JOHN WILEY & SONS, INC., 10-Q filed on 12/6/2018
Quarterly Report
v3.10.0.1
Document and Entity Information - shares
 6 Months Ended
Oct. 31, 2018
Nov. 30, 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 Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Oct. 31, 2018  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Common Stock Class A [Member]    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   48,120,789
Common Stock Class B [Member]    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   9,142,898
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED - USD ($)
$ in Thousands
Oct. 31, 2018
Apr. 30, 2018
Current Assets    
Cash and cash equivalents $ 115,603 $ 169,773
Accounts receivable, net 236,207 [1] 212,377
Inventories, net 35,084 39,489
Prepaid expenses and other current assets 61,973 58,332
Total Current Assets 448,867 479,971
Product Development Assets 64,716 78,814
Royalty Advances, net 15,331 37,058
Technology, Property and Equipment, net 286,308 289,934
Intangible Assets, net 787,629 848,071
Goodwill 986,248 1,019,801
Other Non-Current Assets 91,732 85,802
Total Assets 2,680,831 2,839,451
Current Liabilities    
Accounts payable 71,555 90,097
Accrued royalties 94,438 73,007
Contract liability (Deferred revenue) 237,184 [1] 486,353
Accrued employment costs 69,792 116,179
Accrued income taxes 18,436 13,927
Other accrued liabilities 78,651 94,748
Total Current Liabilities 570,056 874,311
Long-Term Debt 537,306 360,000
Accrued Pension Liability 167,722 190,301
Deferred Income Tax Liabilities 140,338 143,518
Other Long-Term Liabilities 96,017 80,764
Total Liabilities 1,511,439 1,648,894
Shareholders' Equity    
Preferred Stock, $1 par value: Authorized - 2 million, Issued - 0 0 0
Additional paid-in-capital 417,718 407,120
Retained earnings 1,870,609 1,834,057
Accumulated other comprehensive loss (488,564) (439,580)
Treasury stock (Class A - 22,000,203 and 21,853,257 as of October 31, 2018 and April 30, 2018, respectively; Class B - 3,917,574 and 3,917,574 as of October 31, 2018 and April 30, 2018, respectively) (713,553) (694,222)
Total Shareholders' Equity 1,169,392 1,190,557
Total Liabilities and Shareholders' Equity 2,680,831 2,839,451
Class A [Member]    
Shareholders' Equity    
Common Stock 70,125 70,111
Class B [Member]    
Shareholders' Equity    
Common Stock $ 13,057 $ 13,071
[1] Due to the adoption of the new revenue standard, the sales return reserve as of October 31, 2018 of $31.1 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Condensed Consolidated Statement of Financial Position.
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED (Parenthetical) - $ / shares
Oct. 31, 2018
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) 70,124,812 70,110,603
Treasury stock (in shares) 22,000,203 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) 13,056,858 13,071,067
Treasury stock (in shares) 3,917,574 3,917,574
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Revenue, net $ 448,622 $ 451,731 $ 859,523 $ 863,175
Costs and Expenses        
Cost of sales 120,157 119,865 234,548 234,653
Operating and administrative expenses 248,627 241,301 [1] 502,400 487,039 [1]
Restructuring and related charges (credits) 9,996 (1,406) 3,910 24,323
Amortization of intangibles 12,367 11,183 25,050 23,802
Total Costs and Expenses 391,147 370,943 765,908 769,817
Operating Income 57,475 80,788 [2] 93,615 93,358 [2]
Interest Expense (3,608) (3,455) (6,404) (6,728)
Foreign Exchange Transaction Losses (54) (416) (1,783) (5,552)
Interest and Other Income 2,509 2,559 4,975 4,494
Income Before Taxes 56,322 79,476 90,403 85,572
Provision for Income Taxes 12,538 19,428 20,324 16,288
Net Income $ 43,784 $ 60,048 $ 70,079 $ 69,284
Earnings Per Share        
Basic (in dollars per share) $ 0.76 $ 1.06 $ 1.22 $ 1.22
Diluted (in dollars per share) $ 0.76 $ 1.04 $ 1.21 $ 1.20
Weighted Average Number of Common Shares Outstanding        
Basic (in shares) 57,379 56,875 57,392 56,948
Diluted (in shares) 57,870 57,554 57,955 57,633
Class A Common [Member]        
Cash Dividends Per Share        
Common stock (in dollars per share) $ 0.33 $ 0.32 $ 0.66 $ 0.64
Class B Common [Member]        
Cash Dividends Per Share        
Common stock (in dollars per share) $ 0.33 $ 0.32 $ 0.66 $ 0.64
[1] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, total net benefits of $2.0 million and $3.9 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 for the three and six months ended October 31, 2017, respectively. Total net benefits related to the non-service components of defined benefit and other post-employment benefit plans were $2.1 million and $4.5 million for the three and six months ended October 31, 2018, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information.
[2] Due to the retrospective adoption of ASU 2017-07, total net benefits of $2.0 million and $3.9 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 three and six months ended October 31, 2017, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information. The impact of the reclassification on Contribution to Profit by segment for the three months ended October 31, 2017 was $1.0 million in Research, $0.6 million in Publishing, and $0.4 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the six months ended October 31, 2017 was $2.0 million in Research, $1.1 million in Publishing, and $0.8 million in Corporate expenses.
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Costs and Expenses        
Net charges (benefits) $ (1,872) $ (1,683) $ (3,919) $ (3,382)
ASU 2017-07 Member] | Operating and Administrative Expenses [Member]        
Costs and Expenses        
Net charges (benefits)   2,000   3,900
ASU 2017-07 Member] | Interest and Other Income [Member]        
Costs and Expenses        
Net charges (benefits) $ (2,100) $ (2,000) $ (4,500) $ (3,900)
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED [Abstract]        
Net Income $ 43,784 $ 60,048 $ 70,079 $ 69,284
Other Comprehensive (Loss) Income:        
Foreign currency translation adjustment (20,424) 5,636 (60,749) 33,041
Unamortized retirement costs, tax provision (benefit) of $1,229, $(131), $3,717, and $(708), respectively 4,387 (579) 13,198 (2,526)
Unrealized gain on interest rate swaps, tax provision of $245, $249, $449 and $28, respectively (781) 407 (1,433) 46
Total Other Comprehensive (Loss) Income (16,818) 5,464 (48,984) 30,561
Comprehensive Income $ 26,966 $ 65,512 $ 21,095 $ 99,845
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Other Comprehensive (Loss) Income:        
Unamortized retirement costs, tax provision (benefit) $ 1,229 $ (131) $ 3,717 $ (708)
Unrealized gain on interest rate swaps, tax provision $ 245 $ 249 $ 449 $ 28
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - UNAUDITED - USD ($)
$ in Thousands
 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Operating Activities    
Net income $ 70,079 $ 69,284
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of intangibles 25,050 23,802
Amortization of product development spending 20,093 20,246
Depreciation and amortization of technology, property and equipment 35,845 34,775
Restructuring charges 3,910 24,323
Stock-based compensation expense 8,882 2,536
Royalty advances (50,580) (46,860)
Earned royalty advances 71,317 62,993
Impairment of publishing brand 0 3,600
Other non-cash credits 7,917 9,634
Net change in operating assets and liabilities (313,610) (250,145)
Net Cash Used in Operating Activities (121,097) (45,812)
Investing Activities    
Product development spending (7,815) (17,927)
Additions to technology, property and equipment (34,560) (53,469)
Acquisitions of publication rights and other (2,795) (6,097)
Net Cash Used in Investing Activities (45,170) (77,493)
Financing Activities    
Repayment of long-term debt (65,800) (78,492)
Borrowing of long-term debt 245,075 275,081
Purchase of treasury shares (24,994) (29,257)
Change in book overdrafts (3,066) (2,629)
Cash dividends (38,033) (36,699)
Net proceeds from exercise of stock options and other 7,283 7,347
Net Cash Provided by Financing Activities 120,465 135,351
Effects of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash [1] (8,368) 2,855
Cash, Cash Equivalents and Restricted Cash    
(Decrease)/Increase for the Period [1] (54,170) 14,901
Balance at Beginning of Period [1] 170,257 58,516
Balance at End of Period [1] 116,087 73,417
Cash Paid During the Period for:    
Interest 5,713 6,471
Income taxes, net of refunds $ 18,404 $ 26,398
[1] Due to the retrospective adoption of ASU 2016-18, 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, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information.
v3.10.0.1
Basis of Presentation
 6 Months Ended
Oct. 31, 2018
Basis of Presentation [Abstract]  
Basis of Presentation
Note 1 — Basis of Presentation

Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley & Sons, Inc. and all our subsidiaries, except where the context indicates otherwise.

Our unaudited Condensed Consolidated Financial Statements include all the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Income and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are in thousands, except per share amounts, and approximate due to rounding. These financial statements should be read in conjunction with the most recent audited consolidated financial statements included in our Form 10-K for the fiscal year ended April 30, 2018 as filed with the SEC on June 29, 2018 (“2018 Form 10-K”).

Our Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The preparation of our Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation.
v3.10.0.1
Recent Accounting Standards
 6 Months Ended
Oct. 31, 2018
Recent Accounting Standards [Abstract]  
Recent Accounting Standards
Note 2 — Recent Accounting Standards

Recently Adopted Accounting Standards

In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is only required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. We adopted ASU 2017-09 on May 1, 2018 and there was no impact to our condensed 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.

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 of $2.0 million and $3.9 million from Operating and Administrative Expenses to Interest and Other Income on the Condensed Consolidated Statement of Operations for the three and six months ended October 31, 2017, respectively. The amount included in Interest and Other Income on the Condensed Consolidated Statement of Operations for the three and six months ended October 31, 2018 was a net benefit of $2.1 million and $4.5 million, respectively. We do not capitalize any service costs.

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. The future impact of ASU 2017-01 will be dependent upon the nature of future acquisitions or dispositions made by us.

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 Used in Operating Activities of $0.5 million for the six months ended October 31, 2017. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statement of Financial Position that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows.

Balance at the Beginning of Period
 
April 30, 2018
  
April 30, 2017
 
Cash and cash equivalents
 
$
169,773
  
$
58,516
 
Restricted cash included in Prepaid expenses and other current assets
  
484
   
—
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows
 
$
170,257
  
$
58,516
 

Balance at the End of Period
 
October 31, 2018
  
October 31, 2017
 
Cash and cash equivalents
 
$
115,603
  
$
72,871
 
Restricted cash included in Prepaid expenses and other current assets
  
484
   
546
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows
 
$
116,087
  
$
73,417
 

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 condensed consolidated financial statements.

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 condensed consolidated statements of cash flows.

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 condensed consolidated financial statements.

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 is 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.

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 Condensed Consolidated Statement of Financial Position. As of April 30, 2018, the amount was $28.3 million.

The cumulative effect of the changes made to our consolidated balance sheet 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
 

The impact of the adoption of the new revenue standard on the Condensed Consolidated Statements of Income was $10.2 million and $11.5 million in revenue, net, for the three months and six months ended October 31, 2018, respectively, and was $2.4 million in cost of sales for both the three and six months ended October 31, 2018. The impact to the Condensed Consolidated Statement of Financial Position was not material by line item, except for the amount related to the netting down of the accounts receivable and deferred revenue as described above and a reclassification of the sales return reserve provision to contract liability from accounts receivable, net. As of October 31, 2018, the amount that would have been netted down from accounts receivable, net and deferred revenue prior to the adoption of the new revenue standard would have been $5.8 million. Due to the adoption of the new revenue standard, the sales return reserve provision amount that is included in Contract Liability (Deferred Revenue) on the Condensed Consolidated Statement of Financial Position as of October 31, 2018 was $31.1 million.

Recently Issued Accounting Standards

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.

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.

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.

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 are currently assessing the impact the new guidance will have on our consolidated financial statements.

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”.  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 are currently assessing the impact the new guidance will have on our consolidated financial statements.

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 fiscal year 2018, we expect no initial impact on adoption.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, 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 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.

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Subsequently, 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 and lease liability for all leases with terms of more than 12 months. 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 standard is effective for us on May 1, 2019, with early adoption permitted. Adoption requires application of the new guidance to the beginning of the earliest period presented using a modified retrospective approach. ASU 2018-11 provides for an additional (and optional) transition method whereby we can recognize a cumulative-effect adjustment to the opening retained earnings in the period of adoption. In addition, ASU 2018-11 provides for a practical expedient to not separate nonlease components from the associated lease component if certain conditions are met. We are currently assessing the impact the new guidance will have on our consolidated financial statements.
v3.10.0.1
Revenue Recognition, Contracts with Customers
 6 Months Ended
Oct. 31, 2018
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 three and six months ended October 31, 2018 and 2017:

  
Three Months Ended October 31,
 
  
2018
  
2017
 
  
Research
  
Publishing
  
Solutions
  
Total
  
Research
  
Publishing
  
Solutions
  
Total
 
Research:
                        
Journals Subscriptions
 
$
163,751
  
$
—
  
$
—
  
$
163,751
  
$
170,163
  
$
—
  
$
—
  
$
170,163
 
Open Access
  
13,780
   
—
   
—
   
13,780
   
9,350
   
—
   
—
   
9,350
 
Licensing, Reprints, Backfiles and Other
  
41,749
   
—
   
—
   
41,749
   
41,329
   
—
   
—
   
41,329
 
Publishing Technology Services (Atypon)
  
9,365
   
—
   
—
   
9,365
   
8,028
   
—
   
—
   
8,028
 
Publishing:
                                
STM and Professional Publishing
  
—
   
66,902
   
—
   
66,902
   
—
   
71,460
   
—
   
71,460
 
Education Publishing
  
—
   
52,068
   
—
   
52,068
   
—
   
57,711
   
—
   
57,711
 
Course Workflow (WileyPLUS)
  
—
   
18,429
   
—
   
18,429
   
—
   
16,310
   
—
   
16,310
 
Test Preparation and Certification
  
—
   
8,377
   
—
   
8,377
   
—
   
7,919
   
—
   
7,919
 
Licensing, Distribution, Advertising and Other
  
—
   
11,723
   
—
   
11,723
   
—
   
11,585
   
—
   
11,585
 
Solutions:
                                
Education Services (OPM)
  
—
   
—
   
29,877
   
29,877
   
—
   
—
   
29,737
   
29,737
 
Professional Assessment
  
—
   
—
   
17,268
   
17,268
   
—
   
—
   
15,821
   
15,821
 
Corporate Learning
  
—
   
—
   
15,333
   
15,333
   
—
   
—
   
12,318
   
12,318
 
Total
 
$
228,645
  
$
157,499
  
$
62,478
  
$
448,622
  
$
228,870
  
$
164,985
  
$
57,876
  
$
451,731
 

  
Six Months Ended October 31,
 
  
2018
  
2017
 
  
Research
  
Publishing
  
Solutions
  
Total
  
Research
  
Publishing
  
Solutions
  
Total
 
Research:
                        
Journals Subscriptions
 
$
329,709
  
$
—
  
$
—
  
$
329,709
  
$
338,488
  
$
—
  
$
—
  
$
338,488
 
Open Access
  
24,723
   
—
   
—
   
24,723
   
18,153
   
—
   
—
   
18,153
 
Licensing, Reprints, Backfiles and Other
  
81,237
   
—
   
—
   
81,237
   
79,559
   
—
   
—
   
79,559
 
Publishing Technology Services (Atypon)
  
17,968
   
—
   
—
   
17,968
   
16,297
   
—
   
—
   
16,297
 
Publishing:
                                
STM and Professional Publishing
  
—
   
132,966
   
—
   
132,966
   
—
   
135,060
   
—
   
135,060
 
Education Publishing
  
—
   
90,299
   
—
   
90,299
   
—
   
103,447
   
—
   
103,447
 
Course Workflow (WileyPLUS)
  
—
   
19,207
   
—
   
19,207
   
—
   
17,520
   
—
   
17,520
 
Test Preparation and Certification
  
—
   
19,783
   
—
   
19,783
   
—
   
19,409
   
—
   
19,409
 
Licensing, Distribution, Advertising and Other
  
—
   
20,165
   
—
   
20,165
   
—
   
20,827
   
—
   
20,827
 
Solutions:
                                
Education Services (OPM)
  
—
   
—
   
59,037
   
59,037
   
—
   
—
   
56,074
   
56,074
 
Professional Assessment
  
—
   
—
   
33,067
   
33,067
   
—
   
—
   
30,708
   
30,708
 
Corporate Learning
  
—
   
—
   
31,362
   
31,362
   
—
   
—
   
27,633
   
27,633
 
Total
 
$
453,637
  
$
282,420
  
$
123,466
  
$
859,523
  
$
452,497
  
$
296,263
  
$
114,415
  
$
863,175
 

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. In March 2018, we migrated our Wiley Online Library platform to our Literatum platform, which we acquired as part of our purchase of Atypon Systems, Inc. (“Atypon”) in fiscal year 2017. 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 (“APC”). All Author-Funded Access 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.

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,
●
Course Workflow (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.

Course Workflow (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. Course Workflow 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 from the point in time 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 and training activities that are delivered to customers directly through online digital delivery platforms. 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 (OPM),
●
Professional Assessment, and
●
Corporate Learning.

Education Services (OPM)

As student demand for online degree and certificate programs continues to increase, traditional institutions are partnering with Online Program Management (“OPM”) providers to develop and support these programs. Education Services (OPM) 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 (OPM) contracts are generally multi-year agreements ranging from a period of 7-10 years, with some having optional renewal periods.

Education Services (OPM) 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 the point at which 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.

  
October 31, 2018
  
April 30, 2018 (1)
  
Increase/
(Decrease)
 
Balances from contracts with customers:
         
Accounts receivable, net (2)
 
$
236,207
  
$
212,377
  
$
23,830
 
Contract liability (Deferred revenue) (2)
  
237,184
   
486,353
   
(249,169
)
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities)
 
$
12,568
  
$
—
  
$
12,568
 

(1) As noted above, prior period amounts have not been adjusted under the modified retrospective method.
(2) Due to the adoption of the new revenue standard, the sales return reserve as of October 31, 2018 of $31.1 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Condensed Consolidated Statement of Financial Position.

Revenue recognized for the three and six months ended October 31, 2018 relating to the contract liability at April 30, 2018 was $190.5 million and $386.8 million, respectively.

Remaining Performance Obligations included in Contract Liability (Deferred Revenue)

As of October 31, 2018, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $249.8 million. We expect that approximately $237.2 million will be recognized in the next twelve months with the remaining $12.6 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 (OPM).

Our assets associated with incremental costs to fulfill a contract were $6.6 million at October 31, 2018 and are included within Other Non-Current Assets on our Condensed Consolidated Balance Sheet. We recorded amortization expense of $0.4 million and $1.2 million during the three and six months ended October 31, 2018 related to these assets within Cost of Sales on the Condensed Consolidated Statements of Income, respectively. The costs related to Education Services (OPM) were previously included in Product Development Assets on our Condensed Consolidated Statement of Financial Position. Certain costs related to Publishing Technology Services (Atypon) were previously included in Technology, Property and Equipment, net on our Condensed Consolidated Statement 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 reflected in Operating and Administrative Expenses on the Condensed Consolidated Statements of Income. We incurred $8.6 million and $16.5 million in shipping and handling costs in the three and six months ended October 31, 2018, respectively. We incurred $8.8 million and $16.6 million in shipping and handling costs in the three and six months ended October 31, 2017, respectively.
v3.10.0.1
Stock-Based Compensation
 6 Months Ended
Oct. 31, 2018
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
Note 4 — Stock-Based Compensation

We have stock-based compensation plans under which employees may be granted performance-based stock awards and other restricted stock awards.  Prior to fiscal year 2017, we also granted options to purchase shares of our common stock at the fair market value at the time of grant. We recognize the grant date fair value of stock-based compensation in net income on a straight-line basis, net of estimated forfeitures over the requisite service period. The measurement of performance for performance-based stock awards is based on actual financial results for targets established three years in advance. For the three months ended October 31, 2018 and 2017, we recognized stock-based compensation expense, on a pre-tax basis, of $5.0 million and $4.0 million, respectively. For the six months ended October 31, 2018 and 2017, we recognized stock-based compensation expense, on a pre-tax basis, of $8.9 million and $2.5 million, respectively.

The following table summarizes restricted stock awards we granted:

  
Six Months Ended
October 31,
 
  
2018
  
2017
 
Restricted Stock:
      
Awards granted
  
397
   
405
 
Weighted average fair value of grant
 
$
63.33
  
$
51.44
 
v3.10.0.1
Accumulated Other Comprehensive Loss
 6 Months Ended
Oct. 31, 2018
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss
Note 5 — Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the three and six months ended October 31, 2018 and 2017 were as follows:
  
Foreign
Currency Translation
  
Unamortized
Retirement Costs
  
Interest
Rate Swaps
  
Total
 
Balance at July 31, 2018
 
$
(291,898
)
 
$
(182,215
)
 
$
2,367
  
$
(471,746
)
Other comprehensive (loss) income before reclassifications
  
(20,424
)
  
3,273
   
543
   
(16,608
)
Amounts reclassified from accumulated other comprehensive loss
  
—
   
1,114
   
(1,324
)
  
(210
)
Total other comprehensive (loss) income
  
(20,424
)
  
4,387
   
(781
)
  
(16,818
)
Balance at October 31, 2018
 
$
(312,322
)
 
$
(177,828
)
 
$
1,586
  
$
(488,564
)
                 
Balance at April 30, 2018
 
$
(251,573
)
 
$
(191,026
)
 
$
3,019
  
$
(439,580
)
Other comprehensive income (loss) before reclassifications
  
(60,749
)
  
10,993
   
613
   
(49,143
)
Amounts reclassified from accumulated other comprehensive loss
  
—
   
2,205
   
(2,046
)
  
159
 
Total other comprehensive income (loss)
  
(60,749
)
  
13,198
   
(1,433
)
  
(48,984
)
Balance at October 31, 2018
 
$
(312,322
)
 
$
(177,828
)
 
$
1,586
  
$
(488,564
)

  
Foreign
Currency Translation
  
Unamortized
Retirement Costs
  
Interest
Rate Swaps
  
Total
 
             
Balance at July 31, 2017
 
$
(291,807
)
 
$
(192,449
)
 
$
2,066
  
$
(482,190
)
Other comprehensive income (loss) before reclassifications
  
5,636
   
(1,673
)
  
238
   
4,201
 
Amounts reclassified from accumulated other comprehensive loss
  
—
   
1,094
   
169
   
1,263
 
Total other comprehensive income (loss)
  
5,636
   
(579
)
  
407
   
5,464
 
Balance at October 31, 2017
 
$
(286,171
)
 
$
(193,028
)
 
$
2,473
  
$
(476,726
)
                 
Balance at April 30, 2017
 
$
(319,212
)
 
$
(190,502
)
 
$
2,427
  
$
(507,287
)
Other comprehensive income (loss) before reclassifications
  
33,041
   
(4,690
)
  
(194
)
  
28,157
 
Amounts reclassified from accumulated other comprehensive loss
  
—
   
2,164
   
240
   
2,404
 
Total other comprehensive income (loss)
  
33,041
   
(2,526
)
  
46
   
30,561
 
Balance at October 31, 2017
 
$
(286,171
)
 
$
(193,028
)
 
$
2,473
  
$
(476,726
)

During the three months ended October 31, 2018 and 2017, pre-tax actuarial losses included in Unamortized Retirement Costs of approximately $1.4 million and $1.5 million, respectively, in each period were amortized from Accumulated Other Comprehensive Loss and recognized as pension expense in Operating and Administrative Expenses and Interest and Other Income in the Condensed Consolidated Statements of Income. During the six months ended October 31, 2018 and 2017, pre-tax actuarial losses of approximately $2.8 million and $2.9 million, respectively, were amortized.
v3.10.0.1
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases
 6 Months Ended
Oct. 31, 2018
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]  
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases
Note 6 — Reconciliation of Weighted Average Shares Outstanding and Share Repurchases

A reconciliation of the shares used in the computation of earnings per share follows:

 
Three Months Ended
October 31,
 
Six Months Ended
October 31,
 
2018
 
2017
 
2018
 
2017
Weighted average shares outstanding
 
57,426
  
57,013
  
57,451
  
57,100
Less: Unvested restricted shares
 
(47)
  
(138)
  
(59)
  
(152)
Shares used for basic earnings per share
 
57,379
  
56,875
  
57,392
  
56,948
Dilutive effect of stock options and other stock awards
 
491
  
679
  
563
  
685
Shares used for diluted earnings per share
 
57,870
  
57,554
  
57,955
  
57,633

Since their inclusion in the calculation of diluted earnings per share would have been anti-dilutive, options to purchase 157,167 shares of Class A Common Stock have been excluded for the three and six months ended October 31, 2018, respectively and 284,787 shares of Class A Common Stock have been excluded for the three and six months ended October 31, 2017, respectively.

There were no restricted shares excluded for the three and six months ended October 31, 2018. There were 26,740 restricted shares excluded for the three and six months ended October 31, 2017, respectively.

Share Repurchases and Dividends

During the three months ended October 31, 2018 and 2017, we repurchased 299,188 and 285,599 shares of Class A common stock at an average price of $56.82 and $53.37, respectively. During the six months ended October 31, 2018 and 2017, the Company repurchased 425,120 and 550,757 shares of common stock at an average price of $58.79 and $53.12, respectively.

On June 21, 2018, our Board of Directors declared a quarterly cash dividend of $0.33 per common share, or $19.0 million, on our Class A and Class B common stock. The dividend was paid on July 18, 2018 to shareholders of record on July 3, 2018.

On September 26, 2018, our Board of Directors declared a quarterly cash dividend of $0.33 per common share, or $18.9 million, on our Class A and Class B common stock. The dividend was paid on October 24, 2018 to shareholders of record on October 9, 2018.
v3.10.0.1
Restructuring and Related Charges
 6 Months Ended
Oct. 31, 2018
Restructuring and Related Charges [Abstract]  
Restructuring and Related Charges
Note 7 — Restructuring and Related Charges

Beginning in fiscal year 2013, we initiated a program (the “Restructuring and Reinvestment Program”) to restructure and realign our cost base with current and anticipated future market conditions. We are targeting most of the cost savings achieved to improve margins and earnings, with the remainder reinvested in growth opportunities.

The following tables summarize the pre-tax restructuring charges (credits) related to this program:

  
Three Months Ended
October 31,
  
Six Months Ended
October 31,
  
Total Charges
 
  
2018
  
2017
  
2018
  
2017
  
Incurred to Date
 
Charges (Credits) by Segment:
               
Research
 
$
2,282
  
$
(388
)
 
$
1,302
  
$
4,448
  
$
26,715
 
Publishing
  
1,407
   
71
   
739
   
7,325
   
39,670
 
Solutions
  
1,097
   
(625
)
  
840
   
2,170
   
7,087
 
Corporate Expenses
  
5,210
   
(464
)
  
1,029
   
10,380
   
96,948
 
Total Restructuring and Related Charges (Credits)
 
$
9,996
  
$
(1,406
)
 
$
3,910
  
$
24,323
  
$
170,420
 
                     
Charges (Credits) by Activity:
                    
Severance
 
$
8,672
  
$
(1,455
)
 
$
2,894
  
$
23,266
  
$
117,697
 
Process Reengineering Consulting
  
90
   
—
   
225
   
1,521
   
20,854
 
Other Activities
  
1,234
   
49
   
791
   
(464
)
  
31,869
 
Total Restructuring and Related Charges (Credits)
 
$
9,996
  
$
(1,406
)
 
$
3,910
  
$
24,323
  
$
170,420
 

Other Activities for the three and six months ended October 31, 2018 and 2017 include lease impairment related costs. The credits in Other Activities for the six months ended October 31, 2017 mainly reflect changes in estimates for previously accrued restructuring charges related to facility lease reserves.

The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the six months ended October 31, 2018:

  
April 30, 2018
  
Charges
  
Payments
  
Foreign
Translation &
Reclassifications
  
October 31, 2018
 
Severance
 
$
17,279
  
$
2,894
  
$
(8,295
)
 
$
(446
)
 
$
11,432
 
Process Reengineering Consulting
  
—
   
225
   
(175
)
  
—
   
50
 
Other Activities
  
2,772
   
791
   
(825
)
  
210
   
2,948
 
Total
 
$
20,051
  
$
3,910
  
$
(9,295
)
 
$
(236
)
 
$
14,430
 

The restructuring liability as of October 31, 2018 for accrued severance costs is reflected in Accrued Employment Costs in the Condensed Consolidated Statement of Financial Position. The liability as of October 31, 2018, for Process Reengineering Consulting costs is reflected in Other Accrued Liabilities. As of October 31, 2018, approximately $1.2 million and $1.7 million of the Other Activities are reflected in Other Accrued Liabilities and Other Long-Term Liabilities, respectively, 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 2020 until 2022.
v3.10.0.1
Segment Information
 6 Months Ended
Oct. 31, 2018
Segment Information [Abstract]  
Segment Information
Note 8 — Segment Information

We report our segment information in accordance with the provisions of FASB ASC Topic 280.

Segment information is as follows:

  
Three Months Ended
October 31,
  
Six Months Ended
October 31,
 
  
2018
  
2017 (1)
  
2018
  
2017 (1)
 
Revenue:
            
Research
 
$
228,645
  
$
228,870
  
$
453,637
  
$
452,497
 
Publishing
  
157,499
   
164,985
   
282,420
   
296,263
 
Solutions
  
62,478
   
57,876
   
123,466
   
114,415
 
Total Revenue
 
$
448,622
  
$
451,731
  
$
859,523
  
$
863,175
 
                 
Contribution to Profit:
                
Research
 
$
58,907
  
$
70,146
  
$
116,033
  
$
130,608
 
Publishing
  
39,455
   
41,913
   
53,175
   
46,383
 
Solutions
  
7,049
   
7,309
   
10,273
   
5,341
 
Total Contribution to Profit (1)
 
$
105,411
  
$
119,368
  
$
179,481
  
$
182,332
 
Corporate Expenses
  
(47,936
)
  
(38,580
)
  
(85,866
)
  
(88,974
)
Operating Income (1)
 
$
57,475
  
$
80,788
  
$
93,615
  
$
93,358
 

(1)
Due to the retrospective adoption of ASU 2017-07, total net benefits of $2.0 million and $3.9 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 three and six months ended October 31, 2017, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information. The impact of the reclassification on Contribution to Profit by segment for the three months ended October 31, 2017 was $1.0 million in Research, $0.6 million in Publishing, and $0.4 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the six months ended October 31, 2017 was $2.0 million in Research, $1.1 million in Publishing, and $0.8 million in Corporate expenses.
v3.10.0.1
Inventories
 6 Months Ended
Oct. 31, 2018
Inventories [Abstract]  
Inventories
Note 9 — Inventories

Inventories were as follows:

  
October 31, 2018
  
April 30, 2018
 
Finished goods
 
$
32,388
  
$
36,503
 
Work-in-process
  
2,473
   
2,139
 
Paper and other materials
  
441
   
550
 
  
$
35,302
  
$
39,192
 
Inventory value of estimated sales returns
  
4,261
   
4,626
 
LIFO reserve
  
(4,479
)
  
(4,329
)
Total inventories
 
$
35,084
  
$
39,489
 
v3.10.0.1
Goodwill and Intangible Assets
 6 Months Ended
Oct. 31, 2018
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
Note 10 — Goodwill and Intangible Assets

Goodwill

The following table summarizes the activity in goodwill by segment as of October 31, 2018:

  
April 30, 2018
  
Foreign
Translation
Adjustment
  
October 31, 2018
 
Research
 
$
463,419
  
$
(25,832
)
 
$
437,587
 
Publishing
  
283,851
   
(726
)
  
283,125
 
Solutions
  
272,531
   
(6,995
)
  
265,536
 
Total
 
$
1,019,801
  
$
(33,553
)
 
$
986,248
 

The April 30, 2018 goodwill balances for Publishing and Solutions have been revised to reflect foreign translation adjustments of $11.6 million.

Intangible Assets

Identifiable intangible assets, net consisted of the following:

  
October 31, 2018
  
April 30, 2018
 
Intangible Assets with Determinable Lives, net:
      
Content and Publishing Rights
 
$
401,341
  
$
436,760
 
Customer Relationships
  
152,803
   
161,729
 
Brands and Trademarks
  
14,340
   
16,100
 
Covenants not to Compete
  
550
   
655
 
Total
  
569,034
   
615,244
 
Intangible Assets with Indefinite Lives:
        
Brands and Trademarks
  
130,460
   
138,589
 
Content and Publishing Rights
  
88,135
   
94,238
 
Total
  
218,595
   
232,827
 
Total Intangible Assets, Net
 
$
787,629
  
$
848,071
 

In conjunction with a business review performed in the Publishing segment associated with the restructuring activities disclosed in Note 7, “Restructuring and Related Charges”, in the three months ended July 31, 2017, we identified an indefinite lived brand with forecasted cash flows that did not support its carrying value. As a result, an impairment charge of $3.6 million was recorded in the three months ended July 31, 2017 to reduce the carrying value of the brand to its fair value of $1.2 million, which is being amortized over its estimated remaining useful life. This impairment charge was included in Operating and Administrative Expenses in the Condensed Consolidated Statements of Income for fiscal year 2018.
v3.10.0.1
Income Taxes
 6 Months Ended
Oct. 31, 2018
Income Taxes [Abstract]  
Income Taxes
Note 11 — Income Taxes

The effective tax rate for the three months ended October 31, 2018 was 22.3%, compared to 24.4% for the three months ended October 31, 2017. The effective tax rate for the six months ended October 31, 2018 was 22.5% compared to 19.0% in the prior year period. The rate for the three months ended October 31, 2018 was lower than the prior year’s rate for the same period primarily due to the reduced statutory tax rate in the U.S., as well as, to a smaller extent, a more favorable earnings mix. The rate for the six months ended October 31, 2017 benefitted from large equity compensation deductions from significant vesting of restricted stock and other one-time adjustments. Excluding those items, the rate would have been 24.4% for the six months ended October 31, 2017 compared to 22.5% in the six months ended October 31, 2018, primarily due to the reduced statutory tax rate in the U.S. and more favorable earnings mix during the current period.

The Tax Act

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").  The Tax Act significantly revised the future ongoing 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,
·
changing the U.S. system from a worldwide tax system,
·
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.

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 allows us to record provisional amounts related to the Tax Act during a measurement period not to extend beyond one year of the enactment date. In fiscal year 2018, we estimated a provisional estimated net tax benefit of $25.1 million related to the Tax Act. We are still analyzing certain aspects of the Tax Act, including without limitation certain foreign tax credit related calculations and the state and local tax effect of deemed and actual repatriation as well as the new provisions mentioned below, and refining our calculations, including our estimates of expected reversals, which could affect the measurement of these balances and give rise to new deferred tax amounts. As the Tax Act was passed late in December 2017 and ongoing guidance and accounting interpretation are expected over the 12 months following enactment, we consider the accounting for the transition tax and other items included last year, as well as items described below which were included in the six months ended October 31, 2018, to be provisional due to the forthcoming guidance and our ongoing analysis of final data and tax positions. We expect to complete our analysis within the measurement period in accordance with SAB 118.

The Tax Act created new taxes, effective for us on May 1, 2018, including a provision designed to tax certain global income ("GILTI"), a base erosion anti-abuse tax ("BEAT") as well as a new deduction for certain foreign derived intangible income (“FDII”). We recorded a minor provisional benefit during the six months ended October 31, 2018. We expect to adjust this provisional amount as additional guidance is provided.
v3.10.0.1
Retirement Plans
 6 Months Ended
Oct. 31, 2018
Retirement Plans [Abstract]  
Retirement Plans
Note 12 — Retirement Plans

The components of net pension expense (income) for our global defined benefit plans were as follows:

  
Three Months Ended
October 31,
  
Six Months Ended
October 31,
 
  
2018
  
2017
  
2018
  
2017
 
Service cost
 
$
229
  
$
242
  
$
462
  
$
472
 
Interest cost
  
6,169
   
6,346
   
12,381
   
12,598
 
Expected return on plan assets
  
(9,720
)
  
(9,782
)
  
(19,622
)
  
(19,439
)
Net amortization of prior service cost
  
(24
)
  
(23
)
  
(48
)
  
(48
)
Unrecognized net actuarial loss
  
1,474
   
1,534
   
2,908
   
3,035
 
Net pension income
 
$
(1,872
)
 
$
(1,683
)
 
$
(3,919
)
 
$
(3,382
)

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, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements 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 Condensed Consolidated Statement of Operations. 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 Condensed Consolidated Statement of Operations. We were required to retrospectively adopt this guidance.

Employer defined benefit pension plan contributions were $3.5 million and $2.8 million for the three months ended October 31, 2018 and 2017, respectively, and $7.1 million and $5.6 million for the six months ended October 31, 2018 and 2017, respectively.

The expense for employer defined contribution plans were approximately $2.8 million and $3.0 million for the three months ended October 31, 2018 and 2017, respectively, and $7.3 million and $7.9 million for the six months ended October 31, 2018 and 2017, respectively.
v3.10.0.1
Derivative Instruments and Hedging Activities
 6 Months Ended
Oct. 31, 2018
Derivative Instruments and Hedging Activities [Abstract]  
Derivative Instruments and Hedging Activities
Note 13 — Derivative Instruments and Hedging Activities

From time-to-time, we enter into forward exchange and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value on our Condensed Consolidated Balance Sheets. 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 $537.3 million of variable rate loans outstanding at October 31, 2018, which approximated fair value.

As of October 31, 2018 and 2017 the interest rate swap agreements maintained by us were designated as cash flow hedges as defined under ASC 815 “Derivatives and Hedging.” As a result, there was no impact on our Condensed Consolidated Statements of Income for changes in the fair value of the interest rate swaps as they were fully offset by changes in the interest expense on the underlying variable rate debt instruments.

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 pay a fixed rate of 0.92% and receive a variable rate of interest based on one-month LIBOR from the counterparty which is reset every month for a three-year period ending May 15, 2019. As of October 31, 2018 and April 30, 2018, 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 October 31, 2018 and April 30, 2018 was a deferred gain of $3.3 million and $5.1 million, respectively. Based on the maturity dates of the contracts, the entire deferred gain as of October 31, 2018 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 that were reclassified from Accumulated Other Comprehensive Loss into Interest Expense for the three months ended October 31, 2018 and 2017 were $1.1 million and $0.3 million, respectively. The pre-tax gains that were reclassified from Accumulated Other Compensation Loss into Interest Expense for the six months ended October 31, 2018 and 2017 were $2.0 million and $0.4 million, respectively.

Foreign Currency Contracts

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

As of October 31, 2018, and April 30, 2018, we did not maintain any open forward exchange contracts. In addition, we did not maintain any open forward contracts during the six months ended October 31, 2018 and 2017.
v3.10.0.1
Commitments and Contingencies
 6 Months Ended
Oct. 31, 2018
Commitment and Contingencies [Abstract]  
Commitment and Contingencies
Note 14 — Commitments and Contingencies

We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, we do not record a liability, but disclose facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of October 31, 2018, will not have a material effect upon our Condensed Consolidated Financial Condition or Results of Operations.
v3.10.0.1
Subsequent Event
 6 Months Ended
Oct. 31, 2018
Subsequent Event [Abstract]  
Subsequent Event
Note 15 – Subsequent Event

On November 1, 2018, we completed the acquisition of The Learning House, Inc. (“Learning House”) a diversified education services provider for $200 million in cash. Headquartered in Louisville, KY, Learning House provides online program management (OPM) 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 results of operations of Learning House will be included in our Solutions segment.
v3.10.0.1
Basis of Presentation (Policies)
 6 Months Ended
Oct. 31, 2018
Basis of Presentation [Abstract]  
Basis of Presentation
Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley & Sons, Inc. and all our subsidiaries, except where the context indicates otherwise.

Our unaudited Condensed Consolidated Financial Statements include all the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Income and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are in thousands, except per share amounts, and approximate due to rounding. These financial statements should be read in conjunction with the most recent audited consolidated financial statements included in our Form 10-K for the fiscal year ended April 30, 2018 as filed with the SEC on June 29, 2018 (“2018 Form 10-K”).

Our Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The preparation of our Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation.
v3.10.0.1
Recent Accounting Standards (Policies)
 6 Months Ended
Oct. 31, 2018
Recent Accounting Standards [Abstract]  
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards

In May 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is only required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. We adopted ASU 2017-09 on May 1, 2018 and there was no impact to our condensed 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.

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 of $2.0 million and $3.9 million from Operating and Administrative Expenses to Interest and Other Income on the Condensed Consolidated Statement of Operations for the three and six months ended October 31, 2017, respectively. The amount included in Interest and Other Income on the Condensed Consolidated Statement of Operations for the three and six months ended October 31, 2018 was a net benefit of $2.1 million and $4.5 million, respectively. We do not capitalize any service costs.

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. The future impact of ASU 2017-01 will be dependent upon the nature of future acquisitions or dispositions made by us.

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 condensed consolidated financial statements.

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 condensed consolidated statements of cash flows.

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 condensed consolidated financial statements.

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 is 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.

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 Condensed Consolidated Statement of Financial Position. As of April 30, 2018, the amount was $28.3 million.

The cumulative effect of the changes made to our consolidated balance sheet 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
 

The impact of the adoption of the new revenue standard on the Condensed Consolidated Statements of Income was $10.2 million and $11.5 million in revenue, net, for the three months and six months ended October 31, 2018, respectively, and was $2.4 million in cost of sales for both the three and six months ended October 31, 2018. The impact to the Condensed Consolidated Statement of Financial Position was not material by line item, except for the amount related to the netting down of the accounts receivable and deferred revenue as described above and a reclassification of the sales return reserve provision to contract liability from accounts receivable, net. As of October 31, 2018, the amount that would have been netted down from accounts receivable, net and deferred revenue prior to the adoption of the new revenue standard would have been $5.8 million. Due to the adoption of the new revenue standard, the sales return reserve provision amount that is included in Contract Liability (Deferred Revenue) on the Condensed Consolidated Statement of Financial Position as of October 31, 2018 was $31.1 million.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

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.

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.

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.

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 are currently assessing the impact the new guidance will have on our consolidated financial statements.

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”.  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 are currently assessing the impact the new guidance will have on our consolidated financial statements.

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 fiscal year 2018, we expect no initial impact on adoption.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, 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 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.

In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)”. Subsequently, 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 and lease liability for all leases with terms of more than 12 months. 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 standard is effective for us on May 1, 2019, with early adoption permitted. Adoption requires application of the new guidance to the beginning of the earliest period presented using a modified retrospective approach. ASU 2018-11 provides for an additional (and optional) transition method whereby we can recognize a cumulative-effect adjustment to the opening retained earnings in the period of adoption. In addition, ASU 2018-11 provides for a practical expedient to not separate nonlease components from the associated lease component if certain conditions are met. We are currently assessing the impact the new guidance will have on our consolidated financial statements.
v3.10.0.1
Revenue Recognition, Contracts with Customers (Policies)
 6 Months Ended
Oct. 31, 2018
Revenue Recognition, Contracts with Customers [Abstract]  
Revenue from Contract with Customer Policy
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. In March 2018, we migrated our Wiley Online Library platform to our Literatum platform, which we acquired as part of our purchase of Atypon Systems, Inc. (“Atypon”) in fiscal year 2017. 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 (“APC”). All Author-Funded Access 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.

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,
●
Course Workflow (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.

Course Workflow (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. Course Workflow 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 from the point in time 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 and training activities that are delivered to customers directly through online digital delivery platforms. 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 (OPM),
●
Professional Assessment, and
●
Corporate Learning.

Education Services (OPM)

As student demand for online degree and certificate programs continues to increase, traditional institutions are partnering with Online Program Management (“OPM”) providers to develop and support these programs. Education Services (OPM) 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 (OPM) contracts are generally multi-year agreements ranging from a period of 7-10 years, with some having optional renewal periods.

Education Services (OPM) 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 the point at which 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.
v3.10.0.1
Recent Accounting Standards (Tables)
 6 Months Ended
Oct. 31, 2018
Recent Accounting Standards [Abstract]  
Reconciliation of Cash, Cash Equivalents and 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 Used in Operating Activities of $0.5 million for the six months ended October 31, 2017. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statement of Financial Position that sum to the total of the same such amounts shown in the Condensed Consolidated Statement of Cash Flows.

Balance at the Beginning of Period
 
April 30, 2018
  
April 30, 2017
 
Cash and cash equivalents
 
$
169,773
  
$
58,516
 
Restricted cash included in Prepaid expenses and other current assets
  
484
   
—
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows
 
$
170,257
  
$
58,516
 

Balance at the End of Period
 
October 31, 2018
  
October 31, 2017
 
Cash and cash equivalents
 
$
115,603
  
$
72,871
 
Restricted cash included in Prepaid expenses and other current assets
  
484
   
546
 
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows
 
$
116,087
  
$
73,417
 
Cumulative Effect of Changes Made to Consolidated Balance Sheet As a Result of Adoption of New Revenue Standard
The cumulative effect of the changes made to our consolidated balance sheet 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
 
v3.10.0.1
Revenue Recognition, Contracts with Customers (Tables)
 6 Months Ended
Oct. 31, 2018
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 three and six months ended October 31, 2018 and 2017:

  
Three Months Ended October 31,
 
  
2018
  
2017
 
  
Research
  
Publishing
  
Solutions
  
Total
  
Research
  
Publishing
  
Solutions
  
Total
 
Research:
                        
Journals Subscriptions
 
$
163,751
  
$
—
  
$
—
  
$
163,751
  
$
170,163
  
$
—
  
$
—
  
$
170,163
 
Open Access
  
13,780
   
—
   
—
   
13,780
   
9,350
   
—
   
—
   
9,350
 
Licensing, Reprints, Backfiles and Other
  
41,749
   
—
   
—
   
41,749
   
41,329
   
—
   
—
   
41,329
 
Publishing Technology Services (Atypon)
  
9,365
   
—
   
—
   
9,365
   
8,028
   
—
   
—
   
8,028
 
Publishing:
                                
STM and Professional Publishing
  
—
   
66,902
   
—
   
66,902
   
—
   
71,460
   
—
   
71,460
 
Education Publishing
  
—
   
52,068
   
—
   
52,068
   
—
   
57,711
   
—
   
57,711
 
Course Workflow (WileyPLUS)
  
—
   
18,429
   
—
   
18,429
   
—
   
16,310
   
—
   
16,310
 
Test Preparation and Certification
  
—
   
8,377
   
—
   
8,377
   
—
   
7,919
   
—
   
7,919
 
Licensing, Distribution, Advertising and Other
  
—
   
11,723
   
—
   
11,723
   
—
   
11,585
   
—
   
11,585
 
Solutions:
                                
Education Services (OPM)
  
—
   
—
   
29,877
   
29,877
   
—
   
—
   
29,737
   
29,737
 
Professional Assessment
  
—
   
—
   
17,268
   
17,268
   
—
   
—
   
15,821
   
15,821
 
Corporate Learning
  
—
   
—
   
15,333
   
15,333
   
—
   
—
   
12,318
   
12,318
 
Total
 
$
228,645
  
$
157,499
  
$
62,478
  
$
448,622
  
$
228,870
  
$
164,985
  
$
57,876
  
$
451,731
 

  
Six Months Ended October 31,
 
  
2018
  
2017
 
  
Research
  
Publishing
  
Solutions
  
Total
  
Research
  
Publishing
  
Solutions
  
Total
 
Research:
                        
Journals Subscriptions
 
$
329,709
  
$
—
  
$
—
  
$
329,709
  
$
338,488
  
$
—
  
$
—
  
$
338,488
 
Open Access
  
24,723
   
—
   
—
   
24,723
   
18,153
   
—
   
—
   
18,153
 
Licensing, Reprints, Backfiles and Other
  
81,237
   
—
   
—
   
81,237
   
79,559
   
—
   
—
   
79,559
 
Publishing Technology Services (Atypon)
  
17,968
   
—
   
—
   
17,968
   
16,297
   
—
   
—
   
16,297
 
Publishing:
                                
STM and Professional Publishing
  
—
   
132,966
   
—
   
132,966
   
—
   
135,060
   
—
   
135,060
 
Education Publishing
  
—
   
90,299
   
—
   
90,299
   
—
   
103,447
   
—
   
103,447
 
Course Workflow (WileyPLUS)
  
—
   
19,207
   
—
   
19,207
   
—
   
17,520
   
—
   
17,520
 
Test Preparation and Certification
  
—
   
19,783
   
—
   
19,783
   
—
   
19,409
   
—
   
19,409
 
Licensing, Distribution, Advertising and Other
  
—
   
20,165
   
—
   
20,165
   
—
   
20,827
   
—
   
20,827
 
Solutions:
                                
Education Services (OPM)
  
—
   
—
   
59,037
   
59,037
   
—
   
—
   
56,074
   
56,074
 
Professional Assessment
  
—
   
—
   
33,067
   
33,067
   
—
   
—
   
30,708
   
30,708
 
Corporate Learning
  
—
   
—
   
31,362
   
31,362
   
—
   
—
   
27,633
   
27,633
 
Total
 
$
453,637
  
$
282,420
  
$
123,466
  
$
859,523
  
$
452,497
  
$
296,263
  
$
114,415
  
$
863,175
 
Contract Asset and Liability Balances
The following table provides information about receivables and contract liabilities from contracts with customers.

  
October 31, 2018
  
April 30, 2018 (1)
  
Increase/
(Decrease)
 
Balances from contracts with customers:
         
Accounts receivable, net (2)
 
$
236,207
  
$
212,377
  
$
23,830
 
Contract liability (Deferred revenue) (2)
  
237,184
   
486,353
   
(249,169
)
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities)
 
$
12,568
  
$
—
  
$
12,568
 

(1) As noted above, prior period amounts have not been adjusted under the modified retrospective method.
(2) Due to the adoption of the new revenue standard, the sales return reserve as of October 31, 2018 of $31.1 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Condensed Consolidated Statement of Financial Position.
v3.10.0.1
Stock-Based Compensation (Tables)
 6 Months Ended
Oct. 31, 2018
Stock-Based Compensation [Abstract]  
Restricted Stock Data for Awards Granted
The following table summarizes restricted stock awards we granted:

  
Six Months Ended
October 31,
 
  
2018
  
2017
 
Restricted Stock:
      
Awards granted
  
397
   
405
 
Weighted average fair value of grant
 
$
63.33
  
$
51.44
 
v3.10.0.1
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Oct. 31, 2018
Accumulated Other Comprehensive Loss [Abstract]  
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the three and six months ended October 31, 2018 and 2017 were as follows:
  
Foreign
Currency Translation
  
Unamortized
Retirement Costs
  
Interest
Rate Swaps
  
Total
 
Balance at July 31, 2018
 
$
(291,898
)
 
$
(182,215
)
 
$
2,367
  
$
(471,746
)
Other comprehensive (loss) income before reclassifications
  
(20,424
)
  
3,273
   
543
   
(16,608
)
Amounts reclassified from accumulated other comprehensive loss
  
—
   
1,114
   
(1,324
)
  
(210
)
Total other comprehensive (loss) income
  
(20,424
)
  
4,387
   
(781
)
  
(16,818
)
Balance at October 31, 2018
 
$
(312,322
)
 
$
(177,828
)
 
$
1,586
  
$
(488,564
)
                 
Balance at April 30, 2018
 
$
(251,573
)
 
$
(191,026
)
 
$
3,019
  
$
(439,580
)
Other comprehensive income (loss) before reclassifications
  
(60,749
)
  
10,993
   
613
   
(49,143
)
Amounts reclassified from accumulated other comprehensive loss
  
—
   
2,205
   
(2,046
)
  
159
 
Total other comprehensive income (loss)
  
(60,749
)
  
13,198
   
(1,433
)
  
(48,984
)
Balance at October 31, 2018
 
$
(312,322
)
 
$
(177,828
)
 
$
1,586
  
$
(488,564
)

  
Foreign
Currency Translation
  
Unamortized
Retirement Costs
  
Interest
Rate Swaps
  
Total
 
             
Balance at July 31, 2017
 
$
(291,807
)
 
$
(192,449
)
 
$
2,066
  
$
(482,190
)
Other comprehensive income (loss) before reclassifications
  
5,636
   
(1,673
)
  
238
   
4,201
 
Amounts reclassified from accumulated other comprehensive loss
  
—
   
1,094
   
169
   
1,263
 
Total other comprehensive income (loss)
  
5,636
   
(579
)
  
407
   
5,464
 
Balance at October 31, 2017
 
$
(286,171
)
 
$
(193,028
)
 
$
2,473
  
$
(476,726
)
                 
Balance at April 30, 2017
 
$
(319,212
)
 
$
(190,502
)
 
$
2,427
  
$
(507,287
)
Other comprehensive income (loss) before reclassifications
  
33,041
   
(4,690
)
  
(194
)
  
28,157
 
Amounts reclassified from accumulated other comprehensive loss
  
—
   
2,164
   
240
   
2,404
 
Total other comprehensive income (loss)
  
33,041
   
(2,526
)
  
46
   
30,561
 
Balance at October 31, 2017
 
$
(286,171
)
 
$
(193,028
)
 
$
2,473
  
$
(476,726
)
v3.10.0.1
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases (Tables)
 6 Months Ended
Oct. 31, 2018
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]  
Reconciliation of Shares used in Computation of Earnings Per Share
A reconciliation of the shares used in the computation of earnings per share follows:

 
Three Months Ended
October 31,
 
Six Months Ended
October 31,
 
2018
 
2017
 
2018
 
2017
Weighted average shares outstanding
 
57,426
  
57,013
  
57,451
  
57,100
Less: Unvested restricted shares
 
(47)
  
(138)
  
(59)
  
(152)
Shares used for basic earnings per share
 
57,379
  
56,875
  
57,392
  
56,948
Dilutive effect of stock options and other stock awards
 
491
  
679
  
563
  
685
Shares used for diluted earnings per share
 
57,870
  
57,554
  
57,955
  
57,633
v3.10.0.1
Restructuring and Related Charges (Tables)
 6 Months Ended
Oct. 31, 2018
Restructuring and Related Charges [Abstract]  
Pre-tax Restructuring (Credits) Charges
The following tables summarize the pre-tax restructuring charges (credits) related to this program:

  
Three Months Ended
October 31,
  
Six Months Ended
October 31,
  
Total Charges
 
  
2018
  
2017
  
2018
  
2017
  
Incurred to Date
 
Charges (Credits) by Segment:
               
Research
 
$
2,282
  
$
(388
)
 
$
1,302
  
$
4,448
  
$
26,715
 
Publishing
  
1,407
   
71
   
739
   
7,325
   
39,670
 
Solutions
  
1,097
   
(625
)
  
840
   
2,170
   
7,087
 
Corporate Expenses
  
5,210
   
(464
)
  
1,029
   
10,380
   
96,948
 
Total Restructuring and Related Charges (Credits)
 
$
9,996
  
$
(1,406
)
 
$
3,910
  
$
24,323
  
$
170,420
 
                     
Charges (Credits) by Activity:
                    
Severance
 
$
8,672
  
$
(1,455
)
 
$
2,894
  
$
23,266
  
$
117,697
 
Process Reengineering Consulting
  
90
   
—
   
225
   
1,521
   
20,854
 
Other Activities
  
1,234
   
49
   
791
   
(464
)
  
31,869
 
Total Restructuring and Related Charges (Credits)
 
$
9,996
  
$
(1,406
)
 
$
3,910
  
$
24,323
  
$
170,420
 
Activity for Restructuring and Reinvestment Program Liability
The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the six months ended October 31, 2018:

  
April 30, 2018
  
Charges
  
Payments
  
Foreign
Translation &
Reclassifications
  
October 31, 2018
 
Severance
 
$
17,279
  
$
2,894
  
$
(8,295
)
 
$
(446
)
 
$
11,432
 
Process Reengineering Consulting
  
—
   
225
   
(175
)
  
—
   
50
 
Other Activities
  
2,772
   
791
   
(825
)
  
210
   
2,948
 
Total
 
$
20,051
  
$
3,910
  
$
(9,295
)
 
$
(236
)
 
$
14,430
 
v3.10.0.1
Segment Information (Tables)
 6 Months Ended
Oct. 31, 2018
Segment Information [Abstract]  
Segment Information
Segment information is as follows:

  
Three Months Ended
October 31,
  
Six Months Ended
October 31,
 
  
2018
  
2017 (1)
  
2018
  
2017 (1)
 
Revenue:
            
Research
 
$
228,645
  
$
228,870
  
$
453,637
  
$
452,497
 
Publishing
  
157,499
   
164,985
   
282,420
   
296,263
 
Solutions
  
62,478
   
57,876
   
123,466
   
114,415
 
Total Revenue
 
$
448,622
  
$
451,731
  
$
859,523
  
$
863,175
 
                 
Contribution to Profit:
                
Research
 
$
58,907
  
$
70,146
  
$
116,033
  
$
130,608
 
Publishing
  
39,455
   
41,913
   
53,175
   
46,383
 
Solutions
  
7,049
   
7,309
   
10,273
   
5,341
 
Total Contribution to Profit (1)
 
$
105,411
  
$
119,368
  
$
179,481
  
$
182,332
 
Corporate Expenses
  
(47,936
)
  
(38,580
)
  
(85,866
)
  
(88,974
)
Operating Income (1)
 
$
57,475
  
$
80,788
  
$
93,615
  
$
93,358
 

(1)
Due to the retrospective adoption of ASU 2017-07, total net benefits of $2.0 million and $3.9 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 three and six months ended October 31, 2017, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information. The impact of the reclassification on Contribution to Profit by segment for the three months ended October 31, 2017 was $1.0 million in Research, $0.6 million in Publishing, and $0.4 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the six months ended October 31, 2017 was $2.0 million in Research, $1.1 million in Publishing, and $0.8 million in Corporate expenses.
v3.10.0.1
Inventories (Tables)
 6 Months Ended
Oct. 31, 2018
Inventories [Abstract]  
Inventories
Inventories were as follows:

  
October 31, 2018
  
April 30, 2018
 
Finished goods
 
$
32,388
  
$
36,503
 
Work-in-process
  
2,473
   
2,139
 
Paper and other materials
  
441
   
550
 
  
$
35,302
  
$
39,192
 
Inventory value of estimated sales returns
  
4,261
   
4,626
 
LIFO reserve
  
(4,479
)
  
(4,329
)
Total inventories
 
$
35,084
  
$
39,489
 
v3.10.0.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Oct. 31, 2018
Goodwill and Intangible Assets [Abstract]  
Activity in Goodwill by Segment
Goodwill

The following table summarizes the activity in goodwill by segment as of October 31, 2018:

  
April 30, 2018
  
Foreign
Translation
Adjustment
  
October 31, 2018
 
Research
 
$
463,419
  
$
(25,832
)
 
$
437,587
 
Publishing
  
283,851
   
(726
)
  
283,125
 
Solutions
  
272,531
   
(6,995
)
  
265,536
 
Total
 
$
1,019,801
  
$
(33,553
)
 
$
986,248
 

The April 30, 2018 goodwill balances for Publishing and Solutions have been revised to reflect foreign translation adjustments of $11.6 million.
Intangible Assets
Intangible Assets

Identifiable intangible assets, net consisted of the following:

  
October 31, 2018
  
April 30, 2018
 
Intangible Assets with Determinable Lives, net:
      
Content and Publishing Rights
 
$
401,341
  
$
436,760
 
Customer Relationships
  
152,803
   
161,729
 
Brands and Trademarks
  
14,340
   
16,100
 
Covenants not to Compete
  
550
   
655
 
Total
  
569,034
   
615,244
 
Intangible Assets with Indefinite Lives:
        
Brands and Trademarks
  
130,460
   
138,589
 
Content and Publishing Rights
  
88,135
   
94,238
 
Total
  
218,595
   
232,827
 
Total Intangible Assets, Net
 
$
787,629
  
$
848,071
 
v3.10.0.1
Retirement Plans (Tables)
 6 Months Ended
Oct. 31, 2018
Retirement Plans [Abstract]  
Components of Net Periodic Pension Expense (Income) for Defined Benefit Plans
The components of net pension expense (income) for our global defined benefit plans were as follows:

  
Three Months Ended
October 31,
  
Six Months Ended
October 31,
 
  
2018
  
2017
  
2018
  
2017
 
Service cost
 
$
229
  
$
242
  
$
462
  
$
472
 
Interest cost
  
6,169
   
6,346
   
12,381
   
12,598
 
Expected return on plan assets
  
(9,720
)
  
(9,782
)
  
(19,622
)
  
(19,439
)
Net amortization of prior service cost
  
(24
)
  
(23
)
  
(48
)
  
(48
)
Unrecognized net actuarial loss
  
1,474
   
1,534
   
2,908
   
3,035
 
Net pension income
 
$
(1,872
)
 
$
(1,683
)
 
$
(3,919
)
 
$
(3,382
)
v3.10.0.1
Recent Accounting Standards, Recently Adopted Accounting Standards (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Apr. 30, 2018
Apr. 30, 2017
Recently Adopted Accounting Standards [Abstract]            
Net charges (benefits) $ (1,872) $ (1,683) $ (3,919) $ (3,382)    
Reconciliation of cash, cash equivalents and restricted cash reported within Condensed Consolidated Statement of Cash Flows [Abstract]            
Cash and cash equivalents 115,603 72,871 115,603 72,871 $ 169,773 $ 58,516
Restricted cash included in Prepaid expenses and other current assets 484 546 484 546 484 0
Total cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statement of Cash Flows [1] 116,087 73,417 116,087 73,417 $ 170,257 $ 58,516
ASU 2017-07 Member] | Operating and Administrative Expenses [Member]            
Recently Adopted Accounting Standards [Abstract]            
Net charges (benefits)   2,000   3,900    
ASU 2017-07 Member] | Interest and Other Income [Member]            
Recently Adopted Accounting Standards [Abstract]            
Net charges (benefits) $ (2,100) $ (2,000) $ (4,500) (3,900)    
ASU 2016-18 [Member]            
Recently Adopted Accounting Standards [Abstract]            
Reduction in cash used in operating activities       $ (500)    
[1] Due to the retrospective adoption of ASU 2016-18, 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, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information.
v3.10.0.1
Recent Accounting Standards, Changes in Accounting Policy Resulting from Adoption of Topic 606 (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Apr. 30, 2018
Assets [Abstract]          
Accounts receivable, net $ 236,207 [1]   $ 236,207 [1]   $ 212,377
Product development assets 64,716   64,716   78,814
Technology, property and equipment, net 286,308   286,308   289,934
Other non-current assets 91,732   91,732   85,802
Liabilities [Abstract]          
Accrued royalties 94,438   94,438   73,007
Contract liability (Deferred revenue) 237,184 [1]   237,184 [1]   486,353
Deferred income tax liabilities 140,338   140,338   143,518
Retained earnings 1,870,609   1,870,609   1,834,057
Revenue, net 448,622 $ 451,731 859,523 $ 863,175  
Cost of sales 120,157 $ 119,865 234,548 $ 234,653  
Accounts receivable, net 236,207 [1]   236,207 [1]   212,377
Contract liability (Deferred revenue) 237,184 [1]   237,184 [1]   486,353
Topic 606 [Member]          
Liabilities [Abstract]          
Amounts netted down from accounts receivable, net and deferred revenue 5,800   5,800   59,500
Revenue, net 10,200   11,500    
Cost of sales 2,400   2,400    
Topic 606 [Member] | Sales Return Reserve Provision [Member]          
Assets [Abstract]          
Accounts receivable, net (31,100)   (31,100)   (28,300)
Liabilities [Abstract]          
Contract liability (Deferred revenue) 31,100   31,100   28,300
Accounts receivable, net (31,100)   (31,100)   (28,300)
Contract liability (Deferred revenue) $ 31,100   $ 31,100   28,300
Adjustments due to Adoption [Member] | Topic 606 [Member]          
Assets [Abstract]          
Accounts receivable, net [2]         93,349
Product development assets         (3,725)
Technology, property and equipment, net         (361)
Other non-current assets         5,274
Liabilities [Abstract]          
Accrued royalties         (731)
Contract liability (Deferred revenue) [2]         89,364
Deferred income tax liabilities         1,400
Retained earnings         4,503
Accounts receivable, net [2]         93,349
Contract liability (Deferred revenue) [2]         89,364
Balances without Adoption of Topic 606 [Member] | Topic 606 [Member]          
Assets [Abstract]          
Accounts receivable, net [1],[3]         212,377
Liabilities [Abstract]          
Contract liability (Deferred revenue) [1],[3]         486,353
Accounts receivable, net [1],[3]         212,377
Contract liability (Deferred revenue) [1],[3]         486,353
Balances upon Adoption of Topic 606 [Member] | Topic 606 [Member]          
Assets [Abstract]          
Accounts receivable, net         305,726
Product development assets         75,089
Technology, property and equipment, net         289,573
Other non-current assets         91,076
Liabilities [Abstract]          
Accrued royalties         72,276
Contract liability (Deferred revenue)         575,717
Deferred income tax liabilities         144,918
Retained earnings         1,838,560
Accounts receivable, net         305,726
Contract liability (Deferred revenue)         $ 575,717
[1] Due to the adoption of the new revenue standard, the sales return reserve as of October 31, 2018 of $31.1 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Condensed Consolidated Statement of Financial Position.
[2] 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 netted down from accounts receivable and deferred revenue were $59.5 million.
[3] As noted above, prior period amounts have not been adjusted under the modified retrospective method.
v3.10.0.1
Revenue Recognition, Contracts with Customers, Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue $ 448,622 $ 451,731 $ 859,523 $ 863,175
Journal Subscriptions [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 163,751 170,163 329,709 338,488
Open Access [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 13,780 9,350 24,723 18,153
Licensing, Reprints, Backfiles and Other [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 41,749 41,329 81,237 79,559
Publishing Technology Services (Atypon) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 9,365 8,028 17,968 16,297
STM and Professional Publishing [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 66,902 71,460 132,966 135,060
Education Publishing [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 52,068 57,711 90,299 103,447
Course Workflow (WileyPLUS) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 18,429 16,310 19,207 17,520
Test Preparation and Certification [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 8,377 7,919 19,783 19,409
Licensing, Distribution, Advertising and Other [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 11,723 11,585 20,165 20,827
Education Services (OPM) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 29,877 29,737 59,037 56,074
Professional Assessment [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 17,268 15,821 33,067 30,708
Corporate Learning [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 15,333 12,318 31,362 27,633
Operating Segments [Member] | Research [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 228,645 228,870 453,637 452,497
Operating Segments [Member] | Research [Member] | Journal Subscriptions [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 163,751 170,163 329,709 338,488
Operating Segments [Member] | Research [Member] | Open Access [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 13,780 9,350 24,723 18,153
Operating Segments [Member] | Research [Member] | Licensing, Reprints, Backfiles and Other [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 41,749 41,329 81,237 79,559
Operating Segments [Member] | Research [Member] | Publishing Technology Services (Atypon) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 9,365 8,028 17,968 16,297
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 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 0
Operating Segments [Member] | Research [Member] | Course Workflow (WileyPLUS) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 0 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 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 0
Operating Segments [Member] | Research [Member] | Education Services (OPM) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 0 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 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 0
Operating Segments [Member] | Publishing [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 157,499 164,985 282,420 296,263
Operating Segments [Member] | Publishing [Member] | Journal Subscriptions [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 0 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 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 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 0
Operating Segments [Member] | Publishing [Member] | STM and Professional Publishing [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 66,902 71,460 132,966 135,060
Operating Segments [Member] | Publishing [Member] | Education Publishing [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 52,068 57,711 90,299 103,447
Operating Segments [Member] | Publishing [Member] | Course Workflow (WileyPLUS) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 18,429 16,310 19,207 17,520
Operating Segments [Member] | Publishing [Member] | Test Preparation and Certification [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 8,377 7,919 19,783 19,409
Operating Segments [Member] | Publishing [Member] | Licensing, Distribution, Advertising and Other [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 11,723 11,585 20,165 20,827
Operating Segments [Member] | Publishing [Member] | Education Services (OPM) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 0 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 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 0
Operating Segments [Member] | Solutions [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 62,478 57,876 123,466 114,415
Operating Segments [Member] | Solutions [Member] | Journal Subscriptions [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 0 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 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 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 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 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 0
Operating Segments [Member] | Solutions [Member] | Course Workflow (WileyPLUS) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 0 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 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 0
Operating Segments [Member] | Solutions [Member] | Education Services (OPM) [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 29,877 29,737 59,037 56,074
Operating Segments [Member] | Solutions [Member] | Professional Assessment [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue 17,268 15,821 33,067 30,708
Operating Segments [Member] | Solutions [Member] | Corporate Learning [Member]        
Revenue from contracts with customers disaggregated by segment and product type [Abstract]        
Revenue $ 15,333 $ 12,318 $ 31,362 $ 27,633
v3.10.0.1
Revenue Recognition, Contracts with Customers, Description of Revenue Generating Activities (Details)
 3 Months Ended 6 Months Ended
Oct. 31, 2017
Journal
Oct. 31, 2018
Segment
Asset
Language
Description of Revenue Generating Activities [Abstract]    
Number of reportable segments | Segment   3
Number of languages available for learning contracts | Language   17
Journal 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
v3.10.0.1
Revenue Recognition, Contracts with Customers, Accounts Receivable, net and Contract Liability (Deferred Revenue) Balances (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Oct. 31, 2018
Apr. 30, 2018
Balances from contracts with customers [Abstract]    
Accounts receivable, net $ 236,207 [1] $ 212,377
Contract liability (Deferred revenue) 237,184 [1] 486,353
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities) 12,568  
Increase/(decrease) [Abstract]    
Sales return reserve recorded in contract liability 31,100  
Revenue recognized from beginning contract liability 190,500 386,800
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 [3]   93,349
Contract liability (Deferred revenue) [3]   $ 89,364
Increase/(decrease) [Abstract]    
Accounts receivable, net [1] 23,830  
Contract liability (Deferred revenue) [1] (249,169)  
Contract liability (Deferred revenue) (included in Other Long-Term Liabilities) $ 12,568  
[1] Due to the adoption of the new revenue standard, the sales return reserve as of October 31, 2018 of $31.1 million is recorded in Contract Liability (Deferred Revenue). In prior periods, it was recorded as a reduction to Accounts Receivable, net on the Condensed Consolidated Statement of Financial Position.
[2] As noted above, prior period amounts have not been adjusted under the modified retrospective method.
[3] 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 netted down from accounts receivable and deferred revenue were $59.5 million.
v3.10.0.1
Revenue Recognition, Contracts with Customers, Remaining Performance Obligations, Assets Recognized for the Costs to Obtain or Fulfill a Contract (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Remaining Performance Obligations [Abstract]        
Remaining performance obligations $ 249,800   $ 249,800  
Assets Recognized for the Costs to Obtain or Fulfill a Contract [Abstract]        
Costs capitalized 6,600   6,600  
Amortization 400   1,200  
Cost of revenue [Abstract]        
Operating and administrative expenses 248,627 $ 241,301 [1] 502,400 $ 487,039 [1]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-08-01        
Remaining Performance Obligations [Abstract]        
Remaining performance obligations $ 237,200   $ 237,200  
Expected timing of satisfaction, period 12 months   12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-08-01        
Remaining Performance Obligations [Abstract]        
Remaining performance obligations $ 12,600   $ 12,600  
Expected timing of satisfaction, period    
Shipping and Handling [Member]        
Cost of revenue [Abstract]        
Operating and administrative expenses $ 8,600 $ 8,800 $ 16,500 $ 16,600
[1] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, total net benefits of $2.0 million and $3.9 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 for the three and six months ended October 31, 2017, respectively. Total net benefits related to the non-service components of defined benefit and other post-employment benefit plans were $2.1 million and $4.5 million for the three and six months ended October 31, 2018, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information.
v3.10.0.1
Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Stock-based Compensation [Abstract]        
Share-based compensation expense $ 5.0 $ 4.0 $ 8.9 $ 2.5
Restricted Stock [Member]        
Restricted stock data for awards granted by the Company [Abstract]        
Awards granted (in shares)     397 405
Weighted average fair value of grant (in dollars per share) $ 63.33 $ 51.44 $ 63.33 $ 51.44
Performance-based Stock Awards [Member]        
Stock-based Compensation [Abstract]        
Period for achievement of performance-based targets     3 years  
v3.10.0.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance     $ 1,190,557  
Other comprehensive income (loss) before reclassifications $ (16,608) $ 4,201 (49,143) $ 28,157
Amounts reclassified from accumulated other comprehensive loss (210) 1,263 159 2,404
Total Other Comprehensive (Loss) Income (16,818) 5,464 (48,984) 30,561
Balance 1,169,392   1,169,392  
Accumulated Other Comprehensive Loss [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance (471,746) (482,190) (439,580) (507,287)
Balance (488,564) (476,726) (488,564) (476,726)
Foreign Currency Translation [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance (291,898) (291,807) (251,573) (319,212)
Other comprehensive income (loss) before reclassifications (20,424) 5,636 (60,749) 33,041
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0
Total Other Comprehensive (Loss) Income (20,424) 5,636 (60,749) 33,041
Balance (312,322) (286,171) (312,322) (286,171)
Unamortized Retirement Costs [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance (182,215) (192,449) (191,026) (190,502)
Other comprehensive income (loss) before reclassifications 3,273 (1,673) 10,993 (4,690)
Amounts reclassified from accumulated other comprehensive loss 1,114 1,094 2,205 2,164
Total Other Comprehensive (Loss) Income 4,387 (579) 13,198 (2,526)
Balance (177,828) (193,028) (177,828) (193,028)
Interest Rate Swaps [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance 2,367 2,066 3,019 2,427
Other comprehensive income (loss) before reclassifications 543 238 613 (194)
Amounts reclassified from accumulated other comprehensive loss (1,324) 169 (2,046) 240
Total Other Comprehensive (Loss) Income (781) 407 (1,433) 46
Balance $ 1,586 $ 2,473 $ 1,586 $ 2,473
v3.10.0.1
Accumulated Other Comprehensive Loss, Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Amortization from Accumulated Other Comprehensive Loss [Abstract]        
Operating and administrative expenses $ 248,627 $ 241,301 [1] $ 502,400 $ 487,039 [1]
Unamortized Retirement Costs [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]        
Amortization from Accumulated Other Comprehensive Loss [Abstract]        
Operating and administrative expenses $ 1,400 $ 1,500 $ 2,800 $ 2,900
[1] Due to the retrospective adoption of Accounting Standards Update ("ASU") 2017-07, total net benefits of $2.0 million and $3.9 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 for the three and six months ended October 31, 2017, respectively. Total net benefits related to the non-service components of defined benefit and other post-employment benefit plans were $2.1 million and $4.5 million for the three and six months ended October 31, 2018, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information.
v3.10.0.1
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Oct. 24, 2018
Sep. 26, 2018
Jul. 18, 2018
Jun. 21, 2018
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]                
Weighted average shares outstanding (in shares)         57,426,000 57,013,000 57,451,000 57,100,000
Less: Unvested restricted shares (in shares)         (47,000) (138,000) (59,000) (152,000)
Shares used for basic earnings per share (in shares)         57,379,000 56,875,000 57,392,000 56,948,000
Dilutive effect of stock options and other stock awards (in shares)         491,000 679,000 563,000 685,000
Shares used for diluted earnings per share (in shares)         57,870,000 57,554,000 57,955,000 57,633,000
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]                
Shares repurchased (in shares)         299,188 285,599 425,120 550,757
Average purchase price (in dollars per share)         $ 56.82 $ 53.37 $ 58.79 $ 53.12
Cash dividend [Abstract]                
Cash dividends $ 18,900   $ 19,000       $ 38,033 $ 36,699
Class A Common [Member]                
Cash dividend [Abstract]                
Common stock (in dollars per share)         0.33 0.32 $ 0.66 $ 0.64
Class A Common [Member] | Dividend Declared in Q1 2019 [Member]                
Cash dividend [Abstract]                
Dividend declared date             Jun. 21, 2018  
Common stock (in dollars per share)       $ 0.33        
Dividend payable date             Jul. 18, 2018  
Dividend record date             Jul. 03, 2018  
Class A Common [Member] | Dividend Declared in Q2 2019 [Member]                
Cash dividend [Abstract]                
Dividend declared date             Sep. 26, 2018  
Common stock (in dollars per share)   $ 0.33            
Dividend payable date             Oct. 24, 2018  
Dividend record date             Oct. 09, 2018  
Class B Common [Member]                
Cash dividend [Abstract]                
Common stock (in dollars per share)         $ 0.33 $ 0.32 $ 0.66 $ 0.64
Class B Common [Member] | Dividend Declared in Q1 2019 [Member]                
Cash dividend [Abstract]                
Dividend declared date             Jun. 21, 2018  
Common stock (in dollars per share)       $ 0.33        
Dividend payable 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 (in dollars per share)   $ 0.33            
Dividend payable date             Oct. 24, 2018  
Dividend record date             Oct. 09, 2018  
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 26,740
Stock Options [Member] | Class A Common [Member]                
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]                
Anti-dilutive shares excluded from diluted EPS calculation (in shares)         157,167 284,787 157,167 284,787
v3.10.0.1
Restructuring and Related Charges, Pre-tax Restructuring (Credits) Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) $ 9,996 $ (1,406) $ 3,910 $ 24,323
Restructuring and Reinvestment Program [Member]        
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) 9,996 (1,406) 3,910 24,323
Restructuring and related charges incurred to date 170,420   170,420  
Restructuring and Reinvestment Program [Member] | Severance [Member]        
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) 8,672 (1,455) 2,894 23,266
Restructuring and related charges incurred to date 117,697   117,697  
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member]        
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) 90 0 225 1,521
Restructuring and related charges incurred to date 20,854   20,854  
Restructuring and Reinvestment Program [Member] | Other Activities [Member]        
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) 1,234 49 791 (464)
Restructuring and related charges incurred to date 31,869   31,869  
Research [Member] | Restructuring and Reinvestment Program [Member]        
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) 2,282 (388) 1,302 4,448
Restructuring and related charges incurred to date 26,715   26,715  
Publishing [Member] | Restructuring and Reinvestment Program [Member]        
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) 1,407 71 739 7,325
Restructuring and related charges incurred to date 39,670   39,670  
Solutions [Member] | Restructuring and Reinvestment Program [Member]        
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) 1,097 (625) 840 2,170
Restructuring and related charges incurred to date 7,087   7,087  
Corporate Expenses [Member] | Restructuring and Reinvestment Program [Member]        
Summary of pre-tax restructuring (credits) charges [Abstract]        
Restructuring and related charges (credits) 5,210 $ (464) 1,029 $ 10,380
Restructuring and related charges incurred to date $ 96,948   $ 96,948  
v3.10.0.1
Restructuring and Related Charges, Activity for Restructuring and Reinvestment Program Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Activity for Restructuring and Reinvestment Program liability [Roll Forward]        
(Credits) charges $ 9,996 $ (1,406) $ 3,910 $ 24,323
Restructuring and Reinvestment Program [Member]        
Activity for Restructuring and Reinvestment Program liability [Roll Forward]        
Restructuring liability, beginning of period     20,051  
(Credits) charges 9,996 (1,406) 3,910 24,323
Payments     (9,295)  
Foreign translation & reclassifications     (236)  
Restructuring liability, end of period 14,430   14,430  
Restructuring and Reinvestment Program [Member] | Severance [Member]        
Activity for Restructuring and Reinvestment Program liability [Roll Forward]        
Restructuring liability, beginning of period     17,279  
(Credits) charges 8,672 (1,455) 2,894 23,266
Payments     (8,295)  
Foreign translation & reclassifications     (446)  
Restructuring liability, end of period 11,432   11,432  
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member]        
Activity for Restructuring and Reinvestment Program liability [Roll Forward]        
Restructuring liability, beginning of period     0  
(Credits) charges 90 0 225 1,521
Payments     (175)  
Foreign translation & reclassifications     0  
Restructuring liability, end of period 50   50  
Restructuring and Reinvestment Program [Member] | Other Activities [Member]        
Activity for Restructuring and Reinvestment Program liability [Roll Forward]        
Restructuring liability, beginning of period     2,772  
(Credits) charges 1,234 $ 49 791 $ (464)
Payments     (825)  
Foreign translation & reclassifications     210  
Restructuring liability, end of period 2,948   2,948  
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | Other Accrued Liabilities [Member]        
Activity for Restructuring and Reinvestment Program liability [Roll Forward]        
Restructuring liability, end of period 1,200   1,200  
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | Other Long-Term Liabilities [Member]        
Activity for Restructuring and Reinvestment Program liability [Roll Forward]        
Restructuring liability, end of period $ 1,700   $ 1,700  
v3.10.0.1
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Segment information [Abstract]        
Revenue $ 448,622 $ 451,731 $ 859,523 $ 863,175
Contribution to Profit 105,411 119,368 [1] 179,481 182,332 [1]
Corporate Expenses (47,936) (38,580) (85,866) (88,974)
Operating Income 57,475 80,788 [1] 93,615 93,358 [1]
Net benefits (1,872) (1,683) (3,919) (3,382)
Operating and Administrative Expenses [Member] | ASU 2017-07 Member]        
Segment information [Abstract]        
Net benefits   2,000   3,900
Interest and Other Income [Member] | ASU 2017-07 Member]        
Segment information [Abstract]        
Net benefits (2,100) (2,000) (4,500) (3,900)
Research [Member] | Interest and Other Income [Member] | ASU 2017-07 Member]        
Segment information [Abstract]        
Net benefits   (1,000)   (2,000)
Publishing [Member] | Interest and Other Income [Member] | ASU 2017-07 Member]        
Segment information [Abstract]        
Net benefits   (600)   (1,100)
Operating Segments [Member] | Research [Member]        
Segment information [Abstract]        
Revenue 228,645 228,870 453,637 452,497
Contribution to Profit 58,907 70,146 116,033 130,608
Operating Segments [Member] | Publishing [Member]        
Segment information [Abstract]        
Revenue 157,499 164,985 282,420 296,263
Contribution to Profit 39,455 41,913 53,175 46,383
Operating Segments [Member] | Solutions [Member]        
Segment information [Abstract]        
Revenue 62,478 57,876 123,466 114,415
Contribution to Profit $ 7,049 7,309 $ 10,273 5,341
Corporate [Member] | Interest and Other Income [Member] | ASU 2017-07 Member]        
Segment information [Abstract]        
Net benefits   $ (400)   $ (800)
[1] Due to the retrospective adoption of ASU 2017-07, total net benefits of $2.0 million and $3.9 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 three and six months ended October 31, 2017, respectively. Refer to Note 2, "Recent Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information. The impact of the reclassification on Contribution to Profit by segment for the three months ended October 31, 2017 was $1.0 million in Research, $0.6 million in Publishing, and $0.4 million in Corporate expenses. The impact of the reclassification on Contribution to Profit by segment for the six months ended October 31, 2017 was $2.0 million in Research, $1.1 million in Publishing, and $0.8 million in Corporate expenses.
v3.10.0.1
Inventories (Details) - USD ($)
$ in Thousands
Oct. 31, 2018
Apr. 30, 2018
Inventories [Abstract]    
Finished goods $ 32,388 $ 36,503
Work-in-process 2,473 2,139
Paper and other materials 441 550
Gross inventory 35,302 39,192
Inventory value of estimated sales returns 4,261 4,626
LIFO reserve (4,479) (4,329)
Total inventories $ 35,084 $ 39,489
v3.10.0.1
Goodwill and Intangible Assets, Goodwill (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Oct. 31, 2018
Apr. 30, 2018
Goodwill [Roll Forward]    
Beginning balance $ 1,019,801  
Foreign translation adjustment (33,553)  
Ending balance 986,248 $ 1,019,801
Research [Member]    
Goodwill [Roll Forward]    
Beginning balance 463,419  
Foreign translation adjustment (25,832)  
Ending balance 437,587 463,419
Publishing [Member]    
Goodwill [Roll Forward]    
Beginning balance 283,851  
Foreign translation adjustment (726) (11,600)
Ending balance 283,125 283,851
Solutions [Member]    
Goodwill [Roll Forward]    
Beginning balance 272,531  
Foreign translation adjustment (6,995) 11,600
Ending balance $ 265,536 $ 272,531
v3.10.0.1
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Apr. 30, 2018
Intangible Assets with Determinable Lives, net [Abstract]        
Total   $ 569,034   $ 615,244
Intangible Assets with Indefinite Lives [Abstract]        
Total   218,595   232,827
Intangible assets (excluding goodwill) [Abstract]        
Total Intangible Assets, Net   787,629   848,071
Impairment charges   0 $ 3,600  
Brands and Trademarks [Member]        
Intangible Assets with Indefinite Lives [Abstract]        
Total   130,460   138,589
Content and Publishing Rights [Member]        
Intangible Assets with Indefinite Lives [Abstract]        
Total   88,135   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]        
Intangible Assets with Determinable Lives, net [Abstract]        
Total   401,341   436,760
Customer Relationships [Member]        
Intangible Assets with Determinable Lives, net [Abstract]        
Total   152,803   161,729
Brands and Trademarks [Member]        
Intangible Assets with Determinable Lives, net [Abstract]        
Total   14,340   16,100
Covenants Not to Compete [Member]        
Intangible Assets with Determinable Lives, net [Abstract]        
Total   $ 550   $ 655
v3.10.0.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Apr. 30, 2018
Effective income tax rate [Abstract]          
Effective tax rate as reported 22.30% 24.40% 22.50% 19.00%  
Effective tax rate excluding the impact of restructuring and impairment charges     22.50% 24.40%  
The Tax Act [Abstract]          
Provisional estimated net tax benefit related to the Tax Act         $ (25.1)
Federal statutory tax rate     21.00%    
v3.10.0.1
Retirement Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Defined benefit plans, net pension expense (income) [Abstract]        
Service cost $ 229 $ 242 $ 462 $ 472
Interest cost 6,169 6,346 12,381 12,598
Expected return on plan assets (9,720) (9,782) (19,622) (19,439)
Net amortization of prior service cost (24) (23) (48) (48)
Unrecognized net actuarial loss 1,474 1,534 2,908 3,035
Net pension income (1,872) (1,683) (3,919) (3,382)
Employer defined benefit pension plan contributions 3,500 2,800 7,100 5,600
Expense for employer defined contribution plans $ 2,800 $ 3,000 $ 7,300 $ 7,900
v3.10.0.1
Derivative Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Oct. 31, 2018
Oct. 31, 2017
Apr. 30, 2018
Derivative Instruments and Hedging Activities [Abstract]          
Variable rate loans outstanding $ 537.3   $ 537.3    
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member]          
Derivative Instruments and Hedging Activities [Abstract]          
Net gain (losses) reclassified from Accumulated Other Comprehensive Loss 1.1 $ 0.3 2.0 $ 0.4  
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]          
Derivative Instruments and Hedging Activities [Abstract]          
Assets fair value of derivative instrument $ 3.3   $ 3.3   $ 5.1
Interest Rate Swaps [Member] | April 2016 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member]          
Derivative Instruments and Hedging Activities [Abstract]          
Inception date     Apr. 04, 2016    
Fixed interest rate to be paid 0.92%   0.92%    
Term of variable rate     1 month    
Term of derivative instrument     3 years    
Expiration date     May 15, 2019    
Notional amount of derivative liability $ 350.0   $ 350.0   $ 350.0
v3.10.0.1
Subsequent Event (Details)
$ in Millions
Nov. 01, 2018
USD ($)
Subsequent Event [Member] | The Learning House, Inc. [Member]  
Acquisition [Abstract]  
Cash payments to acquire business $ 200