information is as follows: Three Months Ended July 31, 2021 2020 Revenue: Research Publishing & Platforms $ 274,756 $ 240,810 Academic & Professional Learning (1) 139,264 126,432 Education Services (1) 74,368 64,084 Total revenue $ 488,388 $ 431,326 Adjusted Contribution to Profit: Research Publishing & Platforms $ 79,024 $ 69,621 Academic & Professional Learning (1) 8,323 (245 ) Education Services (1) (1,861 ) 595 Total adjusted contribution to profit 85,486 69,971 Adjusted corporate contribution to profit (44,794 ) (37,714 ) Total adjusted contribution to profit $ 40,692 $ 32,257 Depreciation and Amortization: Research Publishing & Platforms $ 23,762 $ 19,701 Academic & Professional Learning (1) 18,364 18,804 Education Services (1) 8,303 7,279 Total depreciation and amortization 50,429 45,784 Corporate depreciation and amortization 4,137 3,723 Total depreciation and amortization $ 54,566 $ 49,507 (1) In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning to Education Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services. The Revenue, Adjusted Contribution to Profit and Depreciation and Amortization for WileyNXT was $0.5 million, $0.1 million, and none, respectively, for the three months ended July 31, 2020. There were no changes to our total consolidated financial results. |
Reconciliation of Consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit | The following table shows a reconciliation of our consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit: Three Months Ended July 31, 2021 2020 US GAAP Operating Income $ 40,968 $ 30,039 Adjustments: Restructuring and related (credits) charges (1) (276 ) 2,218 Non-GAAP Adjusted Contribution to Profit $ 40,692 $ 32,257 (1) See Note 9, “Restructuring and Related (Credits) Charges” for these charges by segment. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Inventories [Abstract] | |
Inventories | Inventories, net consisted of the following: July 31, 2021 April 30, 2021 Finished goods $ 28,645 $ 31,704 Work-in-process 2,767 2,060 Paper and other materials 376 331 Total inventories before estimated sales returns and LIFO reserve $ 31,788 $ 34,095 Inventory value of estimated sales returns 11,047 10,886 LIFO reserve (2,443 ) (2,443 ) Inventories, net $ 40,392 $ 42,538 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Activity in Goodwill by Segment | The following table summarizes the activity in goodwill by segment as of July 31, 2021: April 30, 2021 (1) Foreign Translation Adjustment July 31, 2021 Research Publishing & Platforms $ 619,203 $ (763 ) $ 618,440 Academic & Professional Learning 512,512 (1,884 ) 510,628 Education Services 172,625 (94 ) 172,531 Total $ 1,304,340 $ (2,741 ) $ 1,301,599 (1) The Education Services goodwill balance as of April 30, 2021 includes a cumulative pretax noncash goodwill impairment of $110.0 million. |
Intangible Assets, Net | Intangible assets, net were as follows: July 31, 2021 April 30, 2021 (1) Intangible assets with definite lives, net: Content and publishing rights $ 552,624 $ 564,229 Customer relationships 259,158 266,477 Developed technology 36,667 34,961 Brands and trademarks 18,684 19,536 Covenants not to compete 23 58 Total intangible assets with definite lives, net 867,156 885,261 Intangible assets with indefinite lives: Brands and trademarks 37,000 37,000 Publishing rights 91,457 93,041 Total intangible assets with indefinite lives 128,457 130,041 Total intangible assets, net $ 995,613 $ 1,015,302 (1) The developed technology balance as of April 30, 2021 is presented net of accumulated impairments and write-offs of $2.8 million. The indefinite-lived brands and trademarks as of April 30, 2021 is net of accumulated impairments of $93.1 million. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Retirement Plans [Abstract] | |
Components of Net Pension Income for Defined Benefit Plans | The components of net pension income for the defined benefit plans were as follows: Three Months Ended July 31, 2021 2020 Service cost $ 307 $ 333 Interest cost 5,223 4,521 Expected return on plan assets (10,259 ) (9,378 ) Amortization of prior service cost (22 ) (25 ) Amortization of net actuarial loss 1,897 1,987 Net pension income $ (2,854 ) $ (2,562 ) |
Debt and Available Credit Fac_2
Debt and Available Credit Facilities (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Debt and Available Credit Facilities [Abstract] | |
Total Debt Outstanding | Our total debt outstanding consisted of the amounts set forth in the following table: July 31, 2021 April 30, 2021 Short-term portion of long-term debt (1) $ 12,500 $ 12,500 Term loan A - Amended and Restated RCA (2) 219,844 222,928 Revolving credit facility - Amended and Restated RCA 732,176 586,160 Total long-term debt, less current portion 952,020 809,088 Total debt $ 964,520 $ 821,588 (1) Relates to our term loan A under the Amended and Restated RCA. (2) Amounts are shown net of unamortized issuance costs of $0.5 million as of July 31, 2021 and $0.5 million as of April 30, 2021. |
Capital Stock and Changes in _2
Capital Stock and Changes in Capital Accounts (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Summary of Shares Repurchased | The following table summarizes the shares repurchased of Class A and Class B Common Stock (shares in thousands): Three Months Ended July 31, 2021 Shares repurchased - Class A 129 Shares repurchased - Class B 1 Average price - Class A and Class B $ 56.88 |
Cash Dividends Paid | The following table summarizes the cash dividends paid during the three months ended July 31, 2021: 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 22, 2021 $0.3450 per common share $19.3 million Class A and Class B July 21, 2021 July 6, 2021 |
Summary of Changes of Common Stock and Common Stock in Treasury | The following is a summary of changes during the three months ended July 31, in shares of our common stock and common stock in treasury (shares in thousands): Changes in Common Stock A: 2021 2020 Number of shares, beginning of year 70,208 70,166 Common stock class conversions 3 11 Number of shares issued, end of period 70,211 70,177 Changes in Common Stock A in treasury: Number of shares held, beginning of year 23,419 23,405 Purchase of treasury shares 129 — Restricted shares issued under stock-based compensation plans - non-PSU Awards (118 ) (94 ) Restricted shares issued under stock-based compensation plans - PSU Awards (103 ) (86 ) Restricted shares issued from exercise of stock options (22 ) (33 ) Shares withheld for taxes 85 67 Number of shares held, end of period 23,390 23,259 Number of Common Stock A outstanding, end of period 46,821 46,918 Changes in Common Stock B: 2021 2020 Number of shares, beginning of year 12,974 13,016 Common stock class conversions (3 ) (11 ) Number of shares issued, end of period 12,971 13,005 Changes in Common Stock B in treasury: Number of shares held, beginning of year 3,922 3,920 Purchase of treasury shares 1 — Number of shares held, end of period 3,923 3,920 Number of Common Stock B outstanding, end of period 9,048 9,085 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 |
Basis of Presentation [Abstract] | ||
Intercompany receivables | $ 189.1 | $ 188.8 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2021 | [1] |
Acquisitions [Abstract] | |||||
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired | $ 3,032 | $ 136 | |||
Revenue | 488,388 | 431,326 | |||
Operating income | 40,968 | $ 30,039 | |||
Goodwill | 1,301,599 | $ 1,304,340 | |||
Research Publishing & Platforms [Member] | |||||
Acquisitions [Abstract] | |||||
Goodwill | 618,440 | $ 619,203 | |||
Hindawi [Member] | |||||
Acquisitions [Abstract] | |||||
Percentage of ownership interest acquired | 100.00% | ||||
Fair value of consideration transferred | $ 300,100 | ||||
Total cash consideration transferred | 299,300 | ||||
Settlement of preexisting relationship | 800 | ||||
Cash acquired | 1,000 | ||||
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired | 298,300 | ||||
Intangible assets, net | 194,900 | ||||
Hindawi [Member] | Research Publishing & Platforms [Member] | |||||
Acquisitions [Abstract] | |||||
Revenue | 11,500 | ||||
Operating income | $ 1,800 | ||||
Goodwill | $ 147,400 | ||||
[1] | The Education Services goodwill balance as of April 30, 2021 includes a cumulative pretax noncash goodwill impairment of $110.0 million. |
Revenue Recognition, Contract_4
Revenue Recognition, Contracts with Customers, Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | ||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | $ 488,388 | $ 431,326 | |
Research Publishing & Platforms [Member] | Research Publishing [Member] | Journal Subscriptions, Open Access and Comprehensive Agreements [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue percentage | 80.00% | ||
Academic & Professional Learning [Member] | Education Publishing [Member] | Print and Digital [Member] | Transferred at Point in Time [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue percentage | 75.00% | ||
Academic & Professional Learning [Member] | Education Publishing [Member] | Digital Courseware [Member] | Transferred over Time [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue percentage | 7.00% | ||
Academic & Professional Learning [Member] | Professional Learning [Member] | Professional Publishing, and Licensing and Other, [Member] | Transferred at Point in Time [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue percentage | 61.00% | ||
Academic & Professional Learning [Member] | Professional Learning [Member] | Corporate Training and Corporate Learning [Member] | Transferred over Time [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue percentage | 39.00% | ||
Education Services [Member] | Talent Development Services [Member] | Wiley NXT [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | 500 | ||
Operating Segments [Member] | Research Publishing & Platforms [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | $ 274,756 | 240,810 | |
Operating Segments [Member] | Research Publishing & Platforms [Member] | Research Publishing [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | 263,358 | 230,464 | |
Operating Segments [Member] | Research Publishing & Platforms [Member] | Research Platforms [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | 11,398 | 10,346 | |
Operating Segments [Member] | Academic & Professional Learning [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | [1] | 139,264 | 126,432 |
Operating Segments [Member] | Academic & Professional Learning [Member] | Education Publishing [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | [2] | 66,380 | 63,603 |
Operating Segments [Member] | Academic & Professional Learning [Member] | Professional Learning [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | 72,884 | 62,829 | |
Operating Segments [Member] | Education Services [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | [1] | 74,368 | 64,084 |
Operating Segments [Member] | Education Services [Member] | University Services [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | [3] | 54,394 | 50,262 |
Operating Segments [Member] | Education Services [Member] | Talent Development Services [Member] | |||
Revenue from contracts with customers disaggregated by segment and product type [Abstract] | |||
Revenue | [2],[4] | $ 19,974 | $ 13,822 |
[1] | In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning to Education Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services. The Revenue, Adjusted Contribution to Profit and Depreciation and Amortization for WileyNXT was $0.5 million, $0.1 million, and none, respectively, for the three months ended July 31, 2020. There were no changes to our total consolidated financial results. | ||
[2] | In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning – Education Publishing to Education Services – Talent Development Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services - Talent Development Services. The revenue was $0.5 million for the three months ended July 31, 2020. There were no changes to our total consolidated financial results. | ||
[3] | University Services was previously referred to as Education Services OPM. | ||
[4] | Talent Development Services was previously referred to as mthree. |
Revenue Recognition, Contract_5
Revenue Recognition, Contracts with Customers, Accounts Receivable, net and Contract Liability Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Apr. 30, 2021 | ||
Balances from contracts with customers [Abstract] | |||
Accounts receivable, net | $ 284,579 | $ 311,571 | |
Contract liabilities | [1] | 418,459 | 545,425 |
Contract liabilities (included in Other long-term liabilities) | 18,382 | 19,560 | |
Increase/(decrease) [Abstract] | |||
Accounts receivable, net | (26,992) | ||
Contract liabilities | [1] | (126,966) | |
Contract liabilities (included in Other long-term liabilities) | (1,178) | ||
Sales return reserve recorded in contract liability | $ 40,700 | $ 38,000 | |
Revenue recognized from beginning contract liability, percentage | 40.00% | ||
[1] | The sales return reserve recorded in Contract liabilities is $40.7 million and $38.0 million, as of July 31, 2021 and April 30, 2021, respectively. |
Revenue Recognition, Contract_6
Revenue Recognition, Contracts with Customers, Remaining Performance Obligations included in Contract Liability (Details) - USD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 |
Remaining Performance Obligations [Abstract] | ||
Remaining performance obligations | $ 436.8 | |
Sales return reserve recorded in contract liability | 40.7 | $ 38 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 | ||
Remaining Performance Obligations [Abstract] | ||
Remaining performance obligations excluding sales return reserve | $ 377.7 | |
Expected timing of satisfaction, period | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | ||
Remaining Performance Obligations [Abstract] | ||
Remaining performance obligations | $ 18.4 | |
Expected timing of satisfaction, period |
Revenue Recognition, Contract_7
Revenue Recognition, Contracts with Customers, Assets Recognized for the Costs to Fulfill a Contract (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2021 | |
Assets Recognized for the Costs to Obtain or Fulfill a Contract [Abstract] | |||
Costs capitalized | $ 11,800 | $ 12,100 | |
Amortization | 1,500 | $ 1,200 | |
Cost of revenue [Abstract] | |||
Operating and administrative expenses | 260,589 | 237,369 | |
Shipping and Handling [Member] | |||
Cost of revenue [Abstract] | |||
Operating and administrative expenses | $ 6,800 | $ 6,700 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Apr. 30, 2021 | |
ROU Assets and Lease Liabilities [Abstract] | ||
Operating lease ROU assets | $ 122,334 | $ 121,430 |
Short-term portion of operating lease liabilities | 21,547 | 22,440 |
Operating lease liabilities, non-current | 145,340 | $ 145,832 |
Increase (decrease) in ROU assets due to new leases as well as modifications and remeasurements to existing operating leases | 5,000 | |
Increase (decrease) in operating lease liabilities due to new leases as well as modifications and remeasurements to existing operating leases | $ 5,000 |
Operating Leases, Total Net Lea
Operating Leases, Total Net Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | ||
Net Lease Costs [Abstract] | |||
Operating lease cost | $ 5,917 | $ 6,635 | |
Variable lease cost | 344 | 521 | |
Short-term lease cost | 20 | 88 | |
Sublease income | (201) | (170) | |
Total net lease cost | [1] | $ 6,080 | $ 7,074 |
[1] | Total net lease cost does not include those costs and sublease income included in Restructuring and related (credits) charges on our Unaudited Condensed Consolidated Statements of Net Income. This includes those operating leases we had identified in the year ended April 30, 2021 as part of our Business Optimization program that would be subleased. See Note 9, “Restructuring and Related (Credits) Charges” for more information on these programs. |
Operating Leases, Other Supplem
Operating Leases, Other Supplemental Information for Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Other Supplemental Information for Operating Leases [Abstract] | ||
Weighted-average remaining contractual lease term (years) | 9 years | 10 years |
Weighted-average discount rate | 5.83% | 5.89% |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows from operating leases | $ 7,974 | $ 8,974 |
Operating Leases, Reconciliatio
Operating Leases, Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 30, 2021 |
Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities [Abstract] | ||
2022 (remaining 9 months) | $ 22,263 | |
2023 | 27,323 | |
2024 | 26,010 | |
2025 | 24,630 | |
2026 | 21,991 | |
Thereafter | 95,376 | |
Total future undiscounted minimum lease payments | 217,593 | |
Less: Imputed interest | 50,706 | |
Present value of minimum lease payments | 166,887 | |
Less: Current portion | 21,547 | $ 22,440 |
Noncurrent portion | $ 145,340 | $ 145,832 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Stock-based Compensation [Abstract] | ||
Share-based compensation expense | $ 6,341 | $ 4,314 |
Performance-based Stock Awards [Member] | ||
Stock-based Compensation [Abstract] | ||
Period for achievement of performance-based targets | 3 years |
Stock-Based Compensation, Perfo
Stock-Based Compensation, Performance-Based and Other Restricted Stock Activity (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Restricted Stock [Member] | ||
Restricted Stock [Abstract] | ||
Awards granted (in shares) | 433 | 358 |
Weighted average fair value of grant (in dollars per share) | $ 57.36 | $ 38.88 |
Performance-based Stock Awards [Member] | ||
Restricted Stock [Abstract] | ||
Period for achievement of performance-based targets | 3 years |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Millions | Jun. 24, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Apr. 30, 2019 |
Stock Options [Abstract] | ||||
Awards granted (in shares) | 220,000 | 0 | ||
Significant Assumptions Used in Fair Value Determination [Abstract] | ||||
Expected life of options (years) | 6 years 3 months 18 days | |||
Risk-free interest rate | 1.10% | |||
Expected volatility | 30.60% | |||
Expected dividend yield | 2.40% | |||
Fair value of common stock on grant date (in dollars per share) | $ 11.80 | $ 57.34 | ||
Exercise price of stock option grant (in dollars per share) | $ 63.07 | |||
Unrecognized share-based compensation expense remaining | $ 0 | |||
Maximum [Member] | ||||
Stock Options [Abstract] | ||||
Exercisable period | 10 years | |||
Vesting on April 30, 2022 [Member] | ||||
Stock Options [Abstract] | ||||
Award vesting percentage | 10.00% | |||
Vesting on April 30, 2023 [Member] | ||||
Stock Options [Abstract] | ||||
Award vesting percentage | 20.00% | |||
Vesting on April 30, 2024 [Member] | ||||
Stock Options [Abstract] | ||||
Award vesting percentage | 30.00% | |||
Vesting on April 30, 2025 [Member] | ||||
Stock Options [Abstract] | ||||
Award vesting percentage | 40.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | $ 1,091,291 | $ 933,624 |
Other comprehensive (loss) income before reclassifications | (6,088) | 38,994 |
Amounts reclassified from Accumulated other comprehensive loss | 2,278 | 2,385 |
Total other comprehensive (loss) income | (3,810) | 41,379 |
Balance | 1,077,905 | 973,745 |
Accumulated Other Comprehensive Loss [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (490,790) | (575,497) |
Balance | (494,600) | (534,118) |
Foreign Currency Translation [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (257,941) | (340,703) |
Other comprehensive (loss) income before reclassifications | (5,937) | 46,853 |
Amounts reclassified from Accumulated other comprehensive loss | 0 | 0 |
Total other comprehensive (loss) income | (5,937) | 46,853 |
Balance | (263,878) | (293,850) |
Unamortized Retirement Costs [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (228,146) | (227,920) |
Other comprehensive (loss) income before reclassifications | 142 | (7,190) |
Amounts reclassified from Accumulated other comprehensive loss | 1,447 | 1,525 |
Total other comprehensive (loss) income | 1,589 | (5,665) |
Balance | (226,557) | (233,585) |
Interest Rate Swaps [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (4,703) | (6,874) |
Other comprehensive (loss) income before reclassifications | (293) | (669) |
Amounts reclassified from Accumulated other comprehensive loss | 831 | 860 |
Total other comprehensive (loss) income | 538 | 191 |
Balance | $ (4,165) | $ (6,683) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss, Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Amortization from Accumulated Other Comprehensive Loss [Abstract] | ||
Pension expense | $ (2,854) | $ (2,562) |
Reclassification out of Accumulated Other Comprehensive Loss [Member] | ||
Amortization from Accumulated Other Comprehensive Loss [Abstract] | ||
Pension expense | $ 1,800 | $ 1,900 |
Reconciliation of Weighted Av_3
Reconciliation of Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | ||
Weighted average shares outstanding (in shares) | 55,869 | 55,916 |
Less: Unvested restricted shares (in shares) | 0 | (4) |
Shares used for basic earnings per share (in shares) | 55,869 | 55,912 |
Dilutive effect of unvested restricted stock units and other stock awards (in shares) | 730 | 281 |
Shares used for diluted earnings per share (in shares) | 56,599 | 56,193 |
Stock Options [Member] | ||
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract] | ||
Antidilutive options to purchase Class A common shares, restricted shares, warrants to purchase Class A common shares, and contingently issuable restricted stock which are excluded from the table above (in shares) | 930 | 1,086 |
Restructuring and Related (Cr_3
Restructuring and Related (Credits) Charges, Pre-tax Restructuring Charges (Credits) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | ||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | [1] | $ (276) | $ 2,218 |
Business Optimization Program [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | (276) | 2,185 | |
Restructuring and related charges incurred to date | 65,986 | ||
Business Optimization Program [Member] | Severance and Termination Benefits [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | (614) | 1,110 | |
Restructuring and related charges incurred to date | 37,781 | ||
Business Optimization Program [Member] | Impairment of Operating Lease ROU Assets and Property and Equipment [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | 0 | 0 | |
Restructuring and related charges incurred to date | 15,079 | ||
Business Optimization Program [Member] | Acceleration of Expense Related to Operating Lease ROU Assets and Property and Equipment [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | 0 | 0 | |
Restructuring and related charges incurred to date | 3,378 | ||
Business Optimization Program [Member] | Facility Related Charges, Net [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | 338 | 1,075 | |
Restructuring and related charges incurred to date | 8,008 | ||
Business Optimization Program [Member] | Other Activities [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | 0 | 0 | |
Restructuring and related charges incurred to date | 1,740 | ||
Research Publishing & Platforms [Member] | Business Optimization Program [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | 216 | (197) | |
Restructuring and related charges incurred to date | 3,861 | ||
Academic & Professional Learning [Member] | Business Optimization Program [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | 171 | (227) | |
Restructuring and related charges incurred to date | 13,875 | ||
Education Services [Member] | Business Optimization Program [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | (34) | 139 | |
Restructuring and related charges incurred to date | 4,271 | ||
Corporate Expenses [Member] | Business Optimization Program [Member] | |||
Summary of pretax restructuring (credits) charges [Abstract] | |||
Restructuring and related (credits) charges | (629) | $ 2,470 | |
Restructuring and related charges incurred to date | $ 43,979 | ||
[1] | See Note 9, “Restructuring and Related (Credits) Charges” for these charges by segment. |
Restructuring and Related (Cr_4
Restructuring and Related (Credits) Charges, Activity for Business Optimization Program (Details) - Business Optimization Program [Member] $ in Thousands | 3 Months Ended |
Jul. 31, 2021USD ($) | |
Activity for Restructuring and Related Charges Liability [Roll Forward] | |
Restructuring liability, beginning of period | $ 11,465 |
(Credits) | (614) |
Payments | (3,766) |
Foreign translation & other adjustments | (71) |
Restructuring liability, end of period | 7,014 |
Severance and Termination Benefits [Member] | |
Activity for Restructuring and Related Charges Liability [Roll Forward] | |
Restructuring liability, beginning of period | 11,465 |
(Credits) | (614) |
Payments | (3,766) |
Foreign translation & other adjustments | (71) |
Restructuring liability, end of period | $ 7,014 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | ||
Segment Information [Abstract] | |||
Revenue | $ 488,388 | $ 431,326 | |
Adjusted contribution to profit | 40,692 | 32,257 | |
Depreciation and amortization | 54,566 | 49,507 | |
Education Services [Member] | WileyNXT [Member] | |||
Segment Information [Abstract] | |||
Revenue | 500 | ||
Adjusted contribution to profit | 100 | ||
Depreciation and amortization | 0 | ||
Operating Segments [Member] | |||
Segment Information [Abstract] | |||
Adjusted contribution to profit | 85,486 | 69,971 | |
Depreciation and amortization | 50,429 | 45,784 | |
Operating Segments [Member] | Research Publishing & Platforms [Member] | |||
Segment Information [Abstract] | |||
Revenue | 274,756 | 240,810 | |
Adjusted contribution to profit | 79,024 | 69,621 | |
Depreciation and amortization | 23,762 | 19,701 | |
Operating Segments [Member] | Academic & Professional Learning [Member] | |||
Segment Information [Abstract] | |||
Revenue | [1] | 139,264 | 126,432 |
Adjusted contribution to profit | [1] | 8,323 | (245) |
Depreciation and amortization | [1] | 18,364 | 18,804 |
Operating Segments [Member] | Education Services [Member] | |||
Segment Information [Abstract] | |||
Revenue | [1] | 74,368 | 64,084 |
Adjusted contribution to profit | [1] | (1,861) | 595 |
Depreciation and amortization | [1] | 8,303 | 7,279 |
Corporate [Member] | |||
Segment Information [Abstract] | |||
Adjusted contribution to profit | (44,794) | (37,714) | |
Depreciation and amortization | $ 4,137 | $ 3,723 | |
[1] | In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning to Education Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services. The Revenue, Adjusted Contribution to Profit and Depreciation and Amortization for WileyNXT was $0.5 million, $0.1 million, and none, respectively, for the three months ended July 31, 2020. There were no changes to our total consolidated financial results. |
Segment Information, Reconcilia
Segment Information, Reconciliation of Consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | ||
Reconciliation of Consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit [Abstract] | |||
US GAAP Operating Income | $ 40,968 | $ 30,039 | |
Adjustments [Abstract] | |||
Restructuring and related (credits) charges | [1] | (276) | 2,218 |
Non-GAAP Adjusted Contribution to Profit | $ 40,692 | $ 32,257 | |
[1] | See Note 9, “Restructuring and Related (Credits) Charges” for these charges by segment. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 30, 2021 |
Inventories [Abstract] | ||
Finished goods | $ 28,645 | $ 31,704 |
Work-in-process | 2,767 | 2,060 |
Paper and other materials | 376 | 331 |
Total inventories before estimated sales returns and LIFO reserve | 31,788 | 34,095 |
Inventory value of estimated sales returns | 11,047 | 10,886 |
LIFO reserve | (2,443) | (2,443) |
Inventories, net | $ 40,392 | $ 42,538 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021USD ($) | ||
Activity in Goodwill by Segment [Roll Forward] | ||
Balance, beginning of period | $ 1,304,340 | [1] |
Foreign translation adjustment | (2,741) | |
Balance, end of period | 1,301,599 | |
Goodwill impairment | 110,000 | |
Research Publishing & Platforms [Member] | ||
Activity in Goodwill by Segment [Roll Forward] | ||
Balance, beginning of period | 619,203 | [1] |
Foreign translation adjustment | (763) | |
Balance, end of period | 618,440 | |
Academic & Professional Learning [Member] | ||
Activity in Goodwill by Segment [Roll Forward] | ||
Balance, beginning of period | 512,512 | [1] |
Foreign translation adjustment | (1,884) | |
Balance, end of period | 510,628 | |
Education Services [Member] | ||
Activity in Goodwill by Segment [Roll Forward] | ||
Balance, beginning of period | 172,625 | [1] |
Foreign translation adjustment | (94) | |
Balance, end of period | $ 172,531 | |
[1] | The Education Services goodwill balance as of April 30, 2021 includes a cumulative pretax noncash goodwill impairment of $110.0 million. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 30, 2021 | |
Intangible assets with definite lives, net [Abstract] | |||
Intangible assets with definite lives, net | $ 867,156 | $ 885,261 | [1] |
Intangible assets with indefinite lives [Abstract] | |||
Intangible assets with indefinite lives | 128,457 | 130,041 | [1] |
Intangible assets (excluding goodwill) [Abstract] | |||
Total intangible assets, net | 995,613 | 1,015,302 | [1] |
Brands and Trademarks [Member] | |||
Intangible assets with indefinite lives [Abstract] | |||
Intangible assets with indefinite lives | 37,000 | 37,000 | [1] |
Accumulated impairment | 93,100 | ||
Content and Publishing Rights [Member] | |||
Intangible assets with indefinite lives [Abstract] | |||
Intangible assets with indefinite lives | 91,457 | 93,041 | [1] |
Content and Publishing Rights [Member] | |||
Intangible assets with definite lives, net [Abstract] | |||
Intangible assets with definite lives, net | 552,624 | 564,229 | [1] |
Customer Relationships [Member] | |||
Intangible assets with definite lives, net [Abstract] | |||
Intangible assets with definite lives, net | 259,158 | 266,477 | [1] |
Developed Technology [Member] | |||
Intangible assets with definite lives, net [Abstract] | |||
Intangible assets with definite lives, net | 36,667 | 34,961 | [1] |
Accumulated impairment | 2,800 | ||
Brands and Trademarks [Member] | |||
Intangible assets with definite lives, net [Abstract] | |||
Intangible assets with definite lives, net | 18,684 | 19,536 | [1] |
Covenants Not to Compete [Member] | |||
Intangible assets with definite lives, net [Abstract] | |||
Intangible assets with definite lives, net | $ 23 | $ 58 | [1] |
[1] | The developed technology balance as of April 30, 2021 is presented net of accumulated impairments and write-offs of $2.8 million. The indefinite-lived brands and trademarks as of April 30, 2021 is net of accumulated impairments of $93.1 million. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Effective income tax rate [Abstract] | ||
Effective tax rate as reported | 68.60% | 45.10% |
U.K. [Member] | ||
Effective income tax rate [Abstract] | ||
Non-cash deferred tax expense from re-measurement of net deferred tax liabilities | $ 20.7 | $ 6.7 |
Minimum [Member] | U.K. [Member] | ||
Effective income tax rate [Abstract] | ||
Foreign statutory tax rate | 19.00% | 17.00% |
Maximum [Member] | U.K. [Member] | ||
Effective income tax rate [Abstract] | ||
Foreign statutory tax rate | 25.00% | 19.00% |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Components of net pension income for defined benefit plans [Abstract] | ||
Service cost | $ 307 | $ 333 |
Interest cost | 5,223 | 4,521 |
Expected return on plan assets | (10,259) | (9,378) |
Amortization of prior service cost | (22) | (25) |
Amortization of net actuarial loss | 1,897 | 1,987 |
Net pension income | (2,854) | (2,562) |
Employer defined benefit pension plan contributions | 4,500 | 5,100 |
Defined Contribution Savings Plans [Abstract] | ||
Expense for employer defined contribution savings plans | $ 9,100 | $ 6,600 |
Debt and Available Credit Fac_3
Debt and Available Credit Facilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2021 | May 30, 2019 | ||
Components of Total Debt Outstanding [Abstract] | |||||
Short-term portion of long-term debt | [1] | $ 12,500 | $ 12,500 | ||
Total long-term debt, less current portion | 952,020 | 809,088 | |||
Total debt | 964,520 | 821,588 | |||
Unamortized issuance costs | $ 500 | 500 | |||
Amended and Restated RCA [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Term of credit facility | 5 years | ||||
Amortization expense of the lender and non-lender fees in interest expense | $ 300 | $ 300 | |||
Term Loan A Facility [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Term of credit facility | 5 years | ||||
Term Loan A Facility [Member] | Amended and Restated RCA [Member] | |||||
Components of Total Debt Outstanding [Abstract] | |||||
Total long-term debt, less current portion | [2] | $ 219,844 | 222,928 | ||
Debt and Available Credit Facilities [Abstract] | |||||
Credit agreement face amount | $ 250,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Term of credit facility | 5 years | ||||
Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | |||||
Components of Total Debt Outstanding [Abstract] | |||||
Total long-term debt, less current portion | $ 732,176 | $ 586,160 | |||
Debt and Available Credit Facilities [Abstract] | |||||
Amount of financing available under credit facilities | $ 1,250,000 | ||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Optional credit limit increase available on request | 500,000 | ||||
Minimum increments in which optional credit limit increase may be requested | 50,000 | ||||
Unused borrowing capacity under our Amended and Restated RCA and other facilities | $ 518,800 | ||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Minimum [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Line of credit facility fee percentage | 0.15% | ||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Maximum [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Line of credit facility fee percentage | 0.25% | ||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | LIBOR [Member] | Minimum [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Applicable margin | 0.98% | ||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | LIBOR [Member] | Maximum [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Applicable margin | 1.50% | ||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Base Rate [Member] | Minimum [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Applicable margin | 0.00% | ||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Base Rate [Member] | Maximum [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Applicable margin | 0.50% | ||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Federal Funds Effective Rate [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
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] | Amended and Restated RCA [Member] | Eurocurrency Rate [Member] | |||||
Debt and Available Credit Facilities [Abstract] | |||||
Margin rate over reference rate used in determining base rate | 1.00% | ||||
[1] | Relates to our term loan A under the Amended and Restated RCA. | ||||
[2] | Amounts are shown net of unamortized issuance costs of $0.5 million as of July 31, 2021 and $0.5 million as of April 30, 2021. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2021 | |
Derivative Instruments and Hedging Activities [Abstract] | |||
Total debt outstanding | $ 964,520 | $ 821,588 | |
Unamortized debt issuance costs | 500 | 500 | |
Variable rate loans outstanding | 965,000 | ||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities [Abstract] | |||
Notional amount of derivative liability | 400,000 | 400,000 | |
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative Instruments and Hedging Activities [Abstract] | |||
Net losses reclassified from Accumulated other comprehensive loss | (1,100) | $ (900) | |
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities [Abstract] | |||
Liabilities of derivative instrument | 4,900 | $ 5,600 | |
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Accrued Liabilities [Member] | |||
Derivative Instruments and Hedging Activities [Abstract] | |||
Liabilities of derivative instrument | 1,600 | ||
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Long-term Liabilities [Member] | |||
Derivative Instruments and Hedging Activities [Abstract] | |||
Liabilities of derivative instrument | $ 3,300 |
Capital Stock and Changes in _3
Capital Stock and Changes in Capital Accounts, Share Repurchases (Details) - $ / shares | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Share Repurchases [Abstract] | ||
Shares repurchased (in shares) | 0 | |
Class A [Member] | ||
Share Repurchases [Abstract] | ||
Shares repurchased (in shares) | 129 | |
Average price (in dollars per share) | $ 56.88 | |
Class B [Member] | ||
Share Repurchases [Abstract] | ||
Shares repurchased (in shares) | 1 | |
Average price (in dollars per share) | $ 56.88 |
Capital Stock and Changes in _4
Capital Stock and Changes in Capital Accounts, Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 21, 2021 | Jul. 31, 2021 | Jul. 31, 2020 |
Cash Dividends [Abstract] | |||
Total dividend | $ 19,307 | $ 19,261 | |
Class A [Member] | |||
Cash Dividends [Abstract] | |||
Quarterly cash dividend (in dollars per share) | $ 0.3450 | $ 0.3425 | |
Class B [Member] | |||
Cash Dividends [Abstract] | |||
Quarterly cash dividend (in dollars per share) | $ 0.3450 | $ 0.3425 | |
Dividend Declared in Q1 2021 [Member] | Class A [Member] | |||
Cash Dividends [Abstract] | |||
Date of declaration by board of directors | Jun. 22, 2021 | ||
Quarterly cash dividend (in dollars per share) | $ 0.3450 | ||
Total dividend | $ 19,300 | ||
Dividend paid date | Jul. 21, 2021 | ||
Shareholders of record as of date | Jul. 6, 2021 | ||
Dividend Declared in Q1 2021 [Member] | Class B [Member] | |||
Cash Dividends [Abstract] | |||
Date of declaration by board of directors | Jun. 22, 2021 | ||
Quarterly cash dividend (in dollars per share) | $ 0.3450 | ||
Total dividend | $ 19,300 | ||
Dividend paid date | Jul. 21, 2021 | ||
Shareholders of record as of date | Jul. 6, 2021 |
Capital Stock and Changes in _5
Capital Stock and Changes in Capital Accounts, Changes in Common Stock (Details) - shares shares in Thousands | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Class A [Member] | ||
Changes in Common Stock [Abstract] | ||
Number of shares, beginning of year (in shares) | 70,208 | 70,166 |
Common stock class conversions (in shares) | 3 | 11 |
Number of shares issued, end of period (in shares) | 70,211 | 70,177 |
Changes in Common Stock in Treasury [Abstract] | ||
Number of shares held, beginning of year (in shares) | 23,419 | 23,405 |
Purchase of treasury shares (in shares) | 129 | 0 |
Restricted shares issued from exercise of stock options (in shares) | (22) | (33) |
Shares withheld for taxes (in shares) | 85 | 67 |
Number of shares held, end of period (in shares) | 23,390 | 23,259 |
Number of Common Stock outstanding, end of period (in shares) | 46,821 | 46,918 |
Class A [Member] | Non-PSU Awards [Member] | ||
Changes in Common Stock in Treasury [Abstract] | ||
Restricted shares issued under stock-based compensation plans (in shares) | (118) | (94) |
Class A [Member] | PSU Awards [Member] | ||
Changes in Common Stock in Treasury [Abstract] | ||
Restricted shares issued under stock-based compensation plans (in shares) | (103) | (86) |
Class B [Member] | ||
Changes in Common Stock [Abstract] | ||
Number of shares, beginning of year (in shares) | 12,974 | 13,016 |
Common stock class conversions (in shares) | (3) | (11) |
Number of shares issued, end of period (in shares) | 12,971 | 13,005 |
Changes in Common Stock in Treasury [Abstract] | ||
Number of shares held, beginning of year (in shares) | 3,922 | 3,920 |
Purchase of treasury shares (in shares) | 1 | 0 |
Number of shares held, end of period (in shares) | 3,923 | 3,920 |
Number of Common Stock outstanding, end of period (in shares) | 9,048 | 9,085 |