JOHN WILEY & SONS, INC., 10-Q filed on 3/8/2024
Quarterly Report
v3.24.0.1
Cover Page - shares
 9 Months Ended
Jan. 31, 2024
Feb. 29, 2024
Entity Listings [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 31, 2024  
Document Transition Report false  
Entity File Number 001-11507  
Entity Registrant Name JOHN WILEY & SONS, INC.  
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  
Current Fiscal Year End Date --04-30  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000107140  
Amendment Flag false  
Common Stock Class A    
Entity Listings [Line Items]    
Title of 12(b) Security Class A Common Stock, par value $1.00 per share  
Trading Symbol WLY  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   45,717,102
Common Stock Class B    
Entity Listings [Line Items]    
Title of 12(b) Security Class B Common Stock, par value $1.00 per share  
Trading Symbol WLYB  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   9,017,362
v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED - USD ($)
$ in Thousands
Jan. 31, 2024
Apr. 30, 2023
Current assets    
Cash and cash equivalents $ 93,100 $ 106,714
Accounts receivable, net of allowance for credit losses of $15.2 million and $18.7 million, respectively 161,009 310,121
Inventories, net 28,377 30,733
Prepaid expenses and other current assets 68,868 93,711
Current assets held-for-sale 32,648 0
Total current assets 384,002 541,279
Technology, property and equipment, net 208,339 247,149
Intangible assets, net 628,886 854,794
Goodwill 1,096,674 1,204,050
Operating lease right-of-use assets 71,306 91,197
Other non-current assets 298,582 170,341
Non-current assets held-for-sale 19,499 0
Total assets 2,707,288 3,108,810
Current liabilities    
Accounts payable 44,992 84,325
Accrued royalties 151,159 113,423
Short-term portion of long-term debt 6,250 5,000
Contract liabilities 300,675 504,695
Accrued employment costs 78,203 80,458
Short-term portion of operating lease liabilities 18,181 19,673
Other accrued liabilities 78,771 87,979
Total current liabilities held-for-sale 33,908 0
Total current liabilities 712,139 895,553
Long-term debt 900,524 743,292
Accrued pension liability 72,374 86,304
Deferred income tax liabilities 94,862 144,042
Operating lease liabilities 98,219 115,540
Other long-term liabilities 71,160 79,052
Long-term liabilities held-for-sale 9,704 0
Total liabilities 1,958,982 2,063,783
Commitments and contingencies
Shareholders’ equity    
Preferred stock, $1 par value per share: Authorized shares – 2 million, Issued shares - 0 0 0
Additional paid-in-capital 474,315 469,802
Retained earnings 1,577,239 1,860,872
Accumulated other comprehensive loss, net of tax (526,762) (528,902)
Less treasury shares at cost (Class A – 24,519 and 23,983 as of January 31, 2024 and April 30, 2023, respectively; Class B – 3,927 and 3,925 as of January 31, 2024 and April 30, 2023, respectively) (859,668) (839,927)
Total shareholders’ equity 748,306 1,045,027
Total liabilities and shareholders' equity 2,707,288 3,108,810
Class A common stock    
Shareholders’ equity    
Common stock 70,238 70,231
Class B common stock    
Shareholders’ equity    
Common stock $ 12,944 $ 12,951
v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED (Parenthetical) - USD ($)
shares in Thousands, $ in Millions
Jan. 31, 2024
Apr. 30, 2023
Current assets    
Allowance for credit losses $ 15.2 $ 18.7
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 common stock    
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) 70,238 70,231
Treasury stock (in shares) 24,519 23,983
Class B common stock    
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) 12,944 12,951
Treasury stock (in shares) 3,927 3,925
v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS - UNAUDITED - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Income Statement [Abstract]        
Revenue, net $ 460,705 $ 491,368 $ 1,404,526 $ 1,493,773
Costs and expenses:        
Cost of sales 143,662 174,051 456,377 518,384
Operating and administrative expenses 253,375 255,798 761,458 791,578
Impairment of goodwill 81,754 99,800 108,449 99,800
Restructuring and related charges 14,808 8,807 52,033 45,204
Amortization of intangible assets 13,517 19,968 42,730 65,389
Total costs and expenses 507,116 558,424 1,421,047 1,520,355
Operating loss (46,411) (67,056) (16,521) (26,582)
Interest expense (13,321) (11,521) (37,592) (27,185)
Foreign exchange transaction gains (losses) 488 421 (3,489) 283
Losses on sale of businesses and impairment charges related to assets held-for-sale (52,404) 0 (179,747) 0
Other (expense) income, net (648) 705 (3,700) 976
Loss before taxes (112,296) (77,451) (241,049) (52,508)
Provision (benefit) for income taxes 1,579 (5,982) (15,465) (1,397)
Net loss $ (113,875) $ (71,469) $ (225,584) $ (51,111)
Loss per share        
Basic (in dollars per share) $ (2.08) $ (1.29) $ (4.10) $ (0.92)
Diluted (in dollars per share) $ (2.08) $ (1.29) $ (4.10) $ (0.92)
Weighted average number of common shares outstanding        
Basic (in shares) 54,812 55,514 55,061 55,625
Diluted (in shares) 54,812 55,514 55,061 55,625
v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - UNAUDITED - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Statement of Comprehensive Income [Abstract]        
Net loss $ (113,875) $ (71,469) $ (225,584) $ (51,111)
Other comprehensive income (loss):        
Foreign currency translation adjustment 25,116 50,348 2,425 (5,580)
Unamortized retirement (costs) credits, net of tax benefit (expense) of $1,264, $1,872, $(1,148), and $(1,865), respectively (5,054) (7,456) 3,103 5,771
Unrealized (loss) gains on interest rate swaps, net of tax benefit (expense) of $1,603, $740, $1,071, and $(1,008) respectively (4,854) (2,443) (3,388) 2,418
Total other comprehensive income 15,208 40,449 2,140 2,609
Comprehensive loss $ (98,667) $ (31,020) $ (223,444) $ (48,502)
v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - UNAUDITED (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Other comprehensive income (loss):        
Unrealized retirement credits, tax (expense) $ 1,264 $ 1,872 $ (1,148) $ (1,865)
Unrealized (loss) gains on interest rate swaps, tax benefit (expense) $ 1,603 $ 740 $ 1,071 $ (1,008)
v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2024
Apr. 30, 2023
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Apr. 30, 2023
Operating activities            
Net loss $ (113,875)   $ (71,469) $ (225,584) $ (51,111)  
Adjustments to reconcile net loss to net cash provided by operating activities:            
Impairment of goodwill 81,754   99,800 108,449 99,800  
Losses on sale of businesses and impairment charges related to assets held-for-sale 52,404   0 179,747 0  
Amortization of intangible assets 13,517   19,968 42,730 65,389  
Amortization of product development assets       17,894 25,175  
Depreciation and amortization of technology, property and equipment       68,752 72,578  
Restructuring and related charges 14,808   8,807 52,033 45,204  
Stock-based compensation expense 6,300   6,600 19,065 20,613  
Employee retirement plan expense       26,260 22,326  
Foreign exchange transaction losses (gains) (488)   (421) 3,489 (283)  
Other noncash credits       (50,701) (16,200)  
Net change in operating assets and liabilities       (217,782) (229,773)  
Net cash provided by operating activities       24,352 53,718  
Investing activities            
Product development spending       (12,324) (17,763)  
Additions to technology, property and equipment       (57,275) (57,616)  
Businesses acquired in purchase transactions, net of cash acquired       (3,116) (5,792)  
(Costs) proceeds related to the sale of businesses and certain assets       (1,237) 40  
Acquisitions of publication rights and other       (4,541) 1,059  
Net cash used in investing activities       (78,493) (80,072)  
Financing activities            
Repayments of long-term debt       (741,123) (475,576)  
Borrowings of long-term debt       899,804 637,879  
Payment of debt issuance cost       0 (4,493)  
Purchases of treasury shares       (29,000) (24,000)  
Change in book overdrafts       (10,941) (14,990)  
Cash dividends       (57,869) (58,067)  
Impact of tax withholding on stock-based compensation and other       (5,517) (5,469)  
Net cash provided by financing activities       55,354 55,284  
Effects of exchange rate changes on cash, cash equivalents, and restricted cash       432 (2,670)  
Cash reconciliation:            
Cash and cash equivalents   $ 126,449   106,714 100,397 $ 100,397
Restricted cash included in Prepaid expenses and other current assets   538   548 330 330
Balance at beginning of period   126,987 [1]   107,262 100,727 100,727
Increase for the period       1,645 26,260  
Cash and cash equivalents 108,803 106,714 126,449 108,803 126,449 106,714
Restricted cash included in Prepaid expenses and other current assets 104 548 538 104 538 548
Balance at end of period $ 108,907 [1] $ 107,262 $ 126,987 [1] 108,907 [1] 126,987 [1] $ 107,262
Cash paid during the period for:            
Interest       36,293 25,796  
Income taxes, net of refunds       $ 38,522 $ 38,816  
[1]
The balance as of January 31, 2024 includes held-for-sale cash, cash equivalents and restricted cash. See Note 3, "Acquisitions and Divestitures" for further details.
v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED - USD ($)
$ in Thousands
Total
Class A common stock
Class B common stock
Common Stock
Class A common stock
Common Stock
Class B common stock
Additional paid-in capital
Retained earnings
Retained earnings
Class A common stock
Retained earnings
Class B common stock
Accumulated other comprehensive loss, net of tax
Treasury stock
Beginning balance at Apr. 30, 2022 $ 1,142,269     $ 70,226 $ 12,956 $ 459,297 $ 1,921,160     $ (508,146) $ (813,224)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Restricted shares issued under stock-based compensation plans 216         (10,514) 3       10,727
Impact of tax withholding on stock-based compensation and other (5,469)         137         (5,606)
Stock-based compensation expense 20,622         20,622          
Purchases of treasury shares (24,000)                   (24,000)
Common stock dividends   $ (48,822) $ (9,414)         $ (48,822) $ (9,414)    
Common stock class conversions (in shares) 0     2 (2)            
Comprehensive loss, net of tax (48,502)           (51,111)     2,609  
Ending balance at Jan. 31, 2023 1,026,900     70,228 12,954 469,542 1,811,816     (505,537) (832,103)
Beginning balance at Oct. 31, 2022 1,077,807     70,228 12,954 465,216 1,902,661     (545,986) (827,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Restricted shares issued under stock-based compensation plans 76         (2,432) 2       2,506
Impact of tax withholding on stock-based compensation and other (706)         137         (843)
Stock-based compensation expense 6,621         6,621          
Purchases of treasury shares (6,500)                   (6,500)
Common stock dividends   (16,240) (3,138)         (16,240) (3,138)    
Comprehensive loss, net of tax (31,020)           (71,469)     40,449  
Ending balance at Jan. 31, 2023 1,026,900     70,228 12,954 469,542 1,811,816     (505,537) (832,103)
Beginning balance at Apr. 30, 2023 1,045,027     70,231 12,951 469,802 1,860,872     (528,902) (839,927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Restricted shares issued under stock-based compensation plans 227         (14,550)         14,776
Impact of tax withholding on stock-based compensation and other (5,517)                   (5,517)
Stock-based compensation expense 19,063         19,063          
Purchases of treasury shares (29,000)                   (29,000)
Common stock dividends   (48,577) (9,473)         (48,577) (9,473)    
Common stock class conversions (in shares) 0     7 (7)            
Comprehensive loss, net of tax (223,444)           (225,584)     2,140  
Ending balance at Jan. 31, 2024 748,306     70,238 12,944 474,315 1,577,239     (526,762) (859,668)
Beginning balance at Oct. 31, 2023 867,276     70,234 12,948 471,169 1,710,358     (541,970) (855,463)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Restricted shares issued under stock-based compensation plans 83         (3,125) 1       3,207
Impact of tax withholding on stock-based compensation and other (912)                   (912)
Stock-based compensation expense 6,271         6,271          
Purchases of treasury shares (6,500)                   (6,500)
Common stock dividends   $ (16,089) $ (3,156)         $ (16,089) $ (3,156)    
Common stock class conversions (in shares) 0     4 (4)            
Comprehensive loss, net of tax (98,667)           (113,875)     15,208  
Ending balance at Jan. 31, 2024 $ 748,306     $ 70,238 $ 12,944 $ 474,315 $ 1,577,239     $ (526,762) $ (859,668)
v3.24.0.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Dec. 14, 2023
Sep. 28, 2023
Jun. 26, 2023
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Class A common stock              
Common stock dividend (in dollars per share) $ 0.3500 $ 0.3500 $ 0.3500 $ 0.3500 $ 0.3475 $ 0.3500 $ 0.3475
Class B common stock              
Common stock dividend (in dollars per share) $ 0.3500 $ 0.3500 $ 0.3500 $ 0.3500 $ 0.3475 $ 0.3500 $ 0.3475
v3.24.0.1
Basis of Presentation
 9 Months Ended
Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation 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 state fairly the Unaudited Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Loss and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are presented in United States (US) dollars, unless otherwise specified. 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, 2023 as filed with the SEC on June 26, 2023 (2023 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.
v3.24.0.1
Recent Accounting Standards
 9 Months Ended
Jan. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Standards Recent Accounting Standards
Recently Adopted Accounting Standards
Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires that an acquirer recognize, and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606 “Revenue from Contracts with Customers” (Topic 606) as if it had originated the contracts. Generally, this would result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements if the acquiree prepared financial statements in accordance with US GAAP. We adopted ASU 2021-08 on May 1, 2023. The standard is applied prospectively to business combinations occurring on or after the effective date of the amendments. The adoption did not have an impact on our consolidated financial statements at the time of adoption.
Recently Issued Accounting Standards
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” This ASU enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This ASU is effective for our annual disclosures starting fiscal year 2026. Early adoption is permitted. A public entity should apply the amendments in this ASU on a prospective basis with the option to apply the standard retrospectively. We are currently assessing the impact of the disclosure requirements on our consolidated financial statements.
Segment Reporting - Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for our annual fiscal year 2025, and interim periods starting in fiscal year 2026. Early adoption is permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of the disclosure requirements on our consolidated financial statements.
Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative
In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. Early adoption is prohibited. We do not expect the amendments in this ASU to have a material impact to our disclosures in our consolidated financial statements.
v3.24.0.1
Acquisitions and Divestitures
 9 Months Ended
Jan. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
Acquisitions
Pro forma financial information related to the following acquisition has not been provided as it is not material to our condensed consolidated results of operations.
Fiscal Year 2023
On November 1, 2022, we completed the acquisition of an immaterial business included in our Learning segment. The fair value of consideration transferred was $6.1 million, which included $5.2 million of cash at the acquisition date and $0.9 million to be paid after the acquisition date. The acquisition was accounted for using the acquisition method of accounting. We recorded the aggregate excess purchase price over identifiable net tangible and intangible assets acquired and liabilities assumed, which included an allocation of $3.9 million of goodwill allocated to the Learning segment and $3.7 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 was finalized during the three months ended October 31, 2023.
Divestitures
As part of our ongoing initiatives to simplify our portfolio to drive sustained performance improvement, we have completed certain dispositions as of January 31, 2024, and committed to a plan to divest additional businesses which are expected to be completed by the first quarter of fiscal year 2025.
On June 1, 2023, Wiley’s Board of Directors approved a plan to divest certain businesses that we determined are non-core businesses. Those businesses are University Services, Wiley Edge, and CrossKnowledge. In accordance with FASB Accounting Standards Codification (ASC) Topic 205, "Presentation of Financial Statements," we determined that the planned divestitures of University Services, Wiley Edge and CrossKnowledge each do not represent a strategic shift that will have a major effect on our consolidated results of operations, and therefore their results of operations were not reported as discontinued operations. We applied the criteria in ASC 360-10-45-9, "Property, Plant and Equipment - Long-Lived Assets Classified as Held for Sale," to determine whether any of the aforementioned long-lived asset groups would be classified as held-for-sale. Criteria include management commitment to sell the disposal group in its present condition and the sale being deemed probable of being completed within one year. We concluded that the businesses met all the requisite criteria as of June 1, 2023 and, therefore, the related assets and liabilities are reclassified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position until the date of sale.
As a result of these planned divestitures, in the three months ended July 31, 2023 we reorganized our segments and our new structure consists of three reportable segments which includes Research (no change), Learning, and Held for Sale or Sold, as well as a Corporate expense category (no change). The operations of University Services, Wiley Edge, and CrossKnowledge are reported in the Held for Sale or Sold segment until the date of sale. See Note 10, "Segment Information" for more details regarding our reportable segments. See Note 12, "Goodwill and Intangible Assets" for more details on the interim goodwill impairment tests and the impairment charges.
On January 1, 2024, we sold University Services. On January 8, 2024, we entered into an agreement to sell Wiley Edge. Both Wiley Edge and CrossKnowledge continue to be reported as held-for-sale, and these dispositions are expected to be completed by the first quarter of fiscal year 2025.
Completed Divestitures
University Services
On January 1, 2024, we completed the sale of University Services pursuant to a Membership Interest and Asset Purchase Agreement with Academic Partnerships LLC, a Delaware limited liability company (Academic Partnerships), and Education Services Upper Holdings Corp., a Delaware corporation. The selling price for University Services at the date of sale had a fair value of $122.6 million, paid in the form of (i) an unsecured promissory note with an initial aggregate principal amount of $92.9 million (Seller Note), subject to customary working capital adjustments; (ii) $17.8 million of additional contingent consideration in the form of an earnout recorded at fair value based on revenue targets during each of the two fiscal years in the period from May 1, 2024 through April 30, 2026 (Earnout); and (iii) a number of common units of TVG-Academic Partnerships Holdings, LLC, the ultimate parent company of Academic Partnerships equal to 10% of the total common units outstanding at the date of sale valued at $11.9 million (TVG Investment). The Seller Note, Earnout, and TVG Investment are reflected in Other non-current assets in our Unaudited Condensed Consolidated Statements of Financial Position.
The principal amount of the Seller Note is subject to an increase of up to approximately $12 million in the event certain third-party customer consents are obtained prior to January 1, 2025. The maximum amount of the Earnout at the end of the target periods noted above will be impacted by the third-party customer consents up to approximately $4 million. The fair value of the Earnout will be impacted by these third-party customer consents until settled. Our total common units in the TVG Investment will also increase as certain third-party customer consents are obtained.
The Seller Note has a maturity date that is the earlier of (i) one year after the maturity date of Academic Partnerships’ material secured indebtedness for borrowed money and (ii) January 1, 2031. The Seller Note bears interest at the rate of 10% per annum commencing on January 2, 2024, increasing to 12% per annum on and after January 1, 2026.
The maximum Earnout amount is $40.0 million, subject to adjustments for the third-party customer consents as noted above. We elected to record the fair value of the Earnout as of the date of the sale, and will update that fair value as applicable until settled. The fair value of the Earnout was based on a Monte Carlo simulation. This fair value was categorized as Level 3 within the FASB ASC Topic 820, “Fair Value Measurements” (ASC Topic 820) fair value hierarchy. This method considers the terms and conditions in the Membership Interest and Asset Purchase Agreement, our best estimates of forecasted revenue for the Earnout periods and simulates a range of revenues over the applicable periods based on an estimate of revenue volatility. The fair value of the Earnout was estimated as the present value of the potential range of payouts averaged across the range of simulated revenues. The other key assumptions include a weighted average cost of capital for the reporting unit based on the risk associated with the business and its projections. In addition, a risk-adjusted discount rate for the simulated revenue was determined by adjusting the weighted average cost of capital to reflect term risk and an implied operational leverage factor. The assumptions included in the operational leverage factor include estimates of asset volatility and revenue volatility. The Earnout amount is subject to change based on final results and calculations.
Our TVG Investment will be accounted for under the cost method minus impairment.
The pretax loss on sale was $101.4 million after accounting for the assets sold, liabilities transferred upon sale, and transaction costs. In connection with the held-for-sale classification prior to the sale, we recognized cumulative impairment charges of $75.4 million in the six months ended October 31, 2023 on the remeasurement of the disposal group at the lower of carrying value or fair value less cost to sell. This resulted in an additional loss of $26.0 million in the three months ended January 31, 2024. The additional loss in the three months ended January 31, 2024 was due to subsequent changes in the fair value less costs to sell resulting from the completion of the sale, as well as changes in the carrying amount of the disposal group. These losses and impairments are included in Losses on sale of businesses and impairment charges related to assets held-for-sale in our Unaudited Condensed Consolidated Statements of Net Loss for the three and nine months ended January 31, 2024.
The assets and liabilities related to certain third-party customers will continue to be presented as held-for-sale until those consents are obtained.
We entered into a transition services agreement (TSA) to facilitate the transition of the divested business. Fees we receive are recognized as other income within our Corporate expense category. In the three and nine months ended January 31, 2024, we recorded TSA fees of $0.6 million in Operating and administrative expenses in our Unaudited Condensed Consolidated Statements of Net Loss.
Tuition Manager
On May 31, 2023, we completed the sale of our tuition manager business (Tuition Manager), which was included in our Held for Sale or Sold segment. The divestiture did not represent a strategic shift that would have a major effect on our consolidated results of operations, and therefore its results of operations were not reported as discontinued operations. The cash received net of transaction costs at the date of sale was $0.5 million, and $0.5 million of additional cash was received after the date of sale. The pretax loss on sale was $1.5 million after accounting for the assets sold, liabilities transferred upon sale, and transaction costs and is included in Losses on sale of businesses and impairment charges related to assets held-for-sale in our Unaudited Condensed Consolidated Statements of Net Loss for the nine months ended January 31, 2024. The carrying value of the net assets included in the pretax loss on sale was $2.5 million, including intangible assets of $1.0 million and no goodwill.
Assets and Liabilities Held-for-Sale
As of January 31, 2024, Wiley Edge, CrossKnowledge, and the assets and liabilities related to certain third-party customers who have not yet consented related to University Services continue to be reported as held-for-sale. We measured each disposal group at the lower of carrying value or fair value less cost to sell. In the three and nine months ended January 31, 2024, we recorded a held-for-sale pretax impairment of $26.4 million and $76.8 million, respectively. The impairment charge for Wiley Edge in both the three and nine months ended January 31, 2024 was $20.6 million. The total impairment charge for CrossKnowledge in the nine months ended January 31, 2024 was $56.2 million, which includes $5.8 million in the three months ended January 31, 2024. The additional impairment charges in the three months ended January 31, 2024 was due to subsequent changes in the fair value less costs to sell resulting from the continued progression of the selling process and indications of changes in the consideration for the business, as well as changes in the carrying amounts of the disposal group. The pretax noncash impairment charges are reflected in Losses on sale of businesses and impairment charges related to assets held-for-sale on the Unaudited Condensed Consolidated Statements of Net Loss. The impairments are included as a valuation allowance or contra-asset account within Current assets held-for-sale and Non-current assets held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 2024.
The major categories of assets and liabilities that have been classified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 2024 were as follows:
University ServicesCross KnowledgeWiley EdgeTotal
Assets held-for-sale:
Current assets
Cash and cash equivalents (1)
$— $6,031 $9,672 $15,703 
Accounts receivable, net1,024 8,354 15,207 24,585 
Prepaid expenses and other current assets (1)
61 3,704 6,684 10,449 
Valuation allowance— (18,089)— (18,089)
Total current assets held-for-sale$1,085 $— $31,563 $32,648 
Technology, property and equipment, net— 2,906 2,783 5,689 
Intangible assets, net— 18,001 34,766 52,767 
Operating lease right-of-use assets— 321 1,021 1,342 
Other non-current assets1,426 16,840 179 18,445 
Valuation allowance— (38,068)(20,676)(58,744)
Total non-current assets held-for-sale$1,426 $— $18,073 $19,499 
Liabilities held-for-sale:
Current liabilities
Accounts payable$32 $559 $77 $668 
Accrued royalties— 815 — 815 
Contract liabilities111 12,332 19 12,462 
Accrued employment costs— 6,556 3,558 10,114 
Short-term portion of operating lease liabilities— — 479 479 
Other accrued liabilities45 3,691 5,634 9,370 
Total current liabilities held-for-sale$188 $23,953 $9,767 $33,908 
Accrued pension liability— 707 — 707 
Deferred income tax liabilities— 4,133 3,447 7,580 
Operating lease liabilities— — 273 273 
Other long-term liabilities11 674 459 1,144 
Total long-term liabilities held-for-sale$11 $5,514 $4,179 $9,704 
(1)
The following table shows a reconciliation of our cash, cash equivalents, and restricted cash included in current assets held-for-sale in our Unaudited Condensed Consolidated Statement of Financial Position to our Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended January 31, 2024:

Cash and cash equivalents$93,100 
Restricted cash included in Prepaid expenses and other current assets50 
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 202493,150 
Cash and cash equivalents held-for-sale15,703 
Restricted cash held-for-sale included in Prepaid expenses and other current assets54 
Total cash, cash equivalents, and restricted cash held-for-sale as of January 31, 202415,757 
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended January 31, 2024$108,907 

On January 8, 2024, we entered into a stock and asset purchase agreement (Purchase Agreement) with Inspirit Vulcan Bidco Limited, a private limited company incorporated in England & Wales (Inspirit), pursuant to which we agreed to sell our emerging talent and reskill training business, Wiley Edge (Business), to Inspirit (Transaction). We expect the Transaction to close in the first quarter of fiscal year 2025.

The selling price for the Business includes total consideration of up to $62.2 million and will consist of: (i) $10 million in cash, (ii) $18.3 million in the form of a loan note to be issued by Inspirit, subject to a customary purchase price adjustments, including for working capital, and (iii) up to $33.9 million in the form of an earnout based on the gross profit generated by the Business relative to mutually agreed profit targets during each of the three fiscal years in the period beginning May 1, 2024 and ending April 30, 2027.
The results of Wiley Edge will continue to be reported in our operating results in the Held for Sale or Sold segment until the sale is finalized. We will enter into a transition services agreement to facilitate the transition of the divested business.
v3.24.0.1
Revenue Recognition, Contracts with Customers
 9 Months Ended
Jan. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition, Contracts with Customers Revenue Recognition, Contracts with Customers
Disaggregation of Revenue

In the three months ended July 31, 2023, we reorganized our segments. Our new segment structure consists of three reportable segments which includes (1) Research (no change), (2) Learning, (3) Held For Sale or Sold, as well as a Corporate expense category (no change), which includes certain costs that are not allocated to the reportable segments. Research includes reporting lines of Research Publishing and Research Solutions. Learning includes reporting lines of Academic and Professional. Held for Sale or Sold includes those non-core businesses which we have sold or previously announced we are divesting and include University Services, Wiley Edge, and CrossKnowledge. Prior period segment results have been revised to the new segment presentation. There were no changes to our consolidated financial results. See Note 10, “Segment Information,” for more details.

The following table presents our revenue from contracts with customers disaggregated by segment and product type.
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Research:
Research Publishing$216,586 $213,720 $659,329 $685,884 
Research Solutions39,613 39,880 112,344 113,988 
Total Research256,199 253,600 771,673 799,872 
Learning:
Academic87,216 82,822 224,633 223,826 
Professional59,118 60,421 179,961 178,713 
Total Learning146,334 143,243 404,594 402,539 
Held for Sale or Sold58,172 94,525 228,259 291,362 
Total Revenue$460,705 $491,368 $1,404,526 $1,493,773 
The following information describes our disaggregation of revenue by segment and product type. Overall, the majority of our revenue is recognized over time.
Research
Research customers include academic, corporate, government, and public libraries, funders of research, researchers, scientists, clinicians, engineers and technologists, scholarly and professional societies, and students and professors. Research products are sold and distributed globally through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to researchers and 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 products is recognized over time. Total Research revenue was $256.2 million and $771.7 million in the three and nine months ended January 31, 2024, respectively.
We disaggregated revenue by Research Publishing and Research Solutions 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 $216.6 million and $659.3 million in the three and nine months ended January 31, 2024, respectively, and the majority is recognized over time.
In both the three and nine months ended January 31, 2024, Research Publishing products generated approximately 86% of their revenue from contracts with their customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Transformational Agreements (read and publish), and the remainder from Licensing, Backfiles, and Other.
Research Solutions Products and Services
Research Solutions products and services include corporate and society service offerings such as advertising, spectroscopy software and spectral databases, job board software and career center services, publishing services such as editorial operations, production, copyediting, system support and consulting, and a journal submission and peer-review management system. In addition, Research Solutions includes Atypon platforms and services. Atypon is a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content on the web through the LiteratumTM platform. Research Solutions revenue was $39.6 million and $112.3 million in the three and nine months ended January 31, 2024, respectively, and the majority is recognized over time.
In the three and nine months ended January 31, 2024, Research Solutions products and services generated approximately 68% and 67%, respectively, of their revenue from contracts with their customers from corporate and society offerings and 32% and 33%, respectively, from Atypon platforms and services.
Learning

Learning customers include chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, web sites, and other online applications. Total Learning revenue was $146.3 million and $404.6 million in the three and nine months ended January 31, 2024, respectively.
We disaggregated revenue by type of products provided. Learning products are Academic and Professional.
Academic

Academic products revenue was $87.2 million and $224.6 million in the three and nine months ended January 31, 2024, respectively. Academic products and services including scientific, professional, and education print and digital books, and digital courseware to libraries, corporations, students, professionals, and researchers. Communities served include business, finance, accounting, 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, websites, distributor networks and other online applications.

In the three and nine months ended January 31, 2024, Academic products generated approximately 53% and 60%, respectively, of their revenue from contracts with their customers for print and digital publishing, which is recognized at a point in time. Digital Courseware products in the three and nine months ended January 31, 2024 generate approximately 36% and 31%, respectively, of their revenue from contracts with their customers which is recognized over time. The remainder of their revenues were from Licensing and Other, which has a mix of revenue recognized at a point in time and over time.
Professional
Professional products revenue was $59.1 million and $180.0 million in the three and nine months ended January 31, 2024, respectively. Professional provides learning, development, publishing, and assessment services for businesses and professionals.

Our trade publishing produces professional books, which includes business and finance, technology, professional development for educators, test preparation books and other professional categories, as well as the For Dummies® brand. Products are sold to brick-and-mortar and online retailers, wholesalers who supply such bookstores, college bookstores, individual practitioners, corporations, and government agencies.

Our assessments offering includes high-demand soft-skills training solutions that are delivered to organizational clients through online digital delivery platforms, either directly or through an authorized distributor network of independent consultants, trainers, and coaches.
In the three and nine months ended January 31, 2024, Professional products generated approximately 55% and 57%, respectively, of their revenue from contracts with their customers for trade print and digital publishing, which is recognized at a point in time. Our assessments offering in the three and nine months ended January 31, 2024 generates approximately 28% and 31%, respectively, of their revenue from contracts with their customers which has a mix of revenue recognized at a point in time and over time. The remainder of their revenues were from Licensing and Other, which has a mix of revenue recognized at a point in time and over time.
Held for Sale or Sold
Held for Sale or Sold revenue was $58.2 million and $228.3 million in the three and nine months ended January 31, 2024, respectively. Offerings include University Services, Wiley Edge and CrossKnowledge.
The University Services business was sold on January 1, 2024, and it previously offered institutions and their students a rich portfolio of education technology and student and faculty support services, allowing the institutions to reach more students online with their own quality academic programs. University Services revenue was mainly recognized over time.
Wiley Edge sources, trains, and prepares aspiring students and professionals to meet the skill needs of today’s technology careers, and then places them with some of the world's largest financial institutions, technology companies, and government agencies. Wiley Edge also works with its clients to retrain and retain existing employees so they can continue to meet the changing demands of today’s technology landscape. Wiley Edge revenue is recognized at the point in time the services are provided to its customers.
CrossKnowledge services includes corporate learning online learning and training solutions for global corporations, universities, and small and medium-sized enterprises sold on a subscription or fee basis. CrossKnowledge revenue is recognized over time.

Held for Sale or Sold also includes the revenue associated with those businesses which have been sold which includes Wiley's Efficient Learning test prep portfolio business, and our advancement courses business which were both sold in fiscal year 2023, and our Tuition Manager business which was sold in the three months ended July 31, 2023.
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.
January 31, 2024April 30, 2023Increase/
(Decrease)
Balances from contracts with customers:
Accounts receivable, net$161,009 $310,121 $(149,112)
Contract liabilities (1)
300,675 504,695 (204,020)
Contract liabilities (included in Other long-term liabilities)$15,114 $17,426 $(2,312)
(1)
The sales return reserve recorded in Contract liabilities is $25.9 million and $24.6 million, as of January 31, 2024 and April 30, 2023, respectively.
For the nine months ended January 31, 2024, we estimate that we recognized revenue of approximately 98% that was included in the current contract liability balance at April 30, 2023. For the nine months ended January 31, 2023, we estimated that 93% of revenue recognized was included in the current contract liability at April 30, 2022.
The decrease in contract liabilities excluding the sales return reserve, was primarily driven by revenue earned on journal subscription agreements, transformational agreements, and open access, partially offset by renewals of journal subscription agreements, transformational agreements, and open access. In addition, contract liabilities decreased due to the reclassification of the held-for-sale amounts to Current liabilities held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 2024.
Remaining Performance Obligations included in Contract Liability
As of January 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $315.8 million, which included the sales return reserve of $25.9 million. Excluding the sales return reserve, we expect that approximately $274.8 million will be recognized in the next twelve months with the remaining $15.1 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 Solutions services, which includes customer specific implementation costs per the terms of the contract and (2) University Services, which is included in the Held for Sale or Sold segment and includes customer specific costs to develop courses per the terms of the contract. As of January 31, 2024, we no longer have costs to fulfill related to the University Services business since it was sold on January 1, 2024, except for those assets related to certain third-party customers who continue to be presented as held-for-sale.
Our assets associated with incremental costs to fulfill a contract, were $4.7 million and $10.6 million at January 31, 2024 and April 30, 2023, respectively, and are included within Other non-current assets and Non-current assets held-for-sale on our Unaudited Condensed Consolidated Statements of Financial Position. We recorded amortization expense of $1.5 million and $4.2 million in the three and nine months ended January 31, 2024, respectively, related to these assets within Cost of sales on our Unaudited Condensed Consolidated Statements of Net Loss. We recorded amortization expense of $1.1 million and $3.4 million in the three and nine months ended January 31, 2023, respectively, related to these assets within Cost of sales on our Unaudited Condensed Consolidated Statements of Net Loss.
Sales and value-added taxes are excluded from revenues. Shipping and handling costs, which are primarily incurred within the 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 Loss. We incurred $6.5 million and $19.7 million in shipping and handling costs in the three and nine months ended January 31, 2024, respectively. We incurred $7.1 million and $20.6 million in shipping and handling costs in the three and nine months ended January 31, 2023, respectively.
v3.24.0.1
Operating Leases
 9 Months Ended
Jan. 31, 2024
Leases [Abstract]  
Operating Leases Operating Leases
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.
We recognize operating lease expense on a straight-line basis over the term of the lease. Lease payments may be fixed or variable. Only lease payments that are fixed, in-substance fixed or depend on a rate or index are included in determining the lease liability. Variable lease payments include payments made to the lessor for taxes, insurance and maintenance of the leased asset and are recognized as operating costs as incurred.

We apply certain practical expedients allowed by ASC 842, "Leases." Leases that are more than one year in duration are capitalized and recorded on our Unaudited Condensed Consolidated Statements of Financial Position. Leases with an initial term of 12 months or less are recognized as short term lease operating costs on a straight-line basis over the term. We have also elected to account for the lease and non-lease components as a single component. 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.
For operating leases, the ROU assets and liabilities are presented on our Unaudited Condensed Consolidated Statement of Financial Position as follows:
January 31, 2024April 30, 2023
Operating lease ROU assets$71,306 $91,197 
Short-term portion of operating lease liabilities18,181 19,673 
Operating lease liabilities, non-current$98,219 $115,540 
During the nine months ended January 31, 2024, we added $0.7 million to the ROU assets and $0.7 million to the operating lease liabilities due to modifications to our existing operating leases.

As a result of the Global Restructuring Program, which included the exit of certain leased office space, we recorded restructuring and related charges. These charges included severance, impairment charges and acceleration of expense associated with certain operating lease ROU assets. See Note 9, “Restructuring and Related Charges” for more information on this program and the charges incurred.
Our total net lease costs are as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Operating lease cost$3,344 $4,356 $11,282 $14,066 
Variable lease cost254 265 836 807 
Short-term lease cost299 230 869 491 
Sublease income(230)(198)(651)(568)
Total net lease cost (1)
$3,667 $4,653 $12,336 $14,796 
(1)
Total net lease cost does not include those costs and sublease income included in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Loss. This includes those operating leases we had identified as part of our restructuring program that would be subleased. See Note 9, “Restructuring and Related Charges” for more information on this program.
Other supplemental information includes the following:
Nine Months Ended
January 31,
20242023
Weighted-average remaining contractual lease term (years)88
Weighted-average discount rate6.02 %5.93 %
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$19,545$20,264
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 January 31, 2024:
Fiscal YearOperating Lease
Liabilities
2024 (remaining 3 months)$6,492 
202523,650 
202621,839 
202717,149 
202813,268 
Thereafter64,186 
Total future undiscounted minimum lease payments146,584 
Less: Imputed interest30,184 
Present value of minimum lease payments116,400 
Less: Current portion18,181 
Noncurrent portion$98,219 
v3.24.0.1
Stock-Based Compensation
 9 Months Ended
Jan. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation 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 generally 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 three years in advance, or less. For the three and nine months ended January 31, 2024, we recognized stock-based compensation expense, on a pretax basis, of $6.3 million and $19.1 million, respectively. For the three and nine months ended January 31, 2023, we recognized stock-based compensation expense, on a pretax basis, of $6.6 million and $20.6 million, respectively.

Performance-Based and Other Restricted Stock Activity
Under the terms of our long-term incentive plans, performance-based restricted unit awards are payable in restricted shares of our Class A Common Stock upon the achievement of certain three-year or less financial performance-based targets. During each three-year 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):
Nine Months Ended
January 31,
20242023
Restricted Stock:
Awards granted (shares)1,086546
Weighted average fair value of grant$31.32 $45.31 
Stock Option Activity
We granted 170,000 and 10,000 stock option awards during the nine months ended January 31, 2024 and 2023, respectively. The grants in the nine months ended January 31, 2024 included 160,000 stock options to our executive leadership team, at a premium grant price of $35.00, which was above the fair market value at the time of grant, and 10,000 stock options granted to other leaders at fair market value on date of grant. Options are exercisable over a maximum period of ten years from the date of grant. These options generally vest 10%, 20%, 30%, and 40% on April 30, or on each anniversary date after the award is granted.
The following table provides the estimated weighted average fair value for options granted during the nine months ended January 31, 2024 and 2023 using the Black-Scholes option-pricing model, and the significant weighted average assumptions used in their determination.
Nine Months Ended
January 31,
20242023
Weighted average fair value of options on grant date$6.47 $9.42 
Weighted average assumptions:
Expected life of options (years)6.35.9
Risk-free interest rate4.6 %0.5 %
Expected volatility34.0 %31.2 %
Expected dividend yield4.6 %3.0 %
Fair value of common stock on grant date$30.37 $45.99 
Exercise price of stock option grant$34.86 $45.99 
Interim President and CEO New Hire Equity Awards
On October 10, 2023, the Company named Mr. Matthew Kissner interim President and CEO and entered into an employment agreement (Employment Agreement) with him. Under the Employment Agreement, Mr. Kissner will be eligible to participate in the 2024 Executive Long-Term Incentive Plan (ELTIP), with a target long-term incentive equal to $1.8 million.
Sixty percent of the ELTIP value will be delivered in the form of target performance share units and forty percent in restricted share units. The grant date fair value for the restricted share units which were granted in the three months ended October 31, 2023 was $30.95 per share and included 20,028 restricted share units which vest 25% each year starting on April 30, 2024 to April 30, 2027. The grant date fair value for the performance share units which were granted in the three months ended January 31, 2024 was $30.23 per share and included 35,538 performance share units which vest 100% on June 30, 2026. Awards are subject to forfeiture in the case of voluntary termination prior to vesting, and continued vesting in the case of earlier termination of employment without cause or due to constructive discharge. All other terms and conditions are the same as for other executives, as outlined in the ELTIP grant agreements.
v3.24.0.1
Accumulated Other Comprehensive Loss
 9 Months Ended
Jan. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
Changes in Accumulated other comprehensive loss by component, net of tax, for the three and nine months ended January 31, 2024 and 2023 were as follows:
Foreign
Currency
Translation
Unamortized
Retirement
Costs
Interest
Rate Swaps
Total
Balance at October 31, 2023$(349,037)$(198,649)$5,716 $(541,970)
Other comprehensive income (loss) before reclassifications25,116 (6,520)(2,409)16,187 
Amounts reclassified from accumulated other comprehensive loss— 1,466 (2,445)(979)
Total other comprehensive income (loss)25,116 (5,054)(4,854)15,208 
Balance at January 31, 2024$(323,921)$(203,703)$862 $(526,762)
Balance at April 30, 2023$(326,346)$(206,806)$4,250 $(528,902)
Other comprehensive income (loss) before reclassifications2,425 (1,316)3,625 4,734 
Amounts reclassified from accumulated other comprehensive loss— 4,419 (7,013)(2,594)
Total other comprehensive income (loss)2,425 3,103 (3,388)2,140 
Balance at January 31, 2024$(323,921)$(203,703)$862 $(526,762)

Foreign
Currency
Translation
Unamortized
Retirement
Costs
Interest
Rate Swaps
Total
Balance at October 31, 2022$(385,494)$(168,999)$8,507 $(545,986)
Other comprehensive income (loss) before reclassifications50,348 (8,615)(772)40,961 
Amounts reclassified from accumulated other comprehensive loss— 1,159 (1,671)(512)
Total other comprehensive income (loss)50,348 (7,456)(2,443)40,449 
Balance at January 31, 2023$(335,146)$(176,455)$6,064 $(505,537)
Balance at April 30, 2022$(329,566)$(182,226)$3,646 $(508,146)
Other comprehensive (loss) income before reclassifications(5,580)2,453 4,295 1,168 
Amounts reclassified from accumulated other comprehensive loss— 3,318 (1,877)1,441 
Total other comprehensive (loss) income(5,580)5,771 2,418 2,609 
Balance at January 31, 2023$(335,146)$(176,455)$6,064 $(505,537)
During the three and nine months ended January 31, 2024, pretax actuarial losses included in Unamortized Retirement Costs of approximately $2.0 million and $5.9 million, respectively, and in the three and nine months ended January 31, 2023, of approximately $1.5 million and $4.4 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 (expense) income, net on our Unaudited Condensed Consolidated Statements of Net Loss.
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.
v3.24.0.1
Reconciliation of Weighted Average Shares Outstanding
 9 Months Ended
Jan. 31, 2024
Earnings Per Share [Abstract]  
Reconciliation of Weighted Average Shares Outstanding Reconciliation of Weighted Average Shares Outstanding
Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share further includes any common shares available to be issued upon the exercise of unvested, outstanding restricted stock units and other stock awards if such inclusions would be dilutive. The shares associated with performance-based stock awards (PSU) are considered contingently issuable shares and are included in the diluted weighted average number of common shares outstanding when they have met the performance conditions, and when their effect is dilutive. We determine the potentially dilutive common shares for all awards using the treasury stock method.
A reconciliation of the shares used in the computation of loss per share follows (shares in thousands):
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Weighted average shares outstanding54,81255,51455,06155,625
Shares used for basic loss per share54,81255,51455,06155,625
Dilutive effect of unvested restricted stock units and other stock awards————
Shares used for diluted loss per share54,81255,51455,06155,625
Antidilutive options to purchase Class A common shares, restricted shares, and contingently issuable restricted stock which are excluded from the table above1,1391,1411,0841,155
In calculating diluted net loss per common share for the three and nine months ended January 31, 2024 and 2023, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a net loss is reported and the effect of using dilutive shares is antidilutive.
v3.24.0.1
Restructuring and Related Charges
 9 Months Ended
Jan. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Charges Restructuring and Related Charges
Global Restructuring Program

In May 2022, the Company initiated a global program (Global Restructuring Program) to restructure and align our cost base with current and anticipated future market conditions, which was previously referred to as the Fiscal Year 2023 Restructuring Program. This program included severance related charges for the elimination of certain positions, the exit of certain leased office space, and the reduction of our occupancy at other facilities. Under this program, we reduced our real estate square footage occupancy by approximately 22%.

In the three months ended July 31, 2023, we expanded the scope of the program to include those actions that will focus Wiley on its leading global position in the development and application of new knowledge and drive greater profitability, growth, and cash flow. We will focus on our strongest and most profitable businesses and large market opportunities in Research and Learning, as well as streamline our organization and rightsize our cost structure to reflect these portfolio actions. As part of the Global Restructuring Program, we are further reducing our real estate square footage occupancy by approximately 13% due to actions taken in the nine months ended January 31, 2024.

The following tables summarize the pretax restructuring and related charges related to the Global Restructuring Program:

Three Months Ended
January 31,		Nine Months Ended
January 31,		Total Charges
Incurred to Date
2024202320242023
(Credits) Charges by Segment:
Research$(749)$319 $5,953 $1,579 $8,366 
Learning1,313 1,387 7,390 8,179 15,194 
Held for Sale or Sold1,498 614 6,143 4,395 11,929 
Corporate Expenses12,352 6,540 31,463 30,129 64,342 
Total Restructuring and Related Charges$14,414 $8,860 $50,949 $44,282 $99,831 
Charges by Activity:
Severance and termination benefits$1,098 $7,049 $25,661 $24,613 $51,488 
Impairment of operating lease ROU assets and property and equipment7,149 — 8,724 12,696 21,420 
Acceleration of expense related to operating lease ROU assets and property and equipment548 152 1,064 1,992 3,204 
Facility related charges, net1,531 706 2,918 3,403 7,067 
Consulting costs2,032 167 7,821 597 10,106 
Other activities2,056 786 4,761 981 6,546 
Total Restructuring and Related Charges$14,414 $8,860 $50,949 $44,282 $99,831 

The severance related charges are for certain employees affected by the reduction in force under this program who are entitled to severance payments and certain termination benefits. The credits in Research for the three months ended January 31, 2024 relate to severance and termination benefits activities primarily due to changes in the number of headcount reductions, and estimates for previously accrued costs.

The impairment charges include the impairment of operating lease ROU assets related to certain leases that will be subleased, and the related property and equipment described further below. In the three and nine months ended January 31, 2024, these charges were recorded in Corporate Expenses and the Research segment. In the nine months ended January 31, 2023, these charges were recorded in Corporate Expenses.
The acceleration of expense includes the acceleration of rent expense associated with operating lease ROU assets related to certain leases that will be abandoned or terminated, and the related depreciation and amortization of property and equipment.

Due to the actions taken above, we tested the operating lease ROU assets and the related property and equipment for those being subleased for recoverability by comparing the carrying value of the asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset groups were below the carrying values. Therefore, there was an indication of impairment. We then determined the fair value of the asset groups by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of these operating lease ROU assets and the property and equipment immediately subsequent to the impairment was $8.7 million and $12.1 million in the nine months ended January 31, 2024 and 2023, respectively, and were categorized as Level 3 within the fair value hierarchy.

In addition, we incurred ongoing facility-related costs associated with certain properties, consulting costs, and other costs for other activities, which includes relocation and other employee related costs.

The following table summarizes the activity for the Global Restructuring Program liability for the nine months ended January 31, 2024:

April 30, 2023
Charges
Payments
Foreign
Translation
& Other Adjustments
January 31, 2024
Severance and termination benefits$4,572 $25,661 $(24,839)$(76)$5,318 
Consulting costs— 7,821 (6,682)(1)1,138 
Other activities9 4,761 (3,489)8 1,289 
Total$4,581 $38,243 $(35,010)$(69)$7,745 

Approximately $5.0 million of the restructuring liability for accrued severance and termination benefits is reflected in Accrued employment costs and approximately $0.3 million is reflected in Other long-term liabilities on our Unaudited Condensed Consolidated Statement of Financial Position. The liabilities for Consulting costs and Other activities are reflected in Other accrued liabilities on our Unaudited Condensed Consolidated Statement of Financial Position.

Business Optimization Program

For the three and nine months ended January 31, 2024, we recorded pretax restructuring charges of $0.4 million and $1.1 million, respectively, related to this program. For the three and nine months ended January 31, 2023, we recorded pretax restructuring credits of $(0.1) million and charges of $0.9 million, respectively, related to this program. We currently do not anticipate any further material charges related to the Business Optimization Program, except for ongoing facility related charges.
v3.24.0.1
Segment Information
 9 Months Ended
Jan. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
On June 1, 2023, Wiley’s Board of Directors approved a plan to divest certain businesses that we determined are non-core businesses. Those businesses are University Services, Wiley Edge, and CrossKnowledge. On January 1, 2024 we completed the sale of University Services, and on January 8, 2024 we signed an agreement to sell Wiley Edge. We expect to complete the sale of Wiley Edge and CrossKnowledge by the first quarter of fiscal year 2025. As a result of these planned divestitures, in the three months ended July 31, 2023 we reorganized our segments and our new structure consists of three reportable segments which includes Research (no change), Learning, and Held for Sale or Sold, as well as a Corporate expense category (no change), which includes certain costs that are not allocated to the reportable segments. The operations of University Services, Wiley Edge, and CrossKnowledge are reported in the Held for Sale or Sold segment until sold. Prior period segment results have been revised to the new segment presentation. There were no changes to our consolidated financial results.
•Research is unchanged and includes the reporting lines of Research Publishing and Research Solutions;
•Learning includes the Academic and Professional reporting lines and consists of publishing and related knowledge solutions;
•Held for Sale or Sold includes businesses held-for-sale including Wiley Edge and CrossKnowledge, as well as those sold in fiscal year 2024 which includes University Services and Tuition Manager, and in fiscal year 2023 Test Prep and Advancement Courses.

We report our segment information in accordance with the provisions of 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.
Segment information is as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Revenue:
Research$256,199 $253,600 $771,673 $799,872 
Learning146,334 143,243 404,594 402,539 
Held for Sale or Sold
58,172 94,525 228,259 291,362 
Total revenue$460,705 $491,368 $1,404,526 $1,493,773 
  
Adjusted Contribution to Profit:  
Research$57,098 $57,177 $169,481 $200,739 
Learning37,513 29,868 85,051 67,185 
Held for Sale or Sold
4,118 (3,565)26,302 (10,811)
Total adjusted contribution to profit98,729 83,480 280,834 257,113 
Adjusted corporate contribution to profit(48,578)(38,258)(136,873)(130,426)
Less: Held for Sale or Sold Segment Adjusted Contribution to Profit (1)
(4,118)3,565 (26,302)10,811 
Total adjusted operating income$46,033 $48,787 $117,659 $137,498 
Depreciation and Amortization:
Research$22,029 $23,123 $67,909 $70,308 
Learning13,812 14,490 41,338 42,445 
Held for Sale or Sold (2)
— 10,890 3,437 38,384 
Total depreciation and amortization35,841 48,503 112,684 151,137 
Corporate depreciation and amortization (3)
9,633 3,939 16,692 12,005 
Total depreciation and amortization$45,474 $52,442 $129,376 $163,142 
(1)
Our Adjusted Operating Income excludes the impact of our Held for Sale or Sold Segment Adjusted Operating Income or Loss results.
(2)
We ceased to record depreciation and amortization of long-lived assets for these businesses as of the date the assets were classified as held-for-sale.

On January 1, 2020, Wiley acquired mthree, a talent placement provider that addresses the IT skills gap by finding, training, and placing job-ready technology talent in roles with leading corporations worldwide. Its results of operations are included in our Held for Sale or Sold segment. In late May 2022, Wiley renamed the mthree talent development solution to Wiley Edge and discontinued use of the mthree trademark during the three months ended July 31, 2022. As a result of these actions, we determined that a revision of the useful life was warranted and the intangible asset was fully amortized over its remaining useful life resulting in accelerated amortization expense of $4.6 million in the three months ended July 31, 2022. This amortization expense was an adjustment to the Held for Sale or Sold Adjusted contribution to profit. In addition, it was included in Depreciation and amortization in the table above.
(3)
As a result of our decision to discontinue the use of certain capitalized software included in Technology, property, and equipment, net on our Unaudited Condensed Consolidated Statement of Financial Position, we recorded a pretax noncash impairment charge of $6.4 million in the three and nine months ended January 31, 2024. The impairment charge was included in Corporate depreciation and amortization reflected in Operating and administrative expenses on our Unaudited Condensed Consolidated Statements of Net Loss.
The following table shows a reconciliation of our consolidated US GAAP Operating Loss to Non-GAAP Adjusted Operating Income:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
US GAAP Operating Loss$(46,411)$(67,056)$(16,521)$(26,582)
Adjustments:
Restructuring and related charges (1)
14,808 8,807 52,033 45,204 
Impairment of goodwill (1)
81,754 99,800 108,449 99,800 
Legal settlement (2)
— 3,671 — 3,671 
Accelerated amortization of an intangible asset (3)
— — — 4,594 
Held for Sale or Sold segment Adjusted Contribution to Profit (4)
(4,118)3,565 (26,302)10,811 
Non-GAAP Adjusted Operating Income$46,033 $48,787 $117,659 $137,498 
(1)
See Note 9, “Restructuring and Related Charges” and Note 12, “Goodwill and Intangible Assets” for these charges by segment.
(2)
In the three months ended January 31, 2023, we settled a litigation matter related to consideration for a previous acquisition for $3.7 million which is included in Corporate Expenses.
(3)
As described above, this accelerated amortization relates to the mthree trademark.
(4)
Our Adjusted Operating Income excludes the impact of our Held for Sale or Sold segment Adjusted Operating Income or Loss results.
See Note 4, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the three and nine months ended January 31, 2024 and 2023.
v3.24.0.1
Inventories
 9 Months Ended
Jan. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories, net consisted of the following:
January 31, 2024April 30, 2023
Finished goods$25,997 $29,339 
Work-in-process1,209 1,031 
Paper and other materials261 248 
Total inventories before estimated sales returns and LIFO reserve$27,467 $30,618 
Inventory value of estimated sales returns7,718 6,923 
LIFO reserve(6,808)(6,808)
Inventories, net$28,377 $30,733 
v3.24.0.1
Goodwill and Intangible Assets
 9 Months Ended
Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table summarizes the activity in goodwill by segment as of January 31, 2024:
April 30, 2023 (1)(2)
Impairment
Foreign Translation Adjustment
January 31, 2024
Research$609,729 $— $3,436 $613,165 
Learning486,025 — (2,516)483,509 
Total excluding Held for Sale or Sold segment1,095,754 — 920 1,096,674 
Held for Sale or Sold108,296 (108,449)153 — 
Total including Held for Sale or Sold segment$1,204,050 $(108,449)$1,073 $1,096,674 
(1)
The Held for Sale or Sold goodwill balance as of April 30, 2023 includes a cumulative pretax noncash goodwill impairment of $209.8 million.
(2)
In the three months ended July 31, 2023, we reorganized our segments and due to this realignment have reallocated goodwill.

Wiley Edge Interim Impairment Test

As a result of signing the Purchase Agreement with Inspirit and the decrease in the fair value of the Business, in the three months ended January 31, 2024 we tested the goodwill of the Wiley Edge reporting unit for impairment. We estimated the fair value of the reporting unit based on the terms and conditions in the Purchase Agreement which reflected a selling price that included $10.0 million in cash, $18.3 million in the form of a loan, a fair value estimate for an earnout, and an estimate for a working capital adjustment. The maximum amount of the earnout is $33.9 million based on the gross profit generated by the Business relative to mutually agreed profit targets during each of the three fiscal years in the period beginning May 1, 2024 and ending April 30, 2027.

We concluded that the carrying value of the Wiley Edge reporting unit was above its fair value which resulted in a pretax noncash goodwill impairment of approximately $81.7 million in the three and nine months ended January 31, 2024. Such impairment reduced the goodwill of the Wiley Edge reporting unit to zero. This charge is reflected in Impairment of goodwill in the Unaudited Condensed Consolidated Statements of Net Loss. The impairment was due to subsequent changes in the fair value resulting from the continued progression of the selling process and indications of changes in the consideration for the business, as well as changes in the carrying amounts of the disposal group.

The fair value of the earnout was based on a Monte Carlo simulation. This method considers the terms and conditions in the Purchase Agreement, our best estimates of forecasted gross profit for the earnout periods and simulates a range of gross profits over the applicable periods based on an estimate of gross profit volatility. The fair value of the earnout was estimated as the present value of the potential range of payouts averaged across the range of simulated gross profits. The other key assumptions include a weighted average cost of capital for the reporting unit based on the risk associated with the business and its projections. In addition, a risk-adjusted discount rate for the simulated gross profit was determined by adjusting the weighted average cost of capital to reflect term risk and an implied operational leverage factor. The assumptions included in the operational leverage factor include estimates of asset volatility and gross profit volatility. The earnout amount is subject to change based on final results and calculations.
Prior to performing the goodwill impairment test for Wiley Edge, we also evaluated the recoverability of long-lived assets of the reporting unit. The carrying value of the long-lived assets that were tested for impairment was approximately $141.5 million. When indicators of impairment are present, we test definite lived and long-lived assets for recoverability by comparing the carrying value of an asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. We considered the changes in the fair value of the consideration for the business due to the continued progression of the selling process to be an indicator of impairment for its long-lived assets. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset group of the Wiley Edge reporting unit exceeded the carrying value. Therefore, there was no impairment.

Change in Segment Reporting Structure and New Reporting Units

In the three months ended July 31, 2023, we reorganized our segments. Our new segment reporting structure consists of three reportable segments which includes Research (no changes), Learning, and Held for Sale or Sold, as well as a Corporate expense category (no change), which includes certain costs that are not allocated to the reportable segments. See Note 10, “Segment Information,” for more details. The Learning reportable segment includes two reporting units, Academic and Professional. The Held for Sale or Sold reportable segment includes three reporting units, University Services, Wiley Edge and CrossKnowledge. No changes were made to the Research reportable segment.

Due to this realignment, we have reallocated goodwill to our reporting units on a relative fair value basis.

As a result of this realignment, we are required to test goodwill for impairment immediately before and after the realignment. Since there were no changes to the Research reportable segment, no impairment test of the Research segment goodwill was required.

We estimated the fair value of the reporting units using a weighting of fair values derived from an income and a market approach. Under the income approach, we determined the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on our best estimates of forecasted economic and market conditions over the period including growth rates, expected changes in operating cash flows and cash expenditures. The discount rate used is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected cash flows. The market approach estimates fair value based on market multiples of current and forward 12-month revenue or EBITDA, as applicable, derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit.

Goodwill Impairment Before Realignment

Prior to the realignment, we concluded that the fair value of the Academic Publishing, Talent Development (which includes Wiley Edge) and Professional Learning reporting units were above their carrying values. Therefore, there was no indication of impairment. The carrying value of the University Services reporting unit was above its fair value which resulted in a pretax noncash goodwill impairment of $11.4 million. Such impairment reduced the goodwill of the University Services reporting unit to zero. This charge is reflected in Impairment of goodwill in the Unaudited Condensed Consolidated Statements of Net Loss.

University Services was adversely impacted by market conditions and headwinds for online degree programs, which lead to a decline in projected enrollments from existing partners, pricing pressures and revenue share concessions, and a decline in new partner additions over both the short-term and long-term which adversely impacted forecasted revenue growth and operating cash flows.

Prior to performing the goodwill impairment test for University Services, we also evaluated the recoverability of long-lived assets of the reporting unit. The carrying value of the long-lived assets that were tested for impairment was approximately $231.0 million. When indicators of impairment are present, we test definite lived and long-lived assets for recoverability by comparing the carrying value of an asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. We considered the lower-than-expected revenue and forecasted operating cash flows over a sustained period of time, and downward revisions to our cash flow forecasts for this reporting unit to be indicators of impairment for their long-lived assets. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset group of the University Services reporting unit exceeded the carrying value. Therefore, there was no impairment.
Goodwill Impairment After Realignment

After the realignment, we concluded that the fair value of the Academic, Professional, and Wiley Edge reporting units were above their carrying values. Therefore, there was no indication of impairment. As noted above, the goodwill of the University Services reporting unit was zero and no further testing of goodwill for impairment was required. The carrying value of the CrossKnowledge reporting unit was above its fair value which resulted in a pretax noncash goodwill impairment of $15.3 million. This charge is reflected in Impairment of goodwill in the Unaudited Condensed Consolidated Statements of Net Loss.

CrossKnowledge was adversely impacted by a decline in the demand for its offerings, which have resulted in lower sales and a decline in average contract value, that adversely impacted forecasted revenue growth and operating cash flows.

Prior to performing the goodwill impairment test for CrossKnowledge, we also evaluated the recoverability of long-lived assets of the reporting unit. The carrying value of the long-lived assets that were tested for impairment was approximately $50.2 million. When indicators of impairment are present, we test definite lived and long-lived assets for recoverability by comparing the carrying value of an asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. We considered the lower-than-expected revenue and forecasted operating cash flows over a sustained period of time, and downward revisions to our cash flow forecasts for this reporting unit to be indicators of impairment for their long-lived assets. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset group of the CrossKnowledge reporting unit exceeded the carrying value. Therefore, there was no impairment.
Intangible Assets
Intangible assets, net were as follows:
January 31, 2024April 30, 2023 ⁽¹⁾
Intangible assets with definite lives, net:
Content and publishing rights$439,291 $462,463 
Customer relationships41,885 217,346 
Developed technology21,233 45,500 
Brands and trademarks5,960 7,281 
Covenants not to compete41 300 
Total intangible assets with definite lives, net508,410 732,890 
Intangible assets with indefinite lives:  
Brands and trademarks37,000 37,000 
Publishing rights83,476 84,904 
Total intangible assets with indefinite lives120,476 121,904 
Total intangible assets, net$628,886 $854,794 
(1)
The developed technology balance as of April 30, 2023 is presented net of accumulated impairments and write-offs of $2.8 million. The indefinite-lived brands and trademarks balance as of April 30, 2023 is net of accumulated impairments of $93.1 million.
v3.24.0.1
Income Taxes
 9 Months Ended
Jan. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate for the three and nine months ended January 31, 2024, was (1.4)% and 6.4%, compared with 7.7% and 2.7% for the three and nine months ended January 31, 2023.
The effective tax rate for the three months and nine months ended January 31, 2024 was lower than the US statutory rate primarily due to the impairment of goodwill resulting from the segment realignment described in Note 12, "Goodwill and Intangible Assets," as well as losses on sale of businesses and impairment charges related to assets held-for-sale described in Note 3, "Acquisitions and Divestitures," which resulted in a deferred tax benefit, the impact of US tax incentives and other discrete items offset by the mix of non-US income.
The effective tax rate for the three months ended January 31, 2024, was lower than the effective tax rate for the three months ended January 31, 2023, primarily due to the same factors described above. The effective tax rate for the nine months ended January 31, 2024 was higher than the effective tax rate for the nine months ended January 31, 2023 primarily due to certain discrete items related to the filing of the consolidated federal income tax return for the year ended April 30, 2022. The impairment of goodwill resulting from the segment realignment described in Note 12, "Goodwill and Intangible Assets," results in a relatively small tax benefit of $2.7 million and the losses on sale of businesses and impairment charges related to assets held-for-sale described in Note 3, "Acquisitions and Divestitures" results in a tax benefit of $25.7 million.
Each year we file many tax returns given the number of national, state, and local tax jurisdictions in which we operate. These tax returns are subject to examination by the tax authorities. As a result, there is an uncertainty in income taxes recognized in our financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the results of our operations.
v3.24.0.1
Retirement Plans
 9 Months Ended
Jan. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
The components of net pension expense (income) for our defined benefit plans were as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Service cost$134 $218 $400 $610 
Interest cost6,963 6,264 20,782 18,447 
Expected return on plan assets(7,458)(8,281)(22,347)(24,703)
Amortization of prior service cost(24)(23)(71)(70)
Amortization of net actuarial loss2,046 1,602 6,072 4,593 
Net pension expense (income)$1,661 $(220)$4,836 $(1,123)
The service cost component of net pension expense (income) is reflected in Operating and administrative expenses on our Unaudited Condensed Consolidated Statements of Net Loss. The other components of net pension expense (income) are reported separately from the service cost component and below Operating loss. Such amounts are reflected in Other (expense) income, net on our Unaudited Condensed Consolidated Statements of Net Loss.
Employer defined benefit pension plan contributions were $3.9 million and $11.6 million for the three and nine months ended January 31, 2024, respectively, and $3.6 million and $11.0 million for the three and nine months ended January 31, 2023, respectively.
Defined Contribution Savings Plans
The expense for employer defined contribution savings plans was $7.1 million and $21.5 million for the three and nine months ended January 31, 2024, respectively, and $7.9 million and $23.5 million for the three and nine months ended January 31, 2023, respectively.
v3.24.0.1
Debt and Available Credit Facilities
 9 Months Ended
Jan. 31, 2024
Debt Disclosure [Abstract]  
Debt and Available Credit Facilities Debt and Available Credit Facilities
Our total debt outstanding consisted of the amounts set forth in the following table:
January 31, 2024April 30, 2023
Short-term portion of long-term debt (1)
$6,250 $5,000 
Term loan A - Amended and Restated CA (2)
186,878 191,757 
Revolving credit facility - Amended and Restated CA713,646 551,535 
Total long-term debt, less current portion900,524 743,292 
Total debt$906,774 $748,292 
(1)
Relates to our term loan A under the Amended and Restated CA.
(2)
Amounts are shown net of unamortized issuance costs of $0.6 million as of January 31, 2024 and $0.7 million as of April 30, 2023.
Amended and Restated CA

On November 30, 2022, we entered into the second amendment to the Third Amended and Restated Credit Agreement (collectively, the Amended and Restated CA). The Amended and Restated CA as of November 30, 2022 provided for senior unsecured credit facilities comprised of a (i) five-year revolving credit facility in an aggregate principal amount up to $1.115 billion, which matures November 2027, (ii) a five-year term loan A facility consisting of $200 million, which matures November 2027, and (iii) $185 million aggregate principal amount revolving credit facility through May 2024.

Under the terms of the Amended and Restated CA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates depending on the currency borrowed: (i) at a rate based on the US Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average Rate (SONIA) or a EURIBOR-based rate, each rate 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. With respect to SOFR loans, there is a SOFR adjustment of between 0.10% and 0.25% depending on the duration of the loan. 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 Daily SOFR 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 Amended and Restated CA 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 CA contains certain customary affirmative and negative covenants, including a financial covenant in the form of a consolidated net leverage ratio and consolidated interest coverage ratio, which we were in compliance with as of January 31, 2024.
In the three months ended January 31, 2023, we incurred $4.5 million of costs related to the second amendment of the Amended and Restated CA which resulted in total costs capitalized of $5.8 million for the Amended and Restated CA. The amount related to the term loan A facility was $0.8 million, consisting of lender fees of $0.8 million recorded as a reduction to Long-term debt and non-lender fees of less than $0.1 million included in Other non-current assets on our Unaudited Condensed Consolidated Statement of Financial Position. The amount related to the revolving credit facility of which a portion matures in May 2024 and in November 2027 was $0.2 million and $4.8 million, respectively, all of which is included in Other non-current assets on our Unaudited Condensed Consolidated Statement of Financial Position.
We incurred a loss of $(0.2) million on the write-off of unamortized deferred costs in connection with the second amendment of the Amended and Restated CA which is reflected in Other (expense) income, net on our Unaudited Condensed Consolidated Statements of Net Loss for the three months ended January 31, 2023.
The amortization expense of the costs incurred related to the Amended and Restated CA related to the lender and non-lender fees is recognized over a five-year term for credit commitments that mature in November 2027 and an 18-month term for credit commitments that mature in May 2024. Total amortization expense was $0.3 million and $0.9 million for the three and nine months ended January 31, 2024, respectively, and is included in Interest expense on our Unaudited Condensed Consolidated Statements of Net Loss. Total amortization expense was $0.3 million and $0.8 million for the three and nine months ended January 31, 2023, respectively, and is included in Interest expense on our Unaudited Condensed Consolidated Statements of Net Loss.

As of January 31, 2024, we had approximately $587.4 million of unused borrowing capacity under our Amended and Restated CA and other facilities.
The weighted average interest rates on total debt outstanding during the three and nine months ended January 31, 2024 were 5.66% and 5.52%, respectively. The weighted average interest rates on total debt outstanding during the three and nine months ended January 31, 2023 were 4.70% and 3.78%, respectively. As of January 31, 2024 and April 30, 2023, the weighted average interest rates for total debt were 5.50% and 4.76%, respectively.
v3.24.0.1
Derivative Instruments and Hedging Activities
 9 Months Ended
Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities 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 sales and 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 January 31, 2024, we had total debt outstanding of $906.8 million, net of unamortized issuance costs of $0.6 million of which $907.4 million are variable rate loans outstanding under the Amended and Restated CA, which approximated fair value.
The following table summarizes our interest rate swaps designated as cash flow hedges:
Notional Amount
Hedged Item (1)
Date entered intoNature of SwapJanuary 31, 2024April 30, 2023Fixed Interest RateVariable Interest Rate
Amended and Restated CAJanuary 31, 2024Pay fixed/receive variable$50,000 $— 3.700 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CAJanuary 24, 2024Pay fixed/receive variable50,000 — 3.774 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CAJanuary 05, 2024Pay fixed/receive variable50,000 — 3.689 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Forward starting contracts (2)
150,000 — 
Amended and Restated CADecember 19, 2023Pay fixed/receive variable50,000 — 3.850 %
1-month SOFR reset every month for a 3-year period ending January 15, 2027
Amended and Restated CAMarch 15, 2023Pay fixed/receive variable50,000 50,000 3.565 %
1-month SOFR reset every month for a 3-year period ending April 15, 2026
Amended and Restated CAMarch 14, 2023Pay fixed/receive variable50,000 50,000 4.053 %
1-month SOFR reset every month for a 3-year period ending March 15, 2026
Amended and Restated CAMarch 13, 2023Pay fixed/receive variable50,000 50,000 3.720 %
1-month SOFR reset every month for a 3-year period ending March 15, 2026
Amended and Restated CADecember 13, 2022Pay fixed/receive variable50,000 50,000 3.772 %
1-month SOFR reset every month for a 3-year period ending December 15, 2025
Amended and Restated CAJune 16, 2022Pay fixed/receive variable100,000 100,000 3.467 %
1-month SOFR reset every month for a 2-year period ending May 15, 2024
Amended and Restated CAApril 6, 2022Pay fixed/receive variable100,000 100,000 2.588 %
1-month SOFR reset every month for a 2-year period ending April 15, 2024
Amended and Restated CAApril 12, 2021Pay fixed/receive variable100,000 100,000 0.465 %
1-month SOFR reset every month for a 3-year period ending April 15, 2024
Existing contracts$550,000 $500,000 
(1)
On November 30, 2022, we entered into the Second Amendment to our Amended and Restated CA. Refer to Note 15, "Debt and Available Credit Facilities" for more information related to our Amended and Restated CA.
(2)
During the third quarter of fiscal 2024, we entered into $150.0 million notional amount of forward starting interest rate swap agreements to hedge the cash flow risk of variability in interest payments on our variable rate borrowings. The effective date of these forward starting interest rate swap agreements is April 15, 2024. As of January 31, 2024, these contracts met the criteria of a cash flow hedge.
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 January 31, 2024 was a deferred loss of $(0.6) million and a deferred gain of $3.5 million. Based on the maturity dates of the contracts, the entire deferred loss as of January 31, 2024 was recorded within Other long-term liabilities, $2.5 million of the deferred gain was recorded within Prepaid expenses and other current assets, and $1.0 million of the deferred gain was recorded within Other non-current assets.

The fair value of the interest rate swaps as of April 30, 2023 was a deferred loss of $(0.6) million and a deferred gain of $7.8 million. Based on the maturity dates of the contracts, the entire deferred loss as of April 30, 2023 was recorded within Other long-term liabilities, $6.4 million of the deferred gain was recorded within Prepaid expenses and other current assets, and $1.4 million was recorded within Other non-current assets.
The pretax gains that were reclassified from Accumulated other comprehensive loss into Interest expense for the three and nine months ended January 31, 2024 were $3.3 million and $9.3 million, respectively. The pretax gains that were reclassified from Accumulated other comprehensive loss into Interest expense for the three and nine months ended January 31, 2023 were $2.2 million and $2.5 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 Loss and carried at 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 Loss.
As of January 31, 2024, and April 30, 2023, we did not maintain any open forward exchange contracts. In addition, we did not maintain any open forward contracts during the nine months ended January 31, 2024 and 2023.
v3.24.0.1
Capital Stock and Changes in Capital Accounts
 9 Months Ended
Jan. 31, 2024
Stockholders' Equity Note [Abstract]  
Capital Stock and Changes in Capital Accounts Capital Stock and Changes in Capital Accounts
Share Repurchases
The following table summarizes the share repurchases of Class A and Class B Common Stock (shares in thousands):
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Shares repurchased - Class A203 157 870 539 
Shares repurchased - Class B1 1 2 1 
Average Price - Class A and Class B$31.92 $41.14 $33.24 $44.47 
Dividends
The following table summarizes the cash dividends paid during the nine months ended January 31, 2024:
Date of Declaration by
Board of Directors		Quarterly Cash DividendTotal DividendClass of Common StockDividend Paid DateShareholders of
Record as of Date
June 26, 2023
$0.3500 per common share
$19.4 millionClass A and Class BJuly 20, 2023July 6, 2023
September 28, 2023
$0.3500 per common share
$19.3 millionClass A and Class BOctober 25, 2023October 10, 2023
December 14, 2023
$0.3500 per common share
$19.2 millionClass A and Class BJanuary 11, 2024December 27, 2023
Changes in Common Stock
The following is a summary of changes during the nine months ended January 31, in shares of our common stock and common stock in treasury (shares in thousands):
Changes in Common Stock A:20242023
Number of shares issued, beginning of year70,23170,226
Common stock class conversions72
Number of shares issued, end of period70,23870,228
Changes in Common Stock A in treasury:
Number of shares held, beginning of year23,98323,515
Purchases of treasury shares870539
Restricted shares issued under stock-based compensation plans – non-PSU Awards(234)(208)
Restricted shares issued under stock-based compensation plans – PSU Awards(233)(150)
Shares issued to directors(29)(3)
Restricted shares issued from exercise of stock options—(14)
Shares withheld for taxes162129
Number of shares held, end of period24,51923,808
Number of Common Stock A outstanding, end of period45,71946,420
Changes in Common Stock B:20242023
Number of shares issued, beginning of year12,95112,956
Common stock class conversions(7)(2)
Number of shares issued, end of period12,94412,954
Changes in Common Stock B in treasury:
Number of shares held, beginning of year3,9253,924
Purchases of treasury shares21
Number of shares held, end of period3,9273,925
Number of Common Stock B outstanding, end of period9,0179,029
v3.24.0.1
Commitments and Contingencies
 9 Months Ended
Jan. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
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 January 31, 2024, will not have a material effect on our consolidated financial condition or results of operations.
Non-Income Tax Matters
We conduct operations in many tax jurisdictions, and non-income-based taxes, such as sales, use, value-added, goods and services, and other taxes, are assessed on our operations in many jurisdictions. Although we are diligent in collecting and remitting such taxes, there is uncertainty as to the appropriate tax treatment of digital goods and services in many jurisdictions. No assessment has been made, and we have received no indication that an assessment will be made, with respect to such taxes. Therefore, no provisions have been recorded for uncertainties in sales, use, value-added, goods and services, or other indirect tax liabilities in the accompanying consolidated financial statements. Nonetheless, changes in law or interpretation may occur in the future, which may have a material effect on the consolidated results of operations or cash flows in the period in which a new determination is made.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ (113,875) $ (71,469) $ (225,584) $ (51,111)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Recent Accounting Standards (Policies)
 9 Months Ended
Jan. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Basis of Accounting 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 state fairly the Unaudited Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Loss and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are presented in United States (US) dollars, unless otherwise specified. 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, 2023 as filed with the SEC on June 26, 2023 (2023 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.
Recently Adopted and Issued Accounting Standards
Recently Adopted Accounting Standards
Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This ASU requires that an acquirer recognize, and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606 “Revenue from Contracts with Customers” (Topic 606) as if it had originated the contracts. Generally, this would result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements if the acquiree prepared financial statements in accordance with US GAAP. We adopted ASU 2021-08 on May 1, 2023. The standard is applied prospectively to business combinations occurring on or after the effective date of the amendments. The adoption did not have an impact on our consolidated financial statements at the time of adoption.
Recently Issued Accounting Standards
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” This ASU enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This ASU is effective for our annual disclosures starting fiscal year 2026. Early adoption is permitted. A public entity should apply the amendments in this ASU on a prospective basis with the option to apply the standard retrospectively. We are currently assessing the impact of the disclosure requirements on our consolidated financial statements.
Segment Reporting - Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for our annual fiscal year 2025, and interim periods starting in fiscal year 2026. Early adoption is permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We are currently assessing the impact of the disclosure requirements on our consolidated financial statements.
Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative
In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements - Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative.” This ASU modified the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC’s regulations. The amendments to the various topics should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the SEC has not removed the applicable requirements from Regulation S-X or Regulation S-K by June 30, 2027, then this ASU will not become effective. Early adoption is prohibited. We do not expect the amendments in this ASU to have a material impact to our disclosures in our consolidated financial statements.
Revenue from Contract with Customer
Research
Research customers include academic, corporate, government, and public libraries, funders of research, researchers, scientists, clinicians, engineers and technologists, scholarly and professional societies, and students and professors. Research products are sold and distributed globally through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to researchers and 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 products is recognized over time. Total Research revenue was $256.2 million and $771.7 million in the three and nine months ended January 31, 2024, respectively.
We disaggregated revenue by Research Publishing and Research Solutions 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 $216.6 million and $659.3 million in the three and nine months ended January 31, 2024, respectively, and the majority is recognized over time.
In both the three and nine months ended January 31, 2024, Research Publishing products generated approximately 86% of their revenue from contracts with their customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Transformational Agreements (read and publish), and the remainder from Licensing, Backfiles, and Other.
Research Solutions Products and Services
Research Solutions products and services include corporate and society service offerings such as advertising, spectroscopy software and spectral databases, job board software and career center services, publishing services such as editorial operations, production, copyediting, system support and consulting, and a journal submission and peer-review management system. In addition, Research Solutions includes Atypon platforms and services. Atypon is a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content on the web through the LiteratumTM platform. Research Solutions revenue was $39.6 million and $112.3 million in the three and nine months ended January 31, 2024, respectively, and the majority is recognized over time.
In the three and nine months ended January 31, 2024, Research Solutions products and services generated approximately 68% and 67%, respectively, of their revenue from contracts with their customers from corporate and society offerings and 32% and 33%, respectively, from Atypon platforms and services.
Learning

Learning customers include chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, web sites, and other online applications. Total Learning revenue was $146.3 million and $404.6 million in the three and nine months ended January 31, 2024, respectively.
We disaggregated revenue by type of products provided. Learning products are Academic and Professional.
Academic

Academic products revenue was $87.2 million and $224.6 million in the three and nine months ended January 31, 2024, respectively. Academic products and services including scientific, professional, and education print and digital books, and digital courseware to libraries, corporations, students, professionals, and researchers. Communities served include business, finance, accounting, 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, websites, distributor networks and other online applications.

In the three and nine months ended January 31, 2024, Academic products generated approximately 53% and 60%, respectively, of their revenue from contracts with their customers for print and digital publishing, which is recognized at a point in time. Digital Courseware products in the three and nine months ended January 31, 2024 generate approximately 36% and 31%, respectively, of their revenue from contracts with their customers which is recognized over time. The remainder of their revenues were from Licensing and Other, which has a mix of revenue recognized at a point in time and over time.
Professional
Professional products revenue was $59.1 million and $180.0 million in the three and nine months ended January 31, 2024, respectively. Professional provides learning, development, publishing, and assessment services for businesses and professionals.

Our trade publishing produces professional books, which includes business and finance, technology, professional development for educators, test preparation books and other professional categories, as well as the For Dummies® brand. Products are sold to brick-and-mortar and online retailers, wholesalers who supply such bookstores, college bookstores, individual practitioners, corporations, and government agencies.

Our assessments offering includes high-demand soft-skills training solutions that are delivered to organizational clients through online digital delivery platforms, either directly or through an authorized distributor network of independent consultants, trainers, and coaches.
In the three and nine months ended January 31, 2024, Professional products generated approximately 55% and 57%, respectively, of their revenue from contracts with their customers for trade print and digital publishing, which is recognized at a point in time. Our assessments offering in the three and nine months ended January 31, 2024 generates approximately 28% and 31%, respectively, of their revenue from contracts with their customers which has a mix of revenue recognized at a point in time and over time. The remainder of their revenues were from Licensing and Other, which has a mix of revenue recognized at a point in time and over time.
Held for Sale or Sold
Held for Sale or Sold revenue was $58.2 million and $228.3 million in the three and nine months ended January 31, 2024, respectively. Offerings include University Services, Wiley Edge and CrossKnowledge.
The University Services business was sold on January 1, 2024, and it previously offered institutions and their students a rich portfolio of education technology and student and faculty support services, allowing the institutions to reach more students online with their own quality academic programs. University Services revenue was mainly recognized over time.
Wiley Edge sources, trains, and prepares aspiring students and professionals to meet the skill needs of today’s technology careers, and then places them with some of the world's largest financial institutions, technology companies, and government agencies. Wiley Edge also works with its clients to retrain and retain existing employees so they can continue to meet the changing demands of today’s technology landscape. Wiley Edge revenue is recognized at the point in time the services are provided to its customers.
CrossKnowledge services includes corporate learning online learning and training solutions for global corporations, universities, and small and medium-sized enterprises sold on a subscription or fee basis. CrossKnowledge revenue is recognized over time.

Held for Sale or Sold also includes the revenue associated with those businesses which have been sold which includes Wiley's Efficient Learning test prep portfolio business, and our advancement courses business which were both sold in fiscal year 2023, and our Tuition Manager business which was sold in the three months ended July 31, 2023.
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.
v3.24.0.1
Acquisitions and Divestitures (Tables)
 9 Months Ended
Jan. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Disposal Groups, Including Discontinued Operations
The major categories of assets and liabilities that have been classified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 2024 were as follows:
University ServicesCross KnowledgeWiley EdgeTotal
Assets held-for-sale:
Current assets
Cash and cash equivalents (1)
$— $6,031 $9,672 $15,703 
Accounts receivable, net1,024 8,354 15,207 24,585 
Prepaid expenses and other current assets (1)
61 3,704 6,684 10,449 
Valuation allowance— (18,089)— (18,089)
Total current assets held-for-sale$1,085 $— $31,563 $32,648 
Technology, property and equipment, net— 2,906 2,783 5,689 
Intangible assets, net— 18,001 34,766 52,767 
Operating lease right-of-use assets— 321 1,021 1,342 
Other non-current assets1,426 16,840 179 18,445 
Valuation allowance— (38,068)(20,676)(58,744)
Total non-current assets held-for-sale$1,426 $— $18,073 $19,499 
Liabilities held-for-sale:
Current liabilities
Accounts payable$32 $559 $77 $668 
Accrued royalties— 815 — 815 
Contract liabilities111 12,332 19 12,462 
Accrued employment costs— 6,556 3,558 10,114 
Short-term portion of operating lease liabilities— — 479 479 
Other accrued liabilities45 3,691 5,634 9,370 
Total current liabilities held-for-sale$188 $23,953 $9,767 $33,908 
Accrued pension liability— 707 — 707 
Deferred income tax liabilities— 4,133 3,447 7,580 
Operating lease liabilities— — 273 273 
Other long-term liabilities11 674 459 1,144 
Total long-term liabilities held-for-sale$11 $5,514 $4,179 $9,704 
(1)
The following table shows a reconciliation of our cash, cash equivalents, and restricted cash included in current assets held-for-sale in our Unaudited Condensed Consolidated Statement of Financial Position to our Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended January 31, 2024:

Cash and cash equivalents$93,100 
Restricted cash included in Prepaid expenses and other current assets50 
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 202493,150 
Cash and cash equivalents held-for-sale15,703 
Restricted cash held-for-sale included in Prepaid expenses and other current assets54 
Total cash, cash equivalents, and restricted cash held-for-sale as of January 31, 202415,757 
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended January 31, 2024$108,907 
Schedule of Cash and Cash Equivalents
Cash and cash equivalents$93,100 
Restricted cash included in Prepaid expenses and other current assets50 
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 202493,150 
Cash and cash equivalents held-for-sale15,703 
Restricted cash held-for-sale included in Prepaid expenses and other current assets54 
Total cash, cash equivalents, and restricted cash held-for-sale as of January 31, 202415,757 
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended January 31, 2024$108,907 
Restrictions on Cash and Cash Equivalents
Cash and cash equivalents$93,100 
Restricted cash included in Prepaid expenses and other current assets50 
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 202493,150 
Cash and cash equivalents held-for-sale15,703 
Restricted cash held-for-sale included in Prepaid expenses and other current assets54 
Total cash, cash equivalents, and restricted cash held-for-sale as of January 31, 202415,757 
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended January 31, 2024$108,907 
v3.24.0.1
Revenue Recognition, Contracts with Customers (Tables)
 9 Months Ended
Jan. 31, 2024
Revenue from Contract with Customer [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
January 31,		Nine Months Ended
January 31,
2024202320242023
Research:
Research Publishing$216,586 $213,720 $659,329 $685,884 
Research Solutions39,613 39,880 112,344 113,988 
Total Research256,199 253,600 771,673 799,872 
Learning:
Academic87,216 82,822 224,633 223,826 
Professional59,118 60,421 179,961 178,713 
Total Learning146,334 143,243 404,594 402,539 
Held for Sale or Sold58,172 94,525 228,259 291,362 
Total Revenue$460,705 $491,368 $1,404,526 $1,493,773 
Contract with Customer, Contract Asset, Contract Liability, and Receivable
The following table provides information about accounts receivable, net and contract liabilities from contracts with customers.
January 31, 2024April 30, 2023Increase/
(Decrease)
Balances from contracts with customers:
Accounts receivable, net$161,009 $310,121 $(149,112)
Contract liabilities (1)
300,675 504,695 (204,020)
Contract liabilities (included in Other long-term liabilities)$15,114 $17,426 $(2,312)
(1)
The sales return reserve recorded in Contract liabilities is $25.9 million and $24.6 million, as of January 31, 2024 and April 30, 2023, respectively.
v3.24.0.1
Operating Leases (Tables)
 9 Months Ended
Jan. 31, 2024
Leases [Abstract]  
ROU Assets and Liabilities
For operating leases, the ROU assets and liabilities are presented on our Unaudited Condensed Consolidated Statement of Financial Position as follows:
January 31, 2024April 30, 2023
Operating lease ROU assets$71,306 $91,197 
Short-term portion of operating lease liabilities18,181 19,673 
Operating lease liabilities, non-current$98,219 $115,540 
Total Net Lease Costs
Our total net lease costs are as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Operating lease cost$3,344 $4,356 $11,282 $14,066 
Variable lease cost254 265 836 807 
Short-term lease cost299 230 869 491 
Sublease income(230)(198)(651)(568)
Total net lease cost (1)
$3,667 $4,653 $12,336 $14,796 
(1)
Total net lease cost does not include those costs and sublease income included in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Loss. This includes those operating leases we had identified as part of our restructuring program that would be subleased. See Note 9, “Restructuring and Related Charges” for more information on this program.
Other Supplemental Information for Operating Leases
Other supplemental information includes the following:
Nine Months Ended
January 31,
20242023
Weighted-average remaining contractual lease term (years)88
Weighted-average discount rate6.02 %5.93 %
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$19,545$20,264
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 January 31, 2024:
Fiscal YearOperating Lease
Liabilities
2024 (remaining 3 months)$6,492 
202523,650 
202621,839 
202717,149 
202813,268 
Thereafter64,186 
Total future undiscounted minimum lease payments146,584 
Less: Imputed interest30,184 
Present value of minimum lease payments116,400 
Less: Current portion18,181 
Noncurrent portion$98,219 
v3.24.0.1
Stock-Based Compensation (Tables)
 9 Months Ended
Jan. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Nonvested Restricted Stock Shares Activity
The following table summarizes awards we granted to employees (shares in thousands):
Nine Months Ended
January 31,
20242023
Restricted Stock:
Awards granted (shares)1,086546
Weighted average fair value of grant$31.32 $45.31 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following table provides the estimated weighted average fair value for options granted during the nine months ended January 31, 2024 and 2023 using the Black-Scholes option-pricing model, and the significant weighted average assumptions used in their determination.
Nine Months Ended
January 31,
20242023
Weighted average fair value of options on grant date$6.47 $9.42 
Weighted average assumptions:
Expected life of options (years)6.35.9
Risk-free interest rate4.6 %0.5 %
Expected volatility34.0 %31.2 %
Expected dividend yield4.6 %3.0 %
Fair value of common stock on grant date$30.37 $45.99 
Exercise price of stock option grant$34.86 $45.99 
v3.24.0.1
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Jan. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Changes in Accumulated other comprehensive loss by component, net of tax, for the three and nine months ended January 31, 2024 and 2023 were as follows:
Foreign
Currency
Translation
Unamortized
Retirement
Costs
Interest
Rate Swaps
Total
Balance at October 31, 2023$(349,037)$(198,649)$5,716 $(541,970)
Other comprehensive income (loss) before reclassifications25,116 (6,520)(2,409)16,187 
Amounts reclassified from accumulated other comprehensive loss— 1,466 (2,445)(979)
Total other comprehensive income (loss)25,116 (5,054)(4,854)15,208 
Balance at January 31, 2024$(323,921)$(203,703)$862 $(526,762)
Balance at April 30, 2023$(326,346)$(206,806)$4,250 $(528,902)
Other comprehensive income (loss) before reclassifications2,425 (1,316)3,625 4,734 
Amounts reclassified from accumulated other comprehensive loss— 4,419 (7,013)(2,594)
Total other comprehensive income (loss)2,425 3,103 (3,388)2,140 
Balance at January 31, 2024$(323,921)$(203,703)$862 $(526,762)

Foreign
Currency
Translation
Unamortized
Retirement
Costs
Interest
Rate Swaps
Total
Balance at October 31, 2022$(385,494)$(168,999)$8,507 $(545,986)
Other comprehensive income (loss) before reclassifications50,348 (8,615)(772)40,961 
Amounts reclassified from accumulated other comprehensive loss— 1,159 (1,671)(512)
Total other comprehensive income (loss)50,348 (7,456)(2,443)40,449 
Balance at January 31, 2023$(335,146)$(176,455)$6,064 $(505,537)
Balance at April 30, 2022$(329,566)$(182,226)$3,646 $(508,146)
Other comprehensive (loss) income before reclassifications(5,580)2,453 4,295 1,168 
Amounts reclassified from accumulated other comprehensive loss— 3,318 (1,877)1,441 
Total other comprehensive (loss) income(5,580)5,771 2,418 2,609 
Balance at January 31, 2023$(335,146)$(176,455)$6,064 $(505,537)
v3.24.0.1
Reconciliation of Weighted Average Shares Outstanding (Tables)
 9 Months Ended
Jan. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares
A reconciliation of the shares used in the computation of loss per share follows (shares in thousands):
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Weighted average shares outstanding54,81255,51455,06155,625
Shares used for basic loss per share54,81255,51455,06155,625
Dilutive effect of unvested restricted stock units and other stock awards————
Shares used for diluted loss per share54,81255,51455,06155,625
Antidilutive options to purchase Class A common shares, restricted shares, and contingently issuable restricted stock which are excluded from the table above1,1391,1411,0841,155
v3.24.0.1
Restructuring and Related Charges (Tables)
 9 Months Ended
Jan. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
The following tables summarize the pretax restructuring and related charges related to the Global Restructuring Program:

Three Months Ended
January 31,		Nine Months Ended
January 31,		Total Charges
Incurred to Date
2024202320242023
(Credits) Charges by Segment:
Research$(749)$319 $5,953 $1,579 $8,366 
Learning1,313 1,387 7,390 8,179 15,194 
Held for Sale or Sold1,498 614 6,143 4,395 11,929 
Corporate Expenses12,352 6,540 31,463 30,129 64,342 
Total Restructuring and Related Charges$14,414 $8,860 $50,949 $44,282 $99,831 
Charges by Activity:
Severance and termination benefits$1,098 $7,049 $25,661 $24,613 $51,488 
Impairment of operating lease ROU assets and property and equipment7,149 — 8,724 12,696 21,420 
Acceleration of expense related to operating lease ROU assets and property and equipment548 152 1,064 1,992 3,204 
Facility related charges, net1,531 706 2,918 3,403 7,067 
Consulting costs2,032 167 7,821 597 10,106 
Other activities2,056 786 4,761 981 6,546 
Total Restructuring and Related Charges$14,414 $8,860 $50,949 $44,282 $99,831 
Activity for Restructuring Liability
The following table summarizes the activity for the Global Restructuring Program liability for the nine months ended January 31, 2024:

April 30, 2023
Charges
Payments
Foreign
Translation
& Other Adjustments
January 31, 2024
Severance and termination benefits$4,572 $25,661 $(24,839)$(76)$5,318 
Consulting costs— 7,821 (6,682)(1)1,138 
Other activities9 4,761 (3,489)8 1,289 
Total$4,581 $38,243 $(35,010)$(69)$7,745 
v3.24.0.1
Segment Information (Tables)
 9 Months Ended
Jan. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Segment information is as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Revenue:
Research$256,199 $253,600 $771,673 $799,872 
Learning146,334 143,243 404,594 402,539 
Held for Sale or Sold
58,172 94,525 228,259 291,362 
Total revenue$460,705 $491,368 $1,404,526 $1,493,773 
  
Adjusted Contribution to Profit:  
Research$57,098 $57,177 $169,481 $200,739 
Learning37,513 29,868 85,051 67,185 
Held for Sale or Sold
4,118 (3,565)26,302 (10,811)
Total adjusted contribution to profit98,729 83,480 280,834 257,113 
Adjusted corporate contribution to profit(48,578)(38,258)(136,873)(130,426)
Less: Held for Sale or Sold Segment Adjusted Contribution to Profit (1)
(4,118)3,565 (26,302)10,811 
Total adjusted operating income$46,033 $48,787 $117,659 $137,498 
Depreciation and Amortization:
Research$22,029 $23,123 $67,909 $70,308 
Learning13,812 14,490 41,338 42,445 
Held for Sale or Sold (2)
— 10,890 3,437 38,384 
Total depreciation and amortization35,841 48,503 112,684 151,137 
Corporate depreciation and amortization (3)
9,633 3,939 16,692 12,005 
Total depreciation and amortization$45,474 $52,442 $129,376 $163,142 
(1)
Our Adjusted Operating Income excludes the impact of our Held for Sale or Sold Segment Adjusted Operating Income or Loss results.
(2)
We ceased to record depreciation and amortization of long-lived assets for these businesses as of the date the assets were classified as held-for-sale.

On January 1, 2020, Wiley acquired mthree, a talent placement provider that addresses the IT skills gap by finding, training, and placing job-ready technology talent in roles with leading corporations worldwide. Its results of operations are included in our Held for Sale or Sold segment. In late May 2022, Wiley renamed the mthree talent development solution to Wiley Edge and discontinued use of the mthree trademark during the three months ended July 31, 2022. As a result of these actions, we determined that a revision of the useful life was warranted and the intangible asset was fully amortized over its remaining useful life resulting in accelerated amortization expense of $4.6 million in the three months ended July 31, 2022. This amortization expense was an adjustment to the Held for Sale or Sold Adjusted contribution to profit. In addition, it was included in Depreciation and amortization in the table above.
(3)
As a result of our decision to discontinue the use of certain capitalized software included in Technology, property, and equipment, net on our Unaudited Condensed Consolidated Statement of Financial Position, we recorded a pretax noncash impairment charge of $6.4 million in the three and nine months ended January 31, 2024. The impairment charge was included in Corporate depreciation and amortization reflected in Operating and administrative expenses on our Unaudited Condensed Consolidated Statements of Net Loss.
Reconciliation of Consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit
The following table shows a reconciliation of our consolidated US GAAP Operating Loss to Non-GAAP Adjusted Operating Income:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
US GAAP Operating Loss$(46,411)$(67,056)$(16,521)$(26,582)
Adjustments:
Restructuring and related charges (1)
14,808 8,807 52,033 45,204 
Impairment of goodwill (1)
81,754 99,800 108,449 99,800 
Legal settlement (2)
— 3,671 — 3,671 
Accelerated amortization of an intangible asset (3)
— — — 4,594 
Held for Sale or Sold segment Adjusted Contribution to Profit (4)
(4,118)3,565 (26,302)10,811 
Non-GAAP Adjusted Operating Income$46,033 $48,787 $117,659 $137,498 
(1)
See Note 9, “Restructuring and Related Charges” and Note 12, “Goodwill and Intangible Assets” for these charges by segment.
(2)
In the three months ended January 31, 2023, we settled a litigation matter related to consideration for a previous acquisition for $3.7 million which is included in Corporate Expenses.
(3)
As described above, this accelerated amortization relates to the mthree trademark.
(4)
Our Adjusted Operating Income excludes the impact of our Held for Sale or Sold segment Adjusted Operating Income or Loss results.
v3.24.0.1
Inventories (Tables)
 9 Months Ended
Jan. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories, net consisted of the following:
January 31, 2024April 30, 2023
Finished goods$25,997 $29,339 
Work-in-process1,209 1,031 
Paper and other materials261 248 
Total inventories before estimated sales returns and LIFO reserve$27,467 $30,618 
Inventory value of estimated sales returns7,718 6,923 
LIFO reserve(6,808)(6,808)
Inventories, net$28,377 $30,733 
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table summarizes the activity in goodwill by segment as of January 31, 2024:
April 30, 2023 (1)(2)
Impairment
Foreign Translation Adjustment
January 31, 2024
Research$609,729 $— $3,436 $613,165 
Learning486,025 — (2,516)483,509 
Total excluding Held for Sale or Sold segment1,095,754 — 920 1,096,674 
Held for Sale or Sold108,296 (108,449)153 — 
Total including Held for Sale or Sold segment$1,204,050 $(108,449)$1,073 $1,096,674 
(1)
The Held for Sale or Sold goodwill balance as of April 30, 2023 includes a cumulative pretax noncash goodwill impairment of $209.8 million.
(2)
In the three months ended July 31, 2023, we reorganized our segments and due to this realignment have reallocated goodwill.
Intangible Assets, Net
Intangible assets, net were as follows:
January 31, 2024April 30, 2023 ⁽¹⁾
Intangible assets with definite lives, net:
Content and publishing rights$439,291 $462,463 
Customer relationships41,885 217,346 
Developed technology21,233 45,500 
Brands and trademarks5,960 7,281 
Covenants not to compete41 300 
Total intangible assets with definite lives, net508,410 732,890 
Intangible assets with indefinite lives:  
Brands and trademarks37,000 37,000 
Publishing rights83,476 84,904 
Total intangible assets with indefinite lives120,476 121,904 
Total intangible assets, net$628,886 $854,794 
(1)
The developed technology balance as of April 30, 2023 is presented net of accumulated impairments and write-offs of $2.8 million. The indefinite-lived brands and trademarks balance as of April 30, 2023 is net of accumulated impairments of $93.1 million.
v3.24.0.1
Retirement Plans (Tables)
 9 Months Ended
Jan. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The components of net pension expense (income) for our defined benefit plans were as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Service cost$134 $218 $400 $610 
Interest cost6,963 6,264 20,782 18,447 
Expected return on plan assets(7,458)(8,281)(22,347)(24,703)
Amortization of prior service cost(24)(23)(71)(70)
Amortization of net actuarial loss2,046 1,602 6,072 4,593 
Net pension expense (income)$1,661 $(220)$4,836 $(1,123)
v3.24.0.1
Debt and Available Credit Facilities (Tables)
 9 Months Ended
Jan. 31, 2024
Debt Disclosure [Abstract]  
Total Debt Outstanding
Our total debt outstanding consisted of the amounts set forth in the following table:
January 31, 2024April 30, 2023
Short-term portion of long-term debt (1)
$6,250 $5,000 
Term loan A - Amended and Restated CA (2)
186,878 191,757 
Revolving credit facility - Amended and Restated CA713,646 551,535 
Total long-term debt, less current portion900,524 743,292 
Total debt$906,774 $748,292 
(1)
Relates to our term loan A under the Amended and Restated CA.
(2)
Amounts are shown net of unamortized issuance costs of $0.6 million as of January 31, 2024 and $0.7 million as of April 30, 2023.
v3.24.0.1
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Jan. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes our interest rate swaps designated as cash flow hedges:
Notional Amount
Hedged Item (1)
Date entered intoNature of SwapJanuary 31, 2024April 30, 2023Fixed Interest RateVariable Interest Rate
Amended and Restated CAJanuary 31, 2024Pay fixed/receive variable$50,000 $— 3.700 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CAJanuary 24, 2024Pay fixed/receive variable50,000 — 3.774 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CAJanuary 05, 2024Pay fixed/receive variable50,000 — 3.689 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Forward starting contracts (2)
150,000 — 
Amended and Restated CADecember 19, 2023Pay fixed/receive variable50,000 — 3.850 %
1-month SOFR reset every month for a 3-year period ending January 15, 2027
Amended and Restated CAMarch 15, 2023Pay fixed/receive variable50,000 50,000 3.565 %
1-month SOFR reset every month for a 3-year period ending April 15, 2026
Amended and Restated CAMarch 14, 2023Pay fixed/receive variable50,000 50,000 4.053 %
1-month SOFR reset every month for a 3-year period ending March 15, 2026
Amended and Restated CAMarch 13, 2023Pay fixed/receive variable50,000 50,000 3.720 %
1-month SOFR reset every month for a 3-year period ending March 15, 2026
Amended and Restated CADecember 13, 2022Pay fixed/receive variable50,000 50,000 3.772 %
1-month SOFR reset every month for a 3-year period ending December 15, 2025
Amended and Restated CAJune 16, 2022Pay fixed/receive variable100,000 100,000 3.467 %
1-month SOFR reset every month for a 2-year period ending May 15, 2024
Amended and Restated CAApril 6, 2022Pay fixed/receive variable100,000 100,000 2.588 %
1-month SOFR reset every month for a 2-year period ending April 15, 2024
Amended and Restated CAApril 12, 2021Pay fixed/receive variable100,000 100,000 0.465 %
1-month SOFR reset every month for a 3-year period ending April 15, 2024
Existing contracts$550,000 $500,000 
(1)
On November 30, 2022, we entered into the Second Amendment to our Amended and Restated CA. Refer to Note 15, "Debt and Available Credit Facilities" for more information related to our Amended and Restated CA.
(2)
During the third quarter of fiscal 2024, we entered into $150.0 million notional amount of forward starting interest rate swap agreements to hedge the cash flow risk of variability in interest payments on our variable rate borrowings. The effective date of these forward starting interest rate swap agreements is April 15, 2024. As of January 31, 2024, these contracts met the criteria of a cash flow hedge.
v3.24.0.1
Capital Stock and Changes in Capital Accounts (Tables)
 9 Months Ended
Jan. 31, 2024
Stockholders' Equity Note [Abstract]  
Summary of Shares Repurchased
The following table summarizes the share repurchases of Class A and Class B Common Stock (shares in thousands):
Three Months Ended
January 31,		Nine Months Ended
January 31,
2024202320242023
Shares repurchased - Class A203 157 870 539 
Shares repurchased - Class B1 1 2 1 
Average Price - Class A and Class B$31.92 $41.14 $33.24 $44.47 
Cash Dividends Paid
The following table summarizes the cash dividends paid during the nine months ended January 31, 2024:
Date of Declaration by
Board of Directors		Quarterly Cash DividendTotal DividendClass of Common StockDividend Paid DateShareholders of
Record as of Date
June 26, 2023
$0.3500 per common share
$19.4 millionClass A and Class BJuly 20, 2023July 6, 2023
September 28, 2023
$0.3500 per common share
$19.3 millionClass A and Class BOctober 25, 2023October 10, 2023
December 14, 2023
$0.3500 per common share
$19.2 millionClass A and Class BJanuary 11, 2024December 27, 2023
Schedule of Stock by Class
The following is a summary of changes during the nine months ended January 31, in shares of our common stock and common stock in treasury (shares in thousands):
Changes in Common Stock A:20242023
Number of shares issued, beginning of year70,23170,226
Common stock class conversions72
Number of shares issued, end of period70,23870,228
Changes in Common Stock A in treasury:
Number of shares held, beginning of year23,98323,515
Purchases of treasury shares870539
Restricted shares issued under stock-based compensation plans – non-PSU Awards(234)(208)
Restricted shares issued under stock-based compensation plans – PSU Awards(233)(150)
Shares issued to directors(29)(3)
Restricted shares issued from exercise of stock options—(14)
Shares withheld for taxes162129
Number of shares held, end of period24,51923,808
Number of Common Stock A outstanding, end of period45,71946,420
Changes in Common Stock B:20242023
Number of shares issued, beginning of year12,95112,956
Common stock class conversions(7)(2)
Number of shares issued, end of period12,94412,954
Changes in Common Stock B in treasury:
Number of shares held, beginning of year3,9253,924
Purchases of treasury shares21
Number of shares held, end of period3,9273,925
Number of Common Stock B outstanding, end of period9,0179,029
v3.24.0.1
Acquisitions and Divestitures - Narrative (Details)
$ in Thousands
 3 Months Ended 5 Months Ended 6 Months Ended 9 Months Ended
Jan. 01, 2024
USD ($)
May 31, 2023
USD ($)
Nov. 01, 2022
USD ($)
Jul. 31, 2024
USD ($)
Jan. 31, 2024
USD ($)
Oct. 31, 2023
USD ($)
Oct. 31, 2023
USD ($)
Jan. 31, 2024
USD ($)
segment
Jan. 01, 2026
Jan. 02, 2024
Apr. 30, 2023
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Goodwill         $ 1,096,674     $ 1,096,674     $ 1,204,050
Number of reportable segments | segment               3      
TSA fees         600     $ 600      
Learning                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Goodwill         483,509     483,509     $ 486,025
Held-for-Sale                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Intangible assets, net         52,767     52,767      
Disposal group, pre-tax loss         26,400     76,800      
Tuition Manager | Disposed of by Sale                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
(Costs) proceeds related to the sale of businesses and certain assets   $ 500       $ 500          
Loss on disposal   1,500                  
Total non-current assets held-for-sale   2,500                  
Intangible assets, net   $ 1,000                  
University Services | Disposed of by Sale                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Selling price for disposal $ 122,600                    
Increase to principal amount 12,000                    
Maximum earnout value at end of target period 4,000                    
Loss on disposal         26,000     101,400      
University Services | Disposed of by Sale | Seller Note                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Consideration, noncash 92,900                    
Stated interest rate (as a percent)                   10.00%  
University Services | Disposed of by Sale | Earnout                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Consideration, noncash 17,800                    
Maximum consideration 40,000                    
University Services | Disposed of by Sale | TVG Investment                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Consideration, noncash $ 11,900                    
Parent company units as a percentage of total units (as a percent) 0.10                    
University Services | Disposed of by Sale | Forecast | Seller Note                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Stated interest rate (as a percent)                 12.00%    
University Services | Held-for-Sale                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Intangible assets, net         0     0      
Disposal group, pre-tax loss             $ 75,400        
Cross Knowledge | Held-for-Sale                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Intangible assets, net         18,001     18,001      
Disposal group, pre-tax loss         5,800     56,200      
Wiley Edge | Held-for-Sale                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Intangible assets, net         34,766     34,766      
Disposal group, pre-tax loss         $ 20,600     $ 20,600      
Wiley Edge | Held-for-Sale | Forecast                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
(Costs) proceeds related to the sale of businesses and certain assets       $ 10,000              
Selling price for disposal       62,200              
Wiley Edge | Held-for-Sale | Forecast | Earnout                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Consideration, noncash       33,900              
Wiley Edge | Held-for-Sale | Forecast | Loan Note                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Consideration, noncash       $ 18,300              
Series of Individually Immaterial Business Acquisitions                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Fair value of consideration transferred     $ 6,100                
Total cash consideration transferred     5,200                
Cash to be paid after acquisition date     900                
Intangible assets     3,700                
Series of Individually Immaterial Business Acquisitions | Learning                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Goodwill     $ 3,900                
v3.24.0.1
Acquisitions and Divestitures - Categories of Assets and Liabilities Held For Sale (Details) - USD ($)
$ in Thousands
Jan. 31, 2024
Apr. 30, 2023
Assets held-for-sale:    
Cash and cash equivalents $ 15,703  
Total current assets held-for-sale 32,648 $ 0
Total non-current assets held-for-sale 19,499 0
Liabilities held-for-sale:    
Total current liabilities held-for-sale 33,908 $ 0
Held-for-Sale    
Assets held-for-sale:    
Cash and cash equivalents 15,703  
Accounts receivable, net 24,585  
Prepaid expenses and other current assets 10,449  
Valuation allowance (18,089)  
Total current assets held-for-sale 32,648  
Technology, property and equipment, net 5,689  
Intangible assets, net 52,767  
Operating lease right-of-use assets 1,342  
Other non-current assets 18,445  
Valuation allowance (58,744)  
Total non-current assets held-for-sale 19,499  
Liabilities held-for-sale:    
Accounts payable 668  
Accrued royalties 815  
Contract liabilities 12,462  
Accrued employment costs 10,114  
Short-term portion of operating lease liabilities 479  
Other accrued liabilities 9,370  
Total current liabilities held-for-sale 33,908  
Accrued pension liability 707  
Deferred income tax liabilities 7,580  
Operating lease liabilities 273  
Other long-term liabilities 1,144  
Total long-term liabilities held-for-sale 9,704  
University Services | Held-for-Sale    
Assets held-for-sale:    
Cash and cash equivalents 0  
Accounts receivable, net 1,024  
Prepaid expenses and other current assets 61  
Valuation allowance 0  
Total current assets held-for-sale 1,085  
Technology, property and equipment, net 0  
Intangible assets, net 0  
Operating lease right-of-use assets 0  
Other non-current assets 1,426  
Valuation allowance 0  
Total non-current assets held-for-sale 1,426  
Liabilities held-for-sale:    
Accounts payable 32  
Accrued royalties 0  
Contract liabilities 111  
Accrued employment costs 0  
Short-term portion of operating lease liabilities 0  
Other accrued liabilities 45  
Total current liabilities held-for-sale 188  
Accrued pension liability 0  
Deferred income tax liabilities 0  
Operating lease liabilities 0  
Other long-term liabilities 11  
Total long-term liabilities held-for-sale 11  
Cross Knowledge | Held-for-Sale    
Assets held-for-sale:    
Cash and cash equivalents 6,031  
Accounts receivable, net 8,354  
Prepaid expenses and other current assets 3,704  
Valuation allowance (18,089)  
Total current assets held-for-sale 0  
Technology, property and equipment, net 2,906  
Intangible assets, net 18,001  
Operating lease right-of-use assets 321  
Other non-current assets 16,840  
Valuation allowance (38,068)  
Total non-current assets held-for-sale 0  
Liabilities held-for-sale:    
Accounts payable 559  
Accrued royalties 815  
Contract liabilities 12,332  
Accrued employment costs 6,556  
Short-term portion of operating lease liabilities 0  
Other accrued liabilities 3,691  
Total current liabilities held-for-sale 23,953  
Accrued pension liability 707  
Deferred income tax liabilities 4,133  
Operating lease liabilities 0  
Other long-term liabilities 674  
Total long-term liabilities held-for-sale 5,514  
Wiley Edge | Held-for-Sale    
Assets held-for-sale:    
Cash and cash equivalents 9,672  
Accounts receivable, net 15,207  
Prepaid expenses and other current assets 6,684  
Valuation allowance 0  
Total current assets held-for-sale 31,563  
Technology, property and equipment, net 2,783  
Intangible assets, net 34,766  
Operating lease right-of-use assets 1,021  
Other non-current assets 179  
Valuation allowance (20,676)  
Total non-current assets held-for-sale 18,073  
Liabilities held-for-sale:    
Accounts payable 77  
Accrued royalties 0  
Contract liabilities 19  
Accrued employment costs 3,558  
Short-term portion of operating lease liabilities 479  
Other accrued liabilities 5,634  
Total current liabilities held-for-sale 9,767  
Accrued pension liability 0  
Deferred income tax liabilities 3,447  
Operating lease liabilities 273  
Other long-term liabilities 459  
Total long-term liabilities held-for-sale $ 4,179  
v3.24.0.1
Acquisitions and Divestitures - Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Jan. 31, 2024
Apr. 30, 2023
Jan. 31, 2023
 [1]
Apr. 30, 2022
Business Combination and Asset Acquisition [Abstract]        
Cash and cash equivalents $ 93,100 $ 106,714    
Restricted cash included in Prepaid expenses and other current assets 50      
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of January 31, 2024 93,150      
Cash and cash equivalents held-for-sale 15,703      
Restricted cash held-for-sale included in Prepaid expenses and other current assets 54      
Total cash, cash equivalents, and restricted cash held-for-sale as of January 31, 2024 15,757      
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended January 31, 2024 $ 108,907 [1] $ 107,262 $ 126,987 $ 100,727
[1]
The balance as of January 31, 2024 includes held-for-sale cash, cash equivalents and restricted cash. See Note 3, "Acquisitions and Divestitures" for further details.
v3.24.0.1
Revenue Recognition, Contracts with Customers - Disaggregation of Revenue (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Jan. 31, 2024
USD ($)
segment
Jan. 31, 2023
USD ($)
Disaggregation of Revenue [Line Items]        
Number of reportable segments | segment     3  
Revenue, net $ 460,705 $ 491,368 $ 1,404,526 $ 1,493,773
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations        
Disaggregation of Revenue [Line Items]        
Revenue from disposal group $ 58,200   $ 228,300  
Research | Research Publishing | Journal Subscriptions, Open Access and Comprehensive Agreements | Product Concentration Risk | Revenue from Contract with Customers        
Disaggregation of Revenue [Line Items]        
Revenue percentage 86.00%   86.00%  
Research | Research Solutions | Corporate And Society Offerings | Product Concentration Risk | Revenue from Contract with Customers        
Disaggregation of Revenue [Line Items]        
Revenue percentage 68.00%   67.00%  
Research | Research Solutions | Atypon Platform and Services | Product Concentration Risk | Revenue from Contract with Customers        
Disaggregation of Revenue [Line Items]        
Revenue percentage 32.00%   33.00%  
Learning | Academic | Print and Digital | Transferred at Point in Time | Product Concentration Risk | Revenue from Contract with Customers        
Disaggregation of Revenue [Line Items]        
Revenue percentage 53.00%   60.00%  
Learning | Academic | Digital Courseware | Transferred over Time | Product Concentration Risk | Revenue from Contract with Customers        
Disaggregation of Revenue [Line Items]        
Revenue percentage 36.00%   31.00%  
Learning | Professional | Print and Digital | Transferred at Point in Time | Product Concentration Risk | Revenue from Contract with Customers        
Disaggregation of Revenue [Line Items]        
Revenue percentage 55.00%   57.00%  
Learning | Professional | Assessments Offering | Product Concentration Risk | Revenue from Contract with Customers        
Disaggregation of Revenue [Line Items]        
Revenue percentage 28.00%   31.00%  
Operating Segments | Research        
Disaggregation of Revenue [Line Items]        
Revenue, net $ 256,199 253,600 $ 771,673 799,872
Operating Segments | Research | Research Publishing        
Disaggregation of Revenue [Line Items]        
Revenue, net 216,586 213,720 659,329 685,884
Operating Segments | Research | Research Solutions        
Disaggregation of Revenue [Line Items]        
Revenue, net 39,613 39,880 112,344 113,988
Operating Segments | Learning        
Disaggregation of Revenue [Line Items]        
Revenue, net 146,334 143,243 404,594 402,539
Operating Segments | Learning | Academic        
Disaggregation of Revenue [Line Items]        
Revenue, net 87,216 82,822 224,633 223,826
Operating Segments | Learning | Professional        
Disaggregation of Revenue [Line Items]        
Revenue, net 59,118 60,421 179,961 178,713
Operating Segments | Held for Sale or Sold        
Disaggregation of Revenue [Line Items]        
Revenue, net $ 58,172 $ 94,525 $ 228,259 $ 291,362
v3.24.0.1
Revenue Recognition, Contracts with Customers - Accounts Receivable, net and Contract Liability Balances (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Apr. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]      
Accounts receivable, net $ 161,009   $ 310,121
Contract liabilities 300,675   504,695
Contract liabilities (included in Other long-term liabilities) 15,114   17,426
Increase/(decrease) [Abstract]      
Accounts receivable, net (149,112)    
Contract liabilities (204,020)    
Contract liabilities (included in Other long-term liabilities) (2,312)    
Sales return reserve recorded in contract liability $ 25,900   $ 24,600
Revenue recognized from beginning contract liability, percentage 98.00% 93.00%  
v3.24.0.1
Revenue Recognition, Contracts with Customers - Remaining Performance Obligations included in Contract Liability (Details) - USD ($)
$ in Millions
Jan. 31, 2024
Apr. 30, 2023
Revenue, Performance Obligation Satisfied over Time [Abstract]    
Remaining performance obligation to be recognized $ 315.8  
Sales return reserve recorded in contract liability 25.9 $ 24.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-01    
Revenue, Performance Obligation Satisfied over Time [Abstract]    
Remaining performance obligations excluding sales return reserve $ 274.8  
Remaining performance obligation, expected timing of satisfaction 12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-01    
Revenue, Performance Obligation Satisfied over Time [Abstract]    
Remaining performance obligations excluding sales return reserve $ 15.1  
Remaining performance obligation, expected timing of satisfaction  
v3.24.0.1
Revenue Recognition, Contracts with Customers - Assets Recognized for the Costs to Fulfill a Contract (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Apr. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]          
Costs capitalized $ 4,700   $ 4,700   $ 10,600
Amortization of capitalized contract cost 1,500 $ 1,100 4,200 $ 3,400  
Operating and administrative expenses 253,375 255,798 761,458 791,578  
Shipping and Handling          
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]          
Operating and administrative expenses $ 6,500 $ 7,100 $ 19,700 $ 20,600  
v3.24.0.1
Operating Leases (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jan. 31, 2024
Apr. 30, 2023
Leases [Abstract]    
Operating lease ROU assets $ 71,306 $ 91,197
Short-term portion of operating lease liabilities 18,181 19,673
Operating lease liabilities, non-current 98,219 $ 115,540
Increase (decrease) in ROU assets due to new leases as well as modifications and remeasurements to existing operating leases 700  
Increase (decrease) in operating lease liabilities due to new leases as well as modifications and remeasurements to existing operating leases $ 700  
v3.24.0.1
Operating Leases - Total Net Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Leases [Abstract]        
Operating lease cost $ 3,344 $ 4,356 $ 11,282 $ 14,066
Variable lease cost 254 265 836 807
Short-term lease cost 299 230 869 491
Sublease income (230) (198) (651) (568)
Total net lease cost $ 3,667 $ 4,653 $ 12,336 $ 14,796
v3.24.0.1
Operating Leases - Other Supplemental Information for Operating Leases (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Leases [Abstract]    
Weighted-average remaining contractual lease term (in years) 8 years 8 years
Weighted-average discount rate 6.02% 5.93%
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 19,545 $ 20,264
v3.24.0.1
Operating Leases - Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2024
Apr. 30, 2023
Operating Lease Liabilities    
2024 (remaining 3 months) $ 6,492  
2025 23,650  
2026 21,839  
2027 17,149  
2028 13,268  
Thereafter 64,186  
Total future undiscounted minimum lease payments 146,584  
Less: Imputed interest 30,184  
Present value of minimum lease payments 116,400  
Less: Current portion 18,181 $ 19,673
Operating lease liabilities, non-current $ 98,219 $ 115,540
v3.24.0.1
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
USD ($)
$ / shares
shares
Oct. 31, 2023
$ / shares
shares
Jan. 31, 2023
USD ($)
Jan. 31, 2024
USD ($)
$ / shares
shares
Jan. 31, 2023
USD ($)
$ / shares
shares
Oct. 10, 2023
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based compensation expense | $ $ 6,300   $ 6,600 $ 19,065 $ 20,613  
Target long-term incentive amount | $           $ 1,800
Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Period for achievement of performance-based targets (in years)       3 years    
Weighted average grant date fair value (in dollars per share) | $ / shares $ 30.23          
Options generally vesting, as a percent 100.00%          
Percentage of share value delivered in form of target performance (as a percent)           0.60
Awards granted in period (in shares) 35,538          
Stock Option            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grants in period, stock option awards (in shares)       170,000 10,000  
Weighted average fair value of options on grant date (in dollars per share) | $ / shares       $ 6.47 $ 9.42  
Stock Option | Executive Leadership Team            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grants in period, stock option awards (in shares)       160,000    
Weighted average fair value of options on grant date (in dollars per share) | $ / shares       $ 35.00    
Stock Option | Other Leaders            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grants in period, stock option awards (in shares)       10,000    
Stock Option | First Anniversary            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options generally vesting, as a percent       10.00%    
Stock Option | Second Anniversary            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options generally vesting, as a percent       20.00%    
Stock Option | Third Anniversary            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options generally vesting, as a percent       30.00%    
Stock Option | Fourth Anniversary            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options generally vesting, as a percent       40.00%    
Stock Option | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Exercisable period       10 years    
Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Weighted average grant date fair value (in dollars per share) | $ / shares   $ 30.95        
Percentage of share value delivered in form of target performance (as a percent)           0.40
Awards granted in period (in shares)   20,028        
Restricted Stock Units (RSUs) | First Anniversary            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options generally vesting, as a percent   25.00%        
Restricted Stock Units (RSUs) | Second Anniversary            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options generally vesting, as a percent   25.00%        
Restricted Stock Units (RSUs) | Third Anniversary            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options generally vesting, as a percent   25.00%        
Restricted Stock Units (RSUs) | Fourth Anniversary            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options generally vesting, as a percent   25.00%        
v3.24.0.1
Stock-Based Compensation - Performance-Based and Other Restricted Stock Activity (Details) - Restricted Stock - $ / shares
shares in Thousands
 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted (in shares) 1,086 546
Weighted average fair value of grant (in dollars per share) $ 31.32 $ 45.31
v3.24.0.1
Stock-Based Compensation - Stock Option Activity (Details) - Stock Option - $ / shares
 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Weighted average fair value of options on grant date (in dollars per share) $ 6.47 $ 9.42
Weighted average assumptions:    
Expected life of options (years) 6 years 3 months 18 days 5 years 10 months 24 days
Risk-free interest rate 4.60% 0.50%
Expected volatility 34.00% 31.20%
Expected dividend yield 4.60% 3.00%
Fair value of common stock on grant date (in dollars per share) $ 30.37 $ 45.99
Exercise price of stock option grant (in dollars per share) $ 34.86 $ 45.99
v3.24.0.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 867,276 $ 1,077,807 $ 1,045,027 $ 1,142,269
Other comprehensive income (loss) before reclassifications 16,187 40,961 4,734 1,168
Amounts reclassified from accumulated other comprehensive loss (979) (512) (2,594) 1,441
Total other comprehensive income 15,208 40,449 2,140 2,609
Ending balance 748,306 1,026,900 748,306 1,026,900
Accumulated other comprehensive loss, net of tax        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (541,970) (545,986) (528,902) (508,146)
Ending balance (526,762) (505,537) (526,762) (505,537)
Foreign Currency Translation        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (349,037) (385,494) (326,346) (329,566)
Other comprehensive income (loss) before reclassifications 25,116 50,348 2,425 (5,580)
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0
Total other comprehensive income 25,116 50,348 2,425 (5,580)
Ending balance (323,921) (335,146) (323,921) (335,146)
Unamortized Retirement Costs        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (198,649) (168,999) (206,806) (182,226)
Other comprehensive income (loss) before reclassifications (6,520) (8,615) (1,316) 2,453
Amounts reclassified from accumulated other comprehensive loss 1,466 1,159 4,419 3,318
Total other comprehensive income (5,054) (7,456) 3,103 5,771
Ending balance (203,703) (176,455) (203,703) (176,455)
Interest Rate Swaps        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance 5,716 8,507 4,250 3,646
Other comprehensive income (loss) before reclassifications (2,409) (772) 3,625 4,295
Amounts reclassified from accumulated other comprehensive loss (2,445) (1,671) (7,013) (1,877)
Total other comprehensive income (4,854) (2,443) (3,388) 2,418
Ending balance $ 862 $ 6,064 $ 862 $ 6,064
v3.24.0.1
Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Pension expense $ 1,661 $ (220) $ 4,836 $ (1,123)
Reclassification out of Accumulated Other Comprehensive Loss        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Pension expense $ 2,000 $ 1,500 $ 5,900 $ 4,400
v3.24.0.1
Reconciliation of Weighted Average Shares Outstanding (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Earnings Per Share [Abstract]        
Weighted average shares outstanding, basic (in shares) 54,812 55,514 55,061 55,625
Shares used for basic loss per share (in shares) 54,812 55,514 55,061 55,625
Dilutive effect of unvested restricted stock units and other stock awards (in shares) 0 0 0 0
Shares used for diluted loss per shares (in shares) 54,812 55,514 55,061 55,625
Antidilutive options to purchase Class A common shares, restricted shares, warrants to purchase Class A common shares, and contingently issuable restricted stock which are exclude from table above (in shares) 1,139 1,141 1,084 1,155
v3.24.0.1
Restructuring and Related Charges - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
May 31, 2022
Jan. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Jan. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]          
Restructuring and related charges   $ 14,808 $ 8,807 $ 52,033 $ 45,204
Restructuring liability, current   5,000   5,000  
Restructuring reserve, noncurrent   300   $ 300  
Global Restructuring Program          
Restructuring Cost and Reserve [Line Items]          
Reduction to square footage occupancy (as a percent) 0.22        
Percentage of real estate property reduction       0.13  
Restructuring and related charges   14,414 8,860 $ 50,949 44,282
Fair value of operating lease ROU assets   8,700 12,100 8,700 12,100
Global Restructuring Program | Impairment of operating lease ROU assets and property and equipment          
Restructuring Cost and Reserve [Line Items]          
Restructuring and related charges   7,149 0 8,724 12,696
Global Restructuring Program | Facility related charges, net          
Restructuring Cost and Reserve [Line Items]          
Restructuring and related charges   1,531 706 2,918 3,403
Global Restructuring Program | Consulting costs          
Restructuring Cost and Reserve [Line Items]          
Restructuring and related charges   2,032 167 7,821 597
Global Restructuring Program | Other activities          
Restructuring Cost and Reserve [Line Items]          
Restructuring and related charges   2,056 786 4,761 981
Business Optimization Program          
Restructuring Cost and Reserve [Line Items]          
Restructuring and related charges   $ 400 $ 100 $ 1,100 $ 900
v3.24.0.1
Restructuring and Related Charges - Pretax Restructuring Charges (Credits) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges $ 14,808 $ 8,807 $ 52,033 $ 45,204
Global Restructuring Program        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 14,414 8,860 50,949 44,282
Restructuring and related charges, total 99,831   99,831  
Global Restructuring Program | Corporate, Non-Segment        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 12,352 6,540 31,463 30,129
Restructuring and related charges, total 64,342   64,342  
Global Restructuring Program | Severance and termination benefits        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 1,098 7,049 25,661 24,613
Restructuring and related charges, total 51,488   51,488  
Global Restructuring Program | Impairment of operating lease ROU assets and property and equipment        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 7,149 0 8,724 12,696
Restructuring and related charges, total 21,420   21,420  
Global Restructuring Program | Acceleration of expense related to operating lease ROU assets and property and equipment        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 548 152 1,064 1,992
Restructuring and related charges, total 3,204   3,204  
Global Restructuring Program | Facility related charges, net        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 1,531 706 2,918 3,403
Restructuring and related charges, total 7,067   7,067  
Global Restructuring Program | Consulting costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 2,032 167 7,821 597
Restructuring and related charges, total 10,106   10,106  
Global Restructuring Program | Other activities        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 2,056 786 4,761 981
Restructuring and related charges, total 6,546   6,546  
Global Restructuring Program | Research | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges (749) 319 5,953 1,579
Restructuring and related charges, total 8,366   8,366  
Global Restructuring Program | Learning | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 1,313 1,387 7,390 8,179
Restructuring and related charges, total 15,194   15,194  
Global Restructuring Program | Held for Sale or Sold | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related charges 1,498 $ 614 6,143 $ 4,395
Restructuring and related charges, total $ 11,929   $ 11,929  
v3.24.0.1
Restructuring and Related Charges - Activity for Business Optimization Program (Details) - Global Restructuring Program
$ in Thousands
 9 Months Ended
Jan. 31, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring liability, beginning of period $ 4,581
Charges 38,243
Payments (35,010)
Foreign Translation & Other Adjustments (69)
Restructuring liability, end of period 7,745
Severance and termination benefits  
Restructuring Cost and Reserve [Line Items]  
Restructuring liability, beginning of period 4,572
Charges 25,661
Payments (24,839)
Foreign Translation & Other Adjustments (76)
Restructuring liability, end of period 5,318
Consulting costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring liability, beginning of period 0
Charges 7,821
Payments (6,682)
Foreign Translation & Other Adjustments (1)
Restructuring liability, end of period 1,138
Other activities  
Restructuring Cost and Reserve [Line Items]  
Restructuring liability, beginning of period 9
Charges 4,761
Payments (3,489)
Foreign Translation & Other Adjustments 8
Restructuring liability, end of period $ 1,289
v3.24.0.1
Segment Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Jul. 31, 2022
USD ($)
Jan. 31, 2024
USD ($)
segment
Jan. 31, 2023
USD ($)
Segment Reporting [Abstract]          
Number of reportable segments | segment       3  
Segment Reporting Information [Line Items]          
Revenue, net $ 460,705 $ 491,368   $ 1,404,526 $ 1,493,773
Adjusted contribution to profit 46,033 48,787   117,659 137,498
Depreciation and amortization 45,474 52,442   129,376 163,142
Amortization of intangible assets     $ 4,600    
Operating Segments          
Segment Reporting Information [Line Items]          
Adjusted contribution to profit 98,729 83,480   280,834 257,113
Depreciation and amortization 35,841 48,503   112,684 151,137
Operating Segments | Research          
Segment Reporting Information [Line Items]          
Revenue, net 256,199 253,600   771,673 799,872
Adjusted contribution to profit 57,098 57,177   169,481 200,739
Depreciation and amortization 22,029 23,123   67,909 70,308
Operating Segments | Learning          
Segment Reporting Information [Line Items]          
Revenue, net 146,334 143,243   404,594 402,539
Adjusted contribution to profit 37,513 29,868   85,051 67,185
Depreciation and amortization 13,812 14,490   41,338 42,445
Operating Segments | Held for Sale or Sold          
Segment Reporting Information [Line Items]          
Revenue, net 58,172 94,525   228,259 291,362
Adjusted contribution to profit 4,118 (3,565)   26,302 (10,811)
Depreciation and amortization 0 10,890   3,437 38,384
Corporate, Non-Segment          
Segment Reporting Information [Line Items]          
Adjusted contribution to profit (48,578) (38,258)   (136,873) (130,426)
Depreciation and amortization 9,633 $ 3,939   16,692 $ 12,005
Impairment of long lived tangible assets $ 6,400     $ 6,400  
v3.24.0.1
Segment Information - Reconciliation of Consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Segment Reporting Information [Line Items]        
US GAAP Operating Loss $ (46,411) $ (67,056) $ (16,521) $ (26,582)
Adjustments:        
Restructuring and related charges 14,808 8,807 52,033 45,204
Impairment of goodwill 81,754 99,800 108,449 99,800
Legal settlement 0 3,671 0 3,671
Accelerated amortization of an intangible asset 0 0 0 4,594
Non-GAAP Adjusted Operating Income 46,033 48,787 117,659 137,498
Held for Sale or Sold        
Adjustments:        
Impairment of goodwill     108,449  
Operating Segments        
Adjustments:        
Non-GAAP Adjusted Operating Income 98,729 83,480 280,834 257,113
Operating Segments | Held for Sale or Sold        
Adjustments:        
Non-GAAP Adjusted Operating Income 4,118 (3,565) 26,302 (10,811)
Corporate, Non-Segment        
Adjustments:        
Legal settlement   3,700    
Non-GAAP Adjusted Operating Income $ (48,578) $ (38,258) $ (136,873) $ (130,426)
v3.24.0.1
Inventories (Details) - USD ($)
$ in Thousands
Jan. 31, 2024
Apr. 30, 2023
Inventory Disclosure [Abstract]    
Finished goods $ 25,997 $ 29,339
Work-in-process 1,209 1,031
Paper and other materials 261 248
Total inventories before estimated sales returns and LIFO reserve 27,467 30,618
Inventory value of estimated sales returns (7,718) (6,923)
LIFO reserve (6,808) (6,808)
Inventories, net $ 28,377 $ 30,733
v3.24.0.1
Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Apr. 30, 2023
Goodwill [Roll Forward]          
Balance, beginning of period     $ 1,204,050    
Impairment $ (81,754) $ (99,800) (108,449) $ (99,800)  
Balance, end of period 1,096,674   1,096,674   $ 1,204,050
Cumulative pretax noncash goodwill impairment         209,800
Continuing Operations and Disposal Group, Held-for-Sale          
Goodwill [Roll Forward]          
Impairment     (108,449)    
Foreign translation adjustment     1,073    
Balance, end of period 1,096,674   1,096,674    
Research and Learning          
Goodwill [Roll Forward]          
Balance, beginning of period     1,095,754    
Foreign translation adjustment     920    
Balance, end of period         1,095,754
Research          
Goodwill [Roll Forward]          
Balance, beginning of period     609,729    
Foreign translation adjustment     3,436    
Balance, end of period 613,165   613,165   609,729
Learning          
Goodwill [Roll Forward]          
Balance, beginning of period     486,025    
Foreign translation adjustment     (2,516)    
Balance, end of period 483,509   483,509   486,025
Held for Sale or Sold          
Goodwill [Roll Forward]          
Balance, beginning of period     108,296    
Impairment     (108,449)    
Foreign translation adjustment     153    
Balance, end of period $ 0   $ 0   $ 108,296
v3.24.0.1
Goodwill and Intangible Assets - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Jul. 31, 2024
USD ($)
Jan. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Jan. 31, 2024
USD ($)
segment
Jan. 31, 2023
USD ($)
Apr. 30, 2023
USD ($)
Goodwill [Line Items]            
Impairment of goodwill   $ 81,754 $ 99,800 $ 108,449 $ 99,800  
Number of reportable segments | segment       3    
Held-for-Sale | Wiley Edge            
Goodwill [Line Items]            
Impairment of goodwill   $ 81,700   $ 81,700    
Held-for-Sale | Wiley Edge | Forecast            
Goodwill [Line Items]            
(Costs) proceeds related to the sale of businesses and certain assets $ 10,000          
Held-for-Sale | Wiley Edge | Forecast | Loan Note            
Goodwill [Line Items]            
Consideration, noncash 18,300          
Held-for-Sale | Wiley Edge | Forecast | Earnout            
Goodwill [Line Items]            
Consideration, noncash $ 33,900          
Disposed of by Sale | Wiley Edge            
Goodwill [Line Items]            
Impairment of long lived tangible assets       $ 141,500    
Learning            
Goodwill [Line Items]            
Number of reporting units | segment       2    
Held for Sale or Sold            
Goodwill [Line Items]            
Impairment of goodwill       $ 108,449    
Number of reporting units | segment       3    
University Services            
Goodwill [Line Items]            
Impairment of goodwill           $ 11,400
Long-lived assets           231,000
Cross Knowledge            
Goodwill [Line Items]            
Impairment of goodwill       $ 15,300    
Long-lived assets           $ 50,200
v3.24.0.1
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands
Jan. 31, 2024
Apr. 30, 2023
Intangible assets with definite lives, net [Abstract]    
Intangible assets with definite lives, net $ 508,410 $ 732,890
Intangible assets with indefinite lives 120,476 121,904
Total intangible assets, net 628,886 854,794
Brands and trademarks    
Intangible assets with definite lives, net [Abstract]    
Intangible assets with indefinite lives 37,000 37,000
Indefinite assets, accumulated impairment   93,100
Content and publishing rights    
Intangible assets with definite lives, net [Abstract]    
Intangible assets with indefinite lives 83,476 84,904
Content and publishing rights    
Intangible assets with definite lives, net [Abstract]    
Intangible assets with definite lives, net 439,291 462,463
Customer relationships    
Intangible assets with definite lives, net [Abstract]    
Intangible assets with definite lives, net 41,885 217,346
Developed technology    
Intangible assets with definite lives, net [Abstract]    
Intangible assets with definite lives, net 21,233 45,500
Finite assets, accumulated impairment   2,800
Brands and trademarks    
Intangible assets with definite lives, net [Abstract]    
Intangible assets with definite lives, net 5,960 7,281
Covenants not to compete    
Intangible assets with definite lives, net [Abstract]    
Intangible assets with definite lives, net $ 41 $ 300
v3.24.0.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Income Tax Disclosure [Line Items]        
Effective tax rate reconciliation (as a percent) (1.40%) 7.70% 6.40% 2.70%
Tax benefit, impairment of goodwill     $ 2.7  
Held-for-Sale        
Income Tax Disclosure [Line Items]        
Tax benefit, impairment of goodwill     $ 25.7  
v3.24.0.1
Retirement Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost $ 134 $ 218 $ 400 $ 610
Interest cost 6,963 6,264 20,782 18,447
Expected return on plan assets (7,458) (8,281) (22,347) (24,703)
Amortization of prior service cost (24) (23) (71) (70)
Amortization of net actuarial loss 2,046 1,602 6,072 4,593
Net pension expense (income) 1,661 (220) 4,836 (1,123)
Employer defined benefit pension plan contributions 3,900 3,600 11,600 11,000
Defined contribution plan expense $ 7,100 $ 7,900 $ 21,500 $ 23,500
v3.24.0.1
Debt and Available Credit Facilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 30, 2022
Jan. 31, 2024
Apr. 30, 2023
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Long-term Debt, by Current and Noncurrent [Abstract]            
Short-term portion of long-term debt   $ 6,250 $ 5,000   $ 6,250  
Long-term debt, less current portion   900,524 743,292   900,524  
Total debt   906,774 748,292   906,774  
Unamortized debt issuance costs   600 700   600  
Debt and Available Credit Facilities [Abstract]            
Payment of debt issuance cost         $ 0 $ 4,493
Amended and Restated RCA            
Debt and Available Credit Facilities [Abstract]            
Term of credit facility         5 years  
Amortization of debt issuance costs   300   $ 300 $ 900 $ 800
Revolving Credit Facility Through November 2027            
Debt and Available Credit Facilities [Abstract]            
Term of credit facility         18 months  
Revolving Credit Facility | Amended and Restated RCA            
Long-term Debt, by Current and Noncurrent [Abstract]            
Long-term debt, less current portion   713,646 551,535   $ 713,646  
Debt and Available Credit Facilities [Abstract]            
Term of credit facility 5 years          
Amount of financing available under credit facilities $ 1,115,000          
Payment of debt issuance cost     4,500      
Costs related to agreements, net     5,800      
Write off of deferred costs       $ (200)    
Existing credit commitments   587,400     587,400  
Revolving Credit Facility | Amended and Restated RCA | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Optional credit limit increase available on request 500,000          
Value of minimum increments $ 50,000          
Revolving Credit Facility | Amended and Restated RCA | Minimum | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Line of credit facility fee percentage 0.15%          
Revolving Credit Facility | Amended and Restated RCA | Maximum | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Line of credit facility fee percentage 0.25%          
Revolving Credit Facility | SOFR, SONIA, and EURIBOR-Based Rates | Amended and Restated RCA | Minimum | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Applicable margin 0.98%          
Revolving Credit Facility | SOFR, SONIA, and EURIBOR-Based Rates | Amended and Restated RCA | Maximum | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Applicable margin 1.50%          
Revolving Credit Facility | Base Rate | Amended and Restated RCA | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Margin rate over reference rate used in determining base rate 0.50%          
Revolving Credit Facility | Base Rate | Amended and Restated RCA | Minimum | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Applicable margin 0.00%          
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Amended and Restated RCA | Minimum            
Debt and Available Credit Facilities [Abstract]            
Margin rate (as a percent) 0.10%          
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Amended and Restated RCA | Maximum            
Debt and Available Credit Facilities [Abstract]            
Margin rate (as a percent) 0.25%          
Revolving Credit Facility | Federal Funds Effective Rate | Amended and Restated RCA | Maximum | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Applicable margin 0.50%          
Revolving Credit Facility | Daily Secured Overnight Financing Rate (SOFR) | Amended and Restated RCA | Syndicate Bank Group led by Bank of America            
Debt and Available Credit Facilities [Abstract]            
Margin rate over reference rate used in determining base rate 1.00%          
Term Loan A Facility | Amended and Restated RCA            
Long-term Debt, by Current and Noncurrent [Abstract]            
Long-term debt, less current portion   $ 186,878 191,757   $ 186,878  
Debt and Available Credit Facilities [Abstract]            
Term of credit facility 5 years          
Debt instrument, face amount $ 200,000          
Costs related to agreements, net     800      
Lender fees     800      
Non-lender fees     100      
Revolving Credit Facility Through May 2024 | Amended and Restated RCA            
Debt and Available Credit Facilities [Abstract]            
Amount of financing available under credit facilities $ 185,000          
Costs related to agreements, net     200      
Revolving Credit Facility Through November 2027 | Amended and Restated RCA            
Debt and Available Credit Facilities [Abstract]            
Costs related to agreements, net     $ 4,800      
Line of Credit            
Debt and Available Credit Facilities [Abstract]            
Average interest rates on total debt outstanding   5.66%   4.70% 5.52% 3.78%
Weighted average interest rates   5.50% 4.76%   5.50%  
v3.24.0.1
Derivative Instruments and Hedging Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 24, 2024
Jan. 05, 2024
Dec. 19, 2023
Mar. 15, 2023
Mar. 14, 2023
Mar. 13, 2023
Dec. 13, 2022
Jun. 16, 2022
Apr. 06, 2022
Apr. 12, 2021
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Apr. 30, 2023
Derivative [Line Items]                                
Long term debt $ 906,774                     $ 906,774   $ 906,774   $ 748,292
Unamortized debt issuance costs 600                     600   600   700
Long term debt, percentage bearing variable interest 907,400                     907,400   907,400    
January 2024 Interest Rate Swap Variable Loans 3                                
Derivative [Line Items]                                
Derivative, notional amount $ 50,000                     $ 50,000   $ 50,000   0
Fixed rate on interest rate swap agreement 3.70%                     3.70%   3.70%    
Derivative, term of contract (in years) 3 years                              
January 2024 Interest Rate Swap Variable Loans 2                                
Derivative [Line Items]                                
Derivative, notional amount $ 50,000                     $ 50,000   $ 50,000   0
Fixed rate on interest rate swap agreement   3.774%                            
Derivative, term of contract (in years)   3 years                            
January 2024 Interest Rate Swap Variable Loans 1                                
Derivative [Line Items]                                
Derivative, notional amount 50,000                     50,000   50,000   0
Fixed rate on interest rate swap agreement     3.689%                          
Derivative, term of contract (in years)     3 years                          
Forward starting contracts                                
Derivative [Line Items]                                
Derivative, notional amount 150,000                     150,000   150,000   0
December 2023 Interest Rate Swap Variable Loans                                
Derivative [Line Items]                                
Derivative, notional amount 50,000                     50,000   50,000   0
Fixed rate on interest rate swap agreement       3.85%                        
Derivative, term of contract (in years)       3 years                        
March 2023 Interest Rate Swap Variable Rate Loans                                
Derivative [Line Items]                                
Derivative, notional amount 50,000                     50,000   50,000   50,000
Fixed rate on interest rate swap agreement         3.565%                      
Derivative, term of contract (in years)         3 years                      
March 2023 Interest Rate Swap Variable Rate Loans 2                                
Derivative [Line Items]                                
Derivative, notional amount 50,000                     50,000   50,000   50,000
Fixed rate on interest rate swap agreement           4.053%                    
Derivative, term of contract (in years)           3 years                    
March 2023 Interest Rate Swap Variable Rate Loans 3                                
Derivative [Line Items]                                
Derivative, notional amount 50,000                     50,000   50,000   50,000
Fixed rate on interest rate swap agreement             3.72%                  
Derivative, term of contract (in years)             3 years                  
December 2022 Interest Rate Swap Variable Rate Loans                                
Derivative [Line Items]                                
Derivative, notional amount 50,000                     50,000   50,000   50,000
Fixed rate on interest rate swap agreement               3.772%                
Derivative, term of contract (in years)               3 years                
June 2022 Interest Rate Swap Variable Rate Loans                                
Derivative [Line Items]                                
Derivative, notional amount 100,000                     100,000   100,000   100,000
Fixed rate on interest rate swap agreement                 3.467%              
Derivative, term of contract (in years)                 2 years              
April 2022 Interest Rate Swap Variable Rate Loans                                
Derivative [Line Items]                                
Derivative, notional amount 100,000                     100,000   100,000   100,000
Fixed rate on interest rate swap agreement                   2.588%            
Derivative, term of contract (in years)                   2 years            
April 2021 Interest Rate Swap Variable Rate Loans                                
Derivative [Line Items]                                
Derivative, notional amount 100,000                     100,000   100,000   100,000
Fixed rate on interest rate swap agreement                     0.465%          
Derivative, term of contract (in years)                     3 years          
Interest Rate Swap                                
Derivative [Line Items]                                
Derivative, notional amount 550,000                     550,000   550,000   500,000
Gains on cash flow hedges, reclassification                       3,300 $ 2,200 9,300 $ 2,500  
Interest Rate Swap | Fair Value, Recurring | Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Cash Flow Hedging                                
Derivative [Line Items]                                
Derivative asset 3,500                     3,500   3,500   7,800
Derivative liability (600)                     (600)   (600)   (600)
Interest Rate Swap | Fair Value, Recurring | Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Cash Flow Hedging | Prepaid Expenses and Other Current Assets                                
Derivative [Line Items]                                
Derivative asset 2,500                     2,500   2,500   6,400
Interest Rate Swap | Fair Value, Recurring | Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Cash Flow Hedging | Other Non-current Assets                                
Derivative [Line Items]                                
Derivative asset $ 1,000                     $ 1,000   $ 1,000   $ 1,400
v3.24.0.1
Capital Stock and Changes in Capital Accounts - Share Repurchases (Details) - $ / shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Class A common stock        
Equity, Class of Treasury Stock [Line Items]        
Shares repurchased (in shares) 203 157 870 539
Treasury stock acquired (in dollars per share) $ 31.92 $ 41.14 $ 33.24 $ 44.47
Class B common stock        
Equity, Class of Treasury Stock [Line Items]        
Shares repurchased (in shares) 1 1 2 1
Treasury stock acquired (in dollars per share) $ 31.92 $ 41.14 $ 33.24 $ 44.47
v3.24.0.1
Capital Stock and Changes in Capital Accounts - Dividends (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 14, 2023
Sep. 28, 2023
Jun. 26, 2023
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Dividends Payable [Line Items]              
Total dividend $ 19,200 $ 19,300 $ 19,400     $ 57,869 $ 58,067
Class A common stock              
Dividends Payable [Line Items]              
Quarterly cash dividend (in dollars per share) $ 0.3500 $ 0.3500 $ 0.3500 $ 0.3500 $ 0.3475 $ 0.3500 $ 0.3475
Class B common stock              
Dividends Payable [Line Items]              
Quarterly cash dividend (in dollars per share) $ 0.3500 $ 0.3500 $ 0.3500 $ 0.3500 $ 0.3475 $ 0.3500 $ 0.3475
v3.24.0.1
Capital Stock and Changes in Capital Accounts - Changes in Common Stock (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2024
Jan. 31, 2023
Class A common stock        
Changes in Common Stock [Abstract]        
Number of shares, beginning of year (in shares)     70,231 70,226
Common stock class conversions (in shares)     7 2
Number of shares issued, end of period (in shares) 70,238 70,228 70,238 70,228
Changes in Common Stock in Treasury [Abstract]        
Number of shares held, beginning of year (in shares)     23,983 23,515
Purchases of treasury shares (in shares) 203 157 870 539
Shares issued to directors (in shares)     (29) (3)
Restricted shares issued from exercise of stock options (in shares)     0 (14)
Shares withheld for taxes (in shares)     162 129
Number of shares held, end of period (in shares) 24,519 23,808 24,519 23,808
Common stock, shares outstanding (in shares) 45,719 46,420 45,719 46,420
Class A common stock | Non-PSU Awards        
Changes in Common Stock in Treasury [Abstract]        
Restricted shares issued under stock-based compensation plans (in shares)     (234) (208)
Class A common stock | PSU Awards        
Changes in Common Stock in Treasury [Abstract]        
Restricted shares issued under stock-based compensation plans (in shares)     (233) (150)
Class B common stock        
Changes in Common Stock [Abstract]        
Number of shares, beginning of year (in shares)     12,951 12,956
Common stock class conversions (in shares)     (7) (2)
Number of shares issued, end of period (in shares) 12,944 12,954 12,944 12,954
Changes in Common Stock in Treasury [Abstract]        
Number of shares held, beginning of year (in shares)     3,925 3,924
Purchases of treasury shares (in shares) 1 1 2 1
Number of shares held, end of period (in shares) 3,927 3,925 3,927 3,925
Common stock, shares outstanding (in shares) 9,017 9,029 9,017 9,029