JOHN WILEY & SONS, INC., 10-K filed on 7/1/2019
Annual Report
v3.19.2
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2019
May 31, 2019
Oct. 31, 2018
Entity Information [Line Items]      
Entity Registrant Name WILEY JOHN & SONS, INC.    
Entity Central Index Key 0000107140    
Current Fiscal Year End Date --04-30    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Shell Company false    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Ex Transition Period false    
Entity Public Float     $ 2,465
Document Type 10-K    
Amendment Flag false    
Document Period End Date Apr. 30, 2019    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus FY    
Common Stock Class A [Member]      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   47,499,550  
Common Stock Class B [Member]      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   9,132,133  
v3.19.2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)
$ in Thousands
Apr. 30, 2019
Apr. 30, 2018
Current Assets    
Cash and cash equivalents $ 92,890 $ 169,773
Accounts receivable, net 294,867 [1] 212,377
Inventories, net 35,582 39,489
Prepaid expenses and other current assets 67,441 58,332
Total Current Assets 490,780 479,971
Product Development Assets 62,470 78,814
Royalty Advances, net 36,185 37,058
Technology, Property and Equipment, net 289,021 289,934
Intangible Assets, net 865,572 848,071
Goodwill 1,095,666 1,019,801 [2]
Other Non-Current Assets 97,308 85,802
Total Assets 2,937,002 2,839,451
Current Liabilities    
Accounts payable 90,980 90,097
Accrued royalties 78,062 73,007
Contract liability (Deferred revenue) 507,365 [1] 486,353
Accrued employment costs 97,230 116,179
Accrued income taxes 21,025 13,927
Other accrued liabilities 75,900 94,748
Total Current Liabilities 870,562 874,311
Long-Term Debt 478,790 360,000
Accrued Pension Liability 166,331 190,301
Deferred Income Tax Liabilities 143,775 143,518
Other Long-Term Liabilities 96,197 80,764
Total Liabilities 1,755,655 1,648,894
Shareholders' Equity    
Preferred Stock, $1 par value: Authorized - 2 million, Issued 0 0 0
Additional paid-in-capital 422,305 407,120
Retained earnings 1,931,074 1,834,057
Accumulated other comprehensive (loss):    
Foreign currency translation adjustment (312,107) (251,573)
Unamortized retirement costs, net of tax (196,057) (191,026)
Unrealized (loss) gain on interest rate swap, net of tax (574) 3,019
Total accumulated other comprehensive loss, net of tax (508,738) (439,580)
Less: Treasury Shares At Cost (Class A - 22,633,869 and 21,853,257 as of April 30, 2019 and 2018, respectively, Class B - 3,917,574 and 3,917,574 of April 30, 2019 and 2018, respectively) (746,476) (694,222)
Total Shareholders' Equity 1,181,347 1,190,557
Total Liabilities and Shareholders' Equity 2,937,002 2,839,451
Class A [Member]    
Shareholders' Equity    
Common Stock 70,127 70,111
Class B [Member]    
Shareholders' Equity    
Common Stock $ 13,055 $ 13,071
[1] Due to the adoption of the new revenue standard, the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position. At April 30, 2018 the sales return reserve was $28.3 million.
[2] The April 30, 2018 goodwill balances were revised for the Publishing segment which decreased and the Solutions segment which increased to reflect foreign translation adjustments of $11.6 million.
v3.19.2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares
Apr. 30, 2019
Apr. 30, 2018
Shareholders' Equity    
Preferred Stock, par value (in dollars per share) $ 1 $ 1
Preferred Stock, shares authorized (in shares) 2,000,000 2,000,000
Preferred Stock, shares issued (in shares) 0 0
Class A [Member]    
Shareholders' Equity    
Common Stock, par value (in dollars per share) $ 1 $ 1
Common Stock, shares authorized (in shares) 180,000,000 180,000,000
Common Stock, shares issued (in shares) 70,126,963 70,110,603
Treasury stock (in shares) 22,633,869 21,853,257
Class B [Member]    
Shareholders' Equity    
Common Stock, par value (in dollars per share) $ 1 $ 1
Common Stock, shares authorized (in shares) 72,000,000 72,000,000
Common Stock, shares issued (in shares) 13,054,707 13,071,067
Treasury stock (in shares) 3,917,574 3,917,574
v3.19.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Revenue, net $ 1,800,069 $ 1,796,103 $ 1,718,530
Costs and Expenses      
Cost of sales [1] 554,722 531,024 [2] 500,794 [2]
Operating and administrative expenses [1],[2] 963,582 956,822 943,242
Restructuring and related charges 3,118 28,566 13,355
Amortization of intangibles 54,658 48,230 49,669
Total Costs and Expenses 1,576,080 1,564,642 1,507,060
Operating Income 223,989 231,461 [3] 211,470 [3]
Interest Expense (16,121) (13,274) (16,938)
Foreign Exchange Transaction (Losses) Gains (6,016) (12,819) 421
Interest and Other Income (Expense) [2] 11,100 8,563 [1] (3,837) [1]
Income Before Taxes 212,952 213,931 191,116
Provision for Income Taxes 44,689 21,745 77,473
Net Income $ 168,263 $ 192,186 $ 113,643
Earnings Per Share      
Basic (in dollars per share) $ 2.94 $ 3.37 $ 1.98
Diluted (in dollars per share) $ 2.91 $ 3.32 $ 1.95
Weighted Average Number of Common Shares Outstanding      
Basic (in shares) 57,192 57,043 57,337
Diluted (in shares) 57,840 57,888 58,199
Class A [Member]      
Cash Dividends Per Share      
Common stock (in dollars per share) $ 1.32 $ 1.28 $ 1.24
Class B [Member]      
Cash Dividends Per Share      
Common stock (in dollars per share) $ 1.32 $ 1.28 $ 1.24
[1] In connection with the acquisition of The Learning House, Inc. ("Learning House"), we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively. The Consolidated Statements of Income for the years ended April 30, 2018, and 2017 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $45.8 million and $40.0 million for the years ended April 30, 2018, and 2017, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to "Change in Accounting Policy" in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, "Acquisition," in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House.
[2] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,", total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest and Other Income (Expense) for the years ended April 30, 2018 and 2017, respectively. Total net benefits (costs) related to the non-service components of defined benefit and other post-employment benefit plans were $8.8 million for the year ended April 30, 2019. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards, in the Notes to Consolidated Financial Statements for more information.
[3] Due to the retrospective adoption of ASU 2017-07, total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest Income and Other for the years ended April 30, 2018 and 2017, respectively. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2018 was $4.2 million in Research, $2.3 million in Publishing, and $1.6 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2017 was $1.6 million in Research, $1.2 million in Publishing, and $(8.1) million in Corporate expenses.
v3.19.2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Costs and Expenses      
Cost of sales [1] $ 554,722 $ 531,024 [2] $ 500,794 [2]
Operating and administrative expenses [1],[2] 963,582 956,822 943,242
Change in Accounting Policy for Certain Advertising and Marketing Costs [Member] | The Learning House, Inc. [Member]      
Costs and Expenses      
Cost of sales   45,800 40,000
Operating and administrative expenses   (45,800) (40,000)
ASU 2017-07 Member]      
Costs and Expenses      
Net charges benefits (cost) $ 8,800 $ 8,100 $ (5,300)
[1] In connection with the acquisition of The Learning House, Inc. ("Learning House"), we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively. The Consolidated Statements of Income for the years ended April 30, 2018, and 2017 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $45.8 million and $40.0 million for the years ended April 30, 2018, and 2017, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to "Change in Accounting Policy" in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, "Acquisition," in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House.
[2] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,", total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest and Other Income (Expense) for the years ended April 30, 2018 and 2017, respectively. Total net benefits (costs) related to the non-service components of defined benefit and other post-employment benefit plans were $8.8 million for the year ended April 30, 2019. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards, in the Notes to Consolidated Financial Statements for more information.
v3.19.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]      
Net Income $ 168,263 $ 192,186 $ 113,643
Other Comprehensive (Loss) Income:      
Foreign currency translation adjustment (60,534) 67,639 (51,292)
Unrealized retirement costs, net of tax benefit of $1,337, $252, and $3,286, respectively (5,031) (524) (11,097)
Unrealized (loss) gain on interest rate swaps, net of tax benefit (expense) of $1,161, $(459), and $(1,709), respectively (3,593) 592 2,788
Total Other Comprehensive (Loss) Income (69,158) 67,707 (59,601)
Comprehensive Income $ 99,105 $ 259,893 $ 54,042
v3.19.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Other Comprehensive (Loss) Income:      
Unrealized retirement costs, net of tax benefit $ 1,337 $ 252 $ 3,286
Unrealized (loss) gain on interest rate swaps, net of tax benefit (expense) $ 1,161 $ (459) $ (1,709)
v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Operating Activities      
Net Income $ 168,263 $ 192,186 $ 113,643
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of intangibles 54,658 48,230 49,669
Amortization of product development assets 37,079 41,432 40,209
Depreciation and amortization of technology, property and equipment 69,418 64,327 66,683
Restructuring and related charges 3,118 28,566 13,355
Deferred income tax benefit on U.K. rate changes 0 0 (2,575)
Stock-based compensation expense 18,327 11,244 17,552
Excess tax benefits from stock-based compensation 0 0 (414)
Employee retirement plan expense 5,236 7,388 13,169
Royalty advances (129,949) (122,602) (112,370)
Earned royalty advances 129,125 116,620 114,647
Impairment of publishing brand 0 3,600 0
Foreign currency gains (losses) 6,016 12,819 (421)
Unfavorable tax litigation 0 0 49,029
One-time pension settlement 0 0 8,842
Other non-cash credits (11,934) (30,752) (6,450)
Changes in Operating Assets and Liabilities      
Accounts receivable, net (52,939) (14,209) (29,886)
Inventories, net 3,820 13,517 8,003
Accounts payable 7,369 16,543 (24,182)
Accrued royalties 6,169 3,664 4,325
Contract liability (Deferred revenue) 18,106 36,243 22,692
Accrued income taxes 9,613 (565) 19,479
Restructuring payments (15,219) (30,595) (22,854)
Other accrued liabilities (32,713) 1,022 10,367
Employee retirement plan contributions (40,470) (27,550) (39,687)
Other (2,262) 11,194 2,078
Net Cash Provided by Operating Activities 250,831 382,322 314,903
Investing Activities      
Product development spending (24,426) (36,503) (43,603)
Additions to technology, property and equipment (77,167) (114,225) (105,058)
Acquisitions of publication rights and other (9,494) (26,683) (28,842)
Businesses acquired in purchase transactions, net of cash acquired (190,415) 0 (125,924)
Proceeds from settlement of foreign exchange forward contracts 0 0 60,417
Net Cash Used in Investing Activities (301,502) (177,411) (243,010)
Financing Activities      
Repayment of long-term debt (476,246) (467,915) (923,007)
Borrowing of long-term debt 596,320 459,304 683,000
Purchase of treasury shares (59,994) (39,688) (50,326)
Change in book overdrafts (5,674) (4,191) (214)
Cash dividends (75,752) (73,542) (71,545)
Net proceeds from exercise of stock options and other 3,751 29,201 15,506
Excess tax benefits from stock-based compensation 0 0 414
Net Cash Used in Financing Activities (17,595) (96,831) (346,172)
Effects of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash [1] (8,443) 3,661 (31,011)
Cash, Cash Equivalents and Restricted Cash      
(Decrease)/Increase for year [1] (76,709) 111,741 (305,290)
Balance at beginning of year [1] 170,257 58,516 363,806
Balance at end of year [1] 93,548 170,257 58,516
Cash Paid During the Year for      
Interest 14,867 12,221 15,733
Income taxes, net of refunds 48,264 48,709 33,674
Learning House [Member] | Warrants [Member]      
Non-cash items associated with acquisition      
Warrants to purchase 0.4 million shares of Wiley Class A Common Stock issued in connection with the Learning House acquisition $ 565 $ 0 $ 0
[1] Due to the retrospective adoption of ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," we are now required to include restricted cash as part of the change in cash, cash equivalents, and restricted cash. As a result, amounts which were previously classified as cash flows from operating activities have been reclassified as they are recognized in the total change in cash, cash equivalents and restricted cash. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," in the Notes to Consolidated Financial Statements for more information.
v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)
shares in Millions
Apr. 30, 2019
shares
Non-cash items associated with acquisition  
Warrants to purchase shares, in connection with acquisition (in shares) 0.4
v3.19.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock [Member]
Class A [Member]
Common Stock [Member]
Class B [Member]
Additional Paid-in Capital [Member]
Additional Paid-in Capital [Member]
Class A [Member]
Additional Paid-in Capital [Member]
Class B [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Class A [Member]
Retained Earnings [Member]
Class B [Member]
Treasury Stock [Member]
Treasury Stock [Member]
Class A [Member]
Treasury Stock [Member]
Class B [Member]
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Loss [Member]
Class A [Member]
Accumulated Other Comprehensive Loss [Member]
Class B [Member]
Total
Class A [Member]
Class B [Member]
Balance at Apr. 30, 2016 $ 69,798 $ 13,392 $ 368,698     $ 1,673,325     $ (640,421)     $ (447,686)     $ 1,037,106    
Restricted Shares Issued under Stock-based Compensation Plans 0 0 (7,617)     0     8,013     0     396    
Net (Payments)/Proceeds from Exercise of Stock Options and Other 0 0 8,849     0     6,657     0     15,506    
Excess Tax Benefits from Stock-based Compensation 0 0 414     0     0     0     414    
Stock-based Compensation Expense 0 0 17,552     0     0     0     17,552    
Purchase of Treasury Shares 0 0 0     0     (50,326)     0     (50,326)    
Common Stock Dividends 0 0   $ 0 $ 0   $ (60,143) $ (11,402)   $ 0 $ 0   $ 0 $ 0   $ (60,143) $ (11,402)
Common Stock Class Conversions 288 (296) 0     0     0     0     (8)    
Comprehensive Income (Loss), Net of Tax 0 0 0     113,643     0     (59,601)     54,042    
Balance at Apr. 30, 2017 70,086 13,096 387,896     1,715,423     (676,077)     (507,287)     1,003,137    
Restricted Shares Issued under Stock-based Compensation Plans 0 0 (7,646)     (10)     7,968     0     312    
Net (Payments)/Proceeds from Exercise of Stock Options and Other 0 0 15,686     0     13,515     0     29,201    
Stock-based Compensation Expense 0 0 11,184     0     60     0     11,244    
Purchase of Treasury Shares 0 0 0     0     (39,688)     0     (39,688)    
Common Stock Dividends 0 0   0 0   (61,813) (11,729)   0 0   0 0   (61,813) (11,729)
Common Stock Class Conversions 25 (25) 0     0     0     0     0    
Comprehensive Income (Loss), Net of Tax 0 0 0     192,186     0     67,707     259,893    
Balance at Apr. 30, 2018 70,111 13,071 407,120     1,834,057     (694,222)     (439,580)     1,190,557    
Adjustment due to adoption of new revenue standard | New Revenue Standard [Member] 0 0 0     4,503     0     0     4,503    
Restricted Shares Issued under Stock-based Compensation Plans 0 0 (8,544)     3     8,826     0     285    
Net (Payments)/Proceeds from Exercise of Stock Options and Other 0 0 4,837     0     (1,086)     0     3,751    
Stock-based Compensation Expense 0 0 18,327     0     0     0     18,327    
Purchase of Treasury Shares 0 0 0     0     (59,994)     0     (59,994)    
Common Stock Dividends 0 0   $ 0 $ 0   $ (63,684) $ (12,068)   $ 0 $ 0   $ 0 $ 0   $ (63,684) $ (12,068)
Common Stock Class Conversions 16 (16) 0     0     0     0     0    
Issuance of Warrants Related to Acquisition of a Business   0 565     0     0     0     565    
Comprehensive Income (Loss), Net of Tax 0 0 0     168,263     0     (69,158)     99,105    
Balance at Apr. 30, 2019 $ 70,127 $ 13,055 $ 422,305     $ 1,931,074     $ (746,476)     $ (508,738)     $ 1,181,347    
v3.19.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Class A [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Common stock dividend (in dollars per share) $ 1.32 $ 1.28 $ 1.24
Class B [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Common stock dividend (in dollars per share) $ 1.32 $ 1.28 $ 1.24
v3.19.2
Description of Business
 12 Months Ended
Apr. 30, 2019
Description of Business [Abstract]  
Description of Business
Note 1 – Description of Business

The Company, founded in 1807, was incorporated in the state of New York on January 15, 1904. Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley & Sons, Inc. and all of our subsidiaries, except where the context indicates otherwise.

We are a global research and learning company. Through our Research segment, we 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. The Publishing segment provides scientific, professional, and education books and related content in print and digital formats, as well as test preparation services and course workflow tools, to libraries, corporations, students, professionals, and researchers. The Solutions segment provides online program management services for higher education institutions and learning, development, and assessment services for businesses and professionals. We have operations primarily located in the United States, United Kingdom (“U.K.”), Germany, Russia, Singapore, and France.
v3.19.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards
 12 Months Ended
Apr. 30, 2019
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards [Abstract]  
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards
Note 2 – Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards

Summary of Significant Accounting Policies

Basis of Presentation:

Our Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. All amounts are in thousands, except per share amounts, and approximate due to rounding.

Change in Accounting Policy:

In connection with the acquisition of Learning House (See Note 4, “Acquisition”), we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively.

The Consolidated Statements of Income for the years ended April 30, 2018 and 2017 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $45.8 million and $40.0 million for the years ended April 30, 2018 and 2017, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share on the Consolidated Statements of Income.

Reclassifications:

Certain prior year amounts have been reclassified to conform to the current year’s presentation.

Use of Estimates:

The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and revenue and expenses during the reporting period. These estimates include, among other items, revenue recognition, sales return reserves, allocation of acquisition purchase price to assets acquired and liabilities assumed, goodwill and indefinite-lived intangible assets, intangible assets with finite lives and other long-lived assets, and retirement plans.  We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions on the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from those estimates, which could affect the reported results.

Book Overdrafts:

Under our cash management system, a book overdraft balance exists for our primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. Our funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2019 and 2018, book overdrafts of $7.4 million and $13.1 million, respectively, were included in Accounts Payable on the Consolidated Statements of Financial Position.

Revenue Recognition:

See Note 3, “Revenue Recognition, Contracts with Customers,” of the Notes to Consolidated Financial Statements for details of our revenue recognition policy.

Cash and Cash Equivalents:

Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the time of purchase and are stated at cost, which approximates market value, because of the short-term maturity of the instruments.

Allowance for Doubtful Accounts:

The estimated allowance for doubtful accounts is based on a review of the aging of the accounts receivable balances, historical write-off experience, credit evaluations of customers, and current market conditions. A change in the evaluation of a customer’s credit could affect the estimated allowance. The allowance for doubtful accounts is shown as a reduction of Accounts Receivable, net on the Consolidated Statements of Financial Position and amounted to $14.3 million and $10.1 million as of April 30, 2019 and 2018, respectively.

Sales Return Reserves:

The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related increase to inventory and a reduction to accrued royalties as a result of the expected returns. Print book sales return reserves amounted to a net liability balance of $18.5 million and $18.6 million as of April 30, 2019 and 2018, respectively.

The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease):

  
2019
  
2018
 
Accounts receivable, net (1)
 
$
—
  
$
(28,302
)
Inventories, net
 
$
3,739
  
$
4,626
 
Accrued royalties
 
$
(3,653
)
 
$
(5,048
)
Contract liability (Deferred revenue) (1)
 
$
25,934
  
$
—
 
Decrease in Net Assets
 
$
(18,542
)
 
$
(18,628
)

(1) Due to the adoption of the new revenue standard, See Note 3, Revenue from Contracts with Customers the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, the sales return reserve of $28.3 million was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position.

Inventories:

Inventories are carried at the lower of cost or market. U.S. book inventories aggregating $21.0 million and $24.0 million at April 30, 2019 and 2018, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method.

Reserve for Inventory Obsolescence:

A reserve for inventory obsolescence is estimated based on a review of damaged, obsolete, or otherwise unsalable inventory. The review encompasses historical unit sales trends by title, current market conditions, including estimates of customer demand compared to the number of units currently on hand, and publication revision cycles. The inventory obsolescence reserve is reported as a reduction of the Inventories, net balance on the Consolidated Statements of Financial Position and amounted to $15.8 million and $18.2 million as of April 30, 2019 and 2018, respectively.

Product Development Assets: 

Product development assets consist of book composition costs and other product development costs. Costs associated with developing a book publication are expensed until the product is determined to be commercially viable. Book composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Book composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Other product development costs represent the costs incurred in developing software, platforms, and digital content to be sold and licensed to third parties. Other product development costs are capitalized and generally amortized on a straight-line basis over their estimated useful lives. As of April 30, 2019, the weighted average estimated useful life of other product development costs was approximately 5 years.

Royalty Advances:

Royalty advances are capitalized and, upon publication, are expensed as royalties earned based on sales of the published works. Royalty advances are reviewed for recoverability and a reserve for loss is maintained, if appropriate.

Shipping and Handling Costs:

Costs incurred for third party shipping and handling are primarily reflected in Operating and Administrative Expenses on the Consolidated Statements of Income. We incurred $32.7 million, $33.7 million, and $39.1 million in shipping and handling costs in the years ended April 30, 2019, 2018, and 2017, respectively.

Advertising Expense:

Advertising costs are expensed as incurred. We incurred $89.5 million, $68.3 million, and $61.4 million in advertising costs in the years ended April 30, 2019, 2018, and 2017, respectively, and these costs are included in Cost of Sales and Operating and Administrative Expenses on the Consolidated Statements of Income. Advertising costs of $53.7 million, $38.3 million, and $32.4 million were included in Cost of Sales in the years ended April 30, 2019, 2018, and 2017, respectively. Advertising costs of $35.8 million, $30.0 million, and $29.0 million were included in Operating and Administrative Expenses in the years ended April 30, 2019, 2018, and 2017, respectively. Refer to the section above “Change in Accounting Policy” for more information regarding the reclassification of certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions.

Technology, Property, and Equipment:

Technology, property, and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed as incurred.

Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: Computer Software – 3 to 10 years, Computer Hardware – 3 to 5 years; Buildings and Leasehold Improvements – the lesser of the estimated useful life of the asset up to 40 years or the duration of the lease; Furniture, Fixtures, and Warehouse Equipment – 5 to 10 years.

Costs incurred for computer software internally developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. Costs incurred during the application development stage include costs of materials and services and payroll and payroll-related costs for employees who are directly associated with the software project. Such costs are amortized over the expected useful life of the related software, which is generally 3 to 5 years. Costs related to the investment in our Enterprise Resource Planning and related systems are amortized over an expected useful life of 10 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred.

Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed:

In connection with acquisitions, we allocate the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. Such estimates include discounted estimated cash flows to be generated by those assets and the expected useful lives based on historical experience and current market trends to be achieved from the acquisition and the expected tax basis of assets acquired. We may use a third-party valuation consultant to assist in the determination of such estimates.

Goodwill and Indefinite-lived Intangible Assets:

Goodwill represents the excess of the aggregate of the following: (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree, and (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.

Indefinite-lived intangible assets primarily consist of brands, trademarks, content, and publishing rights and are typically characterized by intellectual property with a long and well-established revenue stream resulting from strong and well-established imprint/brand recognition in the market.

We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired.

Intangible Assets with Finite Lives and Other Long-Lived Assets:

Finite-lived intangible assets principally consist of brands, trademarks, content and publication rights, customer relationships, and non-compete agreements and are amortized over their estimated useful lives. The most significant factors in determining the estimated lives of these intangibles are the history and longevity of the brands, trademarks, and content and publication rights acquired combined with the strength of cash flows.

Intangible assets with finite lives as of April 30, 2019, are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 34 years, customer relationships – 18 years, brands and trademarks – 16 years, non-compete agreements – 3 years.

Assets with finite lives are evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the projected undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value based on the discounted future cash flows.

Derivative Financial Instruments:

From time to time, we enter into foreign exchange forward and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates, and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value.  Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. We do not use financial instruments for trading or speculative purposes.

Foreign Currency Gains/Losses:

We maintain operations in many non-U.S. locations. Assets and liabilities are translated into U.S. dollars using end-of-period exchange rates and revenues and expenses are translated into U.S. dollars using weighted average rates. Our significant investments in non-U.S. businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders’ Equity. During the year ended April 30, 2019, we recorded $60.5 million of foreign currency translation losses primarily as a result of the fluctuations of the U.S. dollar relative to the British pound sterling and, to a lesser extent, the euro. Foreign currency transaction gains or losses are recognized on the Consolidated Statements of Income as incurred.

Stock-Based Compensation:

We recognize stock-based compensation expense based on the fair value of the stock-based awards on the grant date, reduced by an estimate for future forfeited awards. As such, stock-based compensation expense is only recognized for those awards that are expected to ultimately vest. The fair value of stock-based awards is recognized in net income generally on a straight-line basis over the requisite service period. The grant date fair value for stock options is estimated using the Black-Scholes option-pricing model. The determination of the assumptions used in the Black-Scholes model required us to make judgments and estimates, which include the expected life of an option, the expected volatility of our Common Stock over the estimated life of the option, a risk-free interest rate, and the expected dividend yield. Judgment was also required in estimating the amount of stock-based awards that may be forfeited. Stock-based compensation expense associated with performance-based stock awards is based on actual financial results for targets established three years in advance. The cumulative effect on current and prior periods of a change in the estimated number of performance share awards, or estimated forfeiture rate, is recognized as an adjustment to earnings in the period of the revision. If actual results differ significantly from estimates, our stock-based compensation expense and consolidated results of operations could be impacted.

Recently Adopted Accounting Standards

Stock Compensation – Scope of Modification Accounting

In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is only required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. We adopted ASU 2017-09 on May 1, 2018 and there was no impact to our consolidated financial statements. The new guidance must be applied prospectively to awards modified on or after the adoption date. The future impact of ASU 2017-09 will be dependent on the nature of future stock award modifications.

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

In March 2017, the FASB issued ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The guidance requires that the service cost component of net pension and postretirement benefit costs be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, while the other components of net benefit costs must be reported separately from the service cost component and below operating income. The guidance also allows only the service cost component to be eligible for capitalization when applicable. We adopted ASU 2017-07 on May 1, 2018. The new guidance must be applied retrospectively for the presentation of net benefit costs in the income statement and prospectively for the capitalization of the service cost component of net benefit costs.

The effect of retrospectively adopting this guidance resulted in a reclassification of net benefits (costs) of $8.1 million and $(5.3) million from Operating and Administrative Expenses to Interest and Other Income (Expense) on the Consolidated Statements of Income for the years ended April 30, 2018 and 2017, respectively. The amount included in Interest and Other Income (Expense) on the Consolidated Statements of Income for the year ended April 30, 2019 was a net benefit of $8.8 million. We do not capitalize any service costs.

Business Combinations: Clarifying the Definition of a Business

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”, which clarifies the definition of a business in order to allow for the evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or business. We adopted ASU 2017-01 on May 1, 2018 and the adoption had no impact for us in fiscal year 2019. The future impact of ASU 2017-01 will be dependent upon the nature of future acquisitions or dispositions made by us.

Statement of Cash Flows: Restricted Cash

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 requires that entities include restricted cash and restricted cash equivalents with cash and cash equivalents in the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. We adopted ASU 2016-18 on May 1, 2018. Retrospective transition method is to be applied to each period presented. As a result of this retrospective adoption, the reclassification of restricted cash into a change in total cash resulted in a reduction in Cash Provided By Operating Activities of $0.5 million for the year ended April 30, 2018. There was no impact for the year ended April 30, 2017.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Financial Position that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.

  
April 30, 2019
  
April 30, 2018
  
April 30, 2017
  
April 30, 2016
 
Cash and cash equivalents
 
$
92,890
  
$
169,773
  
$
58,516
  
$
363,806
 
Restricted cash included in Prepaid expenses and other current assets
  
658
   
484
   
—
   
—
 
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows
 
$
93,548
  
$
170,257
  
$
58,516
  
$
363,806
 

Income taxes: Intra-Entity Transfers of Assets Other than Inventory

In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory”, which simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this Standard eliminate the exception for an intra-entity transfer of an asset other than inventory. We adopted ASU 2016-16 on May 1, 2018. The adoption of ASU 2016-16 did not have a material impact to our consolidated financial statements.

Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which provides clarification on classifying a variety of activities within the Statement of Cash Flows. We adopted ASU 2016-15 on May 1, 2018. The adoption of ASU 2016-15 did not have a material impact to our consolidated statements of cash flows.

Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” Subsequently, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments-Overall.”  ASU 2016-01 requires equity investments except those under the equity method of accounting to be measured at fair value with the changes in fair value recognized in net income. The amendment simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. In addition, it also requires enhanced disclosures about investments. We adopted ASU 2016-01 on May 1, 2018. The adoption of ASU 2016- 01 did not have a material impact to our consolidated financial statements.

Revenue from Contracts with Customers

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," (Topic 606) which superseded most existing revenue recognition guidance. We adopted ASU 2014-09 on May 1, 2018. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations", ASU 2016-10, "Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing", ASU 2016-12, "Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients", and ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which provide clarification and additional guidance related to ASU 2014-09. We also adopted ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standard”) on May 1, 2018.

We utilized a comprehensive approach to assess the impact of the new revenue standard on our contract portfolio by reviewing our current accounting policies and practices to identify differences that would result from applying the new revenue standard to our revenue contracts. Additionally, we reviewed customer agreements representative of our business models and assessed whether changes in revenue recognition were appropriate under the new revenue standard.

We adopted the new revenue standard as of May 1, 2018, using the modified retrospective method. The adoption of the new revenue standard did not have a material impact to our consolidated revenues, financial position, or results of operations. Upon adoption, we recorded an immaterial net increase to opening retained earnings resulting from the change in timing of when certain components of our revenue are recognized as required under the new revenue standard as compared to historical policies. Such changes include:

 
(i)
perpetual licenses granted in connection with other deliverables; revenue that was previously recognized over the life of the associated subscription for future content is now recognized at a point in time, which is when access to content is initially granted,
 
(ii)
customers’ unexercised rights; revenue which was previously recognized at the end of a pre-determined period for situations where we have received a nonrefundable payment for a customer to receive a good or service and the customer has not exercised such right is now recognized as revenue in proportion to the pattern of rights exercised by the customer,
 
(iii)
recognition of estimated revenue from royalty agreements in the period of usage, and
 
(iv)
recognition of revenue for certain arrangements with minimum guarantees on a time-based (straight-line) basis due to a stand-ready obligation to provide additional rights to content.

The adoption of the new revenue standard resulted in the discontinuance of the historical practice of presenting accounts receivable and deferred revenue balances on a net basis for some of our subscription licensing agreements where we have invoiced a customer in advance of the related revenue being recognized and payment has not yet been received. As of April 30, 2018, the amounts that were previously netted down from accounts receivable and deferred revenue were $59.5 million. The current policy for our subscription licensing agreements is to record accounts receivable when performance occurs and recognize contract liabilities, at the earlier of cash payment being received or the invoice is sent.

In addition, the adoption of the new revenue standard resulted in the reclassification of the sales return reserve provision to Contract Liability (Deferred Revenue) from Accounts Receivable, Net on the Consolidated Statements of Financial Position. As of April 30, 2019 and 2018 the amount was $25.9 million and $28.3 million, respectively.

The impact of the adoption of the new revenue standard was not material to our Consolidated Statements of Income for the year ended April 30, 2019; therefore, we have omitted the disclosure that summarizes the effect of the revenue recognition standard by line item on our Consolidated Statements of Income. The impact to the Consolidated Statements of Financial Position was also not material by line item, except for the reclassification of the sales return reserve provision to contract liability from accounts receivable, net. The cumulative effect of the changes made to our Consolidated Statements of Financial Position at May 1, 2018 as a result of adoption of the new revenue standard using the modified retrospective method were as follows:
  
April 30, 2018
  
Adjustments due to Adoption
  
May 1, 2018
 
Assets
         
Accounts receivable, net
 
$
212,377
  
$
93,349
  
$
305,726
 
Product development assets
  
78,814
   
(3,725
)
  
75,089
 
Technology, property and equipment, net
  
289,934
   
(361
)
  
289,573
 
Other non-current assets
  
85,802
   
5,274
   
91,076
 
Liabilities
            
Accrued royalties
  
73,007
   
(731
)
  
72,276
 
Contract liability (Deferred revenue)
  
486,353
   
89,364
   
575,717
 
Deferred income tax liabilities
  
143,518
   
1,400
   
144,918
 
Retained earnings
 
$
1,834,057
  
$
4,503
  
$
1,838,560
 

Recently Issued Accounting Standards

Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract

In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for us on May 1, 2020, and interim periods within that fiscal year, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Changes to the Disclosure Requirements for Defined Benefit Plans

In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for us on May 1, 2021, with early adoption permitted. The amendments in ASU 2018-14 would need to be applied on a retrospective basis.  We are currently assessing the impact the new guidance will have on our disclosures.

Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 removes certain disclosures, modifies certain disclosures and added additional disclosures. The standard is effective for us on May 1, 2020, with early adoption permitted. Certain disclosures in ASU 2018-13 would need to be applied on a retrospective basis and others on a prospective basis. We are currently assessing the impact the new guidance will have on our disclosures.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

In February 2018, the FASB issued ASU 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The standard is effective for us on May 1, 2019, and interim periods within that fiscal year, with early adoption permitted. We adopted ASU 2018-02 on May 1, 2019. We did not elect to reclassify the income tax effects from comprehensive income to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act. Our policy for releasing the income tax effects from accumulated other comprehensive income is when the corresponding pretax accumulated other comprehensive income items are reclassified to earnings.

Targeted Improvements to Accounting for Hedging Activities

In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” to simplify and improve the application and financial reporting of hedge accounting. Subsequently, in November 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”.  In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” ASU 2017-12 eases the requirements for measuring and reporting hedge ineffectiveness and clarifies that changes in the fair value of hedging instruments for cash flow, net investment, and fair value hedges should be reflected in the same income statement line item as the earnings effect of the hedged item. The guidance also permits entities to designate specific components in cash flow and interest rate hedges as the hedged risk, instead of using total cash flows. ASU 2018-16 allows the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes. These ASUs are effective for us on May 1, 2019, with early adoption permitted. We adopted ASU 2017-12, 2018-16 and 2019-04, for those portions related to ASU 2017-02, on May 1, 2019 and there was no impact to our consolidated financial statements at the date of adoption. The future impact will depend upon any future hedging activities we may enter into.

Simplifying the Test for Goodwill Impairment

In January 2017, the FASB issued ASU 2017-04, “Intangibles–Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment”, which simplifies the measurement of a potential goodwill impairment charge by eliminating the requirement to calculate an implied fair value of the goodwill based on the fair value of a reporting unit’s other assets and liabilities. The new guidance eliminates the implied fair value method and instead measures a potential impairment charge based on the excess of a reporting unit’s carrying value compared to its fair value. The impairment charge cannot exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for us on May 1, 2020, with early adoption permitted. Based on our most recent annual goodwill impairment test completed in the year ended April 30, 2019, we expect no initial impact on adoption.

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, in May 2019, the FASB issued ASU 2019-05 - "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”, in April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” and in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”.  ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13, ASU 2019-05, ASU 2019-04 and ASU 2018-19 are effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Leases

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Subsequently, the FASB issued in March 2019, ASU 2019-01, “Leases (Topic 842): Codification Improvements”, in December 2018 ASU 2018-20, “Leases (Topic 842): Narrow Scope Improvements for Lessors”, and in July 2018 the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements” and ASU 2018-10, “Codification Improvements to Topic 842, Leases”.  ASU 2016-02 requires an entity to recognize a right-of-use asset (“ROU”) and lease liability for all leases with terms of more than 12 months and provide enhanced disclosures. Recognition, measurement, and presentation of expenses will depend on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance.

The new standard provides a number of optional practical expedients in transition. We expect to elect the practical expedients to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs.  We do not expect to elect the practical expedient allowing the use-of-hindsight which would require us to reassess the lease term of our leases based on all facts and circumstances through the effective date.  In addition, we do not expect to elect the practical expedient pertaining to land easements.

In addition, the new standard provides as a practical expedient, certain policy elections for ongoing lease accounting to (i) not separate nonlease components from the associated lease component if certain conditions are met, and (ii) not recognize ROU assets and lease liabilities for leases that qualify as short-term. If the short-term recognition exemption is elected, we will not recognize ROU assets or lease liabilities for existing short-term leases in transition. We expect to elect these policy elections.

The standard is effective for us on May 1, 2019, with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. A company may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as of its date of initial application. We adopted the new standard on May 1, 2019 and used the effective date as the date of initial application. Accordingly, previously reported financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before May 1, 2019.  We expect to recognize operating lease liabilities ranging from approximately $175 to $185 million based on the present value of the remaining minimum rental payments for existing operating leases and ROU assets ranging from approximately $135 to $145 million on our Consolidated Statements of Financial Position. Additionally, we are in the process of implementing a lease accounting system for our leases, including the conversion of our existing lease data to a new system and implementing relevant internal controls and procedures.

See Note 15, “Commitment and Contingencies,” of the Notes to Consolidated Financial Statements for details of our operating leases and future commitments.
v3.19.2
Revenue Recognition, Contracts with Customers
 12 Months Ended
Apr. 30, 2019
Revenue Recognition, Contracts with Customers [Abstract]  
Revenue Recognition, Contracts with Customers
Note 3 — Revenue Recognition, Contracts with Customers

Revenue from contracts with customers is recognized using a five-step model consisting of the following: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) we satisfy a performance obligation. Performance obligations are satisfied when we transfer control of a good or service to a customer, which can occur over time or at a point in time. The amount of revenue recognized is based on the consideration to which we expect to be entitled in exchange for those goods or services, including the expected value of variable consideration. The customer’s ability and intent to pay the transaction price is assessed in determining whether a contract exists with the customer. If collectability of substantially all the consideration in a contract is not probable, consideration received is not recognized as revenue unless the consideration is nonrefundable, and we no longer have an obligation to transfer additional goods or services to the customer or collectability becomes probable.

Disaggregation of Revenue

The following tables present our revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2019, 2018 and 2017:

  
Years Ended April 30,
 
  
2019
  
2018
  
2017
 
  
Research
  
Publishing
  
Solutions
  
Total
  
Research
  
Publishing
  
Solutions
  
Total
  
Research
  
Publishing
  
Solutions
  
Total
 
Research:
                                    
Journals Subscriptions
 
$
661,055
  
$
—
  
$
—
  
$
661,055
  
$
677,685
  
$
—
  
$
—
  
$
677,685
  
$
639,720
  
$
—
  
$
—
  
$
639,720
 
Open Access
  
54,671
   
—
   
—
   
54,671
   
41,997
   
—
   
—
   
41,997
   
30,633
   
—
   
—
   
30,633
 
Licensing, Reprints, Backfiles and Other
  
185,619
   
—
   
—
   
185,619
   
181,806
   
—
   
—
   
181,806
   
164,070
   
—
   
—
   
164,070
 
Publishing Technology Services (Atypon)
  
35,968
   
—
   
—
   
35,968
   
32,907
   
—
   
—
   
32,907
   
19,066
   
—
   
—
   
19,066
 
Publishing:
                                                
STM and Professional Publishing
  
—
   
265,719
   
—
   
265,719
   
—
   
287,315
   
—
   
287,315
   
—
   
291,255
   
—
   
291,255
 
Education Publishing
  
—
   
157,579
   
—
   
157,579
   
—
   
187,178
   
—
   
187,178
   
—
   
196,343
   
—
   
196,343
 
Courseware (WileyPLUS)
  
—
   
63,485
   
—
   
63,485
   
—
   
59,475
   
—
   
59,475
   
—
   
62,348
   
—
   
62,348
 
Test Preparation and Certification
  
—
   
40,606
   
—
   
40,606
   
—
   
35,534
   
—
   
35,534
   
—
   
35,609
   
—
   
35,609
 
Licensing, Distribution, Advertising and Other
  
—
   
46,803
   
—
   
46,803
   
—
   
48,146
   
—
   
48,146
   
—
   
47,894
   
—
   
47,894
 
Solutions:
                                                
Education Services
  
—
   
—
   
157,549
   
157,549
   
—
   
—
   
119,131
   
119,131
   
—
   
—
   
111,638
   
111,638
 
Professional Assessment
  
—
   
—
   
65,889
   
65,889
   
—
   
—
   
61,094
   
61,094
   
—
   
—
   
59,868
   
59,868
 
Corporate Learning
  
—
   
—
   
65,126
   
65,126
   
—
   
—
   
63,835
   
63,835
   
—
   
—
   
60,086
   
60,086
 
Total
 
$
937,313
  
$
574,192
  
$
288,564
  
$
1,800,069
  
$
934,395
  
$
617,648
  
$
244,060
  
$
1,796,103
  
$
853,489
  
$
633,449
  
$
231,592
  
$
1,718,530
 

Description of Revenue Generating Activities

We generate our revenues from sales from our three reportable segments. We report our segment information in accordance with the provisions of FASB ASC Topic 280, “Segment Reporting” (“FASB ASC Topic 280”). Our segment reporting structure consists of three reportable segments, which are listed below, and a Corporate category:
●
Research,
●
Publishing, and
●
Solutions.

Research Segment

Included within the Research segment are the following revenue streams:
●
Journal Subscriptions,
●
Open Access,
●
Licensing, Reprints, Backfiles and Other, and
●
Publishing Technology Services (Atypon).

Journal Subscriptions

We publish approximately 1,700 academic research journals. We sell journal subscriptions directly through our sales representatives, indirectly through independent subscription agents, through promotional campaigns, and through memberships in professional societies for those journals that are sponsored by societies. Journal subscriptions are primarily licensed through contracts for digital content available online through Wiley Online Library, which we migrated to our Literatum platform, acquired as part of our purchase of Atypon Systems, Inc. (“Atypon”) in March 2018. Contracts are negotiated by us directly with customers or their subscription agents. Subscription periods typically cover calendar years. Print journals are generally mailed to subscribers directly from independent printers. We do not own or manage printing facilities. Subscription revenue is generally collected in advance.

In a typical journal subscription sale, there is a written agreement between us and our customer that cover multiple years.  However, we typically account for these agreements as one-year contracts because our enforceable rights under the agreements are subject to an annual confirmation and negotiation process with the customer.

In journal subscriptions, multiple performance obligations exist, which include a stand-ready promise to provide access to new content for one year and a perpetual license for access to historical journal content. The transaction price consists of fixed consideration.

We allocate revenue to the stand-ready promise to provide access to new content for one year based on its standalone selling price and the revenue for new content is recognized over time as we have a continuous stand-ready obligation to provide the right of access to additional intellectual property. The allocation of revenue to the perpetual licenses for access to historical journal content is done using the expected cost plus a margin approach as permitted by the new revenue standard. Revenue is recognized at the point in time when access to historical content is initially granted.

Open Access

Under the Author-Funded Access business model, accepted research articles are published subject to payment of Article Publication Charges (“APCs”). All Author-Funded articles are immediately free to access online. Contributors of Author-Funded Access articles retain many rights and typically license their work under terms that permit re-use. Author-Funded Access offers authors choices in how to share and disseminate their work, and it serves the needs of researchers who may be required by their research funder to make articles freely accessible without embargo. APCs are typically paid by the individual author or by the author’s funder, and payments are often mediated by the author’s institution. We provide specific workflows and infrastructure to authors, funders and institutions to support the requirements of the Author-Funded Access model.

Customers in open access are typically individual educational institutions or a consortium of universities. Under the Author-Funded Access model, we have a signed contract with the customer that contains enforceable rights.

The Author-Funded Access model in a typical model includes an over-time single performance obligation that combines a promise to host the customer’s content on our open access platform, and a promise to provide a discount on APCs of eligible users (as defined in the contract) in exchange for an upfront payment. Enforceable right to payment occurs over time as we fulfill our obligation to provide a discount to eligible users, as defined, on future APCs. Therefore, the upfront payment is deferred and recognized over time.

In January 2019, Wiley announced a new contractual arrangement in support of Open Access, a countrywide partnership agreement with Projekt DEAL, a representative of nearly 700 academic institutions in Germany. This transformative three-year agreement provides all Projekt DEAL institutions with access to read Wiley’s academic journals back to the year 1997, and researchers at Projekt DEAL institutions can publish articles open access in Wiley’s journals. The partnership will better support institutions and researchers in advancing open science, driving discovery, and developing and disseminating knowledge. We are compensated primarily through a fee per article published.

Licensing, Reprints, Backfiles and Other

Licensing, Reprints, Backfiles, and Other includes advertising, backfile sales, the licensing of publishing rights, journal and article reprints, and individual article sales. A backfile license provides access to a historical collection of Wiley journals, generally for a one-time fee. 

Within Licensing, the revenue derived from these contracts is primarily comprised of advance payments, including minimum guarantees and sales- or usage-based royalty agreements. For our sales-or usage-based royalty agreements, we recognize revenue in the period of usage based on the amounts earned. We record revenue under these arrangements for the amounts due and not yet reported to us based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts. We also have certain licenses whereby we receive a non-refundable minimum guarantee against a volume-based royalty throughout the term of the agreement. We recognize revenue for the minimum guarantee on a straight-line basis over the term of the agreement because of the stand-ready promise to provide updates during the subscription period. We recognize volume-based royalty income only when cumulative consideration exceeds the minimum guarantee.

Reprints contracts generally contain a single performance obligation which is the delivery of printed articles. Revenue is recognized at the time of delivery of the printed articles.

For Backfiles, the performance obligation is the granting of a functional intellectual property license. Revenue is recognized at the time the functional intellectual property license is granted.

Other includes our Article Select offering, whereby we have a single performance obligation to our customers to give access to an article through the purchase of a token. The customer redeems the token for access to the article for a 24-hour period. The customer purchases the tokens with an upfront cash payment. Revenue is recognized when access to the article is provided.

Publishing Technology Services (Atypon)

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 Literatum platform. The duration of these contracts is generally multi-year ranging from 2-5 years. Atypon contracts typically include a single performance obligation for the implementation and hosting subscription services. The transaction price is fixed which may include price escalators that are fixed increases per year, and therefore, revenue is recognized upon the initiation of the subscription period and straight-lined over the contract period.

Publishing Segment

Included within the Publishing segment are the following revenue streams:
●
STM (Scientific, Technical and Medical) and Professional Publishing,
●
Education Publishing,
●
Courseware (WileyPLUS),
●
Test Preparation and Certification, and
●
Licensing, Distribution, Advertising and Other.

STM (Scientific, Technical and Medical) and Professional Publishing and Education Publishing

STM books are sold and distributed globally in digital and print formats through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to professional society members, bookstores, online booksellers, and other customers.

Professional books, which include business and finance, technology, and other professional categories, as well as the For Dummies brand, are sold to bookstores and online booksellers serving the general public, wholesalers who supply such bookstores, warehouse clubs, college bookstores, individual practitioners, industrial organizations and government agencies. We employ sales representatives who call upon independent bookstores, national and regional chain bookstores, and wholesalers. Sales of professional books also result from direct mail campaigns, telemarketing, online access, advertising, and reviews in periodicals.

Education textbooks and related supplementary material and digital products are sold primarily to bookstores and online booksellers serving both for-profit and nonprofit educational institutions (primarily colleges and universities), and direct-to-students. We employ sales representatives who call on faculty responsible for selecting books to be used in courses, and on the bookstores that serve such institutions and their students. The textbook business is seasonal, with the majority of textbook sales occurring during the July-through-October and December-through-January periods. Book sales for STM, Professional and Education Publishing are generally made on a returnable basis with certain restrictions.

Our performance obligations as it relates to STM, Professional and Education Publishing are primarily book products delivered in both print and digital form which could include a single or multiple performance obligations based on the number of International Standard Book Number (“ISBN’s”) purchased.

This revenue stream also includes variable consideration as it relates to discounts and returns for both print and digital books.  Discounts are identifiable by performance obligation and therefore are applied at the point of sale by performance obligation. The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related reduction in inventory and royalty costs as a result of the expected returns.

As it relates to print and digital books within the STM, Professional and Education Publishing, revenue is recognized at the point when control of product transfers, which for print is upon shipment or for digital when fulfillment of the products has been rendered.

Courseware (WileyPLUS)

We offer high-quality online learning solutions, including WileyPLUS, a research-based, online environment for effective teaching and learning that is integrated with a complete digital textbook. Courseware customers purchase access codes to utilize the product.  This could include a single or multiple performance obligations based on the number of course ISBN’s purchased. Revenue is recognized when the access codes are activated and then over the applicable semester term such product relates to.

Test Preparation and Certification

The Test Preparation and Certification business represents learning solutions, training activities and print and digital formats that are delivered to customers directly through online digital delivery platforms, bookstores, online booksellers, and other customers. Products include CPAExcel, a modular, digital platform comprised of online self-study, videos, mobile apps, and sophisticated planning tools to help professionals prepare for the CPA exam, and test preparation products for the CFA®, CMA, CIA®, CMT®, FRN®, FINRA, Banking, and PMP® exams.

Test Preparation and Certification contracts are generally three-year agreements. This revenue stream includes multiple performance obligations as it relates to the on-line and printed course materials, including such items as text books, e-books, video lectures, flashcards, study guides and test banks. The transaction price is fixed; however, discounts are offered and returns of certain products are allowed. We allocate revenue to each performance obligation based on its standalone selling price.  Depending on the performance obligation, revenue is recognized at the time the product is delivered and control has passed to the customer or over time due to our stand-ready obligation to provide updates to the customer.

Licensing, Distribution, Advertising and Other

Licensing and distribution services are made available to other publishers under agency arrangements. We also engage in co-publishing titles with international publishers and receive licensing revenue from photocopies, reproductions, translations, and digital uses of our content. Wiley also realizes advertising revenue from branded Web sites (e.g., Dummies.com, etc.) and online applications. Licensing, Distribution, Advertising and Other contracts are generally multi-year agreements.

Revenue derived from our licensing contracts is primarily comprised of advance payments and sales- or usage-based royalties. Revenue for advance payments is recognized at the point in time that the functional intellectual property license is granted. For sales- or usage- based royalties, we record revenue under these arrangements for the amounts due and not yet reported to us based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts.

Solutions Segment

Included within the Solutions segment are the following revenue streams:
●
Education Services,
●
Professional Assessment, and
●
Corporate Learning.

Education Services

As student demand for online degree and certificate programs continues to increase, traditional institutions are partnering with online program management providers to develop and support these programs. Education Services include market research, marketing, student recruitment, enrollment support, proactive retention support, academic services to design courses, faculty support, and access to the Engage Learning Management System, which facilitates the online education experience. Revenue is derived from pre-negotiated contracts with institutions that provide for a share of tuition generated from students who enroll in a program. The duration of Education Services contracts are generally multi-year agreements ranging from a period of 7-10 years, with some having optional renewal periods.

Education Services includes a single performance obligation for the services provided because of the integrated technology and services our institutional clients need to attract, enroll, educate and support students. Consideration is variable since it is based on the number of students enrolled in a program. We begin to recognize revenue at the start of the delivery of the class within a semester, which is also when the variable consideration contingency is resolved.

Professional Assessment

Our Professional Assessment services include pre-hire screening and post-hire personality assessments, which are delivered to business customers through online digital delivery platforms, either directly or through an authorized distributor network of independent consultants, trainers, and coaches. Professional Assessment services contracts are generally one year.

Professional Assessment includes a performance obligation to stand ready to provide assessments to our distributor’s customers or to provide assessments direct to a customer. Revenue for Professional Assessments is recognized at the time the product or service is provided or delivered. Consideration is allocated to assessments based on standalone selling prices. In addition, as it relates to Professional Assessments customers' unexercised rights for situations where we have received a nonrefundable payment for a customer to receive a good or service and the customer is not expected to exercise such right, we will recognize such “breakage” amounts as revenue in proportion to the pattern of rights exercised by the customer.

Corporate Learning

The Corporate Learning business offers online learning and training solutions for global corporations, universities, and small and medium-sized enterprises, which are sold on a subscription or fee basis. Learning formats and modules on topics such as leadership development, value creation, client orientation, change management and corporate strategy are delivered on a cloud-based Learning Management System (“LMS”) platform that hosts over 20,000 content assets (videos, digital learning modules, written files, etc.) in 17 languages. Its Mohive offering also provides a collaborative e-learning publishing and program creation system. Revenue growth is derived from legacy markets, such as France, England, and other European markets, and newer markets, such as the U.S. and Brazil. In addition, content and LMS offerings are continuously refreshed and expanded to serve a wider variety of customer needs. These digital learning solutions are sold directly to corporate customers either direct or through our partners. Corporate Learning contracts are generally multi-year agreements.

The transaction price consists of fixed consideration that is determined at the beginning of each year and received at the same time. Within Corporate Learning there are multiple performance obligations which includes the licenses to learning content and the learning application. Revenue is recognized over time as we have a continuous obligation to provide the right of access to the intellectual property which includes the licenses and learning applications.

Accounts Receivable, net and Contract Liability (Deferred Revenue) Balances

When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met.

The following table provides information about receivables and contract liabilities from contracts with customers.
  
April 30, 2019
  
April 30, 2018 (1)
  
Increase/
(Decrease)
 
Balances from contracts with customers:
         
Accounts receivable, net (2)
 
$
294,867
  
$
212,377
  
$
82,490
 
Contract liability (Deferred revenue) (2)
  
507,365
   
486,353
   
21,012
 
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities)
 
$
10,722
  
$
—
  
$
10,722
 


(1) As noted above, prior period amounts have not been adjusted due to adoption of the new revenue standard under the modified retrospective method.

(2) Due to the adoption of the new revenue standard, the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position. At April 30, 2018 the sales return reserve was $28.3 million.

Revenue recognized for the year ended April 30, 2019 relating to the contract liability at April 30, 2018 after the adjustments for the adoption of the new revenue standard on May 1, 2018 was $530.4 million.

Remaining Performance Obligations included in Contract Liability (Deferred Revenue)

As of April 30, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $518.1 million, which included the sales return reserve of $25.9 million. Excluding the sales return reserve, we expect that approximately $481.5 million will be recognized in the next twelve months with the remaining $10.7 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 types of costs are incurred in the following revenue streams, (1) Publishing Technology Services (Atypon) and (2) Education Services.

Our assets associated with incremental costs to fulfill a contract were $8.9 million at April 30, 2019 and are included within Other Non-Current Assets on our Consolidated Statements of Financial Position. We recorded amortization expense of $2.6 million during the year ended April 30, 2019 related to these assets within Cost of Sales on the Consolidated Statements of Income. The costs related to Education Services were previously included in Product Development Assets on our Consolidated Statements of Financial Position. Certain costs related to Publishing Technology Services (Atypon) were previously included in Technology, Property and Equipment, net on our Consolidated Statements of Financial Position.

Sales and value-added taxes are excluded from revenues. Shipping and handling costs, which are primarily incurred within the Publishing segment, occur before the transfer of control of the related goods. Therefore, in accordance with the new revenue standard, it is not considered a promised service to the customer and would be considered a cost to fulfill our promise to transfer the goods. Costs incurred for third party shipping and handling are primarily reflected in Operating and Administrative Expenses on the Consolidated Statements of Income. We incurred $32.7 million, $33.7 million, and $39.1 million in shipping and handling costs in the years ended April 30, 2019, 2018 and 2017 respectively.
v3.19.2
Acquisitions
 12 Months Ended
Apr. 30, 2019
Acquisition [Abstract]  
Acquisitions
Note 4 – Acquisition

The Learning House, Inc.

On November 1, 2018, we completed the acquisition of 100% of the outstanding stock of The Learning House, Inc. (“Learning House”) a diversified education services provider. Headquartered in Louisville, KY, Learning House provides online program management services including graduate and undergraduate programs; short courses, boot camps, and other skills training and credentialing for students and professionals; pathway services for international students; professional development services for teachers; and learning solutions for corporate clients. The combination of Learning House and Wiley Education Services creates a leading provider of tech-enabled education services for colleges and universities. The results of operations of Learning House are included in our Solutions segment.

The fair value of the consideration transferred was approximately $201.3 million which included $200.7 million of cash and $0.6 million of warrants, inclusive of purchase price adjustments which were finalized in the fourth quarter of fiscal year 2019. We financed the payment of the cash consideration through borrowings under our revolving credit agreement ("RCA").  The warrants were classified as equity and allow the holder to purchase 400,000 shares of our Class A Common Stock at an exercise price of $90.00, subject to adjustments. The term of the warrants is three years, expiring on November 1, 2021. The fair value of the warrants was determined using the Black-Scholes option pricing model. The fair value of the cash consideration transferred, net of $10.3 million of cash acquired was approximately $190.4 million.

The transaction was accounted for using the acquisition method of accounting. We recorded the preliminary fair value of the assets acquired and liabilities assumed on the acquisition date, all of which are included in the Solutions segment. None of the goodwill will be deductible for tax purposes. The allocation of the consideration transferred to the assets acquired and the liabilities assumed is preliminary and could be revised as a result of additional information obtained due to the finalization of the third-party valuation report,  tax related matters and contingencies, but such amounts will be finalized within the measurement period, which will not exceed one year from the acquisition date. The following table summarizes the consideration transferred to acquire Learning House and the preliminary allocation of the purchase price among the assets acquired and the liabilities assumed.


  
Preliminary Allocation as of April 30, 2019
 
Total consideration transferred
 
$
201,274
 
     
Assets: 
    
Current Assets 
    
Cash and cash equivalents 
  
10,293
 
Accounts receivable, net
  
8,621
 
Prepaid expenses and other current assets 
  
1,439
 
Total Current Assets 
  
20,353
 
     
Technology, Property and Equipment, net 
  
343
 
Intangible Assets, net
  
109,548
 
Goodwill 
  
110,805
 
Other Non-Current Assets 
  
5,025
 
Total Assets 
 
$
246,074
 
     
Liabilities: 
    
Current Liabilities 
    
Accounts payable 
  
1,542
 
Contract liability (Deferred revenue) 
  
959
 
Accrued employment costs 
  
4,925
 
Other accrued liabilities 
  
9,422
 
Total Current Liabilities 
  
16,848
 
 
    
Deferred Income Tax Liabilities 
  
26,769
 
Other Long-Term Liabilities 
  
1,184
 
Total Liabilities
 
$
44,801
 

The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition.

  
Estimated
Fair Value
  
Weighted-Average
Useful Life
(in Years)
 
Customer Relationships
 
$
103,850
   
15
 
Course Content
  
5,698
   
4
 
Total
 
$
109,548
     

Learning House’s revenue and operating loss included in our Solutions segment results for the year ended April 30, 2019 was $31.5 million and $8.0 million, respectively.

Pro forma financial information related to this acquisition has not been provided as it is not material to our consolidated results of operations.

Atypon Systems, Inc.

On September 30, 2016, we acquired the net assets of Atypon, a Silicon Valley-based publishing-software company, for approximately $121 million in cash, net of cash acquired. We finalized our purchase accounting for Atypon on July 31, 2017, and there were no material changes in the purchase accounting allocation compared to April 30, 2017. We recorded the fair value of the assets acquired and liabilities assumed on the acquisition date, which included $48 million of intangible assets. Goodwill of $70 million was recorded, which is deductible for tax purposes.

Atypon's revenue included in our Research segment results for the years ended April 30, 2019, 2018 and 2017 were $36.0 million, $32.9 million and $19.1 million, respectively. Atypon's operating loss included in our Research segment results for the years ended April 30, 2019, 2018 and 2017 were $3.9 million, $2.7 million and $3.5 million, respectively.
v3.19.2
Reconciliation of Weighted Average Shares Outstanding
 12 Months Ended
Apr. 30, 2019
Reconciliation of Weighted Average Shares Outstanding [Abstract]  
Reconciliation of Weighted Average Shares Outstanding
Note 5 – Reconciliation of Weighted Average Shares Outstanding

A reconciliation of the shares used in the computation of earnings per share for the years ended April 30 follows:

 
2019
 
2018
 
2017
Weighted average shares outstanding
 
57,240
  
57,181
  
57,531
Less: Unvested restricted shares
 
(48)
  
(138)
  
(194)
Shares used for basic earnings per share
 
57,192
  
57,043
  
57,337
Dilutive effect of stock options and other stock awards
 
648
  
845
  
862
Shares used for diluted earnings per share
 
57,840
  
57,888
  
58,199

Since their inclusion in the calculation of diluted earnings per share would have been anti-dilutive, options to purchase 260,984, 244,590 and 301,527 shares of Class A Common Stock have been excluded for the years ended April 30, 2019, 2018 and 2017, respectively. In addition, there were no restricted shares excluded for the year ended April 30, 2019. For the years ended April 30, 2018 and 2017, restricted shares of 26,740 and none, respectively, have been excluded as their inclusion would have been anti-dilutive.

Warrants to purchase 242,402 shares of Class A Common Stock have not been included for the year ended April 30, 2019. There were no warrants issued during the years ended April 30, 2018 and 2017.
v3.19.2
Accumulated Other Comprehensive Loss
 12 Months Ended
Apr. 30, 2019
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss
Note 6 – Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the years ended April 30, 2019, 2018, and 2017 were as follows:

  
Foreign Currency
Translation
  
Unamortized
Retirement Costs
  
Interest
Rate Swaps
  
Total
 
Balance at April 30, 2016
 
$
(267,920
)
 
$
(179,405
)
 
$
(361
)
 
$
(447,686
)
Other comprehensive (loss) income before reclassifications
  
(51,292
)
  
(18,458
)
  
2,735
   
(67,015
)
Amounts reclassified from Accumulated Other Comprehensive Loss
  
—
   
7,361
   
53
   
7,414
 
Total other comprehensive (loss) income
  
(51,292
)
  
(11,097
)
  
2,788
   
(59,601
)
Balance at April 30, 2017
 
$
(319,212
)
 
$
(190,502
)
 
$
2,427
  
$
(507,287
)
Other comprehensive income (loss) before reclassifications
  
67,639
   
(4,979
)
  
1,739
   
64,399
 
Amounts reclassified from Accumulated Other Comprehensive Loss
  
—
   
4,455
   
(1,147
)
  
3,308
 
Total other comprehensive income (loss)
  
67,639
   
(524
)
  
592
   
67,707
 
Balance at April 30, 2018
 
$
(251,573
)
 
$
(191,026
)
 
$
3,019
  
$
(439,580
)
Other comprehensive (loss) income before reclassifications
  
(60,534
)
  
(9,422
)
  
1,121
   
(68,835
)
Amounts reclassified from Accumulated Other Comprehensive Loss
  
—
   
4,391
   
(4,714
)
  
(323
)
Total other comprehensive loss
  
(60,534
)
  
(5,031
)
  
(3,593
)
  
(69,158
)
Balance at April 30, 2019
 
$
(312,107
)
 
$
(196,057
)
 
$
(574
)
 
$
(508,738
)

For the years ended April 30, 2019 and 2018, pre-tax actuarial losses included in Unamortized Retirement Costs of approximately $5.5 million and $5.9 million, respectively, were amortized from Accumulated Other Comprehensive Loss and recognized as pension expense in Operating and Administrative Expenses and Interest and Other Income (Expense) on the Consolidated Statements of Income.
v3.19.2
Restructuring and Related Charges
 12 Months Ended
Apr. 30, 2019
Restructuring and Related Charges [Abstract]  
Restructuring and Related Charges
Note 7 – Restructuring and Related Charges

In the years ended April 30, 2019, 2018 and 2017, we recorded pre-tax restructuring and related charges of $3.1 million, $28.6 million, and $13.4 million, respectively, which are reflected in the Restructuring and Related Charges line item on the Consolidated Statements of Income and described in more detail below:

Restructuring and Reinvestment Program:

Beginning in the year ended April 30, 2013, we initiated a global program (the “Restructuring and Reinvestment Program”) to restructure and realign our cost base with current and anticipated future market conditions. We are targeting a majority of the expected cost savings achieved to improve margins and earnings, while the remainder will be reinvested in high-growth digital business opportunities.

The following tables summarize the pre-tax restructuring charges related to this program:
  
2019
  
2018
  
2017
  
Total Charges
Incurred to Date
 
Charges by Segment:
            
Research
 
$
1,131
  
$
5,257
  
$
1,949
  
$
26,544
 
Publishing
  
650
   
6,443
   
1,596
   
39,581
 
Solutions
  
878
   
3,695
   
1,787
   
7,125
 
Corporate Expenses
  
459
   
13,171
   
8,023
   
96,378
 
Total Restructuring and Related Charges
 
$
3,118
  
$
28,566
  
$
13,355
  
$
169,628
 
                 
Charges (Credits) by Activity:
                
Severance
 
$
1,456
  
$
27,213
  
$
8,386
  
$
116,259
 
Consulting and Contract Termination Costs
  
526
   
1,815
   
148
   
21,155
 
Other Activities
  
1,136
   
(462
)
  
4,821
   
32,214
 
Total Restructuring and Related Charges
 
$
3,118
  
$
28,566
  
$
13,355
  
$
169,628
 

Other Activities for the year ended April 30, 2019 reflect lease impairment related costs. The credits in Other Activities for the year ended April 30, 2018 mainly reflect changes in estimates for previously accrued restructuring charges related to facility lease reserves. Other Activities for the year ended April 30, 2017 reflect facility relocation and lease impairment related costs.

The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the year ended April 30, 2019:

  
April 30, 2018
  
Charges
  
Payments
  
Foreign Translation & Other Adjustments
  
April 30, 2019
 
Severance
 
$
17,279
  
$
1,456
  
$
(13,388
)
 
$
(460
)
 
$
4,887
 
Consulting and Contract Termination Costs
  
—
   
526
   
(223
)
  
—
   
303
 
Other Activities
  
2,772
   
1,136
   
(1,608
)
  
244
   
2,544
 
Total
 
$
20,051
  
$
3,118
  
$
(15,219
)
 
$
(216
)
 
$
7,734
 

The charges above are net of changes in estimates for previously accrued restructuring charges. The restructuring liability for accrued severance costs of $4.9 million is reflected in Accrued Employment Costs on the Consolidated Statements of Financial Position. The liability for Consulting and Contract Termination Costs is reflected in Other Accrued Liabilities. Approximately $1.1 million and $1.4 million of the Other Activities are included in Other Accrued Liabilities and Other Long-Term Liabilities, respectively on the Consolidated Statements of Financial Position, and mainly relate to facility relocation and lease impairment related costs. We currently do not anticipate any further material charges related to the Restructuring and Reinvestment Program.

The amount included in Other Long-Term Liabilities that relates to Other Activities is expected to be paid starting in 2021 until 2022.
v3.19.2
Inventories
 12 Months Ended
Apr. 30, 2019
Inventories [Abstract]  
Inventories
Note 8 – Inventories

Inventories, net at April 30 were as follows:

  
2019
  
2018
 
Finished Goods
 
$
33,736
  
$
36,503
 
Work-in-Process
  
2,094
   
2,139
 
Paper and Other Materials
  
373
   
550
 
   
36,203
   
39,192
 
Inventory Value of Estimated Sales Returns
  
3,739
   
4,626
 
LIFO Reserve
  
(4,360
)
  
(4,329
)
Total Inventories
 
$
35,582
  
$
39,489
 

See Note 2, “Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards,” under the caption “Sales Return Reserves,” for a discussion of the Inventory Value of Estimated Sales Returns. Finished Goods are net of a reserve for inventory obsolescence of $15.8 million and $18.2 million as of April 30, 2019 and 2018, respectively.
v3.19.2
Product Development Assets
 12 Months Ended
Apr. 30, 2019
Product Development Assets [Abstract]  
Product Development Assets
Note 9 – Product Development Assets

Product development assets consisted of the following at April 30:

  
2019
  
2018
 
Book Composition Costs
 
$
19,197
  
$
24,887
 
Software Costs
  
38,048
   
52,078
 
Content Development Costs
  
5,225
   
1,849
 
Total
 
$
62,470
  
$
78,814
 

Product development assets include $4.3 million and $4.1 million of work-in-process as of April 30, 2019 and 2018, respectively, mainly for book composition costs.

Product development assets are net of accumulated amortization of $236.5 million and $238.1 million as of April 30, 2019 and 2018, respectively.
v3.19.2
Technology, Property and Equipment
 12 Months Ended
Apr. 30, 2019
Technology, Property and Equipment [Abstract]  
Technology, Property and Equipment
Note 10 – Technology, Property and Equipment

Technology, property and equipment, net consisted of the following at April 30:
  
2019
  
2018
 
Capitalized Software
 
$
440,437
  
$
390,774
 
Computer Hardware
  
68,718
   
57,493
 
Buildings and Leasehold Improvements
  
118,685
   
121,381
 
Furniture, Fixtures, and Warehouse Equipment
  
57,471
   
60,869
 
Land and Land Improvements
  
3,390
   
3,678
 
   
688,701
   
634,195
 
Accumulated Depreciation and Amortization
  
(399,680
)
  
(344,261
)
Total
 
$
289,021
  
$
289,934
 

The following table details our depreciation and amortization expense for technology, property and equipment, net for the years ended April 30:

  
2019
  
2018
  
2017
 
Capitalized Software Amortization Expense
 
$
50,095
  
$
45,449
  
$
48,343
 
Depreciation and Amortization Expense, Excluding Capitalized Software
  
19,323
   
18,878
   
18,340
 
Total Depreciation and Amortization Expense for Technology, Property and Equipment
 
$
69,418
  
$
64,327
  
$
66,683
 

Technology, property and equipment includes $2.3 million and zero of work-in-process as of April 30, 2019 and 2018, respectively, mainly for capitalized software.

The net book value of capitalized software costs was $200.2 million and $198.0 million as of April 30, 2019 and 2018, respectively.
v3.19.2
Goodwill and Intangible Assets
 12 Months Ended
Apr. 30, 2019
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
Note 11 – Goodwill and Intangible Assets

Goodwill

The following table summarizes the activity in goodwill by segment as of April 30:
  
2018 (1)
  
Acquisition (2)
  
Foreign
Translation
Adjustment
  
2019
 
Research
 
$
463,419
  
$
—
  
$
(24,908
)
 
$
438,511
 
Publishing
  
283,851
   
—
   
(706
)
  
283,145
 
Solutions
  
272,531
   
110,805
   
(9,326
)
  
374,010
 
Total
 
$
1,019,801
  
$
110,805
  
$
(34,940
)
 
$
1,095,666
 

(1)
The April 30, 2018 goodwill balances were revised for the Publishing segment which decreased and the Solutions segment which increased to reflect foreign translation adjustments of $11.6 million.

(2)
Refer to Note 4, “Acquisition,” in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House on November 1, 2018.

Prior to fiscal year 2019, we reviewed goodwill for impairment on a reporting unit basis annually during the third quarter of each year, using a measurement date of January 31, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. While we are permitted to conduct a qualitative assessment to determine whether it is necessary to perform a two-step quantitative goodwill impairment test, for our annual goodwill impairment test in the third quarter of 2018 and 2017 we performed a quantitative test for all of our reporting units.

As discussed below, during the fourth quarter of 2018, we voluntarily changed our annual impairment assessment date from January 31 to February 1 for all of our reporting units and our indefinite-lived intangible assets. For our annual goodwill impairment test in the fourth quarter of 2019 we performed a quantitative test for all of our reporting units and in the fourth quarter of 2018 we performed a qualitative assessment for all of our reporting units.

The goodwill impairment test involves a two-step process. In step one, we compare the fair value of each of our reporting units to its carrying value, including the goodwill allocated to the reporting unit. If the fair value of the reporting unit exceeds its carrying value, there is no indication of impairment and no further testing is required. If the fair value of the reporting unit is less than the carrying value, we must perform step two of the impairment test to measure the amount of impairment loss, if any. In step two, the reporting unit’s fair value is allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit’s goodwill is less than the carrying value, the difference is recorded as an impairment loss.

2019 Annual Impairment Test as of February 1, 2019

During the fourth quarter of 2019, we completed step one of our annual goodwill impairment test for our reporting units. We concluded that the fair values of these reporting units were above their carrying values and, therefore, there was no indication of impairment.

We estimated the fair value of these reporting units using a weighting of fair values derived from an income and a market approach. Under the income approach, we determined the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. 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 operating performance results, as applicable, derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit.

As noted above, the fair value determined under step one of the goodwill impairment test completed in the fourth quarter of 2019 exceeded the carrying value for each reporting unit. Therefore, there was no impairment of goodwill. However, if the fair value decreases in future periods, we may fail step one of the goodwill impairment test and be required to perform step two. In performing step two, the fair value would have to be allocated to all of the assets and liabilities of the reporting unit. Therefore, any potential goodwill impairment charge would be dependent upon the estimated fair value of the reporting unit at that time and the outcome of step two of the impairment test. The fair values of the assets and liabilities of the reporting unit, including the intangible assets, could vary depending on various factors.

The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment.

We also review our indefinite-lived intangible assets for impairment annually, which consists of brands and trademarks and certain acquired publishing rights. During the fourth quarter of 2019, we completed our annual impairment test related to the indefinite lived intangible assets. We concluded that the fair values of these indefinite-lived intangible assets were above their carrying values and, therefore, there was no indication of impairment. We also concluded that one of our indefinite-lived trademarks had an excess of estimated fair value over its carrying value of approximately 7% as of the 2019 annual impairment test.

Change in Annual Impairment Assessment Date

During the fourth quarter of 2018, we voluntarily changed our annual impairment assessment date from January 31 to February 1 for all of our reporting units and our indefinite-lived intangible assets. This change was made to improve alignment of impairment testing procedures with year-end financial reporting, our annual business planning and budgeting process and the multi-year strategic forecast, which begins in the fourth quarter of each year. As a result, the goodwill and indefinite-lived intangible asset impairment testing will reflect the result of inputs from each of the businesses in the development of the budget and forecast process, including the impact of seasonality of our financial results. Accordingly, management considers this accounting change preferable. This change does not accelerate, delay, avoid, or cause an impairment charge, nor does this change result in adjustments to previously issued financial statements.

In connection with the change in the date of the annual goodwill impairment test, we completed a qualitative assessment of the goodwill by reporting unit as of February 1, 2018 and concluded that it was more likely than not that the fair value of each of the reporting units exceeded its carrying amount. In addition, we also completed a qualitative assessment of our indefinite-lived intangible assets as of February 1, 2018 and concluded that it was more likely than not that the fair value of each of the indefinite-lived intangible assets exceeded its carrying amount.

Intangibles

Intangible assets, net as of April 30 were as follows:

  
2019
  
2018
    
  
Cost
  
Accumulated
Amortization
  
Accumulated
Impairment
  
Net
  
Cost
  
Accumulated
Amortization
  
Accumulated
Impairment
  
Net
 
Intangible Assets with Determinable Lives, net
                        
Content and Publishing Rights (1)
 
$
806,628
  
$
(417,456
)
 
$
—
  
$
389,172
  
$
824,146
  
$
(387,386
)
 
$
—
  
$
436,760
 
Customer Relationships (1)
  
310,977
   
(65,147
)
  
—
   
245,830
   
212,020
   
(50,291
)
  
—
   
161,729
 
Brands and Trademarks
  
32,802
   
(19,809
)
  
—
   
12,993
   
32,111
   
(16,011
)
  
—
   
16,100
 
Covenants not to Compete
  
1,681
   
(1,236
)
  
—
   
445
   
1,499
   
(844
)
  
—
   
655
 
Total
  
1,152,088
   
(503,648
)
  
—
   
648,440
   
1,069,776
   
(454,532
)
  
—
   
615,244
 
Intangible Assets with Indefinite Lives
                                
Brands and Trademarks
  
134,509
   
—
   
(3,600
)
  
130,909
   
142,189
   
—
   
(3,600
)
  
138,589
 
Content and Publishing Rights
  
86,223
   
—
   
—
   
86,223
   
94,238
   
—
   
—
   
94,238
 
Total
  
220,732
   
—
   
(3,600
)
  
217,132
   
236,427
   
—
   
(3,600
)
  
232,827
 
Total Intangible Assets, Net
 
$
1,372,820
  
$
(503,648
)
 
$
(3,600
)
 
$
865,572
  
$
1,306,203
  
$
(454,532
)
 
$
(3,600
)
 
$
848,071
 

(1) As of April 30, 2019, amounts include intangible assets acquired as part of the acquisition of Learning House on November 1, 2018. Refer to Note 4, “Acquisition,” in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House.

Based on the current amount of intangible assets subject to amortization and assuming current foreign exchange rates, the estimated amortization expense for the following years are as follows:

Fiscal Year
 
Amount
 
2020
 
$
50,419
 
2021
  
48,517
 
2022
  
44,115
 
2023
  
40,305
 
2024
  
37,929
 
Thereafter
  
427,155
 
Total
 
$
648,440
 

In conjunction with a business review performed in the Publishing segment associated with the restructuring activities in the first quarter of the year ended April 30, 2018, we identified an indefinite-lived brand with forecasted cash flows that did not exceed its carrying value. As a result, an impairment charge of $3.6 million was recorded in the first quarter of the year ended April 30, 2018 to reduce the carrying value of the brand to its fair value of $1.2 million, which will now be amortized over an estimated useful life of 5 years. This impairment charge was included in Operating and Administrative Expenses on the Consolidated Statements of Income.
v3.19.2
Income Taxes
 12 Months Ended
Apr. 30, 2019
Income Taxes [Abstract]  
Income Taxes
Note 12 – Income Taxes

The provisions for income taxes for the years ended April 30 were as follows:

  
2019
  
2018
  
2017
 
Current Provision
         
U.S. – Federal
 
$
2,384
  
$
(2,216
)
 
$
912
 
International
  
52,518
   
46,112
   
105,228
 
State and Local
  
2,536
   
961
   
100
 
Total Current Provision
 
$
57,438
  
$
44,857
  
$
106,240
 
Deferred Provision (Benefit)
            
U.S. – Federal
 
$
335
  
$
(26,062
)
 
$
(13,852
)
International
  
(7,630
)
  
2,420
   
(15,330
)
State and Local
  
(5,454
)
  
530
   
415
 
Total Deferred (Benefit) Provision
 
$
(12,749
)
 
$
(23,112
)
 
$
(28,767
)
Total Provision
 
$
44,689
  
$
21,745
  
$
77,473
 

International and United States pretax income for the years ended April 30 were as follows:

  
2019
  
2018
  
2017
 
International
 
$
204,326
  
$
219,178
  
$
192,910
 
United States
  
8,626
   
(5,247
)
  
(1,794
)
Total
 
$
212,952
  
$
213,931
  
$
191,116
 

Our effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below:

 
2019
 
2018
 
2017
U.S. Federal Statutory Rate
21.0%
 
30.4%
 
35.0%
German Tax Litigation Expense
—
 
—
 
25.7
Cost (Benefit) of Higher (Lower) Taxes on Non-U.S. Income
0.9
 
(8.4)
 
(12.7)
State Income Taxes, net of U.S. Federal Tax Benefit
(1.3)
 
0.4
 
0.1
Deferred Tax (Benefit) from U.S. Tax Reform Rate Change
0.1
 
(11.7)
 
—
Deferred Tax Benefit from U.K. Statutory Tax Rate Change
—
 
—
 
(1.3)
Tax Credits and Related Benefits
(0.8)
 
(1.7)
 
(6.2)
Tax Adjustments and Other
1.1
 
1.2
 
(0.1)
Effective Income Tax Rate
21.0%
 
10.2%
 
40.5%

A substantial portion of our 2019 income was earned outside the U.S. in jurisdictions with different statutory income tax rates than our U.S. statutory rate including: U.K. (57%), Germany (24%), and Australia (7%).

On December 22, 2017, the U.S. government enacted comprehensive Federal tax legislation originally known as the Tax Cuts and Jobs Act of 2017 (the “Tax Act”).  In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which allowed us to record provisional amounts related to the effect of the Tax Act during a measurement period not to extend beyond one year of the enactment date.  We completed our analysis during the year ended April 30, 2019 within the measurement period in accordance with SAB 118.

The effective tax rate for the year ended April 30, 2019 was greater than the year ended April 30, 2018 due to the net deferred tax benefit from the Tax Act in the year ended April 30, 2018. Excluding the effect of the Tax Act, the rate was 21.9% for the year ended April 30, 2018, compared to 21.0% for the year ended April 30, 2019.

The effective tax rate was equal to the U.S. statutory rate for the year ended April 30, 2019. The increase from higher taxes on non-U.S. income and various other items was offset by a state tax benefit from more favorable apportionment factors which reduced our deferred tax liabilities, net of federal benefit. 

German Tax Litigation Expense: In the year ended April 30, 2017, the German Federal Fiscal Court affirmed a lower court decision disallowing deductions related to a stepped-up basis in certain assets. As a result, we incurred an income tax charge of approximately $49 million ($0.85 per share).

Deferred Tax Benefit from U.K. Statutory Tax Rate Change: In fiscal year 2016, the U.K. reduced its statutory rate to 19% beginning April 1, 2017, and 18% beginning April 1, 2020, and in fiscal year 2017, the U.K. further reduced its statutory rate beginning on April 1, 2020, from 18% to 17%. This resulted in a non-cash deferred tax benefit from the re-measurement of our applicable U.K. deferred tax balances of $2.6 million ($0.04 per share) in the year ended April 30, 2017.

Tax Adjustments and Other: In each of the years ended April 30, 2019 and April 30, 2018, we recorded a tax benefit of $0.3 million and $0.6 million, respectively related to the expiration of the statute of limitations or favorable resolutions of federal, state, and foreign tax matters with tax authorities. 

The Tax Act

On December 22, 2017, the U.S. government enacted comprehensive tax legislation. The Tax Act significantly revised the U.S. corporate income tax system by, among other changes, the following:
•
lowering the U.S. federal corporate income tax rate to 21% with a potentially lower rate for certain foreign derived income;
•
accelerating deductions for certain business assets;
•
establishing a dividend received deduction, generally eliminating federal income taxes on cash repatriation from foreign subsidiaries;
•
requiring companies to pay a one-time transition tax on post-1986 unrepatriated cumulative non-U.S. earnings and profits (“E&P”) of foreign subsidiaries;
•
eliminating certain deductions such as the domestic production deduction;
•
establishing limitations on the deductibility of certain expenses including interest and executive compensation; and
•
creating new taxes on certain foreign earnings.

Deferred tax balances – In the year ended April 30, 2018 we remeasured our U.S. deferred tax assets and liabilities based on the federal rate at which they are expected to reverse in the future, generally 21% for reversals anticipated to occur after April 30, 2019. In the prior period, the provisional amount recorded related to the re-measurement of our net deferred tax liability was an estimated net benefit of $25.0 million. During the year ended April 30, 2019, in accordance with SAB 118, we completed the analysis and recorded a minimal $0.2 million expense.

Foreign tax effects – In connection with the transition from a global tax system, the Tax Act established a mandatory deemed repatriation tax. The tax was computed using our post-1986 E&P that was previously deferred from U.S. income taxes.  The tax was based on the amount of foreign earnings held in cash equivalents and certain net assets, which were taxed at 15.5%, and those held in other assets, which were taxed at 8.0%. In accordance with the Tax Act including certain rules applicable to non-calendar year taxpayers, we recorded a provisional amount of $14.2 million in the year ended April 30, 2018. Since April 30, 2018, we no longer assert that we intend to permanently reinvest earnings outside the U.S.

The Tax Act reduced the Federal statutory tax rate from 35% to 21% effective January 1, 2018.  As a result, our U.S. federal statutory tax rate was 21.0% for the year ended April 30, 2019 and a blended rate of 30.4% for the year ended April 30, 2018.

The Tax Act created new taxes, effective for us on May 1, 2018, including a provision designed to tax global low taxed income (“GILTI”) and a provision establishing new minimum taxes, such as the base erosion anti-abuse tax (“BEAT”). We have evaluated these provisions and determined there is no material impact to our effective tax rate.

The Tax Act also created a new benefit, effective for us on May 1, 2018, for Foreign Derived Intangible Income (“FDII”), providing a deduction intended to result in a reduced federal income tax rate of approximately 13.125% on certain foreign derived eligible income. For the year ended April 30, 2019, we recorded a tax benefit of $1.2 million.

Accounting for Uncertainty in Income Taxes:

As of April 30, 2019 and April 30, 2018, the total amount of unrecognized tax benefits were $7.7 million and $6.8 million, respectively, of which $0.7 million and $0.6 million represented accruals for interest and penalties recorded as additional tax expense in accordance with our accounting policy. Within the income tax provision for the years ended April 30, 2019 and 2018, we recorded net interest expense on reserves for unrecognized and recognized tax benefits of $0.3 million and $0.2 million, respectively. As of April 30, 2019, and April 30, 2018, the total amounts of unrecognized tax benefits that would reduce our income tax provision, if recognized, were approximately $7.7 million and $6.8 million, respectively. We do not expect any significant changes to the unrecognized tax benefits within the next twelve months.

A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item on the Consolidated Statements of Financial Position follows:

  
2019
  
2018
 
Balance at May 1
 
$
6,833
  
$
6,124
 
Additions for Current Year Tax Positions
  
1,473
   
1,372
 
Additions for Prior Year Tax Positions
  
414
   
69
 
Reductions for Prior Year Tax Positions
  
(578
)
  
(38
)
Foreign Translation Adjustment
  
(42
)
  
45
 
Payments and Settlements
  
(136
)
  
(124
)
Reductions for Lapse of Statute of Limitations
  
(305
)
  
(615
)
Balance at April 30
 
$
7,659
  
$
6,833
 

Tax Audits:

We file income tax returns in the U.S. and various states and non-U.S. tax jurisdictions. Our major taxing jurisdictions include the United States, the United Kingdom, and Germany. Except for one immaterial item, we are no longer subject to income tax examinations for years prior to fiscal year 2014 in the major jurisdictions in which we are subject to tax. Our last completed U.S. federal tax audit was for fiscal years 2011 through 2013, which resulted in minimal adjustments related to temporary differences.

Deferred Taxes:

Deferred taxes result from temporary differences in the recognition of revenue and expense for tax and financial reporting purposes.

We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows:

  
2019
  
2018
 
Net Operating Losses
 
$
14,491
  
$
8,976
 
Reserve for Sales Returns and Doubtful Accounts
  
2,923
   
2,506
 
Accrued Employee Compensation
  
17,528
   
20,096
 
Foreign and Federal Credits
  
34,401
   
31,109
 
Other Accrued Expenses
  
6,262
   
4,632
 
Retirement and Post-Employment Benefits
  
40,653
   
39,160
 
Total Gross Deferred Tax Assets
 
$
116,258
  
$
106,479
 
Less Valuation Allowance
  
(21,179
)
  
(8,811
)
Total Deferred Tax Assets
 
$
95,079
  
$
97,668
 
         
Prepaid Expenses and Other Current Assets
 
$
(744
)
 
$
(3,203
)
Unremitted Foreign Earnings
  
(1,985
)
  
(1,985
)
Intangible and Fixed Assets
  
(226,898
)
  
(231,869
)
Total Deferred Tax Liabilities
 
$
(229,627
)
 
$
(237,057
)
Net Deferred Tax Liabilities
 
$
(134,548
)
 
$
(139,389
)
         
Reported As
        
Deferred Tax Assets
 
$
9,227
  
$
4,129
 
Deferred Tax Liabilities
  
(143,775
)
  
(143,518
)
Net Deferred Tax Liabilities
 
$
(134,548
)
 
$
(139,389
)

The decrease in net deferred tax liabilities is attributable to a foreign exchange driven decrease in our deferred tax liability primarily related to intangible and fixed assets.  Our increase in deferred tax liabilities relating to our acquisition of Learning House was offset by the amortization of our deferred tax liabilities related to intangibles and fixed assets, primarily from prior acquisitions.  Our increase in deferred tax assets, primarily from foreign and federal tax credits as well as net operating losses, was offset by an increase in our valuation allowance related to those assets. We have concluded that after valuation allowances, it is more likely than not that we will realize substantially all of the net deferred tax assets at April 30, 2019. In assessing the need for a valuation allowance, we take into account related deferred tax liabilities and estimated future reversals of existing temporary differences, future taxable earnings and tax planning strategies to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on our valuation allowances.

A $21.2 million valuation allowance has been provided based on the uncertainty of utilizing the tax benefits related to our deferred tax assets for foreign tax credits, state, and, to a small extent, Federal net operating loss carry forwards. As of April 30, 2019, we have apportioned state net operating loss carryforwards totaling $99 million, with a tax effected value of $6 million net of federal benefits, expiring in various amounts over 1 to 20 years.

On June 18, 2019, U.S. Treasury published certain proposed and temporary regulations which would, among other changes, eliminate the dividend received deduction with respect to certain income recognized by us with respect to the transition tax imposed by the Tax Act.  Although we are still reviewing the regulations, if applied, such regulations would not materially impact our consolidated financial position or results of operations, as the decrease in our foreign tax credit carryforward would most likely be offset by a decrease in our valuation allowance.

Since April 30, 2018, we no longer intend to permanently reinvest earnings outside the U.S. We have a $2.0 million liability related to the estimated taxes that would be incurred upon repatriating certain non-U.S. earnings.
v3.19.2
Debt and Available Credit Facilities
 12 Months Ended
Apr. 30, 2019
Debt and Available Credit Facilities [Abstract]  
Debt and Available Credit Facilities
Note 13 – Debt and Available Credit Facilities

As of April 30, 2019 and 2018, our debt of $478.8 million and $360.0 million, respectively, consisted of amounts due under our revolving credit facilities.

We have a revolving credit agreement (“RCA”) with a syndicated bank group led by Bank of America. The RCA consists of a $1.1 billion five-year senior revolving credit facility payable March 1, 2021. Under the RCA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates:  (i) at a rate based on the London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging from 0.98% to 1.50%, depending on our consolidated leverage ratio, as defined, or (ii) for U.S. dollar-denominated loans only, at the lender’s base rate plus an applicable margin ranging from zero to 0.45%, depending on our consolidated leverage ratio. The lender’s base rate is defined as the highest of (i) the U.S. federal funds effective rate plus a  0.50% margin, (ii) the Eurocurrency rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, we pay a facility fee ranging from 0.15% to 0.25% depending on our consolidated leverage ratio. We also have the option to request an additional credit limit increase of up to $350 million in minimum increments of $50 million, subject to the approval of the lenders. The RCA contains certain restrictive covenants related to our consolidated leverage ratio and interest coverage ratio, which we were in compliance with as of April 30, 2019 and 2018. Due to the fact that there are no principal payments due until the end of the agreement in the year ended April 30, 2021, we have classified our entire debt obligation as long-term as of April 30, 2019 and 2018.

We have other lines of credit aggregating $2.7 million at various interest rates. There were no outstanding borrowings under these credit lines at April 30, 2019 and 2018.

Our total available lines of credit as of April 30, 2019, were approximately $1.1 billion, of which approximately $0.6 billion was unused. The weighted average interest rates on total debt outstanding during the years ended April 30, 2019 and 2018 were 2.69% and 2.44%, respectively. As of April 30, 2019 and 2018, the weighted average interest rates for total debt were 2.88% and 2.58%, respectively. Based on estimates of interest rates currently available to us for loans with similar terms and maturities, the fair value of our debt approximates its carrying value.

On May 30, 2019, we entered into a credit agreement that amended and restated our existing RCA. See Note 21, Subsequent Events, for further details.
v3.19.2
Derivative Instruments and Activities
 12 Months Ended
Apr. 30, 2019
Derivative Instruments and Activities [Abstract]  
Derivative Instruments and Activities
Note 14 – Derivative Instruments and Activities

From time-to-time, we enter into forward exchange and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates, and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. We do not use financial instruments for trading or speculative purposes.

Interest Rate Contracts:

We had $478.8 million of variable rate loans outstanding at April 30, 2019, which approximated fair value.

As of April 30, 2019 and 2018, the interest rate swap agreements we maintained were designated as fully effective cash flow hedges as defined under Accounting Standards Codification 815 “Derivatives and Hedging” ("ASC 815"). As a result, there was no impact on our Consolidated Statements of Income from changes in the fair value of the interest rate swaps, as they were fully offset by changes in the interest expense on the underlying variable rate debt instruments. Under ASC 815, derivative instruments that are designated as cash flow hedges have changes in their fair value recorded initially within Accumulated Other Comprehensive Loss on the Consolidated Statements of Financial Position. As interest expense is recognized based on the variable rate loan agreements, the corresponding deferred gain or loss on the interest rate swaps is reclassified from Accumulated Other Comprehensive Loss to Interest Expense on the Consolidated Statements of Income. It is management’s intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives.

On April 4, 2016, we entered into a forward starting interest rate swap agreement, which fixed a portion of the variable interest due on a variable rate debt renewal on May 16, 2016. Under the terms of the agreement, we will pay a fixed rate of 0.92% and receive a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which is reset every month for a three-year period starting May 16, 2016, ending May 15, 2019. As of April 30, 2019, the notional amount of the interest rate swap was $350.0 million.

We record the fair value of our interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. The fair value of the interest rate swaps as of April 30, 2019 and 2018, was a deferred gain of $0.5 million and $5.1 million, respectively. Based on the maturity dates of the contracts, the entire deferred gain as of April 30, 2019 was recorded within Prepaid Expenses and Other Current Assets and as of April 30, 2018, was recorded within Other Non-Current Assets.

The pre-tax (gains) losses that were reclassified from Accumulated Other Comprehensive Loss to Interest Expense for the years ended April 30, 2019, 2018, and 2017 were $(4.7) million, $(1.5) million, and $1.1 million, respectively. Based on the amount in Accumulated Other Comprehensive Loss at April 30, 2019, approximately $0.2 million, net of tax, of unrecognized gains would be reclassified into net income in the next twelve months.

Foreign Currency Contracts:

We may enter into forward exchange contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The forward exchange contracts are marked to market through Foreign Exchange Transaction (Losses) Gains on the Consolidated Statements of Income and carried at their fair value on the Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Foreign Exchange Transaction (Losses) Gains on the Consolidated Statements of Income.

As of April 30, 2019 and 2018, we did not maintain any open forward contracts. In addition, we did not maintain any open forward contracts during the years ended April 30, 2019 and 2018.

As of April 30, 2017, we did not maintain any open forward contracts, but we did have open forward contracts during the year ended April 30, 2017. There were two open forward exchange contracts with notional amounts of 31 million euros and 274 million pounds sterling to manage foreign currency exposures on intercompany loans. These contracts matured in May 2016 and February 2017, respectively. For the year ended April 30, 2017, the gains recognized on forward contracts were $59.0 million.
v3.19.2
Commitment and Contingencies
 12 Months Ended
Apr. 30, 2019
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
Note 15 – Commitment and Contingencies

The following schedule shows the composition of net rent expense for operating leases:

  
2019
  
2018
  
2017
 
Minimum Rental
 
$
29,066
  
$
31,451
  
$
35,464
 
Less: Sublease Rentals
  
(719
)
  
(708
)
  
(626
)
Total
 
$
28,347
  
$
30,743
  
$
34,838
 

At April 30, 2019, estimated future minimum annual rental commitments under non-cancelable real and personal property leases, were as follows:

Fiscal Year
 
Amount
 
2020
 
$
30,887
 
2021
  
27,326
 
2022
  
23,183
 
2023
  
19,257
 
2024
  
18,576
 
Thereafter
  
129,382
 
Total
 
$
248,611
 

Rent expense associated with operating leases that include scheduled rent increases and tenant incentives, such as rent holidays or leasehold improvement allowances, are recorded on a straight-line basis over the term of the lease.

We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, we do not record a liability, but disclose facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel.  In the opinion of management, the ultimate resolution of all pending litigation as of April 30, 2019, will not have a material effect upon our consolidated financial condition or results of operations.
v3.19.2
Retirement Plans
 12 Months Ended
Apr. 30, 2019
Retirement Plans [Abstract]  
Retirement Plans
Note 16 – Retirement Plans

We have retirement plans that cover substantially all employees. The plans generally provide for employee retirement between the ages 60 and 65, and benefits based on length of service and compensation, as defined.

Our Board of Directors approved plan amendments that froze the following retirement plans:
•
Retirement Plan for the Employees of John Wiley & Sons, Canada was frozen effective December 31, 2015;
•
Retirement Plan for the Employees of John Wiley & Sons, Ltd., a U.K. plan was frozen effective April 30, 2015 and;
•
U.S. Employees’ Retirement Plan, Supplemental Benefit Plan, and Supplemental Executive Retirement Plan, were frozen effective June 30, 2013.

We maintain the Supplemental Executive Retirement Plan for certain officers and senior management which provides for the payment of supplemental retirement benefits after the termination of employment for 10 years or in a lifetime annuity. Under certain circumstances, including a change of control as defined, the payment of such amounts could be accelerated on a present value basis. Future accrued benefits to this plan have been discontinued as noted above.

The components of net pension expense (income) for the defined benefit plans and the weighted average assumptions were as follows:

  
2019
  
2018
  
2017
 
  
U.S.
  
Non-U.S.
  
U.S.
  
Non-U.S.
  
U.S.
  
Non-U.S.
 
Service Cost
 
$
—
  
$
912
  
$
—
  
$
960
  
$
—
  
$
967
 
Interest Cost
  
11,704
   
12,943
   
11,666
   
13,876
   
12,398
   
14,449
 
Expected Return on Plan Assets
  
(13,472
)
  
(25,551
)
  
(13,154
)
  
(26,385
)
  
(14,053
)
  
(21,173
)
Net Amortization of Prior Service Cost
  
(154
)
  
57
   
(154
)
  
57
   
(154
)
  
54
 
Recognized Net Actuarial Loss
  
2,035
   
3,746
   
2,289
   
3,832
   
2,622
   
2,553
 
Curtailment/Settlement Loss
  
—
   
—
   
-
   
19
   
8,842
   
—
 
Net Pension Expense (Income)
 
$
113
  
$
(7,893
)
 
$
647
  
$
(7,641
)
 
$
9,655
  
$
(3,150
)
                         
Discount Rate
  
4.3
%
  
2.6
%
  
4.1
%
  
2.6
%
  
4.0
%
  
3.5
%
Rate of Compensation Increase
  
N/A
   
3.0
%
  
N/A
   
3.0
%
  
N/A
   
3.0
%
Expected Return on Plan Assets
  
6.8
%
  
6.5
%
  
6.8
%
  
6.5
%
  
6.8
%
  
6.7
%

We adopted ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” on May 1, 2018.  Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards," for more information. The guidance requires that the service cost component of net pension and postretirement benefit costs be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Such amounts are reflected in Operating and Administrative Expenses on our Consolidated Statements of Income. The guidance requires that the other components of net benefit costs be reported separately from the service cost component and below operating income. Such amounts are reflected in Interest Income and Other on our Consolidated Statements of Income. We were required to retrospectively adopt this guidance.

We announced a voluntary, limited-time opportunity for terminated vested employees who are participants in the U.S. Employees’ Retirement Plan of John Wiley & Sons, Inc. (the “Pension Plan”) to request early payment of their entire Pension Plan benefit in the form of a single lump sum payment. Eligible participants who wished to receive the lump sum payment were required to make an election by August 29, 2016. Approximately 780 eligible participants made the election to receive the lump sum totaling $28.3 million which was paid from pension plan assets in October 2016. Settlement accounting rules were applied, which resulted in a plan remeasurement and recognition of a pro-rata portion of unamortized net actuarial loss of $8.8 million which was recorded in Operating and Administrative Expenses on the Consolidated Statements of Income in the year ended April 30, 2017.

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the retirement plans with accumulated benefit obligations in excess of plan assets were $794.2 million, $762.8 million and $621.9 million, respectively, as of April 30, 2019, and $820.4 million, $787.6 million, and $624.4 million, respectively, as of April 30, 2018.

The Recognized Net Actuarial Loss for each fiscal year is calculated using the “corridor method,” which reflects the amortization of the net loss at the beginning of the fiscal year in excess of 10% of the greater of the market value of plan assets or the projected benefit obligation. The amortization period is based on the average expected life of plan participants.

We recognize the overfunded or underfunded status of defined benefit postretirement plans, measured as the difference between the fair value of plan assets and the projected benefit obligation, on the Consolidated Statements of Financial Position. The change in the funded status of the plan is recognized in Accumulated Other Comprehensive Loss on the Consolidated Statements of Financial Position. Plan assets and obligations are measured at fair value as of our balance sheet date.

The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows:
  
U.S.
  
Non-U.S.
  
Total
 
Actuarial Loss
 
$
2,390
  
$
4,091
  
$
6,481
 
Prior Service Cost
  
(154
)
  
82
   
(72
)
Total
 
$
2,236
  
$
4,173
  
$
6,409
 


The following table sets forth the changes in and the status of our defined benefit plans’ assets and benefit obligations:

  
2019
  
2018
 
  
U.S.
  
Non-U.S.
  
U.S.
  
Non-U.S.
 
CHANGE IN PLAN ASSETS
            
Fair Value of Plan Assets, Beginning of Year
 
$
204,983
  
$
419,448
  
$
200,001
  
$
390,133
 
Actual Return on Plan Assets
  
9,705
   
24,891
   
15,352
   
2,780
 
Employer Contributions
  
14,753
   
11,872
   
5,020
   
8,385
 
Employee Contributions
  
—
   
—
   
—
   
—
 
Settlements
  
—
   
—
   
-
   
(239
)
Benefits Paid
  
(15,813
)
  
(16,282
)
  
(15,390
)
  
(15,909
)
Foreign Currency Rate Changes
  
—
   
(31,680
)
  
—
   
34,298
 
Fair Value, End of Year
 
$
213,628
  
$
408,249
  
$
204,983
  
$
419,448
 
CHANGE IN PROJECTED BENEFIT OBLIGATION
                
Benefit Obligation, Beginning of Year
 
$
(279,644
)
 
$
(540,686
)
 
$
(290,785
)
 
$
(519,588
)
Service Cost
  
—
   
(912
)
  
—
   
(960
)
Interest Cost
  
(11,704
)
  
(12,943
)
  
(11,666
)
  
(13,876
)
Actuarial Gains (Losses)
  
(9,662
)
  
(11,013
)
  
7,417
   
23,528
 
Benefits Paid
  
15,813
   
16,282
   
15,390
   
15,909
 
Foreign Currency Rate Changes
  
—
   
41,143
   
—
   
(45,938
)
Settlements and Other
  
—
   
(886
)
  
-
   
239
 
Benefit Obligation, End of Year
 
$
(285,197
)
 
$
(509,015
)
 
$
(279,644
)
 
$
(540,686
)
Underfunded Status, End of Year
 
$
(71,569
)
 
$
(100,766
)
 
$
(74,661
)
 
$
(121,238
)
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION
                
Current Pension Liability
  
(5,188
)
  
(816
)
  
(4,818
)
  
(780
)
Noncurrent Pension Liability
  
(66,381
)
  
(99,950
)
  
(69,843
)
  
(120,458
)
Net Amount Recognized in Statement of Financial Position
 
$
(71,569
)
 
$
(100,766
)
 
$
(74,661
)
 
$
(121,238
)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF
                
Net Actuarial (Losses)
 
$
(94,028
)
 
$
(177,157
)
 
$
(82,636
)
 
$
(183,316
)
Prior Service Cost Gains (Losses)
  
2,408
   
(1,154
)
  
2,562
   
(441
)
Total Accumulated Other Comprehensive Loss
 
$
(91,620
)
 
$
(178,311
)
 
$
(80,074
)
 
$
(183,757
)
Change in Accumulated Other Comprehensive Loss
 
$
(11,546
)
 
$
5,446
  
$
11,749
  
$
(11,708
)
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES
                
Discount Rate
  
4.1
%
  
2.4
%
  
4.3
%
  
2.6
%
Rate of Compensation Increase
  
N/A
   
3.0
%
  
N/A
   
3.0
%
Accumulated Benefit Obligations
 
$
(285,197
)
 
$
(477,561
)
 
$
(279,644
)
 
$
(507,932
)

Pension plan assets/investments:

The investment guidelines for the defined benefit pension plans are established based upon an evaluation of market conditions, plan liabilities, cash requirements for benefit payments, and tolerance for risk. Investment guidelines include the use of actively and passively managed securities. The investment objective is to ensure that funds are available to meet the plans benefit obligations when they are due. The investment strategy is to invest in high quality and diversified equity and debt securities to achieve our long-term expectation. The plans’ risk management practices provide guidance to the investment managers, including guidelines for asset concentration, credit rating and liquidity.  Asset allocation favors a balanced portfolio, with a global aggregated target allocation of approximately 50% equity securities and 50% fixed income securities and cash.  Due to volatility in the market, the target allocation is not always desirable and asset allocations will fluctuate between acceptable ranges of plus or minus 5%. We regularly review the investment allocations and periodically rebalance investments to the target allocations. We categorize our pension assets into three levels based upon the assumptions (inputs) used to price the assets. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

•Level 1: Unadjusted quoted prices in active markets for identical assets. 
•Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets. 
•Level 3: Unobservable inputs reflecting assumptions about the inputs used in pricing the asset. 

We did not maintain any level 3 assets during the years ended April 30, 2019 and 2018. In accordance with ASU 2015-07, “Fair Value Measurement (“Topic 820”), certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient do not have to be classified in the fair value hierarchy. We adopted ASU 2015-07 in the year ended April 30, 2018 and it was applied retrospectively to all periods presented. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefit plan assets. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30:

  
2019
  
2018
 
  
Level 1
  
Level 2
  
Total
  
Level 1
  
Level 2
  
Total
 
U.S. Plan Assets
                  
Investments measured at NAV:
                  
Global Equity Securities: Limited Partnership
       
$
109,490
        
$
95,933
 
Fixed Income Securities: Commingled Trust Funds
        
104,138
         
100,295
 
Other: Real Estate Commingled Trust Fund
        
—
         
8,755
 
Total Assets at NAV
       
$
213,628
        
$
204,983
 
                     
Non-U.S. Plan Assets
                    
Equity Securities:
                    
U.S. Equities
 
$
—
  
$
39,652
  
$
39,652
  
$
—
  
$
31,203
  
$
31,203
 
Non-U.S. Equities
  
—
   
117,575
   
117,575
   
—
   
96,387
   
96,387
 
Balanced Managed Funds
  
—
   
48,550
   
48,550
   
—
   
91,743
   
91,743
 
Fixed Income Securities: Commingled Funds
  
855
   
199,720
   
200,575
   
—
   
197,804
   
197,804
 
Other:
                        
Real Estate/Other
  
—
   
501
   
501
   
—
   
549
   
549
 
Cash and Cash Equivalents
  
1,396
   
—
   
1,396
   
1,762
   
—
   
1,762
 
Total Non-U.S. Plan Assets
 
$
2,251
  
$
405,998
  
$
408,249
  
$
1,762
  
$
417,686
  
$
419,448
 
Total Plan Assets
 
$
2,251
  
$
405,998
  
$
621,877
  
$
1,762
  
$
417,686
  
$
624,431
 

Expected employer contributions to the defined benefit pension plans in the year ended April 30, 2020 will be approximately $17.0 million, including $11.7 million of minimum amounts required for our non-U.S. plans. From time to time, we may elect to make voluntary contributions to our defined benefit plans to improve their funded status. Included in our defined benefit pension contributions for the year ended April 30, 2019 was a discretionary contribution of $10.0 million to the U.S. Employees' Retirement Plan of John Wiley & Sons, Inc.

Benefit payments to retirees from all defined benefit plans are expected to be the following in the fiscal year indicated:

Fiscal Year
  
U.S.
  
Non-U.S.
  
Total
 
2020
  
$
16,287
  
$
8,868
  
$
25,155
 
2021
   
14,741
   
9,610
   
24,351
 
2022
   
14,894
   
11,019
   
25,913
 
2023
   
15,259
   
11,433
   
26,692
 
2024
   
15,436
   
12,097
   
27,533
 
   2025 – 2029
   
76,053
   
71,732
   
147,785
 
Total
  
$
152,670
  
$
124,759
  
$
277,429
 

We provide contributory life insurance and health care benefits, subject to certain dollar limitations, for substantially all of our eligible retired U.S. employees. The retiree health benefit is no longer available for any employee who retires after December 31, 2017. This resulted in a curtailment gain of $2.5 million which was recognized in the Operating and Administrative Expenses line item in our Consolidated Statement of Income in the year ended April 30, 2017. The cost of such benefits is expensed over the years the employee renders service and is not funded in advance. The accumulated post-retirement benefit obligation recognized on the Consolidated Statements of Financial Position as of April 30, 2019 and 2018, was $1.6 million and $1.8 million, respectively. Annual (credits) expenses for these plans for the years ended April 30, 2019, 2018, and 2017 were $(0.1) million, $(0.1) million and $(0.2) million, respectively.

We have defined contribution savings plans. Our contribution is based on employee contributions and the level of our match. We may make discretionary contributions to all employees as a group. The expense recorded for these plans was approximately $13.1 million, $14.4 million, and $15.5 million in the years ended April 30, 2019, 2018, and 2017 respectively.
v3.19.2
Stock-Based Compensation
 12 Months Ended
Apr. 30, 2019
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
Note 17 – Stock-Based Compensation

All equity compensation plans have been approved by shareholders. Under the 2014 Key Employee Stock Plan, (“the Plan”), qualified employees are eligible to receive awards that may include stock options, performance-based stock awards, and other restricted stock awards. Under the Plan, a maximum number of 6.5 million shares of our Class A stock may be issued. As of April 30, 2019, there were approximately 4,355,399 securities remaining available for future issuance under the Plan. We issue treasury shares to fund awards issued under the Plan.

Stock Option Activity:

Under the terms of our stock option plan, the exercise price of stock options granted may not be less than 100% of the fair market value of the stock at the date of grant. Options are exercisable over a maximum period of 10 years from the date of grant. For the years ended April 30, 2015 and prior, options generally vest 50% on the fourth and fifth anniversary date after the award is granted. For the year ended April 30, 2016, options vest 25% per year on April 30. We did not grant any stock option awards in the years ended April 30, 2019, 2018 and 2017. As of April 30, 2019, all outstanding options have vested allowing the participant the right to exercise their awards.

The following table provides the estimated weighted average fair value for options granted in the year ended April 30, 2016 using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of our Common Stock price over the estimated life of the option, while the dividend yield is based on the expected dividend payments to be made by us.

  
2016
 
Fair Value of Options on Grant Date
 
$
14.77
 
 
    
Weighted Average assumptions:
    
Expected Life of Options (years)
  
7.2
 
Risk-Free Interest Rate
  
2.1
%
Expected Volatility
  
29.7
%
Expected Dividend Yield
  
2.1
%
Fair Value of Common Stock on Grant Date
 
$
55.99
 

A summary of the activity and status of our stock option plans follows:

  
2019
  
2018
  
2017
 
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise Price
  
Weighted Average
Remaining Term
(in years)
  
Aggregate
Intrinsic Value
(in millions)
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise Price
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise Price
 
Outstanding at Beginning of Year
  
611
  
$
48.88
         
1,429
  
$
47.39
   
1,966
  
$
46.62
 
Granted
  
—
  
$
—
         
—
  
$
—
   
—
  
$
—
 
Exercised
  
(229
)
 
$
47.21
         
(788
)
 
$
45.97
   
(469
)
 
$
43.74
 
Expired or Forfeited
  
(10
)
 
$
56.97
         
(30
)
 
$
54.24
   
(68
)
 
$
49.91
 
Outstanding at End of Year
  
372
  
$
49.70
   
2.8
  
$
0.8
   
611
  
$
48.88
   
1,429
  
$
47.39
 
Exercisable at End of Year
  
372
  
$
49.70
   
2.8
  
$
0.8
   
530
  
$
47.43
   
1,064
  
$
46.04
 
Vested and Expected to Vest in the Future at April 30
  
372
  
$
49.70
   
2.8
  
$
0.8
   
599
  
$
48.90
   
1,249
  
$
45.88
 

The intrinsic value is the difference between our common stock price and the option grant price. The total intrinsic value of options exercised during the years ended April 30, 2019, 2018, and 2017 was $4.4 million, $10.4 million, and $20.5 million, respectively. The total grant date fair value of stock options vested during the years ended April 30, 2019 and 2018 was $4.8 and $13.4 million, respectively.

As of April 30, 2019, there is no unrecognized share-based compensation expense related to stock options.

The following table summarizes information about stock options outstanding and exercisable at April 30, 2019:

   
Options Outstanding
  
Options Exercisable
 
Range of Exercise Prices
  
Number
of Options
(in 000’s)
  
Weighted Average
Remaining Term
(in years)
  
Weighted
Average
Exercise Price
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise Price
 
$
35.04
   
11
   
0.2
  
$
35.04
   
11
  
$
35.04
 
$
39.53 to $40.02
   
101
   
2.3
  
$
39.71
   
101
  
$
39.71
 
$
48.06 to $49.55
   
106
   
2.3
  
$
48.69
   
106
  
$
48.69
 
$
55.99 to $59.70
   
154
   
3.6
  
$
57.87
   
154
  
$
57.87
 
Total/Average
   
372
   
2.8
  
$
49.70
   
372
  
$
49.70
 

Performance-Based and Other Restricted Stock Activity:

Under the terms of our long-term incentive plans, performance-based restricted unit awards are payable in restricted shares of our Class A Common Stock upon the achievement of certain three-year financial performance-based targets. During each three-year period, we adjust compensation expense based upon our best estimate of expected performance. For the years ended April 30, 2015 and prior, restricted performance shares vest 50% on the first and second anniversary date after the award is earned. For the years ended April 30, 2016 and 2017, restricted performance shares vest 50% on June 30 following the end of the three-year performance cycle and 50% on April 30 of the following year. Beginning in the year ended April 30, 2018, restricted performance share units vest 100% on June 30 following the end of the three-year performance cycle.

We may also grant individual restricted unit awards payable in restricted shares of our Class A Common Stock to key employees in connection with their employment. For the years ended April 30,  2015 and prior, the restricted shares generally vest 50% at the end of the fourth and fifth years following the date of the grant. Starting with the year ended April 30, 2016 grants, restricted shares vest ratably 25% per year.

Under certain circumstances relating to a change of control or termination, as defined, the restrictions would lapse, and shares would vest earlier.

Activity for performance-based and other restricted stock awards during the years ended April 30, 2019, 2018, and 2017 was as follows (shares in thousands):

  
2019
  
2018
  
2017
 
  
Restricted
Shares
  
Weighted Average
Grant Date Value
  
Restricted
Shares
  
Restricted
Shares
 
 
Nonvested Shares at Beginning of Year
  
861
  
$
53.22
   
913
   
915
 
Granted
  
415
  
$
62.63
   
525
   
509
 
Change in Shares Due to Performance
  
(19
)
 
$
44.17
   
(107
)
  
(67
)
Vested and Issued
  
(357
)
 
$
54.95
   
(318
)
  
(267
)
Forfeited
  
(144
)
 
$
55.37
   
(152
)
  
(177
)
Nonvested Shares at End of Year
  
756
  
$
57.38
   
861
   
913
 

As of April 30, 2019, there was $28.1 million of unrecognized share-based compensation cost related to performance-based and other restricted stock awards, which is expected to be recognized over a period up to 4 years, or 2.2 years on a weighted average basis.

Compensation expense for restricted stock awards is measured using the closing market price of our Class A Common Stock at the date of grant. The total grant date value of shares vested during the years ended April 30, 2019, 2018, and 2017 was $19.6 million, $15.7 million, and $12.1 million, respectively.

President and CEO New Hire Equity Awards

On October 17, 2017, we announced Brian A. Napack as the new President and Chief Executive Officer of Wiley effective December 4, 2017 (the "Commencement Date").  Upon the Commencement Date, Mr. Napack also became a member of our Board of Directors (the "Board").  In connection with his appointment, Wiley and Mr. Napack entered into an employment offer letter (the "Employment Agreement"). 

The Employment Agreement provides that beginning with the year ended April 30, 2018–2020 performance cycle, eligibility to participate in annual grants under our Executive Long-Term Incentive Program (ELTIP). Targeted long-term incentive for this cycle is equal to 300% of base salary, or $2.7 million. Sixty percent 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 restricted share units was $59.15 per share and included 20,611 restricted share units, which vest 25% each year starting on April 30, 2018 to April 30, 2021. In addition, there was a performance share unit award with a target of 30,916 units and a grant date fair value of $59.15. The performance metrics are based on cumulative EBITDA for the year ended April 30, 2018-2020 and cumulative normalized free cash flow for the year ended April 30, 2018–2020.

The awards are described in further detail in Mr. Napack’s Employment Agreement filed with the SEC as Exhibit 10.1 to our Current Report on Form 8-K filed on October 17, 2017.

In addition, the Employment Agreement provides for a sign-on grant of restricted share units, with a grant value of $4.0 million, converted to shares using our Class A closing stock price as of the Commencement Date, and vesting in two equal installments on the first and second anniversaries of the employment date. The grant date fair value for this award was $59.15 per share and included 67,625 units at the date of grant. Grants are subject to forfeiture in the case of voluntary termination prior to vesting and accelerated vesting in the case of earlier termination of employment without Cause, due to death or Disability or Constructive Discharge, or upon a Change in Control (as such terms are defined in the Employment Agreement).

The awards are described in further detail in Mr. Napack’s Employment Agreement filed with the SEC as Exhibit 10.1 to our Current Report on Form 8-K filed on October 17, 2017.

Director Stock Awards:

Under the terms of our 2018 Director Stock Plan (the “Director Plan”), each non-employee director, other than the Chairman of the Board, receives an annual award of restricted shares of our Class A Common Stock equal in value to 100% of the annual director stock retainer fee, based on the stock price at the close of the New York Stock Exchange on the date of grant. Such restricted shares will vest on the earliest of (i) the day before the next Annual Meeting following the grant, (ii) the non-employee director’s death or disability (as determined by the Governance Committee), or (iii) a change in control (as defined in the 2014 Key Employee Stock Plan). The granted shares may not be sold or transferred during the time the non-employee director remains a director. There were 18,991 restricted shares awarded under the Director Plan for the year ended April 30, 2019, and 19,900, and 20,243 shares awarded under the Director Plan for the years ended April 30, 2018, and 2017, respectively.
v3.19.2
Capital Stock and Changes in Capital Accounts
 12 Months Ended
Apr. 30, 2019
Capital Stock and Changes in Capital Accounts [Abstract]  
Capital Stock and Changes in Capital Accounts
Note 18 – Capital Stock and Changes in Capital Accounts

Each share of our Class B Common Stock is convertible into one share of Class A Common Stock. The holders of Class A stock are entitled to elect 30% of the entire Board of Directors and the holders of Class B stock are entitled to elect the remainder. On all other matters, each share of Class A stock is entitled to one tenth of one vote and each share of Class B stock is entitled to one vote.

During the year ended April 30, 2017, our Board of Directors approved an additional share repurchase program of four million shares of Class A or B Common Stock. We repurchased in the year ended April 30, 2019 1,191,496 Class A shares at an average price of $50.35 per share. In the year ended April 30, 2018, we repurchased 713,177 shares at an average price of $55.65 per share. In the year ended April 30, 2017, we repurchased 953,188 shares, which included 952,667 Class A shares and 521 Class B shares at an average price of $52.80 per share. As of April 30, 2019, we had authorization from our Board of Directors to purchase up to 1,888,975 additional shares.

The following is a summary of changes during the years ended April 30, in shares of our common stock and common stock in treasury (shares in thousands).

Changes in Common Stock A:
2019
 
2018
 
2017
Number of shares, beginning of year
 
70,111
  
70,086
  
69,798
Common stock class conversions and other
 
16
  
25
  
288
Number of shares issued, end of year
 
70,127
  
70,111
  
70,086
         
Changes in Common Stock A in treasury:
        
Number of shares held, beginning of year
 
21,853
  
22,097
  
21,709
Purchase of treasury shares
 
1,192
  
713
  
953
Restricted shares issued under stock-based compensation plans - non-PSU Awards
 
(210)
  
(153)
  
(74)
Restricted shares issued under stock-based compensation plans - PSU Awards
 
(110)
  
(126)
  
(186)
Stock grants of fully vested Class A shares - common stock
 
—
  
(20)
  
(24)
Restricted shares, forfeited
 
9
  
15
  
8
Restricted shares issued from exercise of stock options
 
(229)
  
(788)
  
(469)
Shares withheld for taxes
 
130
  
116
  
97
Other
 
(1)
  
(1)
  
83
Number of shares held, end of year
 
22,634
  
21,853
  
22,097
Number of Common Stock A outstanding, end of year
 
47,493
  
48,258
  
47,989

Changes in Common Stock B:
2019
 
2018
 
2017
Number of shares, beginning of year
 
13,071
  
13,096
  
13,392
Common stock class conversions and other
 
(16)
  
(25)
  
(296)
Number of shares issued, end of year
 
13,055
  
13,071
  
13,096
         
Changes in Common Stock B in treasury:
        
Number of shares held, beginning of year
 
3,918
  
3,918
  
3,917
Shares repurchased
 
—
  
—
  
1
Number of shares held, end of year
 
3,918
  
3,918
  
3,918
Number of Common Stock B outstanding, end of year
 
9,137
  
9,153
  
9,178

The following table summarizes the cash dividends paid during the year ended April 30, 2019:

Date of Declaration by Board of Directors
Quarterly Cash Dividend
Total Dividend
Class of Common Stock
Dividend Paid Date
Shareholders of Record as of Date
June 21, 2018
$0.33 per common share
$19.0 million
Class A and
Class B
July 18, 2018
July 3, 2018
September 26, 2018
$0.33 per common share
$18.9 million
Class A and
Class B
October 24, 2018
October 9, 2018
December 19, 2018
$0.33 per common share
$18.9 million
Class A and
Class B
January 16, 2019
January 2, 2019
March 20, 2019
$0.33 per common share
$18.6 million
Class A and
Class B
April 17, 2019
April 2, 2019
v3.19.2
Segment Information
 12 Months Ended
Apr. 30, 2019
Segment Information [Abstract]  
Segment Information
Note 19 – Segment Information

Our segment reporting structure consists of three reportable segments, which are listed below and a Corporate category as follows:

•Research; 
•Publishing; and 
•Solutions 

Segment information is as follows:

  
For the Years Ended April 30,
 
  
2019
  
2018
  
2017
 
Revenue:
         
Research
 
$
937,313
  
$
934,395
  
$
853,489
 
Publishing
  
574,192
   
617,648
   
633,449
 
Solutions
  
288,564
   
244,060
   
231,592
 
Total Revenue
 
$
1,800,069
  
$
1,796,103
  
$
1,718,530
 
             
Contribution to Profit (1):
            
Research
 
$
258,875
  
$
271,326
  
$
250,648
 
Publishing
  
118,901
   
121,639
   
124,531
 
Solutions
  
14,967
   
22,099
   
14,822
 
Total Contribution to Profit
 
$
392,743
  
$
415,064
  
$
390,001
 
Corporate Expenses
  
(168,754
)
  
(183,603
)
  
(178,531
)
Operating Income
 
$
223,989
  
$
231,461
  
$
211,470
 

(1) Due to the retrospective adoption of ASU 2017-07, total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest Income and Other for the years ended April 30, 2018 and 2017, respectively. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2018 was $4.2 million in Research, $2.3 million in Publishing, and $1.6 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2017 was $1.6 million in Research, $1.2 million in Publishing, and $(8.1) million in Corporate expenses.

See Note 3, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2019, 2018 and 2017.

  
For the Years Ended April 30,
 
  
2019
  
2018
  
2017
 
Total Assets
         
Research
 
$
1,152,973
  
$
1,238,178
  
$
1,133,846
 
Publishing
  
643,549
   
575,033
   
582,339
 
Solutions
  
751,854
   
563,489
   
575,068
 
Corporate
  
388,626
   
462,751
   
314,964
 
Total
 
$
2,937,002
  
$
2,839,451
  
$
2,606,217
 
             
Product Development Spending and Additions to Technology, Property and Equipment
            
Research
 
$
(6,457
)
 
$
(7,538
)
 
$
(154,189
)
Publishing
  
(19,712
)
  
(23,666
)
  
(29,420
)
Solutions
  
(9,001
)
  
(16,786
)
  
(21,210
)
Corporate
  
(66,423
)
  
(102,738
)
  
(98,608
)
Total
 
$
(101,593
)
 
$
(150,728
)
 
$
(303,427
)
             
Depreciation and Amortization
            
Research
 
$
37,088
  
$
33,655
  
$
29,330
 
Publishing
  
33,892
   
39,495
   
43,831
 
Solutions
  
34,300
   
27,703
   
26,792
 
Corporate
  
55,875
   
53,136
   
56,608
 
Total
 
$
161,155
  
$
153,989
  
$
156,561
 

Revenue from external customers is based on the location of the customer and Technology, Property and Equipment, Net by geographic area were as follows:

  
Revenue, net
  
Technology, Property and Equipment, Net
 
  
2019
  
2018
  
2017
  
2019
  
2018
  
2017
 
United States
 
$
932,927
  
$
913,852
  
$
786,574
  
$
252,459
  
$
249,542
  
$
208,572
 
United Kingdom
  
150,242
   
147,406
   
189,479
   
18,331
   
20,955
   
21,368
 
Germany
  
97,505
   
98,404
   
75,090
   
8,423
   
9,259
   
8,770
 
Japan
  
77,145
   
81,572
   
62,674
   
87
   
72
   
75
 
Australia
  
77,453
   
78,270
   
66,309
   
1,440
   
1,454
   
591
 
China
  
55,024
   
53,076
   
39,653
   
688
   
229
   
270
 
Canada
  
50,882
   
55,568
   
50,740
   
2,659
   
3,635
   
1,232
 
France
  
51,441
   
51,826
   
44,760
   
403
   
635
   
335
 
India
  
36,472
   
41,637
   
34,306
   
1,299
   
1,437
   
245
 
Other Countries
  
270,978
   
274,492
   
368,945
   
3,232
   
2,716
   
1,600
 
Total
 
$
1,800,069
  
$
1,796,103
  
$
1,718,530
  
$
289,021
  
$
289,934
  
$
243,058
 
v3.19.2
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited)
 12 Months Ended
Apr. 30, 2019
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract]  
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited)
Note 20 – Supplementary Quarterly Financial Information - Results By Quarter (Unaudited)

Amounts in millions, except per share data
 
2019
  
2018
 
Revenue, net
      
First Quarter
 
$
410.9
  
$
411.4
 
Second Quarter
  
448.6
   
451.7
 
Third Quarter
  
449.4
   
455.7
 
Fourth Quarter
  
491.2
   
477.3
 
Year ended April 30,
 
$
1,800.1
  
$
1,796.1
 
         
Gross Profit (1)
        
First Quarter
 
$
283.1
  
$
285.5
 
Second Quarter
  
316.0
   
319.6
 
Third Quarter
  
305.5
   
319.3
 
Fourth Quarter
  
340.7
   
340.7
 
Year ended April 30,
 
$
1,245.3
  
$
1,265.1
 
         
Operating Income (2)
        
First Quarter
 
$
36.1
  
$
12.6
 
Second Quarter
  
57.5
   
80.8
 
Third Quarter
  
50.3
   
65.4
 
Fourth Quarter
  
80.1
   
72.7
 
Year ended April 30,
 
$
224.0
  
$
231.5
 
         
Net Income
        
First Quarter
 
$
26.3
  
$
9.2
 
Second Quarter
  
43.8
   
60.0
 
Third Quarter
  
34.9
   
68.8
 
Fourth Quarter
  
63.3
   
54.2
 
Year ended April 30,
 
$
168.3
  
$
192.2
 

  
2019
  
2018
 
  
Basic
  
Diluted
  
Basic
  
Diluted
 
Earnings Per Share (3)
            
First Quarter
 
$
0.46
  
$
0.45
  
$
0.16
  
$
0.16
 
Second Quarter
  
0.76
   
0.76
   
1.06
   
1.04
 
Third Quarter
  
0.61
   
0.61
   
1.21
   
1.19
 
Fourth Quarter
  
1.11
   
1.10
   
0.95
   
0.93
 
Year ended April 30,
 
$
2.94
  
$
2.91
  
$
3.37
  
$
3.32
 

(1) In connection with the acquisition of Learning House, we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. This change in accounting policy was applied retrospectively.

This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to “Change in Accounting Policy” in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, “Acquisition,” for more information related to the acquisition of Learning House.

(2) Due to the retrospective adoption of ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,”, we reclassified total net benefits related to the non-service components of defined benefit and other post-employment benefit plans from Operating and Administrative Expenses to Interest and Other Income (Expense) on the Consolidated Statements of Income. Refer to Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards,” for more information.

(3) The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding.
v3.19.2
Subsequent Events
 12 Months Ended
Apr. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events
Note 21 – Subsequent Events

Amended and Restated Credit Agreement:

On May 30, 2019, we entered into a credit agreement that amended and restated our existing RCA. The credit agreement provides for senior unsecured credit facilities comprised of a (i) five-year revolving credit facility in an aggregate principal amount up to $1.25 billion, and (ii) a five-year term loan A facility consisting of $250 million. The agreement 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. We incurred approximately $4.0 million of costs related to this agreement.

Acquisitions:

On May 31, 2019, we completed the acquisition of certain assets of Knewton, Inc. (“Knewton”), included in our Publishing segment. Knewton is a provider of affordable courseware and adaptive learning technology for an undisclosed amount.

On July 1, 2019, we completed the acquisition of Zyante Inc. ("Zyante"), a leading provider of computer science and STEM education courseware. Under the terms of the agreement, Zyante shareholders received $56 million in cash. Zyante will be included in our Education Publishing segment.

Dividend:

On June 28, 2019, our Board of Directors declared a quarterly dividend of $0.34 per share, or approximately $19.2 million, on our Class A and Class B Common Stock.  The dividend is payable on July 24, 2019 to shareholders of record on July 10, 2019.
v3.19.2
Schedule II-VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Apr. 30, 2019
Schedule II - VALUATION AND QUALIFYING ACCOUNTS [Abstract]  
Schedule II - VALUATION AND QUALIFYING ACCOUNTS
(2) Financial Statement Schedule
Schedule II
JOHN WILEY & SONS, INC. AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED APRIL 30, 2019, 2018, AND 2017
(Dollars in thousands)

Description
 
Balance at
Beginning
of Period
  
Charged to
Expenses
  
Deductions
From Reserves and Other(2)
  
Balance at
End of Period
 
Year Ended April 30, 2019
            
Allowance for Sales Returns (1)
 
$
18,628
  
$
37,483
  
$
37,569
  
$
18,542
 
Allowance for Doubtful Accounts
 
$
10,107
  
$
5,279
  
$
1,079
  
$
14,307
 
Allowance for Inventory Obsolescence
 
$
18,193
  
$
7,328
  
$
9,696
  
$
15,825
 
Valuation Allowance on Deferred Tax Assets
 
$
8,811
  
$
51
  
$
(12,317
)
 
$
21,179
 
Year Ended April 30, 2018
                
Allowance for Sales Returns (1)
 
$
24,300
  
$
38,711
  
$
44,383
  
$
18,628
 
Allowance for Doubtful Accounts
 
$
7,186
  
$
5,439
  
$
2,518
  
$
10,107
 
Allowance for Inventory Obsolescence
 
$
21,096
  
$
9,182
  
$
12,085
  
$
18,193
 
Valuation Allowance on Deferred Tax Assets
 
$
1,300
  
$
7,511
  
$
—
  
$
8,811
 
Year Ended April 30, 2017
                
Allowance for Sales Returns (1)
 
$
19,861
  
$
53,482
  
$
49,043
  
$
24,300
 
Allowance for Doubtful Accounts
 
$
7,254
  
$
2,913
  
$
2,981
  
$
7,186
 
Allowance for Inventory Obsolescence
 
$
21,968
  
$
9,538
  
$
10,410
  
$
21,096
 
Valuation Allowance on Deferred Tax Assets
 
$
—
  
$
1,300
  
$
—
   
1,300
 

(1)
Allowance for Sales Returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as a reduction of Accounts Receivable, net (in the years ended April 30, 2018 and 2017) with a corresponding increase in Inventories, net and a reduction in Accrued Royalties for the years ended April 30, 2019, 2018 and 2017. Due to the adoption of the new revenue standard, the sales return reserve as of April 30, 2019 is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net. See Note 3, “Revenue Recognition, Contracts with Customers,” of the Notes to Consolidated Financial Statements for more information.
(2)
Deductions From Reserves and Other for the years ended April 30, 2019, 2018 and 2017 include foreign exchange translation adjustments. Included in Allowance for Doubtful Accounts are accounts written off, less recoveries. Included in Allowance for Inventory Obsolescence are items removed from inventory. Included in Valuation Allowance on Deferred Tax Assets are foreign tax credits generated and valuation allowances needed in connection with the Tax Act.
v3.19.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Policies)
 12 Months Ended
Apr. 30, 2019
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards [Abstract]  
Basis of Presentation
Basis of Presentation:

Our Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. All amounts are in thousands, except per share amounts, and approximate due to rounding.

Change in Accounting Policy:

In connection with the acquisition of Learning House (See Note 4, “Acquisition”), we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively.

The Consolidated Statements of Income for the years ended April 30, 2018 and 2017 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $45.8 million and $40.0 million for the years ended April 30, 2018 and 2017, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share on the Consolidated Statements of Income.
Reclassifications
Reclassifications:

Certain prior year amounts have been reclassified to conform to the current year’s presentation.
Use of Estimates
Use of Estimates:

The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and revenue and expenses during the reporting period. These estimates include, among other items, revenue recognition, sales return reserves, allocation of acquisition purchase price to assets acquired and liabilities assumed, goodwill and indefinite-lived intangible assets, intangible assets with finite lives and other long-lived assets, and retirement plans.  We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions on the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from those estimates, which could affect the reported results.
Book Overdrafts
Book Overdrafts:

Under our cash management system, a book overdraft balance exists for our primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. Our funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2019 and 2018, book overdrafts of $7.4 million and $13.1 million, respectively, were included in Accounts Payable on the Consolidated Statements of Financial Position.
Revenue Recognition
Revenue Recognition:

See Note 3, “Revenue Recognition, Contracts with Customers,” of the Notes to Consolidated Financial Statements for details of our revenue recognition policy.
Cash Equivalents
Cash and Cash Equivalents:

Cash and cash equivalents consist of highly liquid investments with an original maturity of three months or less at the time of purchase and are stated at cost, which approximates market value, because of the short-term maturity of the instruments.
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts:

The estimated allowance for doubtful accounts is based on a review of the aging of the accounts receivable balances, historical write-off experience, credit evaluations of customers, and current market conditions. A change in the evaluation of a customer’s credit could affect the estimated allowance. The allowance for doubtful accounts is shown as a reduction of Accounts Receivable, net on the Consolidated Statements of Financial Position and amounted to $14.3 million and $10.1 million as of April 30, 2019 and 2018, respectively.
Sales Return Reserves
Sales Return Reserves:

The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related increase to inventory and a reduction to accrued royalties as a result of the expected returns. Print book sales return reserves amounted to a net liability balance of $18.5 million and $18.6 million as of April 30, 2019 and 2018, respectively.

The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease):

  
2019
  
2018
 
Accounts receivable, net (1)
 
$
—
  
$
(28,302
)
Inventories, net
 
$
3,739
  
$
4,626
 
Accrued royalties
 
$
(3,653
)
 
$
(5,048
)
Contract liability (Deferred revenue) (1)
 
$
25,934
  
$
—
 
Decrease in Net Assets
 
$
(18,542
)
 
$
(18,628
)

(1) Due to the adoption of the new revenue standard, See Note 3, Revenue from Contracts with Customers the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, the sales return reserve of $28.3 million was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position.
Inventories
Inventories:

Inventories are carried at the lower of cost or market. U.S. book inventories aggregating $21.0 million and $24.0 million at April 30, 2019 and 2018, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method.
Reserve for Inventory Obsolescence
Reserve for Inventory Obsolescence:

A reserve for inventory obsolescence is estimated based on a review of damaged, obsolete, or otherwise unsalable inventory. The review encompasses historical unit sales trends by title, current market conditions, including estimates of customer demand compared to the number of units currently on hand, and publication revision cycles. The inventory obsolescence reserve is reported as a reduction of the Inventories, net balance on the Consolidated Statements of Financial Position and amounted to $15.8 million and $18.2 million as of April 30, 2019 and 2018, respectively.
Product Development Assets
Product Development Assets: 

Product development assets consist of book composition costs and other product development costs. Costs associated with developing a book publication are expensed until the product is determined to be commercially viable. Book composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Book composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Other product development costs represent the costs incurred in developing software, platforms, and digital content to be sold and licensed to third parties. Other product development costs are capitalized and generally amortized on a straight-line basis over their estimated useful lives. As of April 30, 2019, the weighted average estimated useful life of other product development costs was approximately 5 years.
Royalty Advances
Royalty Advances:

Royalty advances are capitalized and, upon publication, are expensed as royalties earned based on sales of the published works. Royalty advances are reviewed for recoverability and a reserve for loss is maintained, if appropriate.
Shipping and Handling Costs
Shipping and Handling Costs:

Costs incurred for third party shipping and handling are primarily reflected in Operating and Administrative Expenses on the Consolidated Statements of Income. We incurred $32.7 million, $33.7 million, and $39.1 million in shipping and handling costs in the years ended April 30, 2019, 2018, and 2017, respectively.
Advertising Expense
Advertising Expense:

Advertising costs are expensed as incurred. We incurred $89.5 million, $68.3 million, and $61.4 million in advertising costs in the years ended April 30, 2019, 2018, and 2017, respectively, and these costs are included in Cost of Sales and Operating and Administrative Expenses on the Consolidated Statements of Income. Advertising costs of $53.7 million, $38.3 million, and $32.4 million were included in Cost of Sales in the years ended April 30, 2019, 2018, and 2017, respectively. Advertising costs of $35.8 million, $30.0 million, and $29.0 million were included in Operating and Administrative Expenses in the years ended April 30, 2019, 2018, and 2017, respectively. Refer to the section above “Change in Accounting Policy” for more information regarding the reclassification of certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions.
Technology, Property and Equipment
Technology, Property, and Equipment:

Technology, property, and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed as incurred.

Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: Computer Software – 3 to 10 years, Computer Hardware – 3 to 5 years; Buildings and Leasehold Improvements – the lesser of the estimated useful life of the asset up to 40 years or the duration of the lease; Furniture, Fixtures, and Warehouse Equipment – 5 to 10 years.

Costs incurred for computer software internally developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. Costs incurred during the application development stage include costs of materials and services and payroll and payroll-related costs for employees who are directly associated with the software project. Such costs are amortized over the expected useful life of the related software, which is generally 3 to 5 years. Costs related to the investment in our Enterprise Resource Planning and related systems are amortized over an expected useful life of 10 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred.
Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed
Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed:

In connection with acquisitions, we allocate the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. Such estimates include discounted estimated cash flows to be generated by those assets and the expected useful lives based on historical experience and current market trends to be achieved from the acquisition and the expected tax basis of assets acquired. We may use a third-party valuation consultant to assist in the determination of such estimates.
Goodwill and Indefinite-lived Intangible Assets
Goodwill and Indefinite-lived Intangible Assets:

Goodwill represents the excess of the aggregate of the following: (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree, and (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.

Indefinite-lived intangible assets primarily consist of brands, trademarks, content, and publishing rights and are typically characterized by intellectual property with a long and well-established revenue stream resulting from strong and well-established imprint/brand recognition in the market.

We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired.
Intangible Assets with Finite Lives and Other Long-Lived Assets
Intangible Assets with Finite Lives and Other Long-Lived Assets:

Finite-lived intangible assets principally consist of brands, trademarks, content and publication rights, customer relationships, and non-compete agreements and are amortized over their estimated useful lives. The most significant factors in determining the estimated lives of these intangibles are the history and longevity of the brands, trademarks, and content and publication rights acquired combined with the strength of cash flows.

Intangible assets with finite lives as of April 30, 2019, are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 34 years, customer relationships – 18 years, brands and trademarks – 16 years, non-compete agreements – 3 years.

Assets with finite lives are evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the projected undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value based on the discounted future cash flows.
Derivative Financial Instruments
Derivative Financial Instruments:

From time to time, we enter into foreign exchange forward and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates, and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value.  Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. We do not use financial instruments for trading or speculative purposes.
Foreign Currency Gains/Losses
Foreign Currency Gains/Losses:

We maintain operations in many non-U.S. locations. Assets and liabilities are translated into U.S. dollars using end-of-period exchange rates and revenues and expenses are translated into U.S. dollars using weighted average rates. Our significant investments in non-U.S. businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders’ Equity. During the year ended April 30, 2019, we recorded $60.5 million of foreign currency translation losses primarily as a result of the fluctuations of the U.S. dollar relative to the British pound sterling and, to a lesser extent, the euro. Foreign currency transaction gains or losses are recognized on the Consolidated Statements of Income as incurred.
Share-Based Compensation
Stock-Based Compensation:

We recognize stock-based compensation expense based on the fair value of the stock-based awards on the grant date, reduced by an estimate for future forfeited awards. As such, stock-based compensation expense is only recognized for those awards that are expected to ultimately vest. The fair value of stock-based awards is recognized in net income generally on a straight-line basis over the requisite service period. The grant date fair value for stock options is estimated using the Black-Scholes option-pricing model. The determination of the assumptions used in the Black-Scholes model required us to make judgments and estimates, which include the expected life of an option, the expected volatility of our Common Stock over the estimated life of the option, a risk-free interest rate, and the expected dividend yield. Judgment was also required in estimating the amount of stock-based awards that may be forfeited. Stock-based compensation expense associated with performance-based stock awards is based on actual financial results for targets established three years in advance. The cumulative effect on current and prior periods of a change in the estimated number of performance share awards, or estimated forfeiture rate, is recognized as an adjustment to earnings in the period of the revision. If actual results differ significantly from estimates, our stock-based compensation expense and consolidated results of operations could be impacted.
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards

Stock Compensation – Scope of Modification Accounting

In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is only required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. We adopted ASU 2017-09 on May 1, 2018 and there was no impact to our consolidated financial statements. The new guidance must be applied prospectively to awards modified on or after the adoption date. The future impact of ASU 2017-09 will be dependent on the nature of future stock award modifications.

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

In March 2017, the FASB issued ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The guidance requires that the service cost component of net pension and postretirement benefit costs be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, while the other components of net benefit costs must be reported separately from the service cost component and below operating income. The guidance also allows only the service cost component to be eligible for capitalization when applicable. We adopted ASU 2017-07 on May 1, 2018. The new guidance must be applied retrospectively for the presentation of net benefit costs in the income statement and prospectively for the capitalization of the service cost component of net benefit costs.

The effect of retrospectively adopting this guidance resulted in a reclassification of net benefits (costs) of $8.1 million and $(5.3) million from Operating and Administrative Expenses to Interest and Other Income (Expense) on the Consolidated Statements of Income for the years ended April 30, 2018 and 2017, respectively. The amount included in Interest and Other Income (Expense) on the Consolidated Statements of Income for the year ended April 30, 2019 was a net benefit of $8.8 million. We do not capitalize any service costs.

Business Combinations: Clarifying the Definition of a Business

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”, which clarifies the definition of a business in order to allow for the evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or business. We adopted ASU 2017-01 on May 1, 2018 and the adoption had no impact for us in fiscal year 2019. The future impact of ASU 2017-01 will be dependent upon the nature of future acquisitions or dispositions made by us.

Statement of Cash Flows: Restricted Cash

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” ASU 2016-18 requires that entities include restricted cash and restricted cash equivalents with cash and cash equivalents in the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. We adopted ASU 2016-18 on May 1, 2018. Retrospective transition method is to be applied to each period presented. As a result of this retrospective adoption, the reclassification of restricted cash into a change in total cash resulted in a reduction in Cash Provided By Operating Activities of $0.5 million for the year ended April 30, 2018. There was no impact for the year ended April 30, 2017.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Financial Position that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.

  
April 30, 2019
  
April 30, 2018
  
April 30, 2017
  
April 30, 2016
 
Cash and cash equivalents
 
$
92,890
  
$
169,773
  
$
58,516
  
$
363,806
 
Restricted cash included in Prepaid expenses and other current assets
  
658
   
484
   
—
   
—
 
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows
 
$
93,548
  
$
170,257
  
$
58,516
  
$
363,806
 

Income taxes: Intra-Entity Transfers of Assets Other than Inventory

In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory”, which simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this Standard eliminate the exception for an intra-entity transfer of an asset other than inventory. We adopted ASU 2016-16 on May 1, 2018. The adoption of ASU 2016-16 did not have a material impact to our consolidated financial statements.

Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which provides clarification on classifying a variety of activities within the Statement of Cash Flows. We adopted ASU 2016-15 on May 1, 2018. The adoption of ASU 2016-15 did not have a material impact to our consolidated statements of cash flows.

Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” Subsequently, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments-Overall.”  ASU 2016-01 requires equity investments except those under the equity method of accounting to be measured at fair value with the changes in fair value recognized in net income. The amendment simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. In addition, it also requires enhanced disclosures about investments. We adopted ASU 2016-01 on May 1, 2018. The adoption of ASU 2016- 01 did not have a material impact to our consolidated financial statements.

Revenue from Contracts with Customers

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," (Topic 606) which superseded most existing revenue recognition guidance. We adopted ASU 2014-09 on May 1, 2018. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations", ASU 2016-10, "Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing", ASU 2016-12, "Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients", and ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which provide clarification and additional guidance related to ASU 2014-09. We also adopted ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 with ASU 2014-09 (collectively, the “new revenue standard”) on May 1, 2018.

We utilized a comprehensive approach to assess the impact of the new revenue standard on our contract portfolio by reviewing our current accounting policies and practices to identify differences that would result from applying the new revenue standard to our revenue contracts. Additionally, we reviewed customer agreements representative of our business models and assessed whether changes in revenue recognition were appropriate under the new revenue standard.

We adopted the new revenue standard as of May 1, 2018, using the modified retrospective method. The adoption of the new revenue standard did not have a material impact to our consolidated revenues, financial position, or results of operations. Upon adoption, we recorded an immaterial net increase to opening retained earnings resulting from the change in timing of when certain components of our revenue are recognized as required under the new revenue standard as compared to historical policies. Such changes include:

 
(i)
perpetual licenses granted in connection with other deliverables; revenue that was previously recognized over the life of the associated subscription for future content is now recognized at a point in time, which is when access to content is initially granted,
 
(ii)
customers’ unexercised rights; revenue which was previously recognized at the end of a pre-determined period for situations where we have received a nonrefundable payment for a customer to receive a good or service and the customer has not exercised such right is now recognized as revenue in proportion to the pattern of rights exercised by the customer,
 
(iii)
recognition of estimated revenue from royalty agreements in the period of usage, and
 
(iv)
recognition of revenue for certain arrangements with minimum guarantees on a time-based (straight-line) basis due to a stand-ready obligation to provide additional rights to content.

The adoption of the new revenue standard resulted in the discontinuance of the historical practice of presenting accounts receivable and deferred revenue balances on a net basis for some of our subscription licensing agreements where we have invoiced a customer in advance of the related revenue being recognized and payment has not yet been received. As of April 30, 2018, the amounts that were previously netted down from accounts receivable and deferred revenue were $59.5 million. The current policy for our subscription licensing agreements is to record accounts receivable when performance occurs and recognize contract liabilities, at the earlier of cash payment being received or the invoice is sent.

In addition, the adoption of the new revenue standard resulted in the reclassification of the sales return reserve provision to Contract Liability (Deferred Revenue) from Accounts Receivable, Net on the Consolidated Statements of Financial Position. As of April 30, 2019 and 2018 the amount was $25.9 million and $28.3 million, respectively.

The impact of the adoption of the new revenue standard was not material to our Consolidated Statements of Income for the year ended April 30, 2019; therefore, we have omitted the disclosure that summarizes the effect of the revenue recognition standard by line item on our Consolidated Statements of Income. The impact to the Consolidated Statements of Financial Position was also not material by line item, except for the reclassification of the sales return reserve provision to contract liability from accounts receivable, net. The cumulative effect of the changes made to our Consolidated Statements of Financial Position at May 1, 2018 as a result of adoption of the new revenue standard using the modified retrospective method were as follows:
  
April 30, 2018
  
Adjustments due to Adoption
  
May 1, 2018
 
Assets
         
Accounts receivable, net
 
$
212,377
  
$
93,349
  
$
305,726
 
Product development assets
  
78,814
   
(3,725
)
  
75,089
 
Technology, property and equipment, net
  
289,934
   
(361
)
  
289,573
 
Other non-current assets
  
85,802
   
5,274
   
91,076
 
Liabilities
            
Accrued royalties
  
73,007
   
(731
)
  
72,276
 
Contract liability (Deferred revenue)
  
486,353
   
89,364
   
575,717
 
Deferred income tax liabilities
  
143,518
   
1,400
   
144,918
 
Retained earnings
 
$
1,834,057
  
$
4,503
  
$
1,838,560
 
Recently Issued Accounting Standards
Recently Issued Accounting Standards

Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract

In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for us on May 1, 2020, and interim periods within that fiscal year, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Changes to the Disclosure Requirements for Defined Benefit Plans

In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for us on May 1, 2021, with early adoption permitted. The amendments in ASU 2018-14 would need to be applied on a retrospective basis.  We are currently assessing the impact the new guidance will have on our disclosures.

Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 removes certain disclosures, modifies certain disclosures and added additional disclosures. The standard is effective for us on May 1, 2020, with early adoption permitted. Certain disclosures in ASU 2018-13 would need to be applied on a retrospective basis and others on a prospective basis. We are currently assessing the impact the new guidance will have on our disclosures.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

In February 2018, the FASB issued ASU 2018-02 “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The standard is effective for us on May 1, 2019, and interim periods within that fiscal year, with early adoption permitted. We adopted ASU 2018-02 on May 1, 2019. We did not elect to reclassify the income tax effects from comprehensive income to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act. Our policy for releasing the income tax effects from accumulated other comprehensive income is when the corresponding pretax accumulated other comprehensive income items are reclassified to earnings.

Targeted Improvements to Accounting for Hedging Activities

In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” to simplify and improve the application and financial reporting of hedge accounting. Subsequently, in November 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”.  In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” ASU 2017-12 eases the requirements for measuring and reporting hedge ineffectiveness and clarifies that changes in the fair value of hedging instruments for cash flow, net investment, and fair value hedges should be reflected in the same income statement line item as the earnings effect of the hedged item. The guidance also permits entities to designate specific components in cash flow and interest rate hedges as the hedged risk, instead of using total cash flows. ASU 2018-16 allows the use of the OIS rate based on the SOFR as a U.S. benchmark interest rate for hedge accounting purposes. These ASUs are effective for us on May 1, 2019, with early adoption permitted. We adopted ASU 2017-12, 2018-16 and 2019-04, for those portions related to ASU 2017-02, on May 1, 2019 and there was no impact to our consolidated financial statements at the date of adoption. The future impact will depend upon any future hedging activities we may enter into.

Simplifying the Test for Goodwill Impairment

In January 2017, the FASB issued ASU 2017-04, “Intangibles–Goodwill and Other (Topic 350): “Simplifying the Test for Goodwill Impairment”, which simplifies the measurement of a potential goodwill impairment charge by eliminating the requirement to calculate an implied fair value of the goodwill based on the fair value of a reporting unit’s other assets and liabilities. The new guidance eliminates the implied fair value method and instead measures a potential impairment charge based on the excess of a reporting unit’s carrying value compared to its fair value. The impairment charge cannot exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for us on May 1, 2020, with early adoption permitted. Based on our most recent annual goodwill impairment test completed in the year ended April 30, 2019, we expect no initial impact on adoption.

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, in May 2019, the FASB issued ASU 2019-05 - "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”, in April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” and in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”.  ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13, ASU 2019-05, ASU 2019-04 and ASU 2018-19 are effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Leases

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Subsequently, the FASB issued in March 2019, ASU 2019-01, “Leases (Topic 842): Codification Improvements”, in December 2018 ASU 2018-20, “Leases (Topic 842): Narrow Scope Improvements for Lessors”, and in July 2018 the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements” and ASU 2018-10, “Codification Improvements to Topic 842, Leases”.  ASU 2016-02 requires an entity to recognize a right-of-use asset (“ROU”) and lease liability for all leases with terms of more than 12 months and provide enhanced disclosures. Recognition, measurement, and presentation of expenses will depend on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance.

The new standard provides a number of optional practical expedients in transition. We expect to elect the practical expedients to forgo a reassessment of (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs.  We do not expect to elect the practical expedient allowing the use-of-hindsight which would require us to reassess the lease term of our leases based on all facts and circumstances through the effective date.  In addition, we do not expect to elect the practical expedient pertaining to land easements.

In addition, the new standard provides as a practical expedient, certain policy elections for ongoing lease accounting to (i) not separate nonlease components from the associated lease component if certain conditions are met, and (ii) not recognize ROU assets and lease liabilities for leases that qualify as short-term. If the short-term recognition exemption is elected, we will not recognize ROU assets or lease liabilities for existing short-term leases in transition. We expect to elect these policy elections.

The standard is effective for us on May 1, 2019, with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. A company may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as of its date of initial application. We adopted the new standard on May 1, 2019 and used the effective date as the date of initial application. Accordingly, previously reported financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before May 1, 2019.  We expect to recognize operating lease liabilities ranging from approximately $175 to $185 million based on the present value of the remaining minimum rental payments for existing operating leases and ROU assets ranging from approximately $135 to $145 million on our Consolidated Statements of Financial Position. Additionally, we are in the process of implementing a lease accounting system for our leases, including the conversion of our existing lease data to a new system and implementing relevant internal controls and procedures.

See Note 15, “Commitment and Contingencies,” of the Notes to Consolidated Financial Statements for details of our operating leases and future commitments.
v3.19.2
Revenue Recognition, Contracts with Customers (Policies)
 12 Months Ended
Apr. 30, 2019
Revenue Recognition, Contracts with Customers [Abstract]  
Revenue from Contract with Customer
Description of Revenue Generating Activities

We generate our revenues from sales from our three reportable segments. We report our segment information in accordance with the provisions of FASB ASC Topic 280, “Segment Reporting” (“FASB ASC Topic 280”). Our segment reporting structure consists of three reportable segments, which are listed below, and a Corporate category:
●
Research,
●
Publishing, and
●
Solutions.

Research Segment

Included within the Research segment are the following revenue streams:
●
Journal Subscriptions,
●
Open Access,
●
Licensing, Reprints, Backfiles and Other, and
●
Publishing Technology Services (Atypon).

Journal Subscriptions

We publish approximately 1,700 academic research journals. We sell journal subscriptions directly through our sales representatives, indirectly through independent subscription agents, through promotional campaigns, and through memberships in professional societies for those journals that are sponsored by societies. Journal subscriptions are primarily licensed through contracts for digital content available online through Wiley Online Library, which we migrated to our Literatum platform, acquired as part of our purchase of Atypon Systems, Inc. (“Atypon”) in March 2018. Contracts are negotiated by us directly with customers or their subscription agents. Subscription periods typically cover calendar years. Print journals are generally mailed to subscribers directly from independent printers. We do not own or manage printing facilities. Subscription revenue is generally collected in advance.

In a typical journal subscription sale, there is a written agreement between us and our customer that cover multiple years.  However, we typically account for these agreements as one-year contracts because our enforceable rights under the agreements are subject to an annual confirmation and negotiation process with the customer.

In journal subscriptions, multiple performance obligations exist, which include a stand-ready promise to provide access to new content for one year and a perpetual license for access to historical journal content. The transaction price consists of fixed consideration.

We allocate revenue to the stand-ready promise to provide access to new content for one year based on its standalone selling price and the revenue for new content is recognized over time as we have a continuous stand-ready obligation to provide the right of access to additional intellectual property. The allocation of revenue to the perpetual licenses for access to historical journal content is done using the expected cost plus a margin approach as permitted by the new revenue standard. Revenue is recognized at the point in time when access to historical content is initially granted.

Open Access

Under the Author-Funded Access business model, accepted research articles are published subject to payment of Article Publication Charges (“APCs”). All Author-Funded articles are immediately free to access online. Contributors of Author-Funded Access articles retain many rights and typically license their work under terms that permit re-use. Author-Funded Access offers authors choices in how to share and disseminate their work, and it serves the needs of researchers who may be required by their research funder to make articles freely accessible without embargo. APCs are typically paid by the individual author or by the author’s funder, and payments are often mediated by the author’s institution. We provide specific workflows and infrastructure to authors, funders and institutions to support the requirements of the Author-Funded Access model.

Customers in open access are typically individual educational institutions or a consortium of universities. Under the Author-Funded Access model, we have a signed contract with the customer that contains enforceable rights.

The Author-Funded Access model in a typical model includes an over-time single performance obligation that combines a promise to host the customer’s content on our open access platform, and a promise to provide a discount on APCs of eligible users (as defined in the contract) in exchange for an upfront payment. Enforceable right to payment occurs over time as we fulfill our obligation to provide a discount to eligible users, as defined, on future APCs. Therefore, the upfront payment is deferred and recognized over time.

In January 2019, Wiley announced a new contractual arrangement in support of Open Access, a countrywide partnership agreement with Projekt DEAL, a representative of nearly 700 academic institutions in Germany. This transformative three-year agreement provides all Projekt DEAL institutions with access to read Wiley’s academic journals back to the year 1997, and researchers at Projekt DEAL institutions can publish articles open access in Wiley’s journals. The partnership will better support institutions and researchers in advancing open science, driving discovery, and developing and disseminating knowledge. We are compensated primarily through a fee per article published.

Licensing, Reprints, Backfiles and Other

Licensing, Reprints, Backfiles, and Other includes advertising, backfile sales, the licensing of publishing rights, journal and article reprints, and individual article sales. A backfile license provides access to a historical collection of Wiley journals, generally for a one-time fee. 

Within Licensing, the revenue derived from these contracts is primarily comprised of advance payments, including minimum guarantees and sales- or usage-based royalty agreements. For our sales-or usage-based royalty agreements, we recognize revenue in the period of usage based on the amounts earned. We record revenue under these arrangements for the amounts due and not yet reported to us based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts. We also have certain licenses whereby we receive a non-refundable minimum guarantee against a volume-based royalty throughout the term of the agreement. We recognize revenue for the minimum guarantee on a straight-line basis over the term of the agreement because of the stand-ready promise to provide updates during the subscription period. We recognize volume-based royalty income only when cumulative consideration exceeds the minimum guarantee.

Reprints contracts generally contain a single performance obligation which is the delivery of printed articles. Revenue is recognized at the time of delivery of the printed articles.

For Backfiles, the performance obligation is the granting of a functional intellectual property license. Revenue is recognized at the time the functional intellectual property license is granted.

Other includes our Article Select offering, whereby we have a single performance obligation to our customers to give access to an article through the purchase of a token. The customer redeems the token for access to the article for a 24-hour period. The customer purchases the tokens with an upfront cash payment. Revenue is recognized when access to the article is provided.

Publishing Technology Services (Atypon)

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 Literatum platform. The duration of these contracts is generally multi-year ranging from 2-5 years. Atypon contracts typically include a single performance obligation for the implementation and hosting subscription services. The transaction price is fixed which may include price escalators that are fixed increases per year, and therefore, revenue is recognized upon the initiation of the subscription period and straight-lined over the contract period.

Publishing Segment

Included within the Publishing segment are the following revenue streams:
●
STM (Scientific, Technical and Medical) and Professional Publishing,
●
Education Publishing,
●
Courseware (WileyPLUS),
●
Test Preparation and Certification, and
●
Licensing, Distribution, Advertising and Other.

STM (Scientific, Technical and Medical) and Professional Publishing and Education Publishing

STM books are sold and distributed globally in digital and print formats through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to professional society members, bookstores, online booksellers, and other customers.

Professional books, which include business and finance, technology, and other professional categories, as well as the For Dummies brand, are sold to bookstores and online booksellers serving the general public, wholesalers who supply such bookstores, warehouse clubs, college bookstores, individual practitioners, industrial organizations and government agencies. We employ sales representatives who call upon independent bookstores, national and regional chain bookstores, and wholesalers. Sales of professional books also result from direct mail campaigns, telemarketing, online access, advertising, and reviews in periodicals.

Education textbooks and related supplementary material and digital products are sold primarily to bookstores and online booksellers serving both for-profit and nonprofit educational institutions (primarily colleges and universities), and direct-to-students. We employ sales representatives who call on faculty responsible for selecting books to be used in courses, and on the bookstores that serve such institutions and their students. The textbook business is seasonal, with the majority of textbook sales occurring during the July-through-October and December-through-January periods. Book sales for STM, Professional and Education Publishing are generally made on a returnable basis with certain restrictions.

Our performance obligations as it relates to STM, Professional and Education Publishing are primarily book products delivered in both print and digital form which could include a single or multiple performance obligations based on the number of International Standard Book Number (“ISBN’s”) purchased.

This revenue stream also includes variable consideration as it relates to discounts and returns for both print and digital books.  Discounts are identifiable by performance obligation and therefore are applied at the point of sale by performance obligation. The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related reduction in inventory and royalty costs as a result of the expected returns.

As it relates to print and digital books within the STM, Professional and Education Publishing, revenue is recognized at the point when control of product transfers, which for print is upon shipment or for digital when fulfillment of the products has been rendered.

Courseware (WileyPLUS)

We offer high-quality online learning solutions, including WileyPLUS, a research-based, online environment for effective teaching and learning that is integrated with a complete digital textbook. Courseware customers purchase access codes to utilize the product.  This could include a single or multiple performance obligations based on the number of course ISBN’s purchased. Revenue is recognized when the access codes are activated and then over the applicable semester term such product relates to.

Test Preparation and Certification

The Test Preparation and Certification business represents learning solutions, training activities and print and digital formats that are delivered to customers directly through online digital delivery platforms, bookstores, online booksellers, and other customers. Products include CPAExcel, a modular, digital platform comprised of online self-study, videos, mobile apps, and sophisticated planning tools to help professionals prepare for the CPA exam, and test preparation products for the CFA®, CMA, CIA®, CMT®, FRN®, FINRA, Banking, and PMP® exams.

Test Preparation and Certification contracts are generally three-year agreements. This revenue stream includes multiple performance obligations as it relates to the on-line and printed course materials, including such items as text books, e-books, video lectures, flashcards, study guides and test banks. The transaction price is fixed; however, discounts are offered and returns of certain products are allowed. We allocate revenue to each performance obligation based on its standalone selling price.  Depending on the performance obligation, revenue is recognized at the time the product is delivered and control has passed to the customer or over time due to our stand-ready obligation to provide updates to the customer.

Licensing, Distribution, Advertising and Other

Licensing and distribution services are made available to other publishers under agency arrangements. We also engage in co-publishing titles with international publishers and receive licensing revenue from photocopies, reproductions, translations, and digital uses of our content. Wiley also realizes advertising revenue from branded Web sites (e.g., Dummies.com, etc.) and online applications. Licensing, Distribution, Advertising and Other contracts are generally multi-year agreements.

Revenue derived from our licensing contracts is primarily comprised of advance payments and sales- or usage-based royalties. Revenue for advance payments is recognized at the point in time that the functional intellectual property license is granted. For sales- or usage- based royalties, we record revenue under these arrangements for the amounts due and not yet reported to us based on estimates of the sales or usage of these customers and pursuant to the terms of the contracts.

Solutions Segment

Included within the Solutions segment are the following revenue streams:
●
Education Services,
●
Professional Assessment, and
●
Corporate Learning.

Education Services

As student demand for online degree and certificate programs continues to increase, traditional institutions are partnering with online program management providers to develop and support these programs. Education Services include market research, marketing, student recruitment, enrollment support, proactive retention support, academic services to design courses, faculty support, and access to the Engage Learning Management System, which facilitates the online education experience. Revenue is derived from pre-negotiated contracts with institutions that provide for a share of tuition generated from students who enroll in a program. The duration of Education Services contracts are generally multi-year agreements ranging from a period of 7-10 years, with some having optional renewal periods.

Education Services includes a single performance obligation for the services provided because of the integrated technology and services our institutional clients need to attract, enroll, educate and support students. Consideration is variable since it is based on the number of students enrolled in a program. We begin to recognize revenue at the start of the delivery of the class within a semester, which is also when the variable consideration contingency is resolved.

Professional Assessment

Our Professional Assessment services include pre-hire screening and post-hire personality assessments, which are delivered to business customers through online digital delivery platforms, either directly or through an authorized distributor network of independent consultants, trainers, and coaches. Professional Assessment services contracts are generally one year.

Professional Assessment includes a performance obligation to stand ready to provide assessments to our distributor’s customers or to provide assessments direct to a customer. Revenue for Professional Assessments is recognized at the time the product or service is provided or delivered. Consideration is allocated to assessments based on standalone selling prices. In addition, as it relates to Professional Assessments customers' unexercised rights for situations where we have received a nonrefundable payment for a customer to receive a good or service and the customer is not expected to exercise such right, we will recognize such “breakage” amounts as revenue in proportion to the pattern of rights exercised by the customer.

Corporate Learning

The Corporate Learning business offers online learning and training solutions for global corporations, universities, and small and medium-sized enterprises, which are sold on a subscription or fee basis. Learning formats and modules on topics such as leadership development, value creation, client orientation, change management and corporate strategy are delivered on a cloud-based Learning Management System (“LMS”) platform that hosts over 20,000 content assets (videos, digital learning modules, written files, etc.) in 17 languages. Its Mohive offering also provides a collaborative e-learning publishing and program creation system. Revenue growth is derived from legacy markets, such as France, England, and other European markets, and newer markets, such as the U.S. and Brazil. In addition, content and LMS offerings are continuously refreshed and expanded to serve a wider variety of customer needs. These digital learning solutions are sold directly to corporate customers either direct or through our partners. Corporate Learning contracts are generally multi-year agreements.

The transaction price consists of fixed consideration that is determined at the beginning of each year and received at the same time. Within Corporate Learning there are multiple performance obligations which includes the licenses to learning content and the learning application. Revenue is recognized over time as we have a continuous obligation to provide the right of access to the intellectual property which includes the licenses and learning applications.

Accounts Receivable, net and Contract Liability (Deferred Revenue) 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.
v3.19.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Tables)
 12 Months Ended
Apr. 30, 2019
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards [Abstract]  
Net Sales Return Reserves by Balance Sheet Account
The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease):

  
2019
  
2018
 
Accounts receivable, net (1)
 
$
—
  
$
(28,302
)
Inventories, net
 
$
3,739
  
$
4,626
 
Accrued royalties
 
$
(3,653
)
 
$
(5,048
)
Contract liability (Deferred revenue) (1)
 
$
25,934
  
$
—
 
Decrease in Net Assets
 
$
(18,542
)
 
$
(18,628
)

(1) Due to the adoption of the new revenue standard, See Note 3, Revenue from Contracts with Customers the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, the sales return reserve of $28.3 million was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position.
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Statements of Financial Position that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.

  
April 30, 2019
  
April 30, 2018
  
April 30, 2017
  
April 30, 2016
 
Cash and cash equivalents
 
$
92,890
  
$
169,773
  
$
58,516
  
$
363,806
 
Restricted cash included in Prepaid expenses and other current assets
  
658
   
484
   
—
   
—
 
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows
 
$
93,548
  
$
170,257
  
$
58,516
  
$
363,806
 
Cumulative Effect of Changes Made to Consolidated Balance Sheet As a Result of Adoption of New Revenue Standard
The impact of the adoption of the new revenue standard was not material to our Consolidated Statements of Income for the year ended April 30, 2019; therefore, we have omitted the disclosure that summarizes the effect of the revenue recognition standard by line item on our Consolidated Statements of Income. The impact to the Consolidated Statements of Financial Position was also not material by line item, except for the reclassification of the sales return reserve provision to contract liability from accounts receivable, net. The cumulative effect of the changes made to our Consolidated Statements of Financial Position at May 1, 2018 as a result of adoption of the new revenue standard using the modified retrospective method were as follows:
  
April 30, 2018
  
Adjustments due to Adoption
  
May 1, 2018
 
Assets
         
Accounts receivable, net
 
$
212,377
  
$
93,349
  
$
305,726
 
Product development assets
  
78,814
   
(3,725
)
  
75,089
 
Technology, property and equipment, net
  
289,934
   
(361
)
  
289,573
 
Other non-current assets
  
85,802
   
5,274
   
91,076
 
Liabilities
            
Accrued royalties
  
73,007
   
(731
)
  
72,276
 
Contract liability (Deferred revenue)
  
486,353
   
89,364
   
575,717
 
Deferred income tax liabilities
  
143,518
   
1,400
   
144,918
 
Retained earnings
 
$
1,834,057
  
$
4,503
  
$
1,838,560
 
v3.19.2
Revenue Recognition, Contracts with Customers (Tables)
 12 Months Ended
Apr. 30, 2019
Revenue Recognition, Contracts with Customers [Abstract]  
Revenue from Contracts With Customers Disaggregated by Segment and Product Type
The following tables present our revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2019, 2018 and 2017:

  
Years Ended April 30,
 
  
2019
  
2018
  
2017
 
  
Research
  
Publishing
  
Solutions
  
Total
  
Research
  
Publishing
  
Solutions
  
Total
  
Research
  
Publishing
  
Solutions
  
Total
 
Research:
                                    
Journals Subscriptions
 
$
661,055
  
$
—
  
$
—
  
$
661,055
  
$
677,685
  
$
—
  
$
—
  
$
677,685
  
$
639,720
  
$
—
  
$
—
  
$
639,720
 
Open Access
  
54,671
   
—
   
—
   
54,671
   
41,997
   
—
   
—
   
41,997
   
30,633
   
—
   
—
   
30,633
 
Licensing, Reprints, Backfiles and Other
  
185,619
   
—
   
—
   
185,619
   
181,806
   
—
   
—
   
181,806
   
164,070
   
—
   
—
   
164,070
 
Publishing Technology Services (Atypon)
  
35,968
   
—
   
—
   
35,968
   
32,907
   
—
   
—
   
32,907
   
19,066
   
—
   
—
   
19,066
 
Publishing:
                                                
STM and Professional Publishing
  
—
   
265,719
   
—
   
265,719
   
—
   
287,315
   
—
   
287,315
   
—
   
291,255
   
—
   
291,255
 
Education Publishing
  
—
   
157,579
   
—
   
157,579
   
—
   
187,178
   
—
   
187,178
   
—
   
196,343
   
—
   
196,343
 
Courseware (WileyPLUS)
  
—
   
63,485
   
—
   
63,485
   
—
   
59,475
   
—
   
59,475
   
—
   
62,348
   
—
   
62,348
 
Test Preparation and Certification
  
—
   
40,606
   
—
   
40,606
   
—
   
35,534
   
—
   
35,534
   
—
   
35,609
   
—
   
35,609
 
Licensing, Distribution, Advertising and Other
  
—
   
46,803
   
—
   
46,803
   
—
   
48,146
   
—
   
48,146
   
—
   
47,894
   
—
   
47,894
 
Solutions:
                                                
Education Services
  
—
   
—
   
157,549
   
157,549
   
—
   
—
   
119,131
   
119,131
   
—
   
—
   
111,638
   
111,638
 
Professional Assessment
  
—
   
—
   
65,889
   
65,889
   
—
   
—
   
61,094
   
61,094
   
—
   
—
   
59,868
   
59,868
 
Corporate Learning
  
—
   
—
   
65,126
   
65,126
   
—
   
—
   
63,835
   
63,835
   
—
   
—
   
60,086
   
60,086
 
Total
 
$
937,313
  
$
574,192
  
$
288,564
  
$
1,800,069
  
$
934,395
  
$
617,648
  
$
244,060
  
$
1,796,103
  
$
853,489
  
$
633,449
  
$
231,592
  
$
1,718,530
 
Contract Asset and Liability Balances

The following table provides information about receivables and contract liabilities from contracts with customers.
  
April 30, 2019
  
April 30, 2018 (1)
  
Increase/
(Decrease)
 
Balances from contracts with customers:
         
Accounts receivable, net (2)
 
$
294,867
  
$
212,377
  
$
82,490
 
Contract liability (Deferred revenue) (2)
  
507,365
   
486,353
   
21,012
 
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities)
 
$
10,722
  
$
—
  
$
10,722
 


(1) As noted above, prior period amounts have not been adjusted due to adoption of the new revenue standard under the modified retrospective method.

(2) Due to the adoption of the new revenue standard, the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position. At April 30, 2018 the sales return reserve was $28.3 million.
v3.19.2
Acquisition (Tables)
 12 Months Ended
Apr. 30, 2019
Acquisition [Abstract]  
Consideration Transferred and Preliminary Allocation of Purchase Price
The transaction was accounted for using the acquisition method of accounting. We recorded the preliminary fair value of the assets acquired and liabilities assumed on the acquisition date, all of which are included in the Solutions segment. None of the goodwill will be deductible for tax purposes. The allocation of the consideration transferred to the assets acquired and the liabilities assumed is preliminary and could be revised as a result of additional information obtained due to the finalization of the third-party valuation report,  tax related matters and contingencies, but such amounts will be finalized within the measurement period, which will not exceed one year from the acquisition date. The following table summarizes the consideration transferred to acquire Learning House and the preliminary allocation of the purchase price among the assets acquired and the liabilities assumed.


  
Preliminary Allocation as of April 30, 2019
 
Total consideration transferred
 
$
201,274
 
     
Assets: 
    
Current Assets 
    
Cash and cash equivalents 
  
10,293
 
Accounts receivable, net
  
8,621
 
Prepaid expenses and other current assets 
  
1,439
 
Total Current Assets 
  
20,353
 
     
Technology, Property and Equipment, net 
  
343
 
Intangible Assets, net
  
109,548
 
Goodwill 
  
110,805
 
Other Non-Current Assets 
  
5,025
 
Total Assets 
 
$
246,074
 
     
Liabilities: 
    
Current Liabilities 
    
Accounts payable 
  
1,542
 
Contract liability (Deferred revenue) 
  
959
 
Accrued employment costs 
  
4,925
 
Other accrued liabilities 
  
9,422
 
Total Current Liabilities 
  
16,848
 
 
    
Deferred Income Tax Liabilities 
  
26,769
 
Other Long-Term Liabilities 
  
1,184
 
Total Liabilities
 
$
44,801
 
Intangible Assets Acquired and Weighted-Average Useful Life
The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition.

  
Estimated
Fair Value
  
Weighted-Average
Useful Life
(in Years)
 
Customer Relationships
 
$
103,850
   
15
 
Course Content
  
5,698
   
4
 
Total
 
$
109,548
     
v3.19.2
Reconciliation of Weighted Average Shares Outstanding (Tables)
 12 Months Ended
Apr. 30, 2019
Reconciliation of Weighted Average Shares Outstanding [Abstract]  
Reconciliation of Shares used in Computation of Earnings Per Share
A reconciliation of the shares used in the computation of earnings per share for the years ended April 30 follows:

 
2019
 
2018
 
2017
Weighted average shares outstanding
 
57,240
  
57,181
  
57,531
Less: Unvested restricted shares
 
(48)
  
(138)
  
(194)
Shares used for basic earnings per share
 
57,192
  
57,043
  
57,337
Dilutive effect of stock options and other stock awards
 
648
  
845
  
862
Shares used for diluted earnings per share
 
57,840
  
57,888
  
58,199
v3.19.2
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Apr. 30, 2019
Accumulated Other Comprehensive Loss [Abstract]  
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the years ended April 30, 2019, 2018, and 2017 were as follows:

  
Foreign Currency
Translation
  
Unamortized
Retirement Costs
  
Interest
Rate Swaps
  
Total
 
Balance at April 30, 2016
 
$
(267,920
)
 
$
(179,405
)
 
$
(361
)
 
$
(447,686
)
Other comprehensive (loss) income before reclassifications
  
(51,292
)
  
(18,458
)
  
2,735
   
(67,015
)
Amounts reclassified from Accumulated Other Comprehensive Loss
  
—
   
7,361
   
53
   
7,414
 
Total other comprehensive (loss) income
  
(51,292
)
  
(11,097
)
  
2,788
   
(59,601
)
Balance at April 30, 2017
 
$
(319,212
)
 
$
(190,502
)
 
$
2,427
  
$
(507,287
)
Other comprehensive income (loss) before reclassifications
  
67,639
   
(4,979
)
  
1,739
   
64,399
 
Amounts reclassified from Accumulated Other Comprehensive Loss
  
—
   
4,455
   
(1,147
)
  
3,308
 
Total other comprehensive income (loss)
  
67,639
   
(524
)
  
592
   
67,707
 
Balance at April 30, 2018
 
$
(251,573
)
 
$
(191,026
)
 
$
3,019
  
$
(439,580
)
Other comprehensive (loss) income before reclassifications
  
(60,534
)
  
(9,422
)
  
1,121
   
(68,835
)
Amounts reclassified from Accumulated Other Comprehensive Loss
  
—
   
4,391
   
(4,714
)
  
(323
)
Total other comprehensive loss
  
(60,534
)
  
(5,031
)
  
(3,593
)
  
(69,158
)
Balance at April 30, 2019
 
$
(312,107
)
 
$
(196,057
)
 
$
(574
)
 
$
(508,738
)
v3.19.2
Restructuring and Related Charges (Tables)
 12 Months Ended
Apr. 30, 2019
Restructuring and Related Charges [Abstract]  
Pre-tax Restructuring (Credits) Charges
The following tables summarize the pre-tax restructuring charges related to this program:
  
2019
  
2018
  
2017
  
Total Charges
Incurred to Date
 
Charges by Segment:
            
Research
 
$
1,131
  
$
5,257
  
$
1,949
  
$
26,544
 
Publishing
  
650
   
6,443
   
1,596
   
39,581
 
Solutions
  
878
   
3,695
   
1,787
   
7,125
 
Corporate Expenses
  
459
   
13,171
   
8,023
   
96,378
 
Total Restructuring and Related Charges
 
$
3,118
  
$
28,566
  
$
13,355
  
$
169,628
 
                 
Charges (Credits) by Activity:
                
Severance
 
$
1,456
  
$
27,213
  
$
8,386
  
$
116,259
 
Consulting and Contract Termination Costs
  
526
   
1,815
   
148
   
21,155
 
Other Activities
  
1,136
   
(462
)
  
4,821
   
32,214
 
Total Restructuring and Related Charges
 
$
3,118
  
$
28,566
  
$
13,355
  
$
169,628
 
Activity for Restructuring and Reinvestment Program Liability
The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the year ended April 30, 2019:

  
April 30, 2018
  
Charges
  
Payments
  
Foreign Translation & Other Adjustments
  
April 30, 2019
 
Severance
 
$
17,279
  
$
1,456
  
$
(13,388
)
 
$
(460
)
 
$
4,887
 
Consulting and Contract Termination Costs
  
—
   
526
   
(223
)
  
—
   
303
 
Other Activities
  
2,772
   
1,136
   
(1,608
)
  
244
   
2,544
 
Total
 
$
20,051
  
$
3,118
  
$
(15,219
)
 
$
(216
)
 
$
7,734
 
v3.19.2
Inventories (Tables)
 12 Months Ended
Apr. 30, 2019
Inventories [Abstract]  
Inventories
Inventories, net at April 30 were as follows:

  
2019
  
2018
 
Finished Goods
 
$
33,736
  
$
36,503
 
Work-in-Process
  
2,094
   
2,139
 
Paper and Other Materials
  
373
   
550
 
   
36,203
   
39,192
 
Inventory Value of Estimated Sales Returns
  
3,739
   
4,626
 
LIFO Reserve
  
(4,360
)
  
(4,329
)
Total Inventories
 
$
35,582
  
$
39,489
 
v3.19.2
Product Development Assets (Tables)
 12 Months Ended
Apr. 30, 2019
Product Development Assets [Abstract]  
Product Development Assets
Product development assets consisted of the following at April 30:

  
2019
  
2018
 
Book Composition Costs
 
$
19,197
  
$
24,887
 
Software Costs
  
38,048
   
52,078
 
Content Development Costs
  
5,225
   
1,849
 
Total
 
$
62,470
  
$
78,814
 
v3.19.2
Technology, Property and Equipment (Tables)
 12 Months Ended
Apr. 30, 2019
Technology, Property and Equipment [Abstract]  
Technology, Property and Equipment
Technology, property and equipment, net consisted of the following at April 30:
  
2019
  
2018
 
Capitalized Software
 
$
440,437
  
$
390,774
 
Computer Hardware
  
68,718
   
57,493
 
Buildings and Leasehold Improvements
  
118,685
   
121,381
 
Furniture, Fixtures, and Warehouse Equipment
  
57,471
   
60,869
 
Land and Land Improvements
  
3,390
   
3,678
 
   
688,701
   
634,195
 
Accumulated Depreciation and Amortization
  
(399,680
)
  
(344,261
)
Total
 
$
289,021
  
$
289,934
 

The following table details our depreciation and amortization expense for technology, property and equipment, net for the years ended April 30:

  
2019
  
2018
  
2017
 
Capitalized Software Amortization Expense
 
$
50,095
  
$
45,449
  
$
48,343
 
Depreciation and Amortization Expense, Excluding Capitalized Software
  
19,323
   
18,878
   
18,340
 
Total Depreciation and Amortization Expense for Technology, Property and Equipment
 
$
69,418
  
$
64,327
  
$
66,683
 
v3.19.2
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Apr. 30, 2019
Goodwill and Intangible Assets [Abstract]  
Activity in Goodwill by Segment
The following table summarizes the activity in goodwill by segment as of April 30:
  
2018 (1)
  
Acquisition (2)
  
Foreign
Translation
Adjustment
  
2019
 
Research
 
$
463,419
  
$
—
  
$
(24,908
)
 
$
438,511
 
Publishing
  
283,851
   
—
   
(706
)
  
283,145
 
Solutions
  
272,531
   
110,805
   
(9,326
)
  
374,010
 
Total
 
$
1,019,801
  
$
110,805
  
$
(34,940
)
 
$
1,095,666
 

(1)
The April 30, 2018 goodwill balances were revised for the Publishing segment which decreased and the Solutions segment which increased to reflect foreign translation adjustments of $11.6 million.

(2)
Refer to Note 4, “Acquisition,” in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House on November 1, 2018.
Intangible Assets
Intangibles

Intangible assets, net as of April 30 were as follows:

  
2019
  
2018
    
  
Cost
  
Accumulated
Amortization
  
Accumulated
Impairment
  
Net
  
Cost
  
Accumulated
Amortization
  
Accumulated
Impairment
  
Net
 
Intangible Assets with Determinable Lives, net
                        
Content and Publishing Rights (1)
 
$
806,628
  
$
(417,456
)
 
$
—
  
$
389,172
  
$
824,146
  
$
(387,386
)
 
$
—
  
$
436,760
 
Customer Relationships (1)
  
310,977
   
(65,147
)
  
—
   
245,830
   
212,020
   
(50,291
)
  
—
   
161,729
 
Brands and Trademarks
  
32,802
   
(19,809
)
  
—
   
12,993
   
32,111
   
(16,011
)
  
—
   
16,100
 
Covenants not to Compete
  
1,681
   
(1,236
)
  
—
   
445
   
1,499
   
(844
)
  
—
   
655
 
Total
  
1,152,088
   
(503,648
)
  
—
   
648,440
   
1,069,776
   
(454,532
)
  
—
   
615,244
 
Intangible Assets with Indefinite Lives
                                
Brands and Trademarks
  
134,509
   
—
   
(3,600
)
  
130,909
   
142,189
   
—
   
(3,600
)
  
138,589
 
Content and Publishing Rights
  
86,223
   
—
   
—
   
86,223
   
94,238
   
—
   
—
   
94,238
 
Total
  
220,732
   
—
   
(3,600
)
  
217,132
   
236,427
   
—
   
(3,600
)
  
232,827
 
Total Intangible Assets, Net
 
$
1,372,820
  
$
(503,648
)
 
$
(3,600
)
 
$
865,572
  
$
1,306,203
  
$
(454,532
)
 
$
(3,600
)
 
$
848,071
 

(1) As of April 30, 2019, amounts include intangible assets acquired as part of the acquisition of Learning House on November 1, 2018. Refer to Note 4, “Acquisition,” in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House.
Future Amortization Expense
Based on the current amount of intangible assets subject to amortization and assuming current foreign exchange rates, the estimated amortization expense for the following years are as follows:

Fiscal Year
 
Amount
 
2020
 
$
50,419
 
2021
  
48,517
 
2022
  
44,115
 
2023
  
40,305
 
2024
  
37,929
 
Thereafter
  
427,155
 
Total
 
$
648,440
 
v3.19.2
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2019
Income Taxes [Abstract]  
Provision for Income Taxes
The provisions for income taxes for the years ended April 30 were as follows:

  
2019
  
2018
  
2017
 
Current Provision
         
U.S. – Federal
 
$
2,384
  
$
(2,216
)
 
$
912
 
International
  
52,518
   
46,112
   
105,228
 
State and Local
  
2,536
   
961
   
100
 
Total Current Provision
 
$
57,438
  
$
44,857
  
$
106,240
 
Deferred Provision (Benefit)
            
U.S. – Federal
 
$
335
  
$
(26,062
)
 
$
(13,852
)
International
  
(7,630
)
  
2,420
   
(15,330
)
State and Local
  
(5,454
)
  
530
   
415
 
Total Deferred (Benefit) Provision
 
$
(12,749
)
 
$
(23,112
)
 
$
(28,767
)
Total Provision
 
$
44,689
  
$
21,745
  
$
77,473
 
International and United States Pretax Income
International and United States pretax income for the years ended April 30 were as follows:

  
2019
  
2018
  
2017
 
International
 
$
204,326
  
$
219,178
  
$
192,910
 
United States
  
8,626
   
(5,247
)
  
(1,794
)
Total
 
$
212,952
  
$
213,931
  
$
191,116
 
Reconciliation of Effective Income Tax Rate
Our effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below:

 
2019
 
2018
 
2017
U.S. Federal Statutory Rate
21.0%
 
30.4%
 
35.0%
German Tax Litigation Expense
—
 
—
 
25.7
Cost (Benefit) of Higher (Lower) Taxes on Non-U.S. Income
0.9
 
(8.4)
 
(12.7)
State Income Taxes, net of U.S. Federal Tax Benefit
(1.3)
 
0.4
 
0.1
Deferred Tax (Benefit) from U.S. Tax Reform Rate Change
0.1
 
(11.7)
 
—
Deferred Tax Benefit from U.K. Statutory Tax Rate Change
—
 
—
 
(1.3)
Tax Credits and Related Benefits
(0.8)
 
(1.7)
 
(6.2)
Tax Adjustments and Other
1.1
 
1.2
 
(0.1)
Effective Income Tax Rate
21.0%
 
10.2%
 
40.5%

A substantial portion of our 2019 income was earned outside the U.S. in jurisdictions with different statutory income tax rates than our U.S. statutory rate including: U.K. (57%), Germany (24%), and Australia (7%).
Unrecognized Tax Benefits
A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item on the Consolidated Statements of Financial Position follows:

  
2019
  
2018
 
Balance at May 1
 
$
6,833
  
$
6,124
 
Additions for Current Year Tax Positions
  
1,473
   
1,372
 
Additions for Prior Year Tax Positions
  
414
   
69
 
Reductions for Prior Year Tax Positions
  
(578
)
  
(38
)
Foreign Translation Adjustment
  
(42
)
  
45
 
Payments and Settlements
  
(136
)
  
(124
)
Reductions for Lapse of Statute of Limitations
  
(305
)
  
(615
)
Balance at April 30
 
$
7,659
  
$
6,833
 
Deferred Tax Assets and Liabilities
We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows:

  
2019
  
2018
 
Net Operating Losses
 
$
14,491
  
$
8,976
 
Reserve for Sales Returns and Doubtful Accounts
  
2,923
   
2,506
 
Accrued Employee Compensation
  
17,528
   
20,096
 
Foreign and Federal Credits
  
34,401
   
31,109
 
Other Accrued Expenses
  
6,262
   
4,632
 
Retirement and Post-Employment Benefits
  
40,653
   
39,160
 
Total Gross Deferred Tax Assets
 
$
116,258
  
$
106,479
 
Less Valuation Allowance
  
(21,179
)
  
(8,811
)
Total Deferred Tax Assets
 
$
95,079
  
$
97,668
 
         
Prepaid Expenses and Other Current Assets
 
$
(744
)
 
$
(3,203
)
Unremitted Foreign Earnings
  
(1,985
)
  
(1,985
)
Intangible and Fixed Assets
  
(226,898
)
  
(231,869
)
Total Deferred Tax Liabilities
 
$
(229,627
)
 
$
(237,057
)
Net Deferred Tax Liabilities
 
$
(134,548
)
 
$
(139,389
)
         
Reported As
        
Deferred Tax Assets
 
$
9,227
  
$
4,129
 
Deferred Tax Liabilities
  
(143,775
)
  
(143,518
)
Net Deferred Tax Liabilities
 
$
(134,548
)
 
$
(139,389
)
v3.19.2
Commitment and Contingencies (Tables)
 12 Months Ended
Apr. 30, 2019
Commitments and Contingencies [Abstract]  
Net Rent Expense for Operating Leases
The following schedule shows the composition of net rent expense for operating leases:

  
2019
  
2018
  
2017
 
Minimum Rental
 
$
29,066
  
$
31,451
  
$
35,464
 
Less: Sublease Rentals
  
(719
)
  
(708
)
  
(626
)
Total
 
$
28,347
  
$
30,743
  
$
34,838
 
Estimated Future Minimum Annual Rental Commitments under Non-cancelable Real and Personal Property Leases
At April 30, 2019, estimated future minimum annual rental commitments under non-cancelable real and personal property leases, were as follows:

Fiscal Year
 
Amount
 
2020
 
$
30,887
 
2021
  
27,326
 
2022
  
23,183
 
2023
  
19,257
 
2024
  
18,576
 
Thereafter
  
129,382
 
Total
 
$
248,611
 
v3.19.2
Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2019
Retirement Plans [Abstract]  
Net Periodic Pension Expense (Income) for Defined Benefit Plans and Weighted-Average Assumptions
The components of net pension expense (income) for the defined benefit plans and the weighted average assumptions were as follows:

  
2019
  
2018
  
2017
 
  
U.S.
  
Non-U.S.
  
U.S.
  
Non-U.S.
  
U.S.
  
Non-U.S.
 
Service Cost
 
$
—
  
$
912
  
$
—
  
$
960
  
$
—
  
$
967
 
Interest Cost
  
11,704
   
12,943
   
11,666
   
13,876
   
12,398
   
14,449
 
Expected Return on Plan Assets
  
(13,472
)
  
(25,551
)
  
(13,154
)
  
(26,385
)
  
(14,053
)
  
(21,173
)
Net Amortization of Prior Service Cost
  
(154
)
  
57
   
(154
)
  
57
   
(154
)
  
54
 
Recognized Net Actuarial Loss
  
2,035
   
3,746
   
2,289
   
3,832
   
2,622
   
2,553
 
Curtailment/Settlement Loss
  
—
   
—
   
-
   
19
   
8,842
   
—
 
Net Pension Expense (Income)
 
$
113
  
$
(7,893
)
 
$
647
  
$
(7,641
)
 
$
9,655
  
$
(3,150
)
                         
Discount Rate
  
4.3
%
  
2.6
%
  
4.1
%
  
2.6
%
  
4.0
%
  
3.5
%
Rate of Compensation Increase
  
N/A
   
3.0
%
  
N/A
   
3.0
%
  
N/A
   
3.0
%
Expected Return on Plan Assets
  
6.8
%
  
6.5
%
  
6.8
%
  
6.5
%
  
6.8
%
  
6.7
%
Amounts in Accumulated Other Comprehensive Loss to Be Recognized as Components of Net Periodic Benefit Cost During Next Fiscal Year
The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows:
  
U.S.
  
Non-U.S.
  
Total
 
Actuarial Loss
 
$
2,390
  
$
4,091
  
$
6,481
 
Prior Service Cost
  
(154
)
  
82
   
(72
)
Total
 
$
2,236
  
$
4,173
  
$
6,409
 
Changes in and Status of Plans' Assets and Benefit Obligations

The following table sets forth the changes in and the status of our defined benefit plans’ assets and benefit obligations:

  
2019
  
2018
 
  
U.S.
  
Non-U.S.
  
U.S.
  
Non-U.S.
 
CHANGE IN PLAN ASSETS
            
Fair Value of Plan Assets, Beginning of Year
 
$
204,983
  
$
419,448
  
$
200,001
  
$
390,133
 
Actual Return on Plan Assets
  
9,705
   
24,891
   
15,352
   
2,780
 
Employer Contributions
  
14,753
   
11,872
   
5,020
   
8,385
 
Employee Contributions
  
—
   
—
   
—
   
—
 
Settlements
  
—
   
—
   
-
   
(239
)
Benefits Paid
  
(15,813
)
  
(16,282
)
  
(15,390
)
  
(15,909
)
Foreign Currency Rate Changes
  
—
   
(31,680
)
  
—
   
34,298
 
Fair Value, End of Year
 
$
213,628
  
$
408,249
  
$
204,983
  
$
419,448
 
CHANGE IN PROJECTED BENEFIT OBLIGATION
                
Benefit Obligation, Beginning of Year
 
$
(279,644
)
 
$
(540,686
)
 
$
(290,785
)
 
$
(519,588
)
Service Cost
  
—
   
(912
)
  
—
   
(960
)
Interest Cost
  
(11,704
)
  
(12,943
)
  
(11,666
)
  
(13,876
)
Actuarial Gains (Losses)
  
(9,662
)
  
(11,013
)
  
7,417
   
23,528
 
Benefits Paid
  
15,813
   
16,282
   
15,390
   
15,909
 
Foreign Currency Rate Changes
  
—
   
41,143
   
—
   
(45,938
)
Settlements and Other
  
—
   
(886
)
  
-
   
239
 
Benefit Obligation, End of Year
 
$
(285,197
)
 
$
(509,015
)
 
$
(279,644
)
 
$
(540,686
)
Underfunded Status, End of Year
 
$
(71,569
)
 
$
(100,766
)
 
$
(74,661
)
 
$
(121,238
)
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION
                
Current Pension Liability
  
(5,188
)
  
(816
)
  
(4,818
)
  
(780
)
Noncurrent Pension Liability
  
(66,381
)
  
(99,950
)
  
(69,843
)
  
(120,458
)
Net Amount Recognized in Statement of Financial Position
 
$
(71,569
)
 
$
(100,766
)
 
$
(74,661
)
 
$
(121,238
)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF
                
Net Actuarial (Losses)
 
$
(94,028
)
 
$
(177,157
)
 
$
(82,636
)
 
$
(183,316
)
Prior Service Cost Gains (Losses)
  
2,408
   
(1,154
)
  
2,562
   
(441
)
Total Accumulated Other Comprehensive Loss
 
$
(91,620
)
 
$
(178,311
)
 
$
(80,074
)
 
$
(183,757
)
Change in Accumulated Other Comprehensive Loss
 
$
(11,546
)
 
$
5,446
  
$
11,749
  
$
(11,708
)
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES
                
Discount Rate
  
4.1
%
  
2.4
%
  
4.3
%
  
2.6
%
Rate of Compensation Increase
  
N/A
   
3.0
%
  
N/A
   
3.0
%
Accumulated Benefit Obligations
 
$
(285,197
)
 
$
(477,561
)
 
$
(279,644
)
 
$
(507,932
)
Pension Plan Assets at Fair Value by Level Within Fair Value Hierarchy
We did not maintain any level 3 assets during the years ended April 30, 2019 and 2018. In accordance with ASU 2015-07, “Fair Value Measurement (“Topic 820”), certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient do not have to be classified in the fair value hierarchy. We adopted ASU 2015-07 in the year ended April 30, 2018 and it was applied retrospectively to all periods presented. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefit plan assets. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30:

  
2019
  
2018
 
  
Level 1
  
Level 2
  
Total
  
Level 1
  
Level 2
  
Total
 
U.S. Plan Assets
                  
Investments measured at NAV:
                  
Global Equity Securities: Limited Partnership
       
$
109,490
        
$
95,933
 
Fixed Income Securities: Commingled Trust Funds
        
104,138
         
100,295
 
Other: Real Estate Commingled Trust Fund
        
—
         
8,755
 
Total Assets at NAV
       
$
213,628
        
$
204,983
 
                     
Non-U.S. Plan Assets
                    
Equity Securities:
                    
U.S. Equities
 
$
—
  
$
39,652
  
$
39,652
  
$
—
  
$
31,203
  
$
31,203
 
Non-U.S. Equities
  
—
   
117,575
   
117,575
   
—
   
96,387
   
96,387
 
Balanced Managed Funds
  
—
   
48,550
   
48,550
   
—
   
91,743
   
91,743
 
Fixed Income Securities: Commingled Funds
  
855
   
199,720
   
200,575
   
—
   
197,804
   
197,804
 
Other:
                        
Real Estate/Other
  
—
   
501
   
501
   
—
   
549
   
549
 
Cash and Cash Equivalents
  
1,396
   
—
   
1,396
   
1,762
   
—
   
1,762
 
Total Non-U.S. Plan Assets
 
$
2,251
  
$
405,998
  
$
408,249
  
$
1,762
  
$
417,686
  
$
419,448
 
Total Plan Assets
 
$
2,251
  
$
405,998
  
$
621,877
  
$
1,762
  
$
417,686
  
$
624,431
 
Expected Future Benefit Payments
Benefit payments to retirees from all defined benefit plans are expected to be the following in the fiscal year indicated:

Fiscal Year
  
U.S.
  
Non-U.S.
  
Total
 
2020
  
$
16,287
  
$
8,868
  
$
25,155
 
2021
   
14,741
   
9,610
   
24,351
 
2022
   
14,894
   
11,019
   
25,913
 
2023
   
15,259
   
11,433
   
26,692
 
2024
   
15,436
   
12,097
   
27,533
 
   2025 – 2029
   
76,053
   
71,732
   
147,785
 
Total
  
$
152,670
  
$
124,759
  
$
277,429
 
v3.19.2
Stock-Based Compensation (Tables)
 12 Months Ended
Apr. 30, 2019
Stock-Based Compensation [Abstract]  
Estimated Weighted-Average Fair Value for Options Granted and Significant Weighted-Average Assumptions Used
The following table provides the estimated weighted average fair value for options granted in the year ended April 30, 2016 using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of our Common Stock price over the estimated life of the option, while the dividend yield is based on the expected dividend payments to be made by us.

  
2016
 
Fair Value of Options on Grant Date
 
$
14.77
 
 
    
Weighted Average assumptions:
    
Expected Life of Options (years)
  
7.2
 
Risk-Free Interest Rate
  
2.1
%
Expected Volatility
  
29.7
%
Expected Dividend Yield
  
2.1
%
Fair Value of Common Stock on Grant Date
 
$
55.99
 
Stock Option Plans
A summary of the activity and status of our stock option plans follows:

  
2019
  
2018
  
2017
 
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise Price
  
Weighted Average
Remaining Term
(in years)
  
Aggregate
Intrinsic Value
(in millions)
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise Price
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise Price
 
Outstanding at Beginning of Year
  
611
  
$
48.88
         
1,429
  
$
47.39
   
1,966
  
$
46.62
 
Granted
  
—
  
$
—
         
—
  
$
—
   
—
  
$
—
 
Exercised
  
(229
)
 
$
47.21
         
(788
)
 
$
45.97
   
(469
)
 
$
43.74
 
Expired or Forfeited
  
(10
)
 
$
56.97
         
(30
)
 
$
54.24
   
(68
)
 
$
49.91
 
Outstanding at End of Year
  
372
  
$
49.70
   
2.8
  
$
0.8
   
611
  
$
48.88
   
1,429
  
$
47.39
 
Exercisable at End of Year
  
372
  
$
49.70
   
2.8
  
$
0.8
   
530
  
$
47.43
   
1,064
  
$
46.04
 
Vested and Expected to Vest in the Future at April 30
  
372
  
$
49.70
   
2.8
  
$
0.8
   
599
  
$
48.90
   
1,249
  
$
45.88
 
Stock Options Outstanding and Exercisable
The following table summarizes information about stock options outstanding and exercisable at April 30, 2019:

   
Options Outstanding
  
Options Exercisable
 
Range of Exercise Prices
  
Number
of Options
(in 000’s)
  
Weighted Average
Remaining Term
(in years)
  
Weighted
Average
Exercise Price
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise Price
 
$
35.04
   
11
   
0.2
  
$
35.04
   
11
  
$
35.04
 
$
39.53 to $40.02
   
101
   
2.3
  
$
39.71
   
101
  
$
39.71
 
$
48.06 to $49.55
   
106
   
2.3
  
$
48.69
   
106
  
$
48.69
 
$
55.99 to $59.70
   
154
   
3.6
  
$
57.87
   
154
  
$
57.87
 
Total/Average
   
372
   
2.8
  
$
49.70
   
372
  
$
49.70
 
Activity for Performance-Based and Other Restricted Stock Awards
Activity for performance-based and other restricted stock awards during the years ended April 30, 2019, 2018, and 2017 was as follows (shares in thousands):

  
2019
  
2018
  
2017
 
  
Restricted
Shares
  
Weighted Average
Grant Date Value
  
Restricted
Shares
  
Restricted
Shares
 
 
Nonvested Shares at Beginning of Year
  
861
  
$
53.22
   
913
   
915
 
Granted
  
415
  
$
62.63
   
525
   
509
 
Change in Shares Due to Performance
  
(19
)
 
$
44.17
   
(107
)
  
(67
)
Vested and Issued
  
(357
)
 
$
54.95
   
(318
)
  
(267
)
Forfeited
  
(144
)
 
$
55.37
   
(152
)
  
(177
)
Nonvested Shares at End of Year
  
756
  
$
57.38
   
861
   
913
 
v3.19.2
Capital Stock and Changes in Capital Accounts (Tables)
 12 Months Ended
Apr. 30, 2019
Capital Stock and Changes in Capital Accounts [Abstract]  
Summary of Changes of Common Stock and Common Stock in Treasury
The following is a summary of changes during the years ended April 30, in shares of our common stock and common stock in treasury (shares in thousands).

Changes in Common Stock A:
2019
 
2018
 
2017
Number of shares, beginning of year
 
70,111
  
70,086
  
69,798
Common stock class conversions and other
 
16
  
25
  
288
Number of shares issued, end of year
 
70,127
  
70,111
  
70,086
         
Changes in Common Stock A in treasury:
        
Number of shares held, beginning of year
 
21,853
  
22,097
  
21,709
Purchase of treasury shares
 
1,192
  
713
  
953
Restricted shares issued under stock-based compensation plans - non-PSU Awards
 
(210)
  
(153)
  
(74)
Restricted shares issued under stock-based compensation plans - PSU Awards
 
(110)
  
(126)
  
(186)
Stock grants of fully vested Class A shares - common stock
 
—
  
(20)
  
(24)
Restricted shares, forfeited
 
9
  
15
  
8
Restricted shares issued from exercise of stock options
 
(229)
  
(788)
  
(469)
Shares withheld for taxes
 
130
  
116
  
97
Other
 
(1)
  
(1)
  
83
Number of shares held, end of year
 
22,634
  
21,853
  
22,097
Number of Common Stock A outstanding, end of year
 
47,493
  
48,258
  
47,989

Changes in Common Stock B:
2019
 
2018
 
2017
Number of shares, beginning of year
 
13,071
  
13,096
  
13,392
Common stock class conversions and other
 
(16)
  
(25)
  
(296)
Number of shares issued, end of year
 
13,055
  
13,071
  
13,096
         
Changes in Common Stock B in treasury:
        
Number of shares held, beginning of year
 
3,918
  
3,918
  
3,917
Shares repurchased
 
—
  
—
  
1
Number of shares held, end of year
 
3,918
  
3,918
  
3,918
Number of Common Stock B outstanding, end of year
 
9,137
  
9,153
  
9,178
Cash Dividends Paid
The following table summarizes the cash dividends paid during the year ended April 30, 2019:

Date of Declaration by Board of Directors
Quarterly Cash Dividend
Total Dividend
Class of Common Stock
Dividend Paid Date
Shareholders of Record as of Date
June 21, 2018
$0.33 per common share
$19.0 million
Class A and
Class B
July 18, 2018
July 3, 2018
September 26, 2018
$0.33 per common share
$18.9 million
Class A and
Class B
October 24, 2018
October 9, 2018
December 19, 2018
$0.33 per common share
$18.9 million
Class A and
Class B
January 16, 2019
January 2, 2019
March 20, 2019
$0.33 per common share
$18.6 million
Class A and
Class B
April 17, 2019
April 2, 2019
v3.19.2
Segment Information (Tables)
 12 Months Ended
Apr. 30, 2019
Segment Information [Abstract]  
Segment Information
Segment information is as follows:

  
For the Years Ended April 30,
 
  
2019
  
2018
  
2017
 
Revenue:
         
Research
 
$
937,313
  
$
934,395
  
$
853,489
 
Publishing
  
574,192
   
617,648
   
633,449
 
Solutions
  
288,564
   
244,060
   
231,592
 
Total Revenue
 
$
1,800,069
  
$
1,796,103
  
$
1,718,530
 
             
Contribution to Profit (1):
            
Research
 
$
258,875
  
$
271,326
  
$
250,648
 
Publishing
  
118,901
   
121,639
   
124,531
 
Solutions
  
14,967
   
22,099
   
14,822
 
Total Contribution to Profit
 
$
392,743
  
$
415,064
  
$
390,001
 
Corporate Expenses
  
(168,754
)
  
(183,603
)
  
(178,531
)
Operating Income
 
$
223,989
  
$
231,461
  
$
211,470
 

(1) Due to the retrospective adoption of ASU 2017-07, total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest Income and Other for the years ended April 30, 2018 and 2017, respectively. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2018 was $4.2 million in Research, $2.3 million in Publishing, and $1.6 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2017 was $1.6 million in Research, $1.2 million in Publishing, and $(8.1) million in Corporate expenses.

See Note 3, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2019, 2018 and 2017.
Total Revenue by Product/Service and Total Assets, Expenditure for Long-Lived Assets and Depreciation and Amortization by Segment
  
For the Years Ended April 30,
 
  
2019
  
2018
  
2017
 
Total Assets
         
Research
 
$
1,152,973
  
$
1,238,178
  
$
1,133,846
 
Publishing
  
643,549
   
575,033
   
582,339
 
Solutions
  
751,854
   
563,489
   
575,068
 
Corporate
  
388,626
   
462,751
   
314,964
 
Total
 
$
2,937,002
  
$
2,839,451
  
$
2,606,217
 
             
Product Development Spending and Additions to Technology, Property and Equipment
            
Research
 
$
(6,457
)
 
$
(7,538
)
 
$
(154,189
)
Publishing
  
(19,712
)
  
(23,666
)
  
(29,420
)
Solutions
  
(9,001
)
  
(16,786
)
  
(21,210
)
Corporate
  
(66,423
)
  
(102,738
)
  
(98,608
)
Total
 
$
(101,593
)
 
$
(150,728
)
 
$
(303,427
)
             
Depreciation and Amortization
            
Research
 
$
37,088
  
$
33,655
  
$
29,330
 
Publishing
  
33,892
   
39,495
   
43,831
 
Solutions
  
34,300
   
27,703
   
26,792
 
Corporate
  
55,875
   
53,136
   
56,608
 
Total
 
$
161,155
  
$
153,989
  
$
156,561
 
Revenue from External Customers Based on Location of The Customer and Technology, Property and Equipment by Geographical Area
Revenue from external customers is based on the location of the customer and Technology, Property and Equipment, Net by geographic area were as follows:

  
Revenue, net
  
Technology, Property and Equipment, Net
 
  
2019
  
2018
  
2017
  
2019
  
2018
  
2017
 
United States
 
$
932,927
  
$
913,852
  
$
786,574
  
$
252,459
  
$
249,542
  
$
208,572
 
United Kingdom
  
150,242
   
147,406
   
189,479
   
18,331
   
20,955
   
21,368
 
Germany
  
97,505
   
98,404
   
75,090
   
8,423
   
9,259
   
8,770
 
Japan
  
77,145
   
81,572
   
62,674
   
87
   
72
   
75
 
Australia
  
77,453
   
78,270
   
66,309
   
1,440
   
1,454
   
591
 
China
  
55,024
   
53,076
   
39,653
   
688
   
229
   
270
 
Canada
  
50,882
   
55,568
   
50,740
   
2,659
   
3,635
   
1,232
 
France
  
51,441
   
51,826
   
44,760
   
403
   
635
   
335
 
India
  
36,472
   
41,637
   
34,306
   
1,299
   
1,437
   
245
 
Other Countries
  
270,978
   
274,492
   
368,945
   
3,232
   
2,716
   
1,600
 
Total
 
$
1,800,069
  
$
1,796,103
  
$
1,718,530
  
$
289,021
  
$
289,934
  
$
243,058
 
v3.19.2
Supplementary Quarterly Financial Information (Tables)
 12 Months Ended
Apr. 30, 2019
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract]  
Quarterly Financial Information
Amounts in millions, except per share data
 
2019
  
2018
 
Revenue, net
      
First Quarter
 
$
410.9
  
$
411.4
 
Second Quarter
  
448.6
   
451.7
 
Third Quarter
  
449.4
   
455.7
 
Fourth Quarter
  
491.2
   
477.3
 
Year ended April 30,
 
$
1,800.1
  
$
1,796.1
 
         
Gross Profit (1)
        
First Quarter
 
$
283.1
  
$
285.5
 
Second Quarter
  
316.0
   
319.6
 
Third Quarter
  
305.5
   
319.3
 
Fourth Quarter
  
340.7
   
340.7
 
Year ended April 30,
 
$
1,245.3
  
$
1,265.1
 
         
Operating Income (2)
        
First Quarter
 
$
36.1
  
$
12.6
 
Second Quarter
  
57.5
   
80.8
 
Third Quarter
  
50.3
   
65.4
 
Fourth Quarter
  
80.1
   
72.7
 
Year ended April 30,
 
$
224.0
  
$
231.5
 
         
Net Income
        
First Quarter
 
$
26.3
  
$
9.2
 
Second Quarter
  
43.8
   
60.0
 
Third Quarter
  
34.9
   
68.8
 
Fourth Quarter
  
63.3
   
54.2
 
Year ended April 30,
 
$
168.3
  
$
192.2
 

  
2019
  
2018
 
  
Basic
  
Diluted
  
Basic
  
Diluted
 
Earnings Per Share (3)
            
First Quarter
 
$
0.46
  
$
0.45
  
$
0.16
  
$
0.16
 
Second Quarter
  
0.76
   
0.76
   
1.06
   
1.04
 
Third Quarter
  
0.61
   
0.61
   
1.21
   
1.19
 
Fourth Quarter
  
1.11
   
1.10
   
0.95
   
0.93
 
Year ended April 30,
 
$
2.94
  
$
2.91
  
$
3.37
  
$
3.32
 

(1) In connection with the acquisition of Learning House, we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. This change in accounting policy was applied retrospectively.

This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to “Change in Accounting Policy” in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, “Acquisition,” for more information related to the acquisition of Learning House.

(2) Due to the retrospective adoption of ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,”, we reclassified total net benefits related to the non-service components of defined benefit and other post-employment benefit plans from Operating and Administrative Expenses to Interest and Other Income (Expense) on the Consolidated Statements of Income. Refer to Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards,” for more information.

(3) The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding.
v3.19.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Operating Costs and Expenses [Abstract]      
Cost of sales [1] $ 554,722 $ 531,024 [2] $ 500,794 [2]
Operating and administrative expenses [1],[2] 963,582 956,822 943,242
Book Overdrafts [Abstract]      
Book overdrafts 7,400 13,100  
Allowance for Doubtful Accounts [Abstract]      
Allowance for doubtful accounts 14,300 10,100  
Sales Return Reserves [Abstract]      
Decrease in net assets (18,542) (18,628)  
Inventories [Abstract]      
LIFO inventories 21,000 24,000  
Reserve for Inventory Obsolescence [Abstract]      
Inventory obsolescence reserve 15,800 18,200  
Advertising Expense [Abstract]      
Advertising costs 89,500 68,300 61,400
Foreign Currency Gains/Losses [Abstract]      
Foreign currency translation losses 60,500    
Shipping and Handling [Member]      
Operating Costs and Expenses [Abstract]      
Cost of sales 32,700 33,700 39,100
Operating and administrative expenses 32,700 33,700 39,100
Reserve for Inventory Obsolescence [Abstract]      
Inventory obsolescence reserve 15,800 18,200  
Accounts Receivable, Net [Member]      
Sales Return Reserves [Abstract]      
Decrease in net assets [3] 0 (28,302)  
Inventories, Net [Member]      
Sales Return Reserves [Abstract]      
Decrease in net assets 3,739 4,626  
Accrued Royalties [Member]      
Sales Return Reserves [Abstract]      
Decrease in net assets (3,653) (5,048)  
Contract Liability (Deferred Revenue) [Member]      
Sales Return Reserves [Abstract]      
Decrease in net assets [3] 25,934 0  
Cost of Sales [Member]      
Advertising Expense [Abstract]      
Advertising costs 53,700 38,300 32,400
Operating and Admin Expenses [Member]      
Advertising Expense [Abstract]      
Advertising costs $ 35,800 30,000 29,000
Computer Software [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 3 years    
Computer Software [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 10 years    
Computer Hardware [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 3 years    
Computer Hardware [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 5 years    
Building and Leasehold Improvements [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 40 years    
Furniture, Fixtures and Warehouse Equipment [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 5 years    
Furniture, Fixtures and Warehouse Equipment [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 10 years    
Enterprise Resource Planning and Related Systems [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 10 years    
Book Composition Costs [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 1 year    
Book Composition Costs [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 3 years    
Other Product Development Costs [Member] | Weighted Average [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 5 years    
Software Development [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 3 years    
Software Development [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 5 years    
Content and Publishing Rights [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 34 years    
Trademarks [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 16 years    
Customer Relationships [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 18 years    
Brands [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 16 years    
Non-compete Agreements [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 3 years    
Performance-based Stock Awards [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]      
Target period for stock-based compensation expense in advance of actual financial results 3 years    
Change in Accounting Policy for Certain Advertising and Marketing Costs [Member] | The Learning House, Inc. [Member]      
Operating Costs and Expenses [Abstract]      
Cost of sales   45,800 40,000
Operating and administrative expenses   $ (45,800) $ (40,000)
[1] In connection with the acquisition of The Learning House, Inc. ("Learning House"), we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively. The Consolidated Statements of Income for the years ended April 30, 2018, and 2017 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $45.8 million and $40.0 million for the years ended April 30, 2018, and 2017, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to "Change in Accounting Policy" in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, "Acquisition," in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House.
[2] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,", total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest and Other Income (Expense) for the years ended April 30, 2018 and 2017, respectively. Total net benefits (costs) related to the non-service components of defined benefit and other post-employment benefit plans were $8.8 million for the year ended April 30, 2019. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards, in the Notes to Consolidated Financial Statements for more information.
[3] Due to the adoption of the new revenue standard, See Note 3, Revenue from Contracts with Customers the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, the sales return reserve of $28.3 million was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position.
v3.19.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards, Recently Adopted and Issued Accounting Standards (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2019
Jan. 31, 2019
Oct. 31, 2018
Jul. 31, 2018
Apr. 30, 2018
Jan. 31, 2018
Oct. 31, 2017
Jul. 31, 2017
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2016
Reconciliation of cash, cash equivalents and restricted cash reported within Condensed Consolidated Statement of Cash Flows [Abstract]                        
Cash and cash equivalents $ 92,890       $ 169,773       $ 92,890 $ 169,773 $ 58,516 $ 363,806
Restricted cash included in Prepaid expenses and other current assets 658       484       658 484 0 0
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statement of Cash Flows [1] 93,548       170,257       93,548 170,257 58,516 $ 363,806
Assets [Abstract]                        
Accounts receivable, net 294,867 [2]       212,377       294,867 [2] 212,377    
Product development assets 62,470       78,814       62,470 78,814    
Technology, property and equipment, net 289,021       289,934       289,021 289,934 243,058  
Other non-current assets 97,308       85,802       97,308 85,802    
Liabilities [Abstract]                        
Accrued royalties 78,062       73,007       78,062 73,007    
Contract liability (Deferred revenue) 507,365 [2]       486,353       507,365 [2] 486,353    
Deferred income tax liabilities 143,775       143,518       143,775 143,518    
Retained earnings 1,931,074       1,834,057       1,931,074 1,834,057    
Accounts receivable, net 294,867 [2]       212,377       294,867 [2] 212,377    
Contract liability (Deferred revenue) 507,365 [2]       486,353       507,365 [2] 486,353    
Revenue, net 491,200 $ 449,400 $ 448,600 $ 410,900 477,300 $ 455,700 $ 451,700 $ 411,400 1,800,069 1,796,103 1,718,530  
Cost of sales [3]                 554,722 531,024 [4] 500,794 [4]  
Topic 606 [Member]                        
Liabilities [Abstract]                        
Amounts netted down from accounts receivable, net and deferred revenue         59,500         59,500    
Topic 606 [Member] | Adjustments due to Adoption [Member]                        
Assets [Abstract]                        
Accounts receivable, net         93,349         93,349    
Product development assets         (3,725)         (3,725)    
Technology, property and equipment, net         (361)         (361)    
Other non-current assets         5,274         5,274    
Liabilities [Abstract]                        
Accrued royalties         (731)         (731)    
Contract liability (Deferred revenue)         89,364         89,364    
Deferred income tax liabilities         1,400         1,400    
Retained earnings         4,503         4,503    
Accounts receivable, net         93,349         93,349    
Contract liability (Deferred revenue)         89,364         89,364    
Topic 606 [Member] | Balances without Adoption of Topic 606 [Member]                        
Assets [Abstract]                        
Accounts receivable, net [2],[5]         212,377         212,377    
Liabilities [Abstract]                        
Contract liability (Deferred revenue) [2],[5]         486,353         486,353    
Accounts receivable, net [2],[5]         212,377         212,377    
Contract liability (Deferred revenue) [2],[5]         486,353         486,353    
Topic 606 [Member] | Balances upon Adoption of Topic 606 [Member]                        
Assets [Abstract]                        
Accounts receivable, net         305,726         305,726    
Product development assets         75,089         75,089    
Technology, property and equipment, net         289,573         289,573    
Other non-current assets         91,076         91,076    
Liabilities [Abstract]                        
Accrued royalties         72,276         72,276    
Contract liability (Deferred revenue)         575,717         575,717    
Deferred income tax liabilities         144,918         144,918    
Retained earnings         1,838,560         1,838,560    
Accounts receivable, net         305,726         305,726    
Contract liability (Deferred revenue)         575,717         575,717    
Topic 606 [Member] | Sales Return Reserve Provision [Member]                        
Assets [Abstract]                        
Accounts receivable, net 25,900       28,300       25,900 28,300    
Liabilities [Abstract]                        
Contract liability (Deferred revenue) 25,900       28,300       25,900 28,300    
Accounts receivable, net 25,900       28,300       25,900 28,300    
Contract liability (Deferred revenue) 25,900       $ 28,300       25,900 28,300    
ASU 2017-07 Member]                        
Recently Adopted Accounting Standards [Abstract]                        
Net charges benefits (cost)                 8,800 8,100 (5,300)  
ASU 2017-07 Member] | Operating and Administrative Expenses [Member]                        
Recently Adopted Accounting Standards [Abstract]                        
Net charges benefits (cost)                   8,100    
ASU 2017-07 Member] | Operating and Administrative Expenses [Member] | Plan [Member]                        
Recently Adopted Accounting Standards [Abstract]                        
Net charges benefits (cost)                   (5,300) (5,300)  
ASU 2017-07 Member] | Interest and Other Income [Member]                        
Recently Adopted Accounting Standards [Abstract]                        
Net charges benefits (cost)                     (5,300)  
ASU 2017-07 Member] | Interest and Other Income [Member] | Plan [Member]                        
Recently Adopted Accounting Standards [Abstract]                        
Net charges benefits (cost)                 8,800 8,100 $ 8,100  
ASU 2016-18 [Member]                        
Recently Adopted Accounting Standards [Abstract]                        
Reduction in cash used in operating activities                   $ (500)    
ASU 2016-02 [Member] | Minimum [Member]                        
Assets and Liabilities, Lessee [Abstract]                        
Operating lease, liability 175,000               175,000      
Operating lease, right-of-use asset 135,000               135,000      
ASU 2016-02 [Member] | Maximum [Member]                        
Assets and Liabilities, Lessee [Abstract]                        
Operating lease, liability 185,000               185,000      
Operating lease, right-of-use asset $ 145,000               $ 145,000      
[1] Due to the retrospective adoption of ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash," we are now required to include restricted cash as part of the change in cash, cash equivalents, and restricted cash. As a result, amounts which were previously classified as cash flows from operating activities have been reclassified as they are recognized in the total change in cash, cash equivalents and restricted cash. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," in the Notes to Consolidated Financial Statements for more information.
[2] Due to the adoption of the new revenue standard, the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position. At April 30, 2018 the sales return reserve was $28.3 million.
[3] In connection with the acquisition of The Learning House, Inc. ("Learning House"), we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively. The Consolidated Statements of Income for the years ended April 30, 2018, and 2017 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $45.8 million and $40.0 million for the years ended April 30, 2018, and 2017, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to "Change in Accounting Policy" in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, "Acquisition," in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House.
[4] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,", total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest and Other Income (Expense) for the years ended April 30, 2018 and 2017, respectively. Total net benefits (costs) related to the non-service components of defined benefit and other post-employment benefit plans were $8.8 million for the year ended April 30, 2019. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards, in the Notes to Consolidated Financial Statements for more information.
[5] As noted above, prior period amounts have not been adjusted due to adoption of the new revenue standard under the modified retrospective method.
v3.19.2
Revenue Recognition, Contracts with Customers, Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2019
Jan. 31, 2019
Oct. 31, 2018
Jul. 31, 2018
Apr. 30, 2018
Jan. 31, 2018
Oct. 31, 2017
Jul. 31, 2017
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue $ 491,200 $ 449,400 $ 448,600 $ 410,900 $ 477,300 $ 455,700 $ 451,700 $ 411,400 $ 1,800,069 $ 1,796,103 $ 1,718,530
Journals Subscriptions [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 661,055 677,685 639,720
Open Access [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 54,671 41,997 30,633
Licensing, Reprints, Backfiles and Other [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 185,619 181,806 164,070
Publishing Technology Services (Atypon) [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 35,968 32,907 19,066
STM and Professional Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 265,719 287,315 291,255
Education Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 157,579 187,178 196,343
Courseware (WileyPLUS) [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 63,485 59,475 62,348
Test Preparation and Certification [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 40,606 35,534 35,609
Licensing, Distribution, Advertising and Other [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 46,803 48,146 47,894
Education Services [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 157,549 119,131 111,638
Professional Assessment [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 65,889 61,094 59,868
Corporate Learning [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 65,126 63,835 60,086
Operating Segments [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 1,800,069 1,796,103 [1] 1,718,530 [1]
Operating Segments [Member] | Research [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 937,313 934,395 [1] 853,489 [1]
Operating Segments [Member] | Research [Member] | Journals Subscriptions [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 661,055 677,685 639,720
Operating Segments [Member] | Research [Member] | Open Access [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 54,671 41,997 30,633
Operating Segments [Member] | Research [Member] | Licensing, Reprints, Backfiles and Other [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 185,619 181,806 164,070
Operating Segments [Member] | Research [Member] | Publishing Technology Services (Atypon) [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 35,968 32,907 19,066
Operating Segments [Member] | Research [Member] | STM and Professional Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Research [Member] | Education Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Research [Member] | Courseware (WileyPLUS) [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Research [Member] | Test Preparation and Certification [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Research [Member] | Licensing, Distribution, Advertising and Other [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Research [Member] | Education Services [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Research [Member] | Professional Assessment [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Research [Member] | Corporate Learning [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 574,192 617,648 [1] 633,449 [1]
Operating Segments [Member] | Publishing [Member] | Journals Subscriptions [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Publishing [Member] | Open Access [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Publishing [Member] | Licensing, Reprints, Backfiles and Other [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Publishing [Member] | Publishing Technology Services (Atypon) [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Publishing [Member] | STM and Professional Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 265,719 287,315 291,255
Operating Segments [Member] | Publishing [Member] | Education Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 157,579 187,178 196,343
Operating Segments [Member] | Publishing [Member] | Courseware (WileyPLUS) [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 63,485 59,475 62,348
Operating Segments [Member] | Publishing [Member] | Test Preparation and Certification [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 40,606 35,534 35,609
Operating Segments [Member] | Publishing [Member] | Licensing, Distribution, Advertising and Other [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 46,803 48,146 47,894
Operating Segments [Member] | Publishing [Member] | Education Services [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Publishing [Member] | Professional Assessment [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Publishing [Member] | Corporate Learning [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 288,564 244,060 [1] 231,592 [1]
Operating Segments [Member] | Solutions [Member] | Journals Subscriptions [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | Open Access [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | Licensing, Reprints, Backfiles and Other [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | Publishing Technology Services (Atypon) [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | STM and Professional Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | Education Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | Courseware (WileyPLUS) [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | Test Preparation and Certification [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | Licensing, Distribution, Advertising and Other [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 0 0 0
Operating Segments [Member] | Solutions [Member] | Education Services [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 157,549 119,131 111,638
Operating Segments [Member] | Solutions [Member] | Professional Assessment [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 65,889 61,094 59,868
Operating Segments [Member] | Solutions [Member] | Corporate Learning [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 $ 65,126 $ 63,835 $ 60,086
[1] Due to the retrospective adoption of ASU 2017-07, total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest Income and Other for the years ended April 30, 2018 and 2017, respectively. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2018 was $4.2 million in Research, $2.3 million in Publishing, and $1.6 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2017 was $1.6 million in Research, $1.2 million in Publishing, and $(8.1) million in Corporate expenses.
v3.19.2
Revenue Recognition, Contracts with Customers, Description of Revenue Generating Activities (Details)
 12 Months Ended
Apr. 30, 2019
Segment
Journal
Institution
Asset
Language
Description of Revenue Generating Activities [Abstract]  
Number of reportable segments | Segment 3
Number of academic institutions | Institution 700
Number of languages available for learning contracts | Language 17
Journals Subscriptions [Member]  
Description of Revenue Generating Activities [Abstract]  
Number of academic research journals published | Journal 1,700
Duration of contract 1 year
Test Preparation and Certification [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 3 years
Professional Assessment [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 1 year
Minimum [Member]  
Description of Revenue Generating Activities [Abstract]  
Number of content assets available for corporate learning contracts | Asset 20,000
Minimum [Member] | Publishing Technology Services [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 2 years
Minimum [Member] | Education Services [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 7 years
Maximum [Member] | Publishing Technology Services [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 5 years
Maximum [Member] | Education Services [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 10 years
v3.19.2
Revenue Recognition, Contracts with Customers, Accounts Receivable, net and Contract Liability (Deferred Revenue) Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Balances from contracts with customers [Abstract]      
Accounts receivable, net $ 294,867 [1] $ 212,377  
Contract liability (Deferred revenue) 507,365 [1] 486,353  
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities) 10,722    
Increase/(decrease) [Abstract]      
Accounts receivable, net (52,939) (14,209) $ (29,886)
Contract liability (Deferred revenue) 18,106 36,243 $ 22,692
Sales return reserve recorded in contract liability 25,900    
Revenue recognized from beginning contract liability 530,400    
Balances without Adoption of Topic 606 [Member] | ASU 2014-09 [Member]      
Balances from contracts with customers [Abstract]      
Accounts receivable, net [1],[2]   212,377  
Contract liability (Deferred revenue) [1],[2]   486,353  
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities) [2]   0  
Effect of Change Higher/(Lower) [Member] | ASU 2014-09 [Member]      
Balances from contracts with customers [Abstract]      
Accounts receivable, net   93,349  
Contract liability (Deferred revenue)   $ 89,364  
Increase/(decrease) [Abstract]      
Accounts receivable, net [1] 82,490    
Contract liability (Deferred revenue) [1] 21,012    
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities) $ 10,722    
[1] Due to the adoption of the new revenue standard, the sales return reserve as of April 30, 2019 of $25.9 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Consolidated Statements of Financial Position. At April 30, 2018 the sales return reserve was $28.3 million.
[2] As noted above, prior period amounts have not been adjusted due to adoption of the new revenue standard under the modified retrospective method.
v3.19.2
Revenue Recognition, Contracts with Customers, Remaining Performance Obligations, Assets Recognized for the Costs to Obtain or Fulfill a Contract (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Remaining Performance Obligations [Abstract]      
Remaining performance obligations $ 518,100    
Assets Recognized for the Costs to Obtain or Fulfill a Contract [Abstract]      
Costs capitalized 8,900    
Amortization 2,600    
Cost of revenue [Abstract]      
Operating and administrative expenses [1],[2] 963,582 $ 956,822 $ 943,242
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-05-01      
Remaining Performance Obligations [Abstract]      
Remaining performance obligations excluding sales return reserve $ 481,500    
Expected timing of satisfaction, period 12 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-05-01      
Remaining Performance Obligations [Abstract]      
Remaining performance obligations excluding sales return reserve $ 10,700    
Expected timing of satisfaction, period    
Shipping and Handling [Member]      
Cost of revenue [Abstract]      
Operating and administrative expenses $ 32,700 $ 33,700 $ 39,100
[1] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,", total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest and Other Income (Expense) for the years ended April 30, 2018 and 2017, respectively. Total net benefits (costs) related to the non-service components of defined benefit and other post-employment benefit plans were $8.8 million for the year ended April 30, 2019. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards, in the Notes to Consolidated Financial Statements for more information.
[2] In connection with the acquisition of The Learning House, Inc. ("Learning House"), we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively. The Consolidated Statements of Income for the years ended April 30, 2018, and 2017 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $45.8 million and $40.0 million for the years ended April 30, 2018, and 2017, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to "Change in Accounting Policy" in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, "Acquisition," in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House.
v3.19.2
Acquisitions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2019
Nov. 01, 2018
Sep. 30, 2016
Apr. 30, 2019
Jan. 31, 2019
Oct. 31, 2018
Jul. 31, 2018
Apr. 30, 2018
Jan. 31, 2018
Oct. 31, 2017
Jul. 31, 2017
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Acquisitions [Abstract]                            
Number of shares of common stock warrantholders are allowed to purchase (in shares) 400,000     400,000               400,000    
Cash, net of cash acquired                       $ 190,415 $ 0 $ 125,924
Current Assets [Abstract]                            
Goodwill $ 1,095,666     $ 1,095,666       $ 1,019,801 [1]       1,095,666 1,019,801 [1]  
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                            
Identifiable intangible assets acquired 648,440     648,440       615,244       648,440 615,244  
Revenue       491,200 $ 449,400 $ 448,600 $ 410,900 477,300 $ 455,700 $ 451,700 $ 411,400 1,800,069 1,796,103 1,718,530
Operating loss       80,100 $ 50,300 $ 57,500 $ 36,100 72,700 $ 65,400 $ 80,800 12,600 223,989 231,461 [2] 211,470 [2]
Solutions [Member]                            
Current Assets [Abstract]                            
Goodwill 374,010     374,010       272,531 [1]       374,010 272,531 [1]  
Customer Relationships [Member]                            
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                            
Identifiable intangible assets acquired 245,830     245,830       $ 161,729       245,830 161,729  
Atypon Systems Inc [Member]                            
Acquisitions [Abstract]                            
Cash, net of cash acquired     $ 121,000                      
Current Assets [Abstract]                            
Intangible Assets, net                     48,000      
Goodwill                     $ 70,000      
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                            
Revenue                       36,000 32,900 19,100
Operating loss                       3,900 $ 2,700 $ 3,500
The Learning House, Inc. [Member]                            
Acquisitions [Abstract]                            
Percentage of ownership interest acquired           100.00%                
Payment to acquire business, gross   $ 200,700                        
Cash, net of cash acquired   190,400                        
Cash acquired   10,300                        
Assets acquired and liabilities assumed [Abstract]                            
Consideration transferred 201,274                          
Current Assets [Abstract]                            
Cash and cash equivalents 10,293     10,293               10,293    
Accounts receivable, net 8,621     8,621               8,621    
Prepaid expenses and other current assets 1,439     1,439               1,439    
Total Current Assets 20,353     20,353               20,353    
Technology, Property and Equipment, net 343     343               343    
Intangible Assets, net 109,548     109,548               109,548    
Goodwill 110,805     110,805               110,805    
Other Non-Current Assets 5,025     5,025               5,025    
Total Assets 246,074     246,074               246,074    
Current Liabilities [Abstract]                            
Accounts payable 1,542     1,542               1,542    
Contract liability (Deferred revenue) 959     959               959    
Accrued employment costs 4,925     4,925               4,925    
Other accrued liabilities 9,422     9,422               9,422    
Total Current Liabilities 16,848     16,848               16,848    
Deferred Income Tax Liabilities 26,769     26,769               26,769    
Other Long-Term Liabilities 1,184     1,184               1,184    
Total Liabilities 44,801     44,801               44,801    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                            
Identifiable intangible assets acquired $ 109,548     $ 109,548               109,548    
The Learning House, Inc. [Member] | Solutions [Member]                            
Acquisitions [Abstract]                            
Goodwill deductible for tax purposes           $ 0                
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                            
Revenue                       31,500    
Operating loss                       $ 8,000    
The Learning House, Inc. [Member] | Warrants [Member]                            
Acquisitions [Abstract]                            
Issuance of warrants   $ 600                        
Term of warrants 3 years     3 years               3 years    
The Learning House, Inc. [Member] | Warrants [Member] | Common Stock Class A [Member]                            
Acquisitions [Abstract]                            
Number of shares of common stock warrantholders are allowed to purchase (in shares)           400,000                
Exercise price per share (in dollars per share)           $ 90.00                
The Learning House, Inc. [Member] | Customer Relationships [Member]                            
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                            
Identifiable intangible assets acquired $ 103,850     $ 103,850               $ 103,850    
Weighted-average useful life                       15 years    
The Learning House, Inc. [Member] | Course Content [Member]                            
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                            
Identifiable intangible assets acquired $ 5,698     $ 5,698               $ 5,698    
Weighted-average useful life                       4 years    
[1] The April 30, 2018 goodwill balances were revised for the Publishing segment which decreased and the Solutions segment which increased to reflect foreign translation adjustments of $11.6 million.
[2] Due to the retrospective adoption of ASU 2017-07, total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest Income and Other for the years ended April 30, 2018 and 2017, respectively. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2018 was $4.2 million in Research, $2.3 million in Publishing, and $1.6 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2017 was $1.6 million in Research, $1.2 million in Publishing, and $(8.1) million in Corporate expenses.
v3.19.2
Reconciliation of Weighted Average Shares Outstanding (Details) - shares
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Reconciliation of Weighted Average Shares Outstanding [Abstract]      
Weighted Average Shares Outstanding (in shares) 57,240,000 57,181,000 57,531,000
Less: Unvested restricted shares (in shares) (48,000) (138,000) (194,000)
Shares Used for Basic Earnings Per Share (in shares) 57,192,000 57,043,000 57,337,000
Dilutive Effect of Stock Options and Other Stock Awards (in shares) 648,000 845,000 862,000
Shares Used for Diluted Earnings Per Share (in shares) 57,840,000 57,888,000 58,199,000
Stock Options [Member] | Common Stock Class A [Member]      
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]      
Anti-dilutive shares excluded from diluted EPS calculation (in shares) 260,984 244,590 301,527
Warrants [Member] | Common Stock Class A [Member]      
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]      
Anti-dilutive shares excluded from diluted EPS calculation (in shares) 242,402 0 0
Restricted Stock [Member]      
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]      
Anti-dilutive shares excluded from diluted EPS calculation (in shares) 0 26,740 0
v3.19.2
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance $ 1,190,557 $ 1,003,137 $ 1,037,106
Other comprehensive (loss) income before reclassifications (68,835) 64,399 (67,015)
Amounts reclassified from Accumulated Other Comprehensive Loss (323) 3,308 7,414
Total Other Comprehensive (Loss) Income (69,158) 67,707 (59,601)
Balance 1,181,347 1,190,557 1,003,137
Accumulated Other Comprehensive Loss [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (439,580) (507,287) (447,686)
Balance (508,738) (439,580) (507,287)
Foreign Currency Translation [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (251,573) (319,212) (267,920)
Other comprehensive (loss) income before reclassifications (60,534) 67,639 (51,292)
Amounts reclassified from Accumulated Other Comprehensive Loss 0 0 0
Total Other Comprehensive (Loss) Income (60,534) 67,639 (51,292)
Balance (312,107) (251,573) (319,212)
Unamortized Retirement Costs [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (191,026) (190,502) (179,405)
Other comprehensive (loss) income before reclassifications (9,422) (4,979) (18,458)
Amounts reclassified from Accumulated Other Comprehensive Loss 4,391 4,455 7,361
Total Other Comprehensive (Loss) Income (5,031) (524) (11,097)
Balance (196,057) (191,026) (190,502)
Interest Rate Swaps [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance 3,019 2,427 (361)
Other comprehensive (loss) income before reclassifications 1,121 1,739 2,735
Amounts reclassified from Accumulated Other Comprehensive Loss (4,714) (1,147) 53
Total Other Comprehensive (Loss) Income (3,593) 592 2,788
Balance $ (574) $ 3,019 $ 2,427
v3.19.2
Accumulated Other Comprehensive Loss, Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Amortization from Accumulated Other Comprehensive Loss [Abstract]      
Operating and administrative expenses [1],[2] $ 963,582 $ 956,822 $ 943,242
Unamortized Retirement Costs [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]      
Amortization from Accumulated Other Comprehensive Loss [Abstract]      
Operating and administrative expenses $ 5,500 $ 5,900  
[1] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, "Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,", total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest and Other Income (Expense) for the years ended April 30, 2018 and 2017, respectively. Total net benefits (costs) related to the non-service components of defined benefit and other post-employment benefit plans were $8.8 million for the year ended April 30, 2019. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards, in the Notes to Consolidated Financial Statements for more information.
[2] In connection with the acquisition of The Learning House, Inc. ("Learning House"), we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. Including these expenses in Cost of Sales will better align these costs with the related revenue and conform with the presentation of such costs for Learning House. This change in accounting policy was applied retrospectively. The Consolidated Statements of Income for the years ended April 30, 2018, and 2017 have been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase to Cost of Sales and a corresponding decrease to Operating and Administrative Expenses of $45.8 million and $40.0 million for the years ended April 30, 2018, and 2017, respectively. This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to "Change in Accounting Policy" in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, "Acquisition," in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House.
v3.19.2
Restructuring and Related Charges, Pre-tax Restructuring Charges (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Restructuring and Related Charges [Abstract]      
Restructuring charge (in dollars per share) $ 3.1 $ 28.6 $ 13.4
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges $ 3,118 $ 28,566 $ 13,355
Restructuring and Reinvestment Program [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges 3,118 28,566 13,355
Restructuring and related charges incurred to date 169,628    
Restructuring and Reinvestment Program [Member] | Severance [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges 1,456 27,213 8,386
Restructuring and related charges incurred to date 116,259    
Restructuring and Reinvestment Program [Member] | Consulting and Contract Termination Costs [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges 526 1,815 148
Restructuring and related charges incurred to date 21,155    
Restructuring and Reinvestment Program [Member] | Other Activities [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges 1,136 (462) 4,821
Restructuring and related charges incurred to date 32,214    
Research [Member] | Restructuring and Reinvestment Program [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges 1,131 5,257 1,949
Restructuring and related charges incurred to date 26,544    
Publishing [Member] | Restructuring and Reinvestment Program [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges 650 6,443 1,596
Restructuring and related charges incurred to date 39,581    
Solutions [Member] | Restructuring and Reinvestment Program [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges 878 3,695 1,787
Restructuring and related charges incurred to date 7,125    
Corporate Expenses [Member] | Restructuring and Reinvestment Program [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring and related (credits) charges 459 $ 13,171 $ 8,023
Restructuring and related charges incurred to date $ 96,378    
v3.19.2
Restructuring and Related Charges, Activity for Restructuring and Reinvestment Program Liability (Details) - Restructuring and Reinvestment Program [Member]
$ in Thousands
 12 Months Ended
Apr. 30, 2019
USD ($)
Activity for Restructuring and Reinvestment Program liability [Roll Forward]  
Restructuring liability, beginning of period $ 20,051
Charges 3,118
Payments (15,219)
Foreign translation & other adjustments (216)
Restructuring liability, end of period 7,734
Severance [Member]  
Activity for Restructuring and Reinvestment Program liability [Roll Forward]  
Restructuring liability, beginning of period 17,279
Charges 1,456
Payments (13,388)
Foreign translation & other adjustments (460)
Restructuring liability, end of period 4,887
Severance [Member] | Accrued Employment Costs [Member]  
Activity for Restructuring and Reinvestment Program liability [Roll Forward]  
Restructuring liability, end of period 4,900
Consulting and Contract Termination Costs [Member]  
Activity for Restructuring and Reinvestment Program liability [Roll Forward]  
Restructuring liability, beginning of period 0
Charges 526
Payments (223)
Foreign translation & other adjustments 0
Restructuring liability, end of period 303
Other Activities [Member]  
Activity for Restructuring and Reinvestment Program liability [Roll Forward]  
Restructuring liability, beginning of period 2,772
Charges 1,136
Payments (1,608)
Foreign translation & other adjustments 244
Restructuring liability, end of period 2,544
Other Activities [Member] | Other Accrued Liabilities [Member]  
Activity for Restructuring and Reinvestment Program liability [Roll Forward]  
Restructuring liability, end of period 1,100
Other Activities [Member] | Other Long-Term Liabilities [Member]  
Activity for Restructuring and Reinvestment Program liability [Roll Forward]  
Restructuring liability, end of period $ 1,400
v3.19.2
Inventories (Details) - USD ($)
$ in Thousands
Apr. 30, 2019
Apr. 30, 2018
Inventory, Net [Abstract]    
Finished Goods $ 33,736 $ 36,503
Work-in-Process 2,094 2,139
Paper and Other Materials 373 550
Gross inventory 36,203 39,192
Inventory Value of Estimated Sales Returns 3,739 4,626
LIFO Reserve (4,360) (4,329)
Total Inventories 35,582 39,489
Inventory obsolescence reserve $ 15,800 $ 18,200
v3.19.2
Product Development Assets (Details) - USD ($)
$ in Thousands
Apr. 30, 2019
Apr. 30, 2018
Product Development Assets [Abstract]    
Product development assets $ 62,470 $ 78,814
Accumulated amortization 236,500 238,100
Book Composition Costs [Member]    
Product Development Assets [Abstract]    
Product development assets 19,197 24,887
Work in process 4,300 4,100
Software Costs [Member]    
Product Development Assets [Abstract]    
Product development assets 38,048 52,078
Content Development Costs [Member]    
Product Development Assets [Abstract]    
Product development assets $ 5,225 $ 1,849
v3.19.2
Technology, Property and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross $ 688,701 $ 634,195  
Accumulated Depreciation and Amortization (399,680) (344,261)  
Total 289,021 289,934 $ 243,058
Net book value of capitalized software costs 200,200 198,000  
Capitalized Software Amortization Expense 50,095 45,449 48,343
Depreciation and Amortization Expense, Excluding Capitalized Software 19,323 18,878 18,340
Total depreciation and amortization expense for technology, property, and equipment 69,418 64,327 $ 66,683
Capitalized Software [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross 440,437 390,774  
Work in process 2,300 0  
Computer Hardware [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross 68,718 57,493  
Buildings and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross 118,685 121,381  
Furniture, Fixtures and Warehouse Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross 57,471 60,869  
Land and Land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross $ 3,390 $ 3,678  
v3.19.2
Goodwill and Intangible Assets, Goodwill (Details) - USD ($)
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Goodwill [Roll Forward]    
Beginning balance [1] $ 1,019,801,000  
Acquisition [2] 110,805,000  
Foreign translation adjustment (34,940,000)  
Ending balance 1,095,666,000 $ 1,019,801,000 [1]
Research [Member]    
Goodwill [Roll Forward]    
Beginning balance [1] 463,419,000  
Acquisition [2] 0  
Foreign translation adjustment (24,908,000)  
Ending balance 438,511,000 463,419,000 [1]
Publishing [Member]    
Goodwill [Roll Forward]    
Beginning balance [1] 283,851,000  
Acquisition [2] 0  
Foreign translation adjustment (706,000) (11,600)
Ending balance 283,145,000 283,851,000 [1]
Solutions [Member]    
Goodwill [Roll Forward]    
Beginning balance [1] 272,531,000  
Acquisition [2] 110,805,000  
Foreign translation adjustment (9,326,000) 11,600
Ending balance $ 374,010,000 $ 272,531,000 [1]
[1] The April 30, 2018 goodwill balances were revised for the Publishing segment which decreased and the Solutions segment which increased to reflect foreign translation adjustments of $11.6 million.
[2] Refer to Note 4, "Acquisition," in the Notes to Consolidated Financial Statements for more information related to the acquisition of Learning House on November 1, 2018.
v3.19.2
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 31, 2017
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Finite-lived intangible assets [Abstract]        
Cost   $ 1,152,088 $ 1,069,776  
Accumulated amortization   (503,648) (454,532)  
Total   648,440 615,244  
Intangible assets with indefinite lives [Abstract]        
Cost   220,732 236,427  
Accumulated impairment   (3,600) (3,600)  
Total   217,132 232,827  
Intangible assets (excluding goodwill) [Abstract]        
Cost   1,372,820 1,306,203  
Total Intangible Assets, Net   865,572 848,071  
Impairment charges   0 3,600 $ 0
Estimated future amortization expense related to intangible assets [Abstract]        
2020   50,419    
2021   48,517    
2022   44,115    
2023   40,305    
2024   37,929    
Thereafter   427,155    
Total   648,440 615,244  
Brands and Trademarks [Member]        
Intangible assets with indefinite lives [Abstract]        
Cost   134,509 142,189  
Accumulated impairment   (3,600) (3,600)  
Total   $ 130,909 138,589  
Trademarks [Member]        
Intangible assets (excluding goodwill) [Abstract]        
% by which estimated fair value exceeds carrying value   7.00%    
Content and Publishing Rights [Member]        
Intangible assets with indefinite lives [Abstract]        
Cost   $ 86,223 94,238  
Accumulated impairment   0 0  
Total   86,223 94,238  
Brands [Member]        
Intangible assets (excluding goodwill) [Abstract]        
Impairment charges $ 3,600      
Fair value of intangible assets $ 1,200      
Content and Publishing Rights [Member]        
Finite-lived intangible assets [Abstract]        
Cost   806,628 824,146  
Accumulated amortization   (417,456) (387,386)  
Total   389,172 436,760  
Estimated future amortization expense related to intangible assets [Abstract]        
Total   389,172 436,760  
Customer Relationships [Member]        
Finite-lived intangible assets [Abstract]        
Cost   310,977 212,020  
Accumulated amortization   (65,147) (50,291)  
Total   245,830 161,729  
Estimated future amortization expense related to intangible assets [Abstract]        
Total   245,830 161,729  
Brands and Trademarks [Member]        
Finite-lived intangible assets [Abstract]        
Cost   32,802 32,111  
Accumulated amortization   (19,809) (16,011)  
Total   12,993 16,100  
Estimated future amortization expense related to intangible assets [Abstract]        
Total   12,993 16,100  
Covenants Not to Compete [Member]        
Finite-lived intangible assets [Abstract]        
Cost   1,681 1,499  
Accumulated amortization   (1,236) (844)  
Total   445 655  
Estimated future amortization expense related to intangible assets [Abstract]        
Total   $ 445 $ 655  
Brands [Member]        
Finite-lived intangible assets [Abstract]        
Estimated useful life   5 years    
v3.19.2
Income Taxes (Details) - USD ($)
$ / shares in Units, $ in Thousands
 4 Months Ended 12 Months Ended
Apr. 30, 2018
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2016
Current Provision [Abstract]          
U.S. - Federal   $ 2,384 $ (2,216) $ 912  
International   52,518 46,112 105,228  
State and Local   2,536 961 100  
Total Current Provision   57,438 44,857 106,240  
Deferred Provision (Benefit) [Abstract]          
U.S. - Federal   335 (26,062) (13,852)  
International   (7,630) 2,420 (15,330)  
State and Local   (5,454) 530 415  
Total Deferred (Benefit) Provision   (12,749) (23,112) (28,767)  
Total Provision   44,689 21,745 77,473  
Foreign and domestic pretax income [Abstract]          
International   204,326 219,178 192,910  
United States   8,626 (5,247) (1,794)  
Income Before Taxes   $ 212,952 $ 213,931 $ 191,116  
Effective income tax rate reconciliation [Abstract]          
U.S. Federal Statutory Rate 21.00% 21.00% 30.40% 35.00%  
German Tax Litigation Expense   0.00% 0.00% 25.70%  
Cost (Benefit) of Higher (Lower) Taxes on Non-U.S. Income   0.90% (8.40%) (12.70%)  
State Income Taxes, net of U.S. Federal Tax Benefit   (1.30%) 0.40% 0.10%  
Deferred Tax (Benefit) from U.S. Tax Reform Rate Change   0.10% (11.70%) 0.00%  
Deferred Tax Benefit from U.K. Statutory Tax Rate Change   0.00% 0.00% (1.30%)  
Tax Credits and Related Benefits   (0.80%) (1.70%) (6.20%)  
Tax Adjustments and Other   1.10% 1.20% (0.10%)  
Effective Income Tax Rate   21.00% 10.20% 40.50%  
Expense recorded with completion of SAB 118 analysis (2019) and Provisional benefit amount recorded related to re-measurement of net deferred tax liability (2018)   $ 200 $ 25,000    
Estimated net impact of non-recurring items from Tax Act excluding non-recurring items   21.00% 21.90%    
Income Tax Contingency [Line Items]          
Recorded tax benefits due to expiration of statute of limitations and favorable resolutions of certain tax matters with tax authorities   $ 300 $ 600    
Income Tax Disclosure [Line Items]          
U.S. Federal Statutory Rate 21.00% 21.00% 30.40% 35.00%  
Repatriation tax rate on foreign earnings held in cash equivalents and certain net assets   15.50%      
Repatriation tax rate on foreign earnings held in other assets   8.00%      
Provisional tax expense related to mandatory deemed repatriation tax on foreign earnings   $ 14,200      
Accounting for uncertainty in income taxes [Abstract]          
Accruals for interest and penalties $ 600 700 $ 600    
Net interest expense on reserves for unrecognized and recognized tax benefits   300 200    
Total amount of unrecognized tax benefits that, if recognized, would reduce the Company's income tax provision 6,800 7,700 6,800    
Reconciliation of unrecognized tax benefits [Roll Forward]          
Tax benefit related to Foreign Derived Intangible Income benefit   6,833 6,124    
Additions for Current Year Tax Positions   1,473 1,372    
Additions for Prior Year Tax Positions   414 69    
Reductions for Prior Year Tax Positions   (578) (38)    
Foreign Translation Adjustment   (42)      
Foreign Translation Adjustment     45    
Payments and Settlements   (136) (124)    
Reductions for Lapse of Statute of Limitations   (305) (615)    
Balance, end of period 6,833 7,659 6,833 $ 6,124  
Income Tax Examination [Line Items]          
Income tax charge related to unfavorable tax settlement   0 0 $ 49,029  
Significant components of deferred tax assets and liabilities [Abstract]          
Net Operating Losses 8,976 14,491 8,976    
Reserve for Sales Returns and Doubtful Accounts 2,506 2,923 2,506    
Accrued Employee Compensation 20,096 17,528 20,096    
Foreign and Federal Credits 31,109 34,401 31,109    
Other Accrued Expenses 4,632 6,262 4,632    
Retirement and Post-Employment Benefits 39,160 40,653 39,160    
Total Gross Deferred Tax Assets 106,479 116,258 106,479    
Less Valuation Allowance (8,811) (21,179) (8,811)    
Total Deferred Tax Assets 97,668 95,079 97,668    
Prepaid Expenses and Other Current Assets (3,203) (744) (3,203)    
Unremitted Foreign Earnings (1,985) (1,985) (1,985)    
Intangible and Fixed Assets (231,869) (226,898) (231,869)    
Total Deferred Tax Liabilities (237,057) (229,627) (237,057)    
Net Deferred Tax Liabilities (139,389) (134,548) (139,389)    
Reported As [Abstract]          
Non-current Deferred Tax Assets 4,129 9,227 4,129    
Non-current Deferred Tax Liabilities (143,518) (143,775) (143,518)    
Net Deferred Tax Liabilities $ (139,389) $ (134,548) $ (139,389)    
U.K. [Member]          
Income Tax Contingency [Line Items]          
Foreign statutory tax rate   57.00%     19.00%
Foreign statutory tax rate in 2020       17.00% 18.00%
Tax benefit from the re-measurement legislation enacted       $ (2,600)  
Deferred tax benefits associated with new tax legislation enacted (in dollars per share)       $ 0.04  
Germany [Member]          
Income Tax Contingency [Line Items]          
Foreign statutory tax rate   24.00%      
Australia [Member]          
Income Tax Contingency [Line Items]          
Foreign statutory tax rate   7.00%      
Foreign Tax Authority [Member]          
Effective income tax rate reconciliation [Abstract]          
U.S. Federal Statutory Rate   13.125%      
Income Tax Disclosure [Line Items]          
U.S. Federal Statutory Rate   13.125%      
Estimated taxes upon repatriation   $ 2,000      
Reconciliation of unrecognized tax benefits [Roll Forward]          
Balance, end of period   1,200      
Income Tax Examination [Line Items]          
Income tax charge related to unfavorable tax settlement       $ 49,029  
Income tax charge related to unfavorable tax settlement (in dollars per share)       $ 0.85  
State and Local Jurisdiction [Member]          
Operating Loss Carryforwards [Line Items]          
Net operating loss carry forwards   99,000      
Net operating loss carry forwards, tax effect   $ 6,000      
State and Local Jurisdiction [Member] | Minimum [Member]          
Operating Loss Carryforwards [Line Items]          
Net operating loss carry forwards, expiration period   1 year      
State and Local Jurisdiction [Member] | Maximum [Member]          
Operating Loss Carryforwards [Line Items]          
Net operating loss carry forwards, expiration period   20 years      
v3.19.2
Debt and Available Credit Facilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Outstanding borrowings under revolving credit facilities $ 478.8 $ 360.0
Amount of financing available under credit facilities 1,100.0  
Unused lines of credit $ 600.0  
Weighted average interest rate on total debt outstanding during the period 2.69% 2.44%
Weighted average interest rate on total debt at period end 2.88% 2.58%
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Amount of financing available under credit facilities $ 1,100.0  
Line of credit facility, due date Mar. 01, 2021  
Term of credit facility 5 years  
Optional credit limit increase available on request $ 350.0  
Minimum increments in which optional credit limit increase may be requested $ 50.0  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Minimum [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility fee percentage 0.15%  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Maximum [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility fee percentage 0.25%  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member]    
Line of Credit Facility [Line Items]    
Applicable margin 0.98%  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member]    
Line of Credit Facility [Line Items]    
Applicable margin 1.50%  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]    
Line of Credit Facility [Line Items]    
Applicable margin 0.00%  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]    
Line of Credit Facility [Line Items]    
Applicable margin 0.45%  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Rate [Member]    
Line of Credit Facility [Line Items]    
Margin rate over reference rate used in determining base rate 0.50%  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Eurocurrency Rate [Member]    
Line of Credit Facility [Line Items]    
Margin rate over reference rate used in determining base rate 1.00%  
Other Credit Facilities [Member] | Line of Credit [Member]    
Line of Credit Facility [Line Items]    
Outstanding borrowings under revolving credit facilities $ 0.0 $ 0.0
Amount of financing available under credit facilities $ 2.7  
v3.19.2
Derivative Instruments and Activities (Details)
€ in Millions, £ in Millions, $ in Millions
 12 Months Ended
Apr. 30, 2019
USD ($)
Apr. 30, 2018
USD ($)
Apr. 30, 2017
USD ($)
Apr. 30, 2017
GBP (£)
Contract
Apr. 30, 2017
EUR (€)
Contract
Derivative [Line Items]          
Variable rate loans outstanding $ 478.8        
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]          
Derivative [Line Items]          
Unrecognized gains to be reclassified into net income in the next twelve months 0.2        
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member]          
Derivative [Line Items]          
Net (gains) losses reclassified from Accumulated Other Comprehensive Loss (4.7) $ (1.5) $ 1.1    
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]          
Derivative [Line Items]          
Assets fair value of derivative instrument $ 0.5 $ 5.1      
Interest Rate Swaps [Member] | April 2016 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member]          
Derivative [Line Items]          
Inception date Apr. 04, 2016        
Fixed interest rate to be paid 0.92%        
Description of variable rate basis one-month LIBOR        
Term of variable rate 1 month        
Term of derivative instrument 3 years        
Expiration date May 15, 2019        
Notional amount of derivative liability $ 350.0        
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member]          
Derivative [Line Items]          
Number of open derivative contracts held | Contract       2 2
Notional amount of derivative liability       £ 274 € 31
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Transaction Gains (Losses) [Member]          
Derivative [Line Items]          
Gains recognized on derivative instruments     $ 59.0    
v3.19.2
Commitment and Contingencies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Composition of rent expense [Abstract]      
Minimum Rental $ 29,066 $ 31,451 $ 35,464
Less: Sublease Rentals (719) (708) (626)
Total 28,347 $ 30,743 $ 34,838
Estimated future minimum annual rental commitments under non-cancelable real and personal property leases [Abstract]      
2020 30,887    
2021 27,326    
2022 23,183    
2023 19,257    
2024 18,576    
Thereafter 129,382    
Total $ 248,611    
v3.19.2
Retirement Plans, Recent Plan Curtailments (Details)
 12 Months Ended
Apr. 30, 2019
Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Employee retirement age limit under retirement plans 60 years
Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Employee retirement age limit under retirement plans 65 years
Supplemental Executive Retirement Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Term of supplemental retirement benefits 10 years
v3.19.2
Retirement Plans, Components of Net Pension Expense (Income) and Weighted-Average Assumptions (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 29, 2016
USD ($)
Participant
Oct. 31, 2016
USD ($)
Apr. 30, 2019
USD ($)
Apr. 30, 2018
USD ($)
Apr. 30, 2017
USD ($)
Weighted-average assumptions [Abstract]          
Net actuarial loss related to early lump sum payment of pension plan benefit     $ 0 $ 0 $ 8,842
Retirement plans with accumulated benefit obligations in excess of plan assets [Abstract]          
Projected benefit obligation for plans with accumulated benefit obligations in excess of plan assets     794,200 820,400  
Accumulated benefit obligation for plans with accumulated benefit obligations in excess of plan assets     762,800 787,600  
Fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets     621,900 624,400  
U.S. [Member]          
Defined benefit plans, net pension expense (income) [Abstract]          
Service Cost     0 0 0
Interest Cost     11,704 11,666 12,398
Expected Return on Plan Assets     (13,472) (13,154) (14,053)
Net Amortization of Prior Service Cost     (154) (154) (154)
Recognized Net Actuarial Loss     2,035 2,289 2,622
Curtailment/Settlement Loss     0 0 8,842
Net Pension Expense (Income)     $ 113 $ 647 $ 9,655
Weighted-average assumptions [Abstract]          
Discount Rate     4.30% 4.10% 4.00%
Rate of Compensation Increase    
Expected Return on Plan Assets     6.80% 6.80% 6.80%
Number of eligible participants | Participant 780        
Total liability for early payment of pension plan benefit in a single lump sum payment $ 28,300        
Lump sum payment for early payment of pension plan benefit   $ 28,300      
Net actuarial loss related to early lump sum payment of pension plan benefit         $ 8,800
Retirement plans with accumulated benefit obligations in excess of plan assets [Abstract]          
Projected benefit obligation for plans with accumulated benefit obligations in excess of plan assets     $ 285,197 $ 279,644  
Non-U.S. [Member]          
Defined benefit plans, net pension expense (income) [Abstract]          
Service Cost     912 960 967
Interest Cost     12,943 13,876 14,449
Expected Return on Plan Assets     (25,551) (26,385) (21,173)
Net Amortization of Prior Service Cost     57 57 54
Recognized Net Actuarial Loss     3,746 3,832 2,553
Curtailment/Settlement Loss     0 19 0
Net Pension Expense (Income)     $ (7,893) $ (7,641) $ (3,150)
Weighted-average assumptions [Abstract]          
Discount Rate     2.60% 2.60% 3.50%
Rate of Compensation Increase     3.00% 3.00% 3.00%
Expected Return on Plan Assets     6.50% 6.50% 6.70%
Retirement plans with accumulated benefit obligations in excess of plan assets [Abstract]          
Projected benefit obligation for plans with accumulated benefit obligations in excess of plan assets     $ 477,561 $ 507,932  
v3.19.2
Retirement Plans, Amounts in Accumulated Other Comprehensive Loss to Be Recognized During Next Fiscal Year (Details)
$ in Thousands
Apr. 30, 2019
USD ($)
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract]  
Actuarial Loss $ 6,481
Prior Service Cost (72)
Total 6,409
U.S. [Member]  
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract]  
Actuarial Loss 2,390
Prior Service Cost (154)
Total 2,236
Non-U.S. [Member]  
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract]  
Actuarial Loss 4,091
Prior Service Cost 82
Total $ 4,173
v3.19.2
Retirement Plans, Changes in and Status of Defined Benefit Plans' Assets and Benefit Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
CHANGE IN PLAN ASSETS [Roll Forward]      
Fair Value of Plan Assets, Beginning of Year $ 624,431    
Fair Value, End of Year 621,877 $ 624,431  
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract]      
Accumulated Benefit Obligations (794,200) (820,400)  
U.S. [Member]      
CHANGE IN PLAN ASSETS [Roll Forward]      
Fair Value of Plan Assets, Beginning of Year 204,983 200,001  
Actual Return on Plan Assets 9,705 15,352  
Employer Contributions 14,753 5,020  
Employee Contributions 0 0  
Settlements 0 0  
Benefits Paid (15,813) (15,390)  
Foreign Currency Rate Changes 0 0  
Fair Value, End of Year 213,628 204,983 $ 200,001
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward]      
Benefit Obligation, Beginning of Year (279,644) (290,785)  
Service Cost 0 0 0
Interest Cost (11,704) (11,666) (12,398)
Actuarial Gains (Losses) (9,662) 7,417  
Benefits Paid 15,813 15,390  
Foreign Currency Rate Changes 0 0  
Settlements and Other 0 0  
Benefit Obligation, End of Year (285,197) (279,644) (290,785)
Underfunded Status, End of Year (71,569) (74,661)  
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract]      
Current Pension Liability (5,188) (4,818)  
Noncurrent Pension Liability (66,381) (69,843)  
Net Amount Recognized in Statement of Financial Position (71,569) (74,661)  
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF [Abstract]      
Net Actuarial (Losses) (94,028) (82,636)  
Prior Service Cost Gains (Losses) 2,408 2,562  
Total Accumulated Other Comprehensive Loss (91,620) (80,074)  
Change in Accumulated Other Comprehensive Loss $ (11,546) $ 11,749  
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract]      
Discount Rate 4.10% 4.30%  
Rate of Compensation Increase  
Accumulated Benefit Obligations $ (285,197) $ (279,644)  
Non-U.S. [Member]      
CHANGE IN PLAN ASSETS [Roll Forward]      
Fair Value of Plan Assets, Beginning of Year 419,448 390,133  
Actual Return on Plan Assets 24,891 2,780  
Employer Contributions 11,872 8,385  
Employee Contributions 0 0  
Settlements 0 (239)  
Benefits Paid (16,282) (15,909)  
Foreign Currency Rate Changes (31,680) 34,298  
Fair Value, End of Year 408,249 419,448 390,133
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward]      
Benefit Obligation, Beginning of Year (540,686) (519,588)  
Service Cost (912) (960) (967)
Interest Cost (12,943) (13,876) (14,449)
Actuarial Gains (Losses) (11,013) 23,528  
Benefits Paid 16,282 15,909  
Foreign Currency Rate Changes 41,143 (45,938)  
Settlements and Other (886) 239  
Benefit Obligation, End of Year (509,015) (540,686) $ (519,588)
Underfunded Status, End of Year (100,766) (121,238)  
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract]      
Current Pension Liability (816) (780)  
Noncurrent Pension Liability (99,950) (120,458)  
Net Amount Recognized in Statement of Financial Position (100,766) (121,238)  
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF [Abstract]      
Net Actuarial (Losses) (177,157) (183,316)  
Prior Service Cost Gains (Losses) (1,154) (441)  
Total Accumulated Other Comprehensive Loss (178,311) (183,757)  
Change in Accumulated Other Comprehensive Loss $ 5,446 $ (11,708)  
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract]      
Discount Rate 2.40% 2.60%  
Rate of Compensation Increase 3.00% 3.00%  
Accumulated Benefit Obligations $ (477,561) $ (507,932)  
v3.19.2
Retirement Plans, Pension Plan Assets/Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Pension plan assets/investments [Abstract]      
Acceptable ranges within which asset allocations will fluctuate 5.00%    
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets $ 621,877 $ 624,431  
Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 2,251 1,762  
Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets $ 405,998 417,686  
Equity Securities [Member]      
Pension plan assets/investments [Abstract]      
Target allocation percentage 50.00%    
Fixed Income Securities and Cash [Member]      
Pension plan assets/investments [Abstract]      
Target allocation percentage 50.00%    
U.S. [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets $ 213,628 204,983 $ 200,001
U.S. [Member] | Investments Measured at NAV [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 213,628 204,983  
U.S. [Member] | Global Equity Securites: Limited Partnership [Member] | Investments Measured at NAV [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 109,490 95,933  
U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Investments Measured at NAV [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 104,138 100,295  
U.S. [Member] | Other: Real Estate Commingled Trust Fund [Member] | Investments Measured at NAV [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 0 8,755  
Non-U.S. [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 408,249 419,448 $ 390,133
Non-U.S. [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 2,251 1,762  
Non-U.S. [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 405,998 417,686  
Non-U.S. [Member] | U.S. Equities [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 39,652 31,203  
Non-U.S. [Member] | U.S. Equities [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 0 0  
Non-U.S. [Member] | U.S. Equities [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 39,652 31,203  
Non-U.S. [Member] | Non-U.S. Equities [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 117,575 96,387  
Non-U.S. [Member] | Non-U.S. Equities [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 0 0  
Non-U.S. [Member] | Non-U.S. Equities [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 117,575 96,387  
Non-U.S. [Member] | Balanced Managed Funds [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 48,550 91,743  
Non-U.S. [Member] | Balanced Managed Funds [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 0 0  
Non-U.S. [Member] | Balanced Managed Funds [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 48,550 91,743  
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 200,575 197,804  
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 855 0  
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 199,720 197,804  
Non-U.S. [Member] | Real Estate/Other [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 501 549  
Non-U.S. [Member] | Real Estate/Other [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 0 0  
Non-U.S. [Member] | Real Estate/Other [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 501 549  
Non-U.S. [Member] | Cash and Cash Equivalents [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 1,396 1,762  
Non-U.S. [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets 1,396 1,762  
Non-U.S. [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair Value of Plan Assets $ 0 $ 0  
v3.19.2
Retirement Plans, Expected Employer Contributions and Benefit Payments and Other Retirement Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions to the defined benefit pension plans $ 17,000    
Discretionary contribution 10,000    
Expected future benefit payments [Abstract]      
2020 25,155    
2021 24,351    
2022 25,913    
2023 26,692    
2024 27,533    
2025-2029 147,785    
Total 277,429    
U.S. [Member]      
Expected future benefit payments [Abstract]      
2020 16,287    
2021 14,741    
2022 14,894    
2023 15,259    
2024 15,436    
2025-2029 76,053    
Total 152,670    
Other postretirement benefits [Abstract]      
Annual (credits) expenses for benefit plans 113 $ 647 $ 9,655
Non-U.S. [Member]      
Expected future benefit payments [Abstract]      
2020 8,868    
2021 9,610    
2022 11,019    
2023 11,433    
2024 12,097    
2025-2029 71,732    
Total 124,759    
Other postretirement benefits [Abstract]      
Annual (credits) expenses for benefit plans (7,893) (7,641) (3,150)
Non-U.S. [Member] | Minimum [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions to the defined benefit pension plans 11,700    
Postretirement Life Insurance and Health Care Benefits [Member]      
Other postretirement benefits [Abstract]      
Curtailment gain (loss) 2,500    
Accumulated post-retirement benefit obligation 1,600 1,800  
Annual (credits) expenses for benefit plans (100) (100) (200)
Defined Contribution Savings Plan [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Expense recorded $ 13,100 $ 14,400 $ 15,500
v3.19.2
Stock-Based Compensation (Details) - 2014 Key Employee Stock Plan [Member] - Class A Common Stock [Member]
Apr. 30, 2019
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares authorized for issuance under the plan (in shares) 6,500,000
Remaining shares available for future issuance under the plan (in shares) 4,355,399
v3.19.2
Stock-Based Compensation, Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2016
Apr. 30, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]          
Options Outstanding, Number of Options (in shares) 372        
Options Outstanding, Weighted Average Remaining Term 2 years 9 months 18 days        
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 49.70        
Options Exercisable, Number of Options (in shares) 372        
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 49.70        
$35.04 [Member]          
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]          
Options Outstanding, Number of Options (in shares) 11        
Options Outstanding, Weighted Average Remaining Term 2 months 12 days        
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 35.04        
Options Exercisable, Number of Options (in shares) 11        
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 35.04        
$39.53 to $40.02 [Member]          
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]          
Range of Exercise Prices, Lower Range Limit (in dollars per share) 39.53        
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 40.02        
Options Outstanding, Number of Options (in shares) 101        
Options Outstanding, Weighted Average Remaining Term 2 years 3 months 18 days        
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 39.71        
Options Exercisable, Number of Options (in shares) 101        
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 39.71        
$48.06 to $49.55 [Member]          
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]          
Range of Exercise Prices, Lower Range Limit (in dollars per share) 48.06        
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 49.55        
Options Outstanding, Number of Options (in shares) 106        
Options Outstanding, Weighted Average Remaining Term 2 years 3 months 18 days        
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 48.69        
Options Exercisable, Number of Options (in shares) 106        
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 48.69        
$55.99 to $59.70 [Member]          
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]          
Range of Exercise Prices, Lower Range Limit (in dollars per share) 55.99        
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 59.70        
Options Outstanding, Number of Options (in shares) 154        
Options Outstanding, Weighted Average Remaining Term 3 years 7 months 6 days        
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 57.87        
Options Exercisable, Number of Options (in shares) 154        
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 57.87        
Stock Options [Member]          
Estimated weighted average fair value for options granted and significant weighted average assumptions used [Abstract]          
Fair Value of Options on Grant Date (in dollars per share)       $ 14.77  
Weighted Average assumptions [Abstract]          
Expected Life of Options       7 years 2 months 12 days  
Risk-Free Interest Rate       2.10%  
Expected Volatility       29.70%  
Expected Dividend Yield       2.10%  
Fair Value of Common Stock on Grant Date (in dollars per share)       $ 55.99  
Options [Roll Forward]          
Outstanding at Beginning of Year (in shares) 611 1,429 1,966    
Granted (in shares) 0 0 0    
Exercised (in shares) (229) (788) (469)    
Expired or Forfeited (in shares) (10) (30) (68)    
Outstanding at End of Year (in shares) 372 611 1,429 1,966  
Exercisable at End of Year (in shares) 372 530 1,064    
Vested and Expected to Vest in the Future at End of Year (in shares) 372 599 1,249    
Weighted Average Exercise Price [Abstract]          
Outstanding at Beginning of Year (in dollars per share) $ 48.88 $ 47.39 $ 46.62    
Granted (in dollars per share) 0 0 0    
Exercised (in dollars per share) 47.21 45.97 43.74    
Expired or Forfeited (in dollars per share) 56.97 54.24 49.91    
Outstanding at End of Year (in dollars per share) 49.70 48.88 47.39 $ 46.62  
Exercisable at End of Year (in dollars per share) 49.70 47.43 46.04    
Vested and Expected to Vest in the Future at End of Year (in dollars per share) $ 49.70 $ 48.90 $ 45.88    
Weighted Average Remaining Term [Abstract]          
Outstanding at End of Year 2 years 9 months 18 days        
Exercisable at End of Year 2 years 9 months 18 days        
Vested and Expected to Vest in the Future at End of Year 2 years 9 months 18 days        
Average Intrinsic Value [Abstract]          
Outstanding at End of Year $ 0.8        
Exercisable at End of Year 0.8        
Vested and Expected to Vest in the Future at End of Year 0.8        
Options, Additional Disclosure [Abstract]          
Total intrinsic value of options exercised 4.4 $ 10.4 $ 20.5    
Total grant date fair value of stock options vested 4.8 $ 13.4      
Unrecognized share-based compensation expense $ 0.0        
Stock Options [Member] | Minimum [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Exercise price of stock options granted as percentage of fair market value of stock at date of grant as required by the plan 100.00%        
Stock Options [Member] | Maximum [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Exercisable period 10 years        
Stock Options [Member] | Vesting on Fourth Anniversary Date Following Date of Grant [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage         50.00%
Stock Options [Member] | Vesting on Fifth Anniversary Date Following Date of Grant [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage         50.00%
Stock Options [Member] | Annual Vesting on April 30th [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage       25.00%  
v3.19.2
Stock-Based Compensation, Performance-Based and Other Restricted Stock Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2016
Apr. 30, 2015
Restricted Stock Awards [Member]          
Restricted Shares [Roll Forward]          
Nonvested Shares at Beginning of Year (in shares) 861 913 915    
Granted (in shares) 415 525 509    
Change in Shares Due to Performance (in shares) (19) (107) (67)    
Vested and Issued (in shares) (357) (318) (267)    
Forfeited (in shares) (144) (152) (177)    
Nonvested Shares at End of Year (in shares) 756 861 913 915  
Weighted Average Grant Date Value [Abstract]          
Nonvested Shares at Beginning of Year (in dollars per share) $ 53.22        
Granted (in dollars per share) 62.63        
Change in Shares Due to Performance (in dollars per share) 44.17        
Vested and Issued (in dollars per share) 54.95        
Forfeited (in dollars per share) 55.37        
Nonvested Shares at End of Year (in dollars per share) $ 57.38 $ 53.22      
Restricted Stock, Additional Disclosures [Abstract]          
Unrecognized share-based compensation expense $ 28.1        
Award vesting period 4 years        
Weighted average recognition period for unrecognized share-based compensation 2 years 2 months 12 days        
Total grant date fair value of restricted shares vested $ 19.6 $ 15.7 $ 12.1    
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on Fourth Anniversary Date Following Date of Grant [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage         50.00%
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on Fifth Anniversary Date Following Date of Grant [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage         50.00%
Restricted Stock Awards [Member] | Key Employees [Member] | Annual Vesting on Anniversary of Grant [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage       25.00%  
Performance-based Restricted Stock Awards [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Period for achievement of performance-based targets 3 years        
Performance-based Restricted Stock Awards [Member] | Vesting on First Anniversary Date after Award Is Earned [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage         50.00%
Performance-based Restricted Stock Awards [Member] | Vesting on Second Anniversary Date after Award Is Earned [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage         50.00%
Performance-based Restricted Stock Awards [Member] | Vesting at End of Performance Cycle [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage 50.00%        
Performance-based Restricted Stock Awards [Member] | Vesting on April 30th of Year Following Performance Cycle [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage 50.00%        
v3.19.2
Stock-Based Compensation, President and CEO New Hire Equity Awards (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 30, 2019
USD ($)
Installment
$ / shares
shares
ELTIP [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Targeted long-term incentive as percentage of base salary 300.00%
Targeted long-term incentive value | $ $ 2.7
ELTIP [Member] | Performance Share Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of targeted long-term incentive value 60.00%
Grant date fair value (in dollars per share) | $ / shares $ 59.15
Awards granted (in shares) | shares 30,916
ELTIP [Member] | Restricted Share Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of targeted long-term incentive value 40.00%
Grant date fair value (in dollars per share) | $ / shares $ 59.15
Awards granted (in shares) | shares 20,611
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2018 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards vesting percentage 25.00%
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2019 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards vesting percentage 25.00%
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2020 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards vesting percentage 25.00%
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2021 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards vesting percentage 25.00%
Sign-On Grant [Member] | Restricted Share Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Grant date fair value (in dollars per share) | $ / shares $ 59.15
Awards granted (in shares) | shares 67,625
Grant value | $ $ 4.0
Number of equal installments | Installment 2
v3.19.2
Stock-Based Compensation, Director Stock Awards (Details) - Director Stock Plan [Member] - Class A Common Stock [Member] - Non-Employee Directors [Member] - shares
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Value of annual award as percentage of annual director retainer fee based on stock price on date of grant 100.00%    
Shares awarded under the plan (in shares) 18,991 19,900 20,243
v3.19.2
Capital Stock and Changes in Capital Accounts (Details)
 12 Months Ended
Apr. 30, 2019
Vote
$ / shares
shares
Apr. 30, 2018
$ / shares
shares
Apr. 30, 2017
$ / shares
shares
2017 Share Repurchase Program [Member]      
Capital Stock [Abstract]      
Additional shares of common stock approved for repurchase under the share repurchase program (in shares)     4,000,000
Average price of shares repurchased during the period (in dollars per share) | $ / shares   $ 55.65 $ 52.80
Remaining number of shares authorized to be repurchased under the share repurchase program (in shares) 1,888,975    
Changes in Common Stock in Treasury [Abstract]      
Purchase of treasury shares (in shares)   713,177 953,188
Class A [Member]      
Common Stock [Abstract]      
Class A Common shares into which each share of Class B Common Stock is convertible (in shares) 1    
Percentage of the Board of Directors elected by Class A common stockholders 30.00%    
Number of votes to which each share of common stock is entitled | Vote 0.1    
Changes in Common Stock [Abstract]      
Number of shares, beginning of year 70,110,603 70,086,000 69,798,000
Common stock class conversions and other 16,000 25,000 288,000
Number of shares issued, end of year (in shares) 70,126,963 70,110,603 70,086,000
Changes in Common Stock in Treasury [Abstract]      
Number of shares held, beginning of year (in shares) 21,853,257 22,097,000 21,709,000
Purchase of treasury shares (in shares) 1,192,000 713,000 953,000
Stock grants of fully vested Class A shares - common stock (in shares) 0 (20,000) (24,000)
Restricted shares, forfeited (in shares) 9,000 15,000 8,000
Restricted shares issued from exercise of stock options (in shares) (229,000) (788,000) (469,000)
Shares withheld for taxes (in shares) 130,000 116,000 97,000
Other (in shares) (1,000) (1,000) 83,000
Number of shares held, end of year (in shares) 22,633,869 21,853,257 22,097,000
Number of Common Stock outstanding, end of year (in shares) 47,493,000 48,258,000 47,989,000
Class A [Member] | Non-Performance Shares [Member]      
Changes in Common Stock in Treasury [Abstract]      
Restricted shares issued under stock-based compensation plans (in shares) (210,000) (153,000) (74,000)
Class A [Member] | Performance Share Units [Member]      
Changes in Common Stock in Treasury [Abstract]      
Restricted shares issued under stock-based compensation plans (in shares) (110,000) (126,000) (186,000)
Class A [Member] | 2017 Share Repurchase Program [Member]      
Capital Stock [Abstract]      
Average price of shares repurchased during the period (in dollars per share) | $ / shares $ 50.35    
Changes in Common Stock in Treasury [Abstract]      
Purchase of treasury shares (in shares) 1,191,496   952,667
Class B [Member]      
Common Stock [Abstract]      
Number of votes to which each share of common stock is entitled | Vote 1    
Changes in Common Stock [Abstract]      
Number of shares, beginning of year 13,071,067 13,096,000 13,392,000
Common stock class conversions and other (16,000) (25,000) (296,000)
Number of shares issued, end of year (in shares) 13,054,707 13,071,067 13,096,000
Changes in Common Stock in Treasury [Abstract]      
Number of shares held, beginning of year (in shares) 3,917,574 3,918,000 3,917,000
Purchase of treasury shares (in shares) 0 0 1,000
Number of shares held, end of year (in shares) 3,917,574 3,917,574 3,918,000
Number of Common Stock outstanding, end of year (in shares) 9,137,000 9,153,000 9,178,000
Class B [Member] | 2017 Share Repurchase Program [Member]      
Changes in Common Stock in Treasury [Abstract]      
Purchase of treasury shares (in shares)     521
v3.19.2
Capital Stock and Changes in Capital Accounts, Cash Dividends Paid (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 17, 2019
Mar. 20, 2019
Jan. 16, 2019
Dec. 19, 2018
Oct. 24, 2018
Sep. 26, 2018
Jul. 18, 2018
Jun. 21, 2018
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Cash dividend [Abstract]                      
Cash dividends $ 18,600   $ 18,900   $ 18,900   $ 19,000   $ 75,752 $ 73,542 $ 71,545
Class A Common Stock [Member]                      
Cash dividend [Abstract]                      
Common stock dividend (in dollars per share)                 $ 1.32 $ 1.28 $ 1.24
Class A Common Stock [Member] | Dividend Declared in Q1 2019 [Member]                      
Cash dividend [Abstract]                      
Dividend declared date                 Jun. 21, 2018    
Common stock dividend (in dollars per share)               $ 0.33      
Dividend paid date                 Jul. 18, 2018    
Dividend record date                 Jul. 03, 2018    
Class A Common Stock [Member] | Dividend Declared in Q2 2019 [Member]                      
Cash dividend [Abstract]                      
Dividend declared date                 Sep. 26, 2018    
Common stock dividend (in dollars per share)           $ 0.33          
Dividend paid date                 Oct. 24, 2018    
Dividend record date                 Oct. 09, 2018    
Class A Common Stock [Member] | Dividend Declared in Q3 2019 [Member]                      
Cash dividend [Abstract]                      
Dividend declared date                 Dec. 19, 2018    
Common stock dividend (in dollars per share)       $ 0.33              
Dividend paid date                 Jan. 16, 2019    
Dividend record date                 Jan. 02, 2019    
Class A Common Stock [Member] | Dividend Declared in Q4 2019 [Member]                      
Cash dividend [Abstract]                      
Dividend declared date                 Mar. 20, 2019    
Common stock dividend (in dollars per share)   $ 0.33                  
Dividend paid date                 Apr. 17, 2019    
Dividend record date                 Apr. 02, 2019    
Class B Common [Member]                      
Cash dividend [Abstract]                      
Common stock dividend (in dollars per share)                 $ 1.32 $ 1.28 $ 1.24
Class B Common [Member] | Dividend Declared in Q1 2019 [Member]                      
Cash dividend [Abstract]                      
Dividend declared date                 Jun. 21, 2018    
Common stock dividend (in dollars per share)               $ 0.33      
Dividend paid date                 Jul. 18, 2018    
Dividend record date                 Jul. 03, 2018    
Class B Common [Member] | Dividend Declared in Q2 2019 [Member]                      
Cash dividend [Abstract]                      
Dividend declared date                 Sep. 26, 2018    
Common stock dividend (in dollars per share)           $ 0.33          
Dividend paid date                 Oct. 24, 2018    
Dividend record date                 Oct. 09, 2018    
Class B Common [Member] | Dividend Declared in Q3 2019 [Member]                      
Cash dividend [Abstract]                      
Dividend declared date                 Dec. 19, 2018    
Common stock dividend (in dollars per share)       $ 0.33              
Dividend paid date                 Jan. 16, 2019    
Dividend record date                 Jan. 02, 2019    
Class B Common [Member] | Dividend Declared in Q4 2019 [Member]                      
Cash dividend [Abstract]                      
Dividend declared date                 Mar. 20, 2019    
Common stock dividend (in dollars per share)   $ 0.33                  
Dividend paid date                 Apr. 17, 2019    
Dividend record date                 Apr. 02, 2019    
v3.19.2
Segment Information (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2019
USD ($)
Jan. 31, 2019
USD ($)
Oct. 31, 2018
USD ($)
Jul. 31, 2018
USD ($)
Apr. 30, 2018
USD ($)
Jan. 31, 2018
USD ($)
Oct. 31, 2017
USD ($)
Jul. 31, 2017
USD ($)
Apr. 30, 2019
USD ($)
Segment
Apr. 30, 2018
USD ($)
Apr. 30, 2017
USD ($)
Segment Information [Abstract]                      
Number of reportable segments | Segment                 3    
Segment Information [Abstract]                      
Revenue $ 491,200 $ 449,400 $ 448,600 $ 410,900 $ 477,300 $ 455,700 $ 451,700 $ 411,400 $ 1,800,069 $ 1,796,103 $ 1,718,530
Corporate Expenses                 (168,754) (183,603) [1] (178,531) [1]
Operating Income $ 80,100 $ 50,300 $ 57,500 $ 36,100 $ 72,700 $ 65,400 $ 80,800 $ 12,600 223,989 231,461 [1] 211,470 [1]
ASU 2017-07 Member]                      
Segment Information [Abstract]                      
Net benefits                 8,800 8,100 (5,300)
Operating and Administrative Expenses [Member] | ASU 2017-07 Member]                      
Segment Information [Abstract]                      
Net benefits                   8,100  
Interest and Other Income [Member] | ASU 2017-07 Member]                      
Segment Information [Abstract]                      
Net benefits                     (5,300)
Research [Member] | Interest and Other Income [Member] | ASU 2017-07 Member]                      
Segment Information [Abstract]                      
Net benefits                   (4,200) (1,600)
Publishing [Member] | Interest and Other Income [Member] | ASU 2017-07 Member]                      
Segment Information [Abstract]                      
Net benefits                   (2,300) (1,200)
Operating Segments [Member]                      
Segment Information [Abstract]                      
Revenue                 1,800,069 1,796,103 [1] 1,718,530 [1]
Contribution to Profit                 392,743 415,064 [1] 390,001 [1]
Operating Segments [Member] | Research [Member]                      
Segment Information [Abstract]                      
Revenue                 937,313 934,395 [1] 853,489 [1]
Contribution to Profit                 258,875 271,326 [1] 250,648 [1]
Operating Segments [Member] | Publishing [Member]                      
Segment Information [Abstract]                      
Revenue                 574,192 617,648 [1] 633,449 [1]
Contribution to Profit                 118,901 121,639 [1] 124,531 [1]
Operating Segments [Member] | Solutions [Member]                      
Segment Information [Abstract]                      
Revenue                 288,564 244,060 [1] 231,592 [1]
Contribution to Profit                 $ 14,967 22,099 [1] 14,822 [1]
Corporate [Member] | Interest and Other Income [Member] | ASU 2017-07 Member]                      
Segment Information [Abstract]                      
Net benefits                   $ (1,600) $ 8,100
[1] Due to the retrospective adoption of ASU 2017-07, total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest Income and Other for the years ended April 30, 2018 and 2017, respectively. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2018 was $4.2 million in Research, $2.3 million in Publishing, and $1.6 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2017 was $1.6 million in Research, $1.2 million in Publishing, and $(8.1) million in Corporate expenses.
v3.19.2
Segment Information, Total Assets by Segment (Details) - USD ($)
$ in Thousands
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Segment Information [Abstract]      
Total assets $ 2,937,002 $ 2,839,451 $ 2,606,217
Operating Segments [Member] | Research [Member]      
Segment Information [Abstract]      
Total assets 1,152,973 1,238,178 1,133,846
Operating Segments [Member] | Publishing [Member]      
Segment Information [Abstract]      
Total assets 643,549 575,033 582,339
Operating Segments [Member] | Solutions [Member]      
Segment Information [Abstract]      
Total assets 751,854 563,489 575,068
Corporate [Member]      
Segment Information [Abstract]      
Total assets $ 388,626 $ 462,751 $ 314,964
v3.19.2
Segment Information, Other Significant Reconciling Items by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Segment Information [Abstract]      
Expenditures for long lived assets $ (101,593) $ (150,728) $ (303,427)
Depreciation and amortization 161,155 153,989 156,561
Operating Segments [Member] | Research [Member]      
Segment Information [Abstract]      
Expenditures for long lived assets (6,457) (7,538) (154,189)
Depreciation and amortization 37,088 33,655 29,330
Operating Segments [Member] | Publishing [Member]      
Segment Information [Abstract]      
Expenditures for long lived assets (19,712) (23,666) (29,420)
Depreciation and amortization 33,892 39,495 43,831
Operating Segments [Member] | Solutions [Member]      
Segment Information [Abstract]      
Expenditures for long lived assets (9,001) (16,786) (21,210)
Depreciation and amortization 34,300 27,703 26,792
Corporate [Member]      
Segment Information [Abstract]      
Expenditures for long lived assets (66,423) (102,738) (98,608)
Depreciation and amortization $ 55,875 $ 53,136 $ 56,608
v3.19.2
Segment Information, Revenues from External Customers and Technology, Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2019
Jan. 31, 2019
Oct. 31, 2018
Jul. 31, 2018
Apr. 30, 2018
Jan. 31, 2018
Oct. 31, 2017
Jul. 31, 2017
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Segment Information [Abstract]                      
Revenue $ 491,200 $ 449,400 $ 448,600 $ 410,900 $ 477,300 $ 455,700 $ 451,700 $ 411,400 $ 1,800,069 $ 1,796,103 $ 1,718,530
Technology, Property and Equipment, net 289,021       289,934       289,021 289,934 243,058
Reportable Geographical Components [Member] | United States [Member]                      
Segment Information [Abstract]                      
Revenue                 932,927 913,852 786,574
Technology, Property and Equipment, net 252,459       249,542       252,459 249,542 208,572
Reportable Geographical Components [Member] | United Kingdom [Member]                      
Segment Information [Abstract]                      
Revenue                 150,242 147,406 189,479
Technology, Property and Equipment, net 18,331       20,955       18,331 20,955 21,368
Reportable Geographical Components [Member] | Germany [Member]                      
Segment Information [Abstract]                      
Revenue                 97,505 98,404 75,090
Technology, Property and Equipment, net 8,423       9,259       8,423 9,259 8,770
Reportable Geographical Components [Member] | Japan [Member]                      
Segment Information [Abstract]                      
Revenue                 77,145 81,572 62,674
Technology, Property and Equipment, net 87       72       87 72 75
Reportable Geographical Components [Member] | Australia [Member]                      
Segment Information [Abstract]                      
Revenue                 77,453 78,270 66,309
Technology, Property and Equipment, net 1,440       1,454       1,440 1,454 591
Reportable Geographical Components [Member] | China [Member]                      
Segment Information [Abstract]                      
Revenue                 55,024 53,076 39,653
Technology, Property and Equipment, net 688       229       688 229 270
Reportable Geographical Components [Member] | Canada [Member]                      
Segment Information [Abstract]                      
Revenue                 50,882 55,568 50,740
Technology, Property and Equipment, net 2,659       3,635       2,659 3,635 1,232
Reportable Geographical Components [Member] | France [Member]                      
Segment Information [Abstract]                      
Revenue                 51,441 51,826 44,760
Technology, Property and Equipment, net 403       635       403 635 335
Reportable Geographical Components [Member] | India [Member]                      
Segment Information [Abstract]                      
Revenue                 36,472 41,637 34,306
Technology, Property and Equipment, net 1,299       1,437       1,299 1,437 245
Reportable Geographical Components [Member] | Other Countries [Member]                      
Segment Information [Abstract]                      
Revenue                 270,978 274,492 368,945
Technology, Property and Equipment, net $ 3,232       $ 2,716       $ 3,232 $ 2,716 $ 1,600
v3.19.2
Supplementary Quarterly Financial Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2019
Jan. 31, 2019
Oct. 31, 2018
Jul. 31, 2018
Apr. 30, 2018
Jan. 31, 2018
Oct. 31, 2017
Jul. 31, 2017
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract]                      
Revenue, net $ 491,200 $ 449,400 $ 448,600 $ 410,900 $ 477,300 $ 455,700 $ 451,700 $ 411,400 $ 1,800,069 $ 1,796,103 $ 1,718,530
Gross profit 340,700 305,500 316,000 283,100 340,700 319,300 319,600 285,500 1,245,300 1,265,100  
Operating income 80,100 50,300 57,500 36,100 72,700 65,400 80,800 12,600 223,989 231,461 [1] 211,470 [1]
Net income $ 63,300 $ 34,900 $ 43,800 $ 26,300 $ 54,200 $ 68,800 $ 60,000 $ 9,200 $ 168,263 $ 192,186 $ 113,643
Earnings Per Share [Abstract]                      
Basic (in dollars per share) $ 1.11 [2] $ 0.61 [2] $ 0.76 [2] $ 0.46 [2] $ 0.95 [2] $ 1.21 [2] $ 1.06 [2] $ 0.16 [2] $ 2.94 $ 3.37 $ 1.98
Diluted (in dollars per share) $ 1.10 [2] $ 0.61 [2] $ 0.76 [2] $ 0.45 [2] $ 0.93 [2] $ 1.19 [2] $ 1.04 [2] $ 0.16 [2] $ 2.91 $ 3.32 $ 1.95
[1] Due to the retrospective adoption of ASU 2017-07, total net benefits (costs) of $8.1 million and $(5.3) million related to the non-service components of defined benefit and other post-employment benefit plans were reclassified from Operating and Administrative Expenses to Interest Income and Other for the years ended April 30, 2018 and 2017, respectively. Refer to Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2018 was $4.2 million in Research, $2.3 million in Publishing, and $1.6 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the year ended April 30, 2017 was $1.6 million in Research, $1.2 million in Publishing, and $(8.1) million in Corporate expenses.
[2] The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding.
v3.19.2
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 28, 2019
May 30, 2019
Apr. 17, 2019
Jan. 16, 2019
Oct. 24, 2018
Jul. 18, 2018
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Jul. 01, 2019
Dividend [Abstract]                    
Cash dividends     $ 18,600 $ 18,900 $ 18,900 $ 19,000 $ 75,752 $ 73,542 $ 71,545  
Class A Common Stock [Member]                    
Dividend [Abstract]                    
Common stock dividend (in dollars per share)             $ 1.32 $ 1.28 $ 1.24  
Class B Common [Member]                    
Dividend [Abstract]                    
Common stock dividend (in dollars per share)             $ 1.32 $ 1.28 $ 1.24  
Revolving Credit Facility [Member]                    
Amended and Restated Credit Agreement [Abstract]                    
Aggregate principal amount             $ 1,100,000      
Subsequent Event [Member] | Dividend Declared in Q1 2020 [Member]                    
Dividend [Abstract]                    
Cash dividends $ 19,200                  
Subsequent Event [Member] | Class A Common Stock [Member] | Dividend Declared in Q1 2020 [Member]                    
Dividend [Abstract]                    
Dividend declared date Jun. 28, 2019                  
Common stock dividend (in dollars per share) $ 0.34                  
Dividend payable date Jul. 24, 2019                  
Dividend record date Jul. 10, 2019                  
Subsequent Event [Member] | Class B Common [Member] | Dividend Declared in Q1 2020 [Member]                    
Dividend [Abstract]                    
Dividend declared date Jun. 28, 2019                  
Common stock dividend (in dollars per share) $ 0.34                  
Dividend payable date Jul. 24, 2019                  
Dividend record date Jul. 10, 2019                  
Subsequent Event [Member] | zybooks [Member]                    
Acquisition [Abstract]                    
Cash to be paid to equity shareholders of acquiree company                   $ 56,000
Subsequent Event [Member] | Revolving Credit Facility [Member]                    
Amended and Restated Credit Agreement [Abstract]                    
Term of credit facility   5 years                
Aggregate principal amount   $ 1,250,000                
Subsequent Event [Member] | Term Loan A Facility [Member]                    
Amended and Restated Credit Agreement [Abstract]                    
Term of credit facility   5 years                
Credit agreement face amount   $ 250,000                
Credit agreement issuance cost   $ 4,000                
v3.19.2
Schedule II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Allowance for Sales Returns [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period $ 18,628 [1] $ 24,300 $ 19,861
Charged to expenses 37,483 [1] 38,711 53,482
Deductions from reserves and other [2] 37,569 [1] 44,383 49,043
Balance at end of period 18,542 [1] 18,628 [1] 24,300
Allowance for Doubtful Accounts [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period 10,107 7,186 7,254
Charged to expenses 5,279 5,439 2,913
Deductions from reserves and other [2] 1,079 2,518 2,981
Balance at end of period 14,307 10,107 7,186
Allowance for Inventory Obsolescence [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period 18,193 21,096 21,968
Charged to expenses 7,328 9,182 9,538
Deductions from reserves and other [2] 9,696 12,085 10,410
Balance at end of period 15,825 18,193 21,096
Valuation Allowance on Deferred Tax Assets [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period [1] 8,811 1,300 0
Charged to expenses 51 7,511 [1] 1,300 [1]
Deductions from reserves and other [2] (12,317) 0 [1] 0 [1]
Balance at end of period $ 21,179 $ 8,811 [1] $ 1,300 [1]
[1] Allowance for Sales Returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as a reduction of Accounts Receivable, net (in the years ended April 30, 2018 and 2017) with a corresponding increase in Inventories, net and a reduction in Accrued Royalties for the years ended April 30, 2019, 2018 and 2017. Due to the adoption of the new revenue standard, the sales return reserve as of April 30, 2019 is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net. See Note 3, "Revenue Recognition, Contracts with Customers," of the Notes to Consolidated Financial Statements for more information.
[2] Deductions From Reserves and Other for the years ended April 30, 2019, 2018 and 2017 include foreign exchange translation adjustments. Included in Allowance for Doubtful Accounts are accounts written off, less recoveries. Included in Allowance for Inventory Obsolescence are items removed from inventory. Included in Valuation Allowance on Deferred Tax Assets are foreign tax credits generated and valuation allowances needed in connection with the Tax Act.