JOHN WILEY & SONS, INC., 10-K filed on 7/6/2021
Annual Report
v3.21.2
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2021
Jun. 02, 2021
Oct. 31, 2020
Entity Listings [Line Items]      
Entity Registrant Name JOHN WILEY & SONS, INC.    
Entity Central Index Key 0000107140    
Current Fiscal Year End Date --04-30    
Document Type 10-K    
Amendment Flag false    
Document Annual Report true    
Document Period End Date Apr. 30, 2021    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Document Transition Report false    
Entity File Number 001-11507    
Entity Incorporation, State or Country Code NY    
Entity Tax Identification Number 13-5593032    
Entity Address, Address Line One 111 River Street    
Entity Address, City or Town Hoboken    
Entity Address, State or Province NJ    
Entity Address, Postal Zip Code 07030    
City Area Code 201    
Local Phone Number 748-6000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 1,364
Common Stock Class A [Member]      
Entity Listings [Line Items]      
Title of 12(b) Security Class A Common Stock, par value $1.00 per share    
Trading Symbol JW.A    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   46,800,293  
Common Stock Class B [Member]      
Entity Listings [Line Items]      
Title of 12(b) Security Class B Common Stock, par value $1.00 per share    
Trading Symbol JW.B    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   9,049,462  
v3.21.2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)
$ in Thousands
Apr. 30, 2021
Apr. 30, 2020
Current assets    
Cash and cash equivalents $ 93,795 $ 202,464
Accounts receivable, net 311,571 309,384
Inventories, net 42,538 43,614
Prepaid expenses and other current assets 78,393 59,465
Total current assets 526,297 614,927
Product development assets, net 49,517 53,643
Royalty advances, net 39,582 36,710
Technology, property and equipment, net 282,270 298,005
Intangible assets, net 1,015,302 807,405
Goodwill 1,304,340 1,116,790
Operating lease right-of-use assets 121,430 142,716
Other non-current assets 107,701 98,598
Total assets 3,446,439 3,168,794
Current liabilities    
Accounts payable 95,791 93,691
Accrued royalties 78,582 87,408
Short-term portion of long-term debt [1] 12,500 9,375
Contract liabilities [2] 545,425 520,214
Accrued employment costs 144,744 108,448
Accrued income taxes 8,590 13,728
Short-term portion of operating lease liabilities 22,440 21,810
Other accrued liabilities 80,900 72,595
Total current liabilities 988,972 927,269
Long-term debt 809,088 765,650
Accrued pension liability 146,247 187,969
Deferred income tax liabilities 172,903 119,127
Operating lease liabilities 145,832 159,782
Other long-term liabilities 92,106 75,373
Total liabilities 2,355,148 2,235,170
Shareholders' equity    
Preferred stock, $1 par value: Authorized - 2 million, Issued - 0 0 0
Additional paid-in capital 444,358 431,680
Retained earnings 1,850,058 1,780,129
Accumulated other comprehensive loss:    
Foreign currency translation adjustment (257,941) (340,703)
Unamortized retirement costs, net of tax (228,146) (227,920)
Unrealized (loss) on interest rate swaps, net of tax (4,703) (6,874)
Total accumulated other comprehensive loss, net of tax (490,790) (575,497)
Less: treasury shares at cost (Class A - 23,419 and 23,405 as of April 30, 2021 and 2020, respectively, Class B - 3,922 and 3,920 of April 30, 2021 and 2020, respectively) (795,517) (785,870)
Total shareholders' equity 1,091,291 933,624
Total liabilities and shareholders' equity 3,446,439 3,168,794
Class A [Member]    
Shareholders' equity    
Common stock 70,208 70,166
Class B [Member]    
Shareholders' equity    
Common stock $ 12,974 $ 13,016
[1] Relates to our term loan A under the Amended and Restated RCA.
[2] The sales return reserve recorded in Contract liabilities is $38.0 million and $32.8 million as of April 30, 2021 and April 30, 2020, respectively. See Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards” for further details of the sales return reserve.
v3.21.2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares
shares in Thousands
Apr. 30, 2021
Apr. 30, 2020
Shareholders' equity    
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares authorized (in shares) 2,000 2,000
Preferred stock, shares issued (in shares) 0 0
Class A [Member]    
Shareholders' equity    
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 180,000 180,000
Common stock, shares issued (in shares) 70,208 70,166
Treasury shares at cost (in shares) 23,419 23,405
Class B [Member]    
Shareholders' equity    
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 72,000 72,000
Common stock, shares issued (in shares) 12,974 13,016
Treasury shares at cost (in shares) 3,922 3,920
v3.21.2
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Revenue, net $ 1,941,501 $ 1,831,483 $ 1,800,069
Costs and expenses      
Cost of sales 625,335 591,024 554,722
Operating and administrative expenses 1,022,660 997,355 963,582
Impairment of goodwill and intangible assets 0 202,348 0
Restructuring and related charges [1] 33,310 32,607 3,118
Amortization of intangible assets 74,685 62,436 54,658
Total costs and expenses 1,755,990 1,885,770 1,576,080
Operating income (loss) 185,511 (54,287) 223,989
Interest expense (18,383) (24,959) (16,121)
Foreign exchange transaction (losses) gains (7,977) 2,773 (6,016)
Other income 16,761 13,381 11,100
Income (loss) before taxes 175,912 (63,092) 212,952
Provision for income taxes 27,656 11,195 44,689
Net income (loss) $ 148,256 $ (74,287) $ 168,263
Earnings (loss) per share:      
Basic (in dollars per share) $ 2.65 [2] $ (1.32) [2],[3] $ 2.94
Diluted (in dollars per share) $ 2.63 [2] $ (1.32) [2],[3] $ 2.91
Weighted average number of common shares outstanding:      
Basic (in shares) 55,930 56,209 57,192
Diluted (in shares) 56,461 56,209 57,840
[1] See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment.
[2] The sum of the quarterly earnings (loss) per share amounts may not agree to the respective annual amounts due to rounding.
[3] In calculating diluted earnings (loss) per common share for the fourth quarter and year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.
v3.21.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]      
Net income (loss) $ 148,256 $ (74,287) $ 168,263
Other comprehensive income (loss):      
Foreign currency translation adjustment 82,762 (28,596) (60,534)
Unamortized retirement costs, net of tax (expense) benefit of $(2,103), $10,137, and $1,337, respectively (226) (31,863) (5,031)
Unrealized gain (loss) on interest rate swaps, net of tax (expense) benefit of $(657), $2,114, and $1,161, respectively 2,171 (6,300) (3,593)
Total other comprehensive income (loss) 84,707 (66,759) (69,158)
Comprehensive income (loss) $ 232,963 $ (141,046) $ 99,105
v3.21.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Other comprehensive income (loss):      
Unamortized retirement costs, tax (expense) benefit $ (2,103) $ 10,137 $ 1,337
Unrealized gain (loss) on interest rate swaps, tax (expense) benefit $ (657) $ 2,114 $ 1,161
v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Operating activities      
Net income (loss) $ 148,256 $ (74,287) $ 168,263
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Impairment of goodwill and intangible assets 0 202,348 0
Amortization of intangible assets 74,685 62,436 54,658
Amortization of product development assets 34,365 35,975 37,079
Depreciation and amortization of technology, property and equipment 91,139 76,716 69,418
Restructuring and related charges [1] 33,310 32,607 3,118
Stock-based compensation expense 21,982 20,009 18,327
Employee retirement plan expense 12,975 10,832 5,236
Foreign exchange transaction losses (gains) 7,977 (2,773) 6,016
Other noncash charges (credits) 35,138 7,115 (11,136)
Changes in operating assets and liabilities      
Accounts receivable, net (7,263) (2,962) (64,734)
Inventories, net 7,842 (2,714) 3,820
Accounts payable (20,110) 1,163 7,369
Accrued royalties (11,011) 13,425 6,169
Contract liabilities 14,164 (118) 29,901
Accrued income taxes (13,446) (5,962) 9,613
Restructuring payments (19,667) (12,563) (15,219)
Other accrued liabilities 41,588 (7,817) (32,713)
Employee retirement plan contributions (40,676) (33,729) (40,470)
Operating lease liabilities (32,344) (28,243) 0
Royalty advances, net 3,342 (2,099) (824)
Other (22,323) (924) (3,060)
Net cash provided by operating activities 359,923 288,435 250,831
Investing activities      
Product development spending (25,954) (26,608) (24,426)
Additions to technology, property and equipment (77,407) (88,593) (77,167)
Businesses acquired in purchase transactions, net of cash acquired (299,942) (229,629) (190,415)
Acquisitions of publication rights and other (29,851) (1,840) (9,494)
Net cash used in investing activities (433,154) (346,670) (301,502)
Financing activities      
Repayment of long-term debt (562,752) (630,551) (476,246)
Borrowing of long-term debt 593,405 934,323 596,320
Payment of debt issuance costs 0 (4,006) 0
Purchase of treasury shares (15,765) (46,589) (59,994)
Change in book overdrafts 18,398 (48) (5,674)
Cash dividends (76,938) (76,658) (75,752)
Net (payments) proceeds from stock-based compensation and other (3,434) (3,794) 3,751
Net cash (used in) provided by financing activities (47,086) 172,677 (17,595)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash 11,629 (4,943) (8,443)
Cash reconciliation:      
Cash and cash equivalents 202,464 92,890 169,773
Restricted cash included in Prepaid expenses and other current assets 583 658 484
Balance at beginning of year 203,047 93,548 170,257
(Decrease)/increase for year (108,688) 109,499 (76,709)
Cash and cash equivalents 93,795 202,464 92,890
Restricted cash included in Prepaid expenses and other current assets 564 583 658
Balance at end of year 94,359 203,047 93,548
Cash paid during the year for:      
Interest 17,171 23,622 14,867
Income taxes, net of refunds 41,064 41,537 48,264
Learning House [Member] | Warrants [Member]      
Noncash items associated with the acquisition of Learning House:      
Warrants to purchase 0.4 million shares of Wiley Class A Common Stock issued in connection with the Learning House acquisition $ 0 $ 0 $ 565
[1] See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment.
v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)
shares in Millions
Apr. 30, 2021
shares
Noncash items associated with the acquisition of Learning House:  
Warrants to purchase shares, in connection with acquisition (in shares) 0.4
v3.21.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock [Member]
Class A [Member]
Common Stock [Member]
Class A [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Class B [Member]
Common Stock [Member]
Class B [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Additional Paid-in Capital [Member]
Additional Paid-in Capital [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Additional Paid-in Capital [Member]
Class A [Member]
Additional Paid-in Capital [Member]
Class B [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings [Member]
Class A [Member]
Retained Earnings [Member]
Class B [Member]
Treasury Stock [Member]
Treasury Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Treasury Stock [Member]
Class A [Member]
Treasury Stock [Member]
Class B [Member]
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Loss [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Other Comprehensive Loss [Member]
Class A [Member]
Accumulated Other Comprehensive Loss [Member]
Class B [Member]
Total
Cumulative Effect, Period of Adoption, Adjustment [Member]
Class A [Member]
Class B [Member]
Balance at Apr. 30, 2018 $ 70,111   $ 13,071   $ 407,120       $ 1,834,057       $ (694,222)       $ (439,580)       $ 1,190,557      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Restricted shares issued under stock-based compensation plans 0   0   (8,544)       3       8,826       0       285      
Net proceeds/(payments) from stock-based compensation and other 0   0   4,837       0       (1,086)       0       3,751      
Stock-based compensation expense 0   0   18,327       0       0       0       18,327      
Purchase of treasury shares 0   0   0       0       (59,994)       0       (59,994)      
Common stock dividends 0   0       $ 0 $ 0     $ (63,684) $ (12,068)     $ 0 $ 0     $ 0 $ 0     $ (63,684) $ (12,068)
Common stock class conversions 16   (16)   0       0       0       0       0      
Issuance of warrants related to acquisition of a business 0   0   565       0       0       0       565      
Adjustment due to adoption of new revenue standard | New Revenue Standard [Member]   $ 0   $ 0   $ 0       $ 4,503       $ 0       $ 0       $ 4,503    
Comprehensive income (loss), net of tax 0   0   0       168,263       0       (69,158)       99,105      
Balance at Apr. 30, 2019 70,127   13,055   422,305       1,931,074       (746,476)       (508,738)       1,181,347      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Restricted shares issued under stock-based compensation plans 0   0   (10,992)       0       11,347       0       355      
Net proceeds/(payments) from stock-based compensation and other 0   0   358       0       (4,152)       0       (3,794)      
Stock-based compensation expense 0   0   20,009       0       0       0       20,009      
Purchase of treasury shares 0   0   0       0       (46,589)       0       (46,589)      
Common stock dividends 0   0       0 0     (64,264) (12,394)     0 0     0 0     (64,264) (12,394)
Common stock class conversions 39   (39)   0       0       0       0       0      
Comprehensive income (loss), net of tax 0   0   0       (74,287)       0       (66,759)       (141,046)      
Balance at Apr. 30, 2020 70,166 $ 0 13,016 $ 0 431,680 $ 0     1,780,129 $ (1,390)     (785,870) $ 0     (575,497) $ 0     933,624 $ (1,390)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                
Restricted shares issued under stock-based compensation plans 0   0   (10,206)       1       10,454       0       249      
Net proceeds/(payments) from stock-based compensation and other 0   0   902       0       (4,336)       0       (3,434)      
Stock-based compensation expense 0   0   21,982       0       0       0       21,982      
Purchase of treasury shares 0   0   0       0       (15,765)       0       (15,765)      
Common stock dividends 0   0       $ 0 $ 0     $ (67,614) $ (9,324)     $ 0 $ 0     $ 0 $ 0     $ (67,614) $ (9,324)
Common stock class conversions 42   (42)   0       0       0       0       0      
Comprehensive income (loss), net of tax     0   0       148,256       0       84,707       232,963      
Balance at Apr. 30, 2021 $ 70,208   $ 12,974   $ 444,358       $ 1,850,058       $ (795,517)       $ (490,790)       $ 1,091,291      
v3.21.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Class A [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Common stock dividend (in dollars per share) $ 1.37 $ 1.36 $ 1.32
Class B [Member]      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Common stock dividend (in dollars per share) $ 1.37 $ 1.36 $ 1.32
v3.21.2
Description of Business
 12 Months Ended
Apr. 30, 2021
Description of Business [Abstract]  
Description of Business
Note 1 – Description of Business

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

Wiley is a global leader in research and education, unlocking human potential by enabling discovery, powering education, and shaping workforces. Through the Research Publishing & Platforms segment, we provide peer-reviewed scientific, technical, and medical (STM) publishing, content platforms, and related services to academic, corporate, and government customers, academic societies, and individual researchers. The Academic & Professional Learning segment provides Education Publishing and Professional Learning content and courseware, training and learning services, to students, professionals, and corporations. The Education Services segment provides online program management (OPM) services for academic institutions and talent placement services for professionals and businesses. We have operations primarily located in the United States (US), United Kingdom (UK), Sri Lanka, Germany, India, Russia, Jordan, and Canada.
v3.21.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards
 12 Months Ended
Apr. 30, 2021
Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards [Abstract]  
Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards
Note 2 – Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards

Summary of Significant Accounting Policies

Basis of Presentation:

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

In the fourth quarter of fiscal year 2021, a UK entity acquired in connection with the acquisition of mthree (See Note 4, “Acquisitions” for further details of this acquisition) was erroneously dissolved by the Company in accordance with UK Companies Act regulations while still holding assets. This entity, along with its subsidiaries, (the entity) had various net intercompany receivables owed to them from other Wiley companies of approximately $188.8 million, which upon a dissolution technically revert to the British Crown (Crown). Wiley has petitioned to Companies House to reinstate the entity without prejudice. The Company believes the likelihood that reinstatement will not occur is remote as it entails an administrative exercise to remedy, not a negotiation.

As a result of these events, the Company evaluated whether it was appropriate to consolidate the assets, liabilities, and operations of the entity as part of its consolidated financial statements as of April 30, 2021 and for the period from the entity being dissolved through April 30, 2021, and also whether there was a liability to the Crown and a related loss associated with the dissolution of the entity under US GAAP in the fiscal year 2021.

The Company evaluated the criteria in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidations” to determine if consolidating the entity was appropriate under US GAAP. Based on that evaluation and the administrative nature of the process to restore, the Company concluded that although the entity was dissolved, we maintained control of the assets of the entity and, therefore, appropriately consolidated the assets, liabilities and operations of the entity it in our consolidated financial statements as of April 30, 2021. In connection with that conclusion, the Company also concluded that it does not have conditions to require a loss or liability to the Crown to be recorded in fiscal year 2021, other than immaterial fees associated with the restoration process. The Company anticipates the restoration of the entity, with the entirety of its net assets, to be completed by the second quarter of fiscal year 2022.

Reclassifications:

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

Use of Estimates:

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

Book Overdrafts:

Under our cash management system, a book overdraft balance exists for our primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. Our funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2021 and 2020, book overdrafts of $25.8 million and $7.4 million, respectively, were included in Accounts payable on the Consolidated Statements of Financial Position.

Revenue Recognition:

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

See Note 3, “Revenue Recognition, Contracts with Customers,” for further details of our revenue recognition policy.

Cash and Cash Equivalents:

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

Allowance for Credit Losses:

See the section below, “Recently Adopted - Measurement of Credit Losses on Financial Instruments” for further details of our policy for credit losses.

Sales Return Reserves:

The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain, and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related increase to inventory and a reduction to accrued royalties as a result of the expected returns. Print book sales return reserves amounted to a net liability balance of $22.2 million and $19.6 million as of April 30, 2021 and 2020, respectively.

The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position as of April 30:

  
2021
    
2020
  
Increase in Inventories, net
  
$
10,886
    
$
8,686
  
Decrease in Accrued royalties
  
$
(4,949
)
  
$
(4,441
)
Increase in Contract liabilities
  
$
38,034
    
$
32,769
  
Print book sales return reserve net liability balance
  
$
(22,199
)
  
$
(19,642
)

Inventories:

Inventories are carried at the lower of cost or net realizable value. US book inventories aggregating $20.4 million and $24.3 million at April 30, 2021 and 2020, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method. Finished goods not recorded at LIFO have been recorded at the lower of cost or net realizable value.

Product Development Assets: 

Product development assets consist of book composition costs and other product development costs. Costs associated with developing a book publication are expensed until the product is determined to be commercially viable. Book composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Book composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Other product development costs represent the costs incurred in developing software, platforms, and digital content to be sold and licensed to third parties. Other product development costs are capitalized and amortized on a straight-line basis over their estimated useful lives. As of April 30, 2021, the weighted average estimated useful life of other product development costs was approximately 6 years.

Royalty Advances:

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

Shipping and Handling Costs:

Costs incurred for third party shipping and handling are primarily reflected in Operating and administrative expenses on the Consolidated Statements of Income (Loss). We incurred $27.8 million, $28.8 million, and $32.7 million in shipping and handling costs in the years ended April 30, 2021, 2020, and 2019, respectively.

Advertising and Marketing Costs:

Advertising and marketing costs are expensed as incurred. These costs are reflected in the Consolidated Statements of Income (Loss) as follows:
  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
Advertising and marketing costs
  
$
93.6
    
$
103.1
    
$
89.5
  
Cost of sales (1)
    
57.0
      
65.8
      
53.7
  
Operating and administrative expenses
    
36.6
      
37.3
      
35.8
  

(1)
This includes certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions.

Technology, Property, and Equipment:

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

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


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

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

In connection with acquisitions, we allocate the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. The excess of the purchase consideration over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of the acquisition date fair value of the assets acquired and liabilities assumed requires us to make significant estimates and assumptions, such as forecasted  revenue growth rates and operating cash flows, royalty rates, customer attrition rates, obsolescence rates of developed technology, and discount rates. We may use a third-party valuation consultant to assist in the determination of such estimates.

Goodwill and Indefinite-lived Intangible Assets:

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

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

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

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

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

Intangible assets with definite lives as of April 30, 2021, are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 28 years, customer relationships – 17 years, developed technology – 7 years, brands and trademarks – 13 years, and noncompete agreements – 5 years.

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

Derivative Financial Instruments:

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

Foreign Currency Gains/Losses:

We maintain operations in many non-US locations. Assets and liabilities are translated into US dollars using end-of-period exchange rates and revenues and expenses are translated into US dollars using weighted average rates. Our significant investments in non-US businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders’ Equity. Foreign currency transaction gains or losses are recognized on the Consolidated Statements of Income (Loss) as incurred.

Stock-Based Compensation:

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

Recently Adopted Accounting Standards

Changes to the Disclosure Requirements for Defined Benefit Plans

In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for fiscal years ending after December 15, 2020. We have adopted the new standard for the year ended April 30, 2021 retrospectively for all periods presented. See Note 17, “Retirement Plans” for all periods presented with the new required disclosures.

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, in May 2019, the FASB issued ASU 2019-05 - “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”; in April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” in November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” and in February 2020, the FASB issued ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)  (SEC Update)”.

ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. ASU 2016-13, ASU 2019-05, ASU 2019-04, ASU 2018-19, ASU 2019-11, and ASU 2020-02 were effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted.

We adopted the new standard on May 1, 2020, with a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Based on financial instruments currently held by us, the adoption of ASU 2016-13 primarily impacted our trade receivables, specifically our allowance for doubtful accounts. The adoption of the standard did not have an impact on our Consolidated Statements of Income (Loss), or our Consolidated Statements of Cash Flows. See the table below for further details on the immaterial impact to our Consolidated Statements of Financial Position and Consolidated Statements of Shareholders’ Equity.

We are exposed to credit losses through our accounts receivable with customers. Accounts receivable, net is stated at amortized cost net of provision for credit losses. Our methodology to measure the provision for credit losses requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable such as the impact of COVID-19, delinquency trends, aging behavior of receivables, credit and liquidity indicators for industry groups, customer classes or individual customers and reasonable and supportable forecasts of the economic conditions that may exist through the contractual life of the asset.  Our provision for credit losses is reviewed and revised periodically.  Our accounts receivable is evaluated on a pool basis that is based on customer groups with similar risk characteristics.  This includes consideration of the following factors to develop these pools: size of the customer, industry, geographical location, historical risk, and types of services or products sold.

Our customers’ ability to pay is assessed through our internal credit review processes. Based on the dollar value of credit extended, we assess our customers’ credit by reviewing the total expected receivable exposure, expected timing of payments and the customers’ established credit rating. In determining customer creditworthiness, we assess our customers’ credit utilizing different resources including third-party validations and/or our own assessment through analysis of the customers’ financial statements and review of trade/bank references. We also consider contract terms and conditions, country and political risk, and the customers’ mix of products purchased in our evaluation. A credit limit is established for each customer based on the outcome of this review. Credit limits are periodically reviewed for existing customers and whenever an increase in the credit limit is being considered. When necessary, we utilize collection agencies and legal counsel to pursue recovery of defaulted receivables. We write off receivables only when deemed no longer collectible.
 
The following table presents the change in provision for credit losses, which is presented net in Accounts receivable on our Consolidated Statements of Financial Position for the period indicated:
  
Provision for
Credit Losses
  
Balance as of April 30, 2020
  
$
18,335
  
Adjustment due to adoption of new credit losses standard recorded as an adjustment to retained earnings
    
1,776
  
Current period provision
    
6,957
  
Amounts written off, less recoveries
    
(4,463
)
Foreign exchange translation adjustments and other
    
(1,131
)
Balance as of April 30, 2021
  
$
21,474
  

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

In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted ASU 2018-15 on May 1, 2020 on a prospective basis. There was no impact to our consolidated financial statements at the date of adoption.

Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 removes, modifies, and adds disclosures. We adopted ASU 2018-13 on May 1, 2020. There was no impact to our consolidated financial statements or disclosures as a result of adoption.

Leases

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” and issued subsequent amendments to the initial guidance thereafter. ASU 2016-02 requires an entity to recognize a right-of-use asset (ROU) and lease liability for all leases with terms of more than 12 months and provide enhanced disclosures. Recognition, measurement, and presentation of expenses depends on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance.

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

In addition, the new standard provides as a practical expedient, certain policy elections for ongoing lease accounting which we elected at the date of adoption and included the following, (i) to not separate nonlease components from the associated lease component if certain conditions are met, and (ii) to not recognize ROU assets and lease liabilities for leases that qualify as short-term.

A modified retrospective transition approach was required, applying the standard to all leases existing at the date of initial application. A company could choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as of its date of initial application. We adopted the new standard on May 1, 2019 and used the effective date as the date of initial application. Accordingly, previously reported financial information was not updated, and the disclosures required under the new standard will not be provided for dates and periods before May 1, 2019. 

At adoption, we recognized operating lease liabilities of $178 million based on the present value of the remaining minimum rental payments for existing operating leases and ROU assets of $142 million on our Consolidated Statement of Financial Position. The difference between the ROU assets and operating lease liabilities represents the existing deferred rent liabilities, prepaid rent balances, and applicable restructuring liabilities, which were reclassified upon adoption to reduce the measurement of the ROU assets. The adoption of the standard did not have an impact on our Consolidated Statement of Shareholders’ Equity, Consolidated Statement of Income (Loss) or Consolidated Statement of Cash Flow. See Note 12, “Operating Leases”, for further details on our operating leases.

Recently Issued Accounting Standards

Convertible Debt Instruments, Derivatives and EPS
 
In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, “Reference Rate Reform: Scope.” This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.  This would apply to companies meeting certain criteria that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This standard is effective for us immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.”  This ASU is intended to simplify various aspects related to accounting for income taxes, eliminates certain exceptions within Topic 740, “Income Taxes” and clarifies certain aspects of the current guidance to promote consistent application. The standard is effective for us on May 1, 2021, and early adoption is permitted in any interim period for which financial statements have not yet been issued. We will adopt the new standard on May 1, 2021. We do not expect the adoption of ASU 2019-12 to have a material impact on our consolidated financial statements at the time of adoption. The impact in the future would depend on any changes in tax laws and the applicable enactment dates. In accordance with ASU 2019-12, the enactment date is when any effects are recognized in the consolidated financial statements.
v3.21.2
Revenue Recognition, Contracts with Customers
 12 Months Ended
Apr. 30, 2021
Revenue Recognition, Contracts with Customers [Abstract]  
Revenue Recognition, Contracts with Customers
Note 3 — Revenue Recognition, Contracts with Customers

Disaggregation of Revenue

The following tables present our revenue from contracts with customers disaggregated by segment and product type.

  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
Research Publishing & Platforms:
                  
Research Publishing
  
$
972,512
    
$
908,952
    
$
903,249
  
Research Platforms
    
42,837
      
39,887
      
35,968
  
Total Research Publishing & Platforms
    
1,015,349
      
948,839
      
939,217
  
                         
Academic & Professional Learning:
                        
Education Publishing
    
363,870
      
352,188
      
372,018
  
Professional Learning
    
280,667
      
298,601
      
331,285
  
Total Academic & Professional Learning
    
644,537
      
650,789
      
703,303
  
                         
Education Services:
                        
Education Services OPM (1)
    
227,700
      
210,882
      
155,819
  
mthree (1)
    
53,915
      
20,973
      
1,730
  
Total Education Services
    
281,615
      
231,855
      
157,549
  
Total Revenue
  
$
1,941,501
    
$
1,831,483
    
$
1,800,069
  

(1)
In May 2020, we moved the IT bootcamp business acquired as part of The Learning House acquisition from Education Services Online Program Management (OPM) to mthree. As a result, the prior period revenue related to the IT bootcamp business has been included in mthree. The revenue for the IT bootcamp business was $1.6 million, $3.5 million and $1.7 million for the years ended April 30, 2021, 2020 and 2019, respectively. There were no changes to our total Education Services or our consolidated financial results.

The following information describes our disaggregation of revenue by segment and product type. Overall, the majority of our revenue is recognized over time.

Research Publishing & Platforms

Research Publishing & Platforms’ customers include academic, corporate, government, and public libraries, funders of research, researchers, scientists, clinicians, engineers and technologists, scholarly and professional societies, and students and professors. Research Publishing & Platforms products are sold and distributed globally through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to professional society members, and other customers. Publishing centers include Australia, China, Germany, India, the UK, and the US. The majority of revenue generated from Research Publishing and Platforms products is recognized over time. Total Research Publishing & Platforms revenue was $1,015.3 million in the year ended April 30, 2021.

We disaggregated revenue by Research Publishing and Research Platforms to reflect the different type of products and services provided. Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services, to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $972.5 million in the year ended April 30, 2021 and the majority is recognized over time.

Research Platforms is a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content on the web through the Literatum platform. Research Platforms revenue was $42.8 million in the year ended April 30, 2021 and the majority is recognized over time.

Research Publishing Products

Research Publishing products generate approximately 77% of its revenue from contracts with its customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Comprehensive Agreements (read and publish) and the remainder from Licensing, Reprints, Backfiles, and Other.


Journal Subscriptions and Open Access

Journal subscription contracts are negotiated by us directly with customers or their subscription agents. Subscription periods typically cover calendar years. 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, there are generally two performance obligations: a functional intellectual property license with a stand-ready promise to provide access to new content for one year, which includes online hosting of the content, and a functional intellectual property perpetual license for access to historical journal content, which also includes online hosting of the content. The transaction price consists of fixed consideration. Journal subscription revenue is generally collected in advance when the annual license is granted, and no significant financing component exists.

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

Under the Open Access business model, we have a signed contract with the customer that contains enforceable rights. The Open Access business model in a typical model includes an over-time single performance obligation that combines a promise to host the customer’s content on our open access platform, and a promise to provide an Article Publication Charge (APC) at a discount to eligible users who are defined in the contract, in exchange for an upfront payment. Enforceable right to payment occurs over time as we fulfill our obligation to provide a discount to eligible users, as defined, on future APCs. Therefore, the upfront payment is recorded as a contract liability and revenue is recognized over time.

Comprehensive agreements (read and publish), sometimes referred to as transitional agreements, are the innovative new model that blends journal subscription and open access offerings. Essentially, for a single fee, a national or regional consortium of libraries pays for and receives full read access to our journal portfolio and the ability to publish under an open access arrangement. Like subscriptions, comprehensive deals involve recurring revenue under multiyear contracts. Unlike subscriptions, they also allow for further upside depending on how much publishing volume we generate.   Comprehensive models accelerate the transition to open access while maintaining subscription access.

In January 2019, Wiley announced a contractual arrangement in support of Open Access, a countrywide partnership agreement with Projekt DEAL, a representative of nearly 700 academic institutions in Germany. This three-year agreement provides all Projekt DEAL institutions with access to read Wiley’s academic journals back to the year 1997, and researchers at Projekt DEAL institutions can publish articles open access in Wiley’s journals. The partnership will better support institutions and researchers in advancing open science, driving discovery, and developing and disseminating knowledge. Projekt DEAL includes multiple performance obligations, which include a stand-ready promise to provide access to new content, perpetual license for access to historical journal content and accepting articles to be hosted on our open access platform. We are compensated primarily through a fee per article published and a consolidated access fee. The consideration for Projekt DEAL consists of fixed and variable consideration. We allocated the total consideration to the fixed and variable components based on its relative standalone selling prices for each performance obligation.

Licensing, Reprints, Backfiles and Other

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

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

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

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

Research Platforms Services

Research Platforms’ services 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 recognized on a straight-line basis over the time of the contractual period. The duration of these contracts is generally multiyear ranging from 2-5 years.

Academic & Professional Learning

Academic & Professional Learning provides Education Publishing and Professional Learning products and services including scientific, professional, and education print and digital books, digital courseware, and test preparation services, to libraries, corporations, students, professionals, and researchers, as well as learning, development, and assessment services for businesses and professionals. Communities served include business, finance, accounting, workplace learning, management, leadership, technology, behavioral health, engineering/ architecture, science and medicine, and education.  Products are developed for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, web sites, distributor networks and other online applications. Publishing centers include Australia, Germany, India, the UK, and the US. Total Academic & Professional Learning revenue was $644.5 million in the year ended April 30, 2021.

We disaggregated revenue by type of products provided. Academic & Professional Learning products are Education Publishing and Professional Learning. Academic & Professional Learning revenues are mainly recognized at a point in time.

Education Publishing Products
 
Education Publishing products revenue was $363.9 million in the year ended April 30, 2021. Education Publishing products generate approximately 63% of its revenue from contracts with its customers from Education (print and digital) Publishing, which is recognized at a point in time, and 24% from Digital Courseware which is recognized over time. The remainder of its revenues were from Test Preparation and Certification and Licensing and Other, which has a mix of revenue recognized at a point in time and over time.

Education Publishing and Professional Publishing (included within Professional Learning below)

Our performance obligations as it relates to Education and Professional Publishing are primarily book products delivered in both print and digital form which could include a single or multiple performance obligations based on the number of print or digital books purchased which are represented by an International Standard Book Number (ISBN’s), with each ISBN representing a performance obligation. Each ISBN has an observable stand-alone selling price since Wiley sells the books separately.

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

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


Digital Courseware Products

Courseware customers purchase access codes to utilize the product. This could include a single or multiple performance obligations based on the number of course ISBNs purchased. Revenue is recognized over time in the period from when the access codes are activated over the applicable semester term to which such product relates.

Test Preparation and Certification Products

Test Preparation and Certification contracts are generally three-year agreements. This revenue stream includes multiple performance obligations as it relates to the online and printed course materials, including such items as textbooks, ebooks, 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 relative standalone selling price. This standalone selling price is generally based upon the observable selling prices where the product is sold separately to customers. Depending on the performance obligation, revenue is recognized at the time the product is delivered and control has passed to the customer, or over time due to our stand-ready obligation to provide updates to the customer.

Licensing and Other

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

Professional Learning Products
 
Professional Learning products revenue was $280.7 million in the year ended April 30, 2021. Professional Learning (print and digital) products generate approximately 48% of revenue from contracts with its customers from Professional Publishing, and Licensing and Other, both of which are described above, and both are mainly recognized at a point in time. Approximately 52% of Professional Learning products revenue is from contracts with its customers from Corporate Training and Corporate Learning, which is recognized mainly over time.

Corporate Training

Corporate Training through our authorized distributor network includes multiple performance obligations. This includes a performance obligation that includes an annual membership which includes the right to purchase products and services, access to the platform, support and training. This performance obligation is recognized over time since we have an obligation to stand-ready for the customer’s use of the services. In addition, there are performance obligations for the assessments and related products or services which are recognized at a point in time when the assessment, product or service is provided or delivered. The transaction price is allocated to each performance obligation based on its observable standalone selling price which is generally the contractually stated price for the performance obligation related to the annual membership, and for the other performance obligations based on its relative observable selling price when sold separately.

In addition, as it relates to Corporate Training customers’ unexercised rights for situations where we have received a nonrefundable payment for a customer to receive an assessment and the customer is not expected to exercise such right, we will recognize such “breakage” amounts as revenue in proportion to the pattern of rights exercised by the customer which is generally one year.

Corporate Learning

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

Education Services

Education Services revenue was $281.6 million in the year ended April 30, 2021 and the majority is recognized over time. We disaggregated revenue by type of services provided, which are Education Services OPM and mthree.


Education Services OPM

Education Services OPM engages in the comprehensive management of online degree programs for universities and has grown to include a broad array of tech enabled service offerings that address our partner specific pain points. Increasingly, this includes delivering full stack career credentialing education that advances specific careers with in-demand skills.

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. Graduate degree programs include Business Administration, Finance, Accounting, Healthcare, Engineering, Communications, and others. As of April 30, 2021, the Education Services OPM business had 66 university partners under contract. We are also extending the core OPM business as well as delivering a broader array of essential university and career credentialing services that the market is demanding and which leverage our core Wiley skills and assets.  This full stack education includes teacher professional development and IT skills training, through which we develop and deliver professional credits and job placement through our corporate partners. In addition, Education Services OPM derives revenue from unbundled service offerings. Education Services OPM revenue is primarily derived from prenegotiated 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 multiyear agreements ranging from a period of 7-10 years, with some having optional renewal periods. These optional renewal periods are not a material right and are not considered a separate performance obligation.

Education Services 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 overtime, which is also when the variable consideration contingency is resolved. Education Services OPM revenue was $227.7 million in the year ended April 30, 2021.

mthree
 
mthree is a talent placement provider that finds, trains and places job-ready technology talent in roles with leading corporations worldwide. mthree’s contracts with customers includes a performance obligation for the services provided, which is recognized at the point in time the services are provided to its customers. mthree’s revenue was $53.9 million in the year ended April 30, 2021.

Accounts Receivable, net and Contract Liability Balances

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

The following table provides information about accounts receivable, net and contract liabilities from contracts with customers.

  
April 30, 2021
    
April 30, 2020
    
Increase/
(Decrease)
  
Balances from contracts with customers:
                  
Accounts receivable, net
  
$
311,571
    
$
309,384
    
$
2,187
  
Contract liabilities (1)
    
545,425
      
520,214
      
25,211
  
Contract liabilities (included in Other long-term liabilities)
  
$
19,560
    
$
14,949
    
$
4,611
  

(1)
The sales return reserve recorded in Contract liabilities is $38.0 million and $32.8 million as of April 30, 2021 and April 30, 2020, respectively. See Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards” for further details of the sales return reserve.

For the year ended April 30, 2021, we estimate that we recognized as revenue substantially all of the current contract liability balance at April 30, 2020.

The increase in contract liabilities excluding the sales return reserve as of April 30, 2021 was primarily driven by renewals of journal subscription agreements, comprehensive agreements, open access, and test preparation and certification offerings and, to a lesser extent, the impact of foreign exchange, partially offset by revenue earned on journal subscription agreements, comprehensive agreements, open access and test preparation and certification offerings.


Remaining Performance Obligations included in Contract Liability

As of April 30, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $565.0 million, which included the sales return reserve of $38.0 million. Excluding the sales return reserve, we expect that approximately $507.4 million will be recognized in the next twelve months with the remaining $19.6 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 costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. These types of costs are incurred in the following product types, (1) Research Platforms services, which includes customer specific implementation costs per the terms of the contract and (2) Education Services, which includes customer specific costs to develop courses per the terms of the contract.

Our assets associated with incremental costs to fulfill a contract were $12.1 million and $11.5 million at April 30, 2021 and 2020, respectively, and are included within Other non-current assets on our Consolidated Statements of Financial Position. We recorded amortization expense of $5.1 million, $4.2 million, and $2.6 million in the years ended April 30, 2021, 2020 and 2019, respectively, related to these assets within Cost of sales on the Consolidated Statements of Income (Loss).

Sales and value-added taxes are excluded from revenues. Shipping and handling costs, which are primarily incurred within the Academic & Professional Learning segment, occur before the transfer of control of the related goods. Therefore, in accordance with the revenue standard, it is not considered a promised service to the customer and would be considered a cost to fulfill our promise to transfer the goods. Costs incurred for third party shipping and handling are primarily reflected in Operating and administrative expenses on the Consolidated Statements of Income (Loss). We incurred $27.8 million, $28.8 million, and $32.7 million in shipping and handling costs in the years ended April 30, 2021, 2020, and 2019 respectively.
v3.21.2
Acquisitions
 12 Months Ended
Apr. 30, 2021
Acquisitions [Abstract]  
Acquisitions
Note 4 – Acquisitions

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

Fiscal Year 2021

Hindawi

On December 31, 2020, we completed the acquisition of 100% of the outstanding stock of Hindawi Limited (Hindawi). Hindawi is a scientific research publisher and an innovator in open access publishing. Its results of operations are included in our Research Publishing & Platforms segment.

The preliminary fair value of the consideration transferred at the acquisition date was $300.1 million which included $299.3 million of cash and $0.8 million related to the settlement of a preexisting relationship. We financed the payment of the cash consideration primarily through borrowings under our Amended and Restated RCA (as defined below in Note 14, “Debt and Available Credit Facilities”) and using cash on hand. The fair value of the cash consideration transferred, net of $1.0 million of cash acquired was approximately $298.3 million.

The Hindawi acquisition was accounted for using the acquisition method of accounting. The preliminary excess purchase price over identifiable net tangible and intangible assets acquired, and liabilities assumed has been recorded to Goodwill in our Consolidated Statements of Financial Position. Goodwill represents synergies and economies of scale expected from the combination of services. We recorded the preliminary fair value of the assets acquired and liabilities assumed on the acquisition date. None of the goodwill will be deductible for tax purposes. The acquisition related costs to acquire Hindawi were expensed when incurred and were approximately $2.4 million for the year ended April 30, 2021. Such costs were allocated to the Research Publishing and Platforms segment and are reflected in Operating and administrative expenses on the Consolidated Statements of Income (Loss) for the year ended April 30, 2021.

Hindawi’s revenue and operating loss included in our Research Publishing and Platforms segment results for the year ended April 30, 2021 was $12.0 million and $2.1 million, respectively.


The following table summarizes the preliminary consideration transferred to acquire Hindawi and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.

   
Preliminary
Allocation as of
January 31, 2021
    
Measurement Period Adjustments
    
Preliminary
Allocation as of
April 30, 2021
  
Total consideration transferred
  
$
300,086
    
$
—
    
$
300,086
  
                         
Assets:
                        
Current assets
    
2,902
      
(90
)
    
2,812
  
Technology, property and equipment, net
    
844
      
—
      
844
  
Intangible assets, net
    
194,400
      
500
      
194,900
  
Goodwill
    
141,775
      
5,613
      
147,388
  
Operating lease right-of-use assets
    
3,716
      
46
      
3,762
  
Other non-current assets
    
177
      
(108
)
    
69
  
Total assets
  
$
343,814
    
$
5,961
    
$
349,775
  
                         
Liabilities:
                        
Current liabilities
    
3,657
      
(63
)
    
3,594
  
Deferred income tax liabilities
    
36,936
      
95
      
37,031
  
Operating lease liabilities
    
3,135
      
15
      
3,150
  
Other long-term liabilities
    
—
      
5,914
      
5,914
  
Total liabilities
  
$
43,728
    
$
5,961
    
$
49,689
  

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

   
Estimated
Fair Value
    
Weighted-Average Useful Life (in Years)
  
Content and publishing rights
  
$
188,500
      
15
  
Developed technology
    
5,000
      
6
  
Trademarks
    
1,000
      
2
  
Customer relationships
    
400
      
10
  
Total
  
$
194,900
          

The allocation of the total consideration transferred to the assets acquired, including intangible assets and goodwill, and the liabilities assumed is preliminary, and could be revised as a result of additional information obtained due to the finalization of the third-party valuation report, leases and related commitments, tax related matters and contingencies and certain assets and liabilities, including receivables and payables, but such amounts will be finalized within the measurement period, which will not exceed one year from the acquisition date. We are also in the process of aligning our accounting policies, which could result in changes related to financial statement presentation.

Fiscal Year 2020

mthree

On January 1, 2020, we completed the acquisition of 100% of the outstanding stock of mthree. mthree is a rapidly growing talent placement provider that addresses the IT skills gap by finding, training and placing job-ready technology talent in roles with leading corporations worldwide. Its results of operations are included in our Education Services segment.

The fair value of the consideration transferred was $129.9 million (£98.5 million) which included $122.2 million of cash at the acquisition date, $6.4 million that was paid in cash after the acquisition date as part of the assumed liabilities, and $1.3 million of cash to be paid after the acquisition date. We financed the payment of the cash consideration primarily through borrowings under our Amended and Restated RCA (as defined below in Note 14, “Debt and Available Credit Facilities”) and using cash on hand. The fair value of the cash consideration transferred including those amounts paid after the acquisition date in the year ended April 30, 2020, net of $2.2 million of cash acquired was approximately $126.4 million. The fair value of the cash consideration transferred after the acquisition date, that was paid during the year ended April 30, 2021 was $1.2 million.


At the time of the acquisition, Wiley entered into agreements with certain employees of mthree who will remain employees after the acquisition. Cash payments will be made based on reaching certain revenue and EBITDA targets in each year over a four-year period. Such payments are subject to continuing employment and would therefore be considered compensation expense for services provided subsequent to the acquisition.  Such expense would be recognized when it becomes probable that the targets will be achieved.

The mthree acquisition was accounted for using the acquisition method of accounting. The excess purchase price over identifiable net tangible and intangible assets acquired, and liabilities assumed has been recorded to Goodwill in our Consolidated Statements of Financial Position. The fair value assessed for the majority of the tangible assets acquired and liabilities assumed equaled their carrying value. Goodwill represents synergies and economies of scale expected from the combination of services. We recorded the fair value of the assets acquired and liabilities assumed on the acquisition date. None of the goodwill will be deductible for tax purposes. The acquisition related costs to acquire mthree were expensed when incurred and were approximately $1.3 million for the twelve months ended April 30, 2020. Such costs were primarily allocated to the Education Services segment and were reflected in Operating and administrative expenses on the Consolidated Statements of Income (Loss) in the year ended April 30, 2020.

mthree’s incremental revenue included in our Education Services segment results for the year ended April 30, 2021 was $32.6 million.

The following table summarizes the consideration transferred to acquire mthree and the final allocation of the purchase price among the assets acquired and liabilities assumed.

   
Preliminary Allocation
as of April 30, 2020
    
Measurement
Period Adjustments
    
Final
Allocation
  
                   
Total cash consideration at the acquisition date and cash to be paid
  
$
122,242
    
$
1,289
    
$
123,531
  
                         
Assets:
                        
Current assets
    
8,750
      
473
      
9,223
  
Technology, property and equipment, net
    
484
      
—
      
484
  
Intangible assets, net
    
56,836
      
—
      
56,836
  
Goodwill
    
82,561
      
—
      
82,561
  
Operating lease right-of-use assets
    
3,710
      
—
      
3,710
  
Total assets
  
$
152,341
    
$
473
    
$
152,814
  
                         
Liabilities:
                        
Current liabilities
    
14,380
      
(816
)
    
13,564
  
Deferred income tax liabilities
    
12,722
      
—
      
12,722
  
Operating lease liabilities
    
2,692
      
—
      
2,692
  
Other long-term liabilities
    
305
      
—
      
305
  
Total liabilities
  
$
30,099
    
$
(816
)
  
$
29,283
  

The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition.
   
Fair Value
    
Weighted-Average
Useful Life (in Years)
  
Customer relationships
  
$
48,792
      
12
  
Trademarks
    
6,725
      
10
  
Content
    
1,319
      
4
  
Total
  
$
56,836
          

The allocation of the consideration transferred to the assets acquired and the liabilities assumed was final during the three months ended January 31, 2021.


Zyante Inc.

On July 1, 2019, we completed the acquisition of Zyante Inc. (zyBooks), a leading provider of computer science and STEM education courseware. The results of operations of zyBooks are included in our Academic & Professional Learning segment results. The fair value of the consideration transferred at the acquisition date was $57.1 million which included $55.9 million of cash and $1.2 million of additional consideration to be paid after the acquisition date, inclusive of purchase price adjustments which were finalized in the three months ended January 31, 2020. The fair value of the cash consideration transferred in the year ended April 30, 2020, including those amounts paid after the acquisition date, net of $1.8 million of cash acquired was approximately $54.7 million.  The fair value of the cash consideration transferred after the acquisition date, that was paid during the year ended April 30, 2021 was $0.3 million.

The zyBooks acquisition was accounted for using the acquisition method of accounting. The excess purchase price over identifiable net tangible and intangible assets acquired, and liabilities assumed has been recorded to Goodwill in our Consolidated Statements of Financial Position as of April 30, 2020. The fair value assessed for the majority of the tangible assets acquired and liabilities assumed equaled their carrying value. Goodwill represents synergies and economies of scale expected from the combination of services. Goodwill has been allocated to the Academic & Professional Learning segment. None of the goodwill will be deductible for tax purposes.

zyBooks incremental revenue included in our Academic & Professional Learning segment results for the year ended April 30, 2021 was $1.3 million.

The following table summarizes the consideration transferred to acquire zyBooks and the allocation of the purchase price among the assets acquired and liabilities assumed.
   
Final
Allocation
  
       
Total cash consideration transferred
  
$
55,939
  
         
Assets:
        
Current assets
    
2,280
  
Technology, property and equipment, net
    
28
  
Intangible assets, net
    
24,500
  
Goodwill
    
36,903
  
Total assets
  
$
63,711
  
         
Liabilities:
        
Current liabilities
    
2,581
  
Deferred income tax liabilities
    
5,191
  
Total liabilities
  
$
7,772
  

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

   
Fair Value
    
Weighted-Average
Useful Life (in Years)
  
Developed technology
  
$
10,400
      
7
  
Customer relationships
    
6,800
      
10
  
Content
    
4,400
      
10
  
Trademarks
    
2,900
      
10
  
Total
  
$
24,500
          

The allocation of the consideration transferred to the assets acquired and the liabilities assumed was final as of April 30, 2020.

Other Acquisitions in Fiscal Year 2020

The fair value of cash consideration transferred during the year ended April 30, 2020 for all other acquisitions was approximately $48.5 million. The fair value of the cash consideration transferred after the acquisition dates, that was paid during the year ended April 30, 2021 was $0.1 million. These other acquisitions were accounted for using the acquisition method of accounting as of their respective acquisition dates.


During the year ended April 30, 2021, a revision of $11.7 million from goodwill to intangible assets was made to the allocation of the consideration transferred to the assets acquired and liabilities assumed for the Informatics and Madgex acquisitions, due to completion of the third-party valuation. The excess purchase price over identifiable net tangible and intangible assets acquired, and liabilities assumed of $17.3 million has been recorded to Goodwill on our Consolidated Statements of Financial Position as of April 30, 2021, and $39.4 million of intangible assets subject to amortization have been recorded, including customer relationships, developed technology, content and trademarks that are being amortized over estimated weighted average useful lives of 7, 8, 10, and 10 years, respectively. The fair value assessed for the majority of the tangible assets acquired and liabilities assumed equaled their carrying value. Goodwill represents synergies and economies of scale expected from the combination of services. Goodwill of $8.5 million has been allocated to the Academic & Professional Learning segment, and $8.8 million has been allocated to the Research Publishing & Platforms segment. The incremental revenue for the year ended April 30, 2021 related to these other acquisitions was approximately $13.5 million.

On April 1, 2020, we completed the acquisition of Bio-Rad Laboratories Inc.’s Informatics products including the company’s spectroscopy software and spectral databases (Informatics). The results of Informatics are included in our Research Publishing & Platforms segment results.

On March 2, 2020, we completed the acquisition of Madgex Holdings Limited (Madgex), a market-leading provider of advanced job board software and career center services. The results of Madgex are included in our Research Publishing & Platforms segment results.

The allocation of the consideration transferred to the assets acquired and the liabilities assumed for Informatics and Madgex was final as of April 30, 2021.

On May 31, 2019, we completed the acquisition of certain assets of Knewton, Inc. (Knewton). Knewton is a provider of affordable courseware and adaptive learning technology. The results of Knewton are included in our Academic & Professional Learning segment results. The allocation of the consideration transferred to the assets acquired and the liabilities assumed for Knewton was final as of April 30, 2020.

We also completed in fiscal year 2020 the acquisition of two immaterial businesses, which are included in our Research Publishing & Platforms segment, one immaterial business included in our Academic & Professional Learning segment results and one immaterial business in our Education Services business. The allocation of the consideration transferred to the assets acquired and the liabilities assumed for these other acquisitions was final as of October 31, 2020.
v3.21.2
Reconciliation of Weighted Average Shares Outstanding
 12 Months Ended
Apr. 30, 2021
Reconciliation of Weighted Average Shares Outstanding [Abstract]  
Reconciliation of Weighted Average Shares Outstanding
Note 5 – Reconciliation of Weighted Average Shares Outstanding

A reconciliation of the shares used in the computation of earnings (loss) per share follows (shares in thousands):

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
Weighted average shares outstanding
    
55,931
      
56,224
      
57,240
  
Less: Unvested restricted shares
    
(1
)
    
(15
)
    
(48
)
Shares used for basic earnings (loss) per share
    
55,930
      
56,209
      
57,192
  
Dilutive effect of unvested restricted stock units and other stock awards
    
531
      
—
      
648
  
Shares used for diluted earnings (loss) per share
    
56,461
      
56,209
      
57,840
  
Antidilutive options to purchase Class A common shares, restricted shares, warrants to purchase Class A common shares and contingently issuable restricted stock which are excluded from the table above
    
982
      
1,677
      
958
  

In calculating diluted net loss per common share for the year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.

The shares associated with performance-based stock awards are considered contingently issuable shares and will be included in the diluted weighted average number of common shares outstanding when they have met the performance conditions and when their effect is dilutive. 


Note 6 – Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the years ended April 30, 2021, 2020, and 2019 were as follows:

  
Foreign
Currency
Translation
    
Unamortized
Retirement
Costs
    
Interest
Rate Swaps
    
Total
  
Balance at April 30, 2018
  
$
(251,573
)
  
$
(191,026
)
  
$
3,019
    
$
(439,580
)
Other comprehensive (loss) income before reclassifications
    
(60,534
)
    
(9,422
)
    
1,121
      
(68,835
)
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
4,391
      
(4,714
)
    
(323
)
Total other comprehensive loss
    
(60,534
)
    
(5,031
)
    
(3,593
)
    
(69,158
)
Balance at April 30, 2019
  
$
(312,107
)
  
$
(196,057
)
  
$
(574
)
  
$
(508,738
)
Other comprehensive loss before reclassifications
    
(28,596
)
    
(36,965
)
    
(5,988
)
    
(71,549
)
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
5,102
      
(312
)
    
4,790
  
Total other comprehensive loss
    
(28,596
)
    
(31,863
)
    
(6,300
)
    
(66,759
)
Balance at April 30, 2020
  
$
(340,703
)
  
$
(227,920
)
  
$
(6,874
)
  
$
(575,497
)
Other comprehensive income (loss) before reclassifications
    
82,762
      
(6,273
)
    
(639
)
    
75,850
  
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
6,047
      
2,810
      
8,857
  
Total other comprehensive income (loss)
    
82,762
      
(226
)
    
2,171
      
84,707
  
Balance at April 30, 2021
  
$
(257,941
)
  
$
(228,146
)
  
$
(4,703
)
  
$
(490,790
)

For the years ended April 30, 2021, 2020 and 2019, pretax actuarial losses included in Unamortized Retirement Costs of approximately $7.8 million, $6.4 million, and $5.5 million respectively, were amortized from Accumulated Other Comprehensive Loss and recognized as pension and post-retirement benefit expense in Operating and administrative expenses and Other income on the Consolidated Statements of Income (Loss).

Our policy for releasing the income tax effects from accumulated other comprehensive (loss) income is to release when the corresponding pretax accumulated other comprehensive (loss) income items are reclassified to earnings.


Note 7 – Restructuring and Related Charges

Business Optimization Program

Beginning in fiscal year 2020, we initiated a multiyear Business Optimization Program (the Business Optimization Program) to drive efficiency improvement and operating savings.

The following tables summarize the pretax restructuring charges related to this program:

   
For the Years Ended April 30,
        
 
2021
    
2020
    
Total Charges Incurred to Date
  
Charges by Segment:
                  
Research Publishing & Platforms
  
$
99
    
$
3,546
    
$
3,645
  
Academic & Professional Learning
    
3,229
      
10,475
      
13,704
  
Education Services
    
531
      
3,774
      
4,305
  
Corporate Expenses
    
29,590
      
15,018
      
44,608
  
Total Restructuring and Related Charges
  
$
33,449
    
$
32,813
    
$
66,262
  
                         
Charges (Credits) by Activity:
                        
Severance and termination benefits
  
$
11,531
    
$
26,864
    
$
38,395
  
Impairment of operating lease ROU assets and property and equipment
    
14,918
      
161
      
15,079
  
Acceleration of expense related to operating lease ROU assets and property and equipment
    
3,378
      
—
      
3,378
  
Facility related charges
    
3,684
      
3,986
      
7,670
  
Other activities
    
(62
)
    
1,802
      
1,740
  
Total Restructuring and Related Charges
  
$
33,449
    
$
32,813
    
$
66,262
  

In November 2020, in response to the COVID-19 pandemic and the Company’s successful transition to a virtual work environment, we increased use of virtual work arrangements for post-pandemic operations. As a result, we expanded the scope of the Business Optimization Program to include the exit of certain leased office space beginning in the three months ended January 31, 2021, and the reduction of our occupancy at other facilities. We are reducing our real estate square footage occupancy by approximately 12%. These actions resulted in a pretax restructuring charge of $18.3 million in the three months ended January 31, 2021. This restructuring charge primarily reflects the following noncash charges:
 
•
impairment charges of $14.9 million recorded in our corporate category, which included the impairment of operating lease ROU assets of $10.6 million related to certain leases that will be subleased, and the related property and equipment of $4.3 million described further below, and
•
acceleration of expense of $3.4 million, which included the acceleration of rent expense associated with operating lease ROU assets of $2.9 million related to certain leases that will be abandoned or terminated and the related depreciation and amortization of property and equipment of $0.5 million.

Due to the actions taken above, we tested the operating lease ROU assets and the related property and equipment for those being subleased for recoverability by comparing the carrying value of the asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset groups were below the carrying values. Therefore, there was an indication of impairment. We then determined the fair value of the asset groups by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of these operating lease ROU assets and the property and equipment immediately subsequent to the impairment was $7.5 million and is categorized as Level 3 within the FASB ASC Topic 820, “Fair Value Measurements” fair value hierarchy.

In addition, we also incurred ongoing facility-related costs associated with certain properties that resulted in additional restructuring charges of $3.7 million in the year ended April 30, 2021.

Other Activities for the year ended April 30, 2020 primarily relate to reserves and costs associated with the cessation of certain offerings, and, to a lesser extent, a pension settlement, and the impairment of certain software licenses.


The following table summarizes the activity for the Business Optimization Program liability for the year ended April 30, 2021:

  
April 30, 2020
    
Charges (Credits)
    
Payments
    
Foreign
Translation &
Other
Adjustments
    
April 30, 2021
  
Severance and termination benefits
  
$
17,632
    
$
11,531
    
$
(18,310
)
  
$
612
    
$
11,465
  
Other activities
    
430
      
(264
)
    
(262
)
    
96
      
—
  
Total
  
$
18,062
    
$
11,267
    
$
(18,572
)
  
$
708
    
$
11,465
  

The restructuring liability for accrued severance and termination benefits is reflected in Accrued employment costs in the Consolidated Statement of Financial Position as of April 30, 2021.

Restructuring and Reinvestment Program

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

The following tables summarize the pretax restructuring (credits) charges related to this program:

   
For the Years Ended April 30,
        
 
2021
    
2020
    
2019
    
Total Charges
Incurred to Date
  
(Credits) Charges by Segment:
                        
Research Publishing & Platforms
  
$
(135
)
  
$
340
    
$
1,131
    
$
26,749
  
Academic & Professional Learning
    
274
      
(5
)
    
1,139
      
43,108
  
Education Services
    
—
      
(103
)
    
389
      
3,764
  
Corporate Expenses
    
(278
)
    
(438
)
    
459
      
95,662
  
Total Restructuring and Related (Credits) Charges
  
$
(139
)
  
$
(206
)
  
$
3,118
    
$
169,283
  
                                 
(Credits) Charges by Activity:
                                
Severance and termination benefits
  
$
(139
)
  
$
(250
)
  
$
1,456
    
$
115,870
  
Consulting and contract termination costs
    
—
      
(171
)
    
526
      
20,984
  
Other activities
    
—
      
215
      
1,136
      
32,429
  
Total Restructuring and Related (Credits) Charges
  
$
(139
)
  
$
(206
)
  
$
3,118
    
$
169,283
  


Other activities for the year ended April 30, 2020 include facility related costs. Other activities for the year ended April 30, 2019 reflect lease impairment related costs.

The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the year ended April 30, 2021:

  
April 30, 2020
    
(Credits)
    
Payments
    
Foreign
Translation &
Other Adjustments
    
April 30, 2021
  
Severance and termination benefits
  
$
1,360
    
$
(139
)
  
$
(888
)
  
$
69
    
$
402
  
Other activities
    
230
      
—
      
(207
)
    
239
      
262
  
Total
  
$
1,590
    
$
(139
)
  
$
(1,095
)
  
$
308
    
$
664
  

The restructuring liability as of April 30, 2021 for accrued severance and termination benefits is reflected in Accrued employment costs in the Consolidated Statement of Financial Position.

The restructuring liability as of April 30, 2021 for other activities are reflected in Other accrued liabilities in the Consolidated Statement of Financial Position and mainly relate to facility relocation and lease impairment related costs.

We currently do not anticipate any further material charges related to the Restructuring and Reinvestment Program.

Note 8 – Inventories

Inventories, net consisted of the following at April 30:

  
2021
    
2020
  
Finished goods
  
$
31,704
    
$
36,014
  
Work-in-process
    
2,060
      
1,398
  
Paper and other materials
    
331
      
331
  
Total inventories before estimated sales returns and LIFO reserve
    
34,095
      
37,743
  
Inventory value of estimated sales returns
    
10,886
      
8,686
  
LIFO reserve
    
(2,443
)
    
(2,815
)
Inventories, net
  
$
42,538
    
$
43,614
  

See Note 2, “Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards,” under the caption “Sales Return Reserves,” for a discussion of the Inventory value of estimated sales returns.

Finished goods not recorded at LIFO have been recorded at the lower of cost or net realizable value, which resulted in a reduction of $14.0 million and $16.1 million as of April 30, 2021 and 2020, respectively.

Note 9 – Product Development Assets

Product development assets, net consisted of the following at April 30:
  
2021
    
2020
  
Book composition costs
  
$
20,474
    
$
18,744
  
Software costs
    
23,262
      
28,995
  
Content development costs
    
5,781
      
5,904
  
Product development assets, net
  
$
49,517
    
$
53,643
  

Product development assets include $6.3 million and $4.9 million of work-in-process as of April 30, 2021 and 2020, respectively.  As of April 30, 2021 this is primarily for book composition costs and, to a lesser extent, software costs. As of April 30, 2020, this is primarily for book composition costs.

Product development assets are net of accumulated amortization of $269.0 million and $244.1 million as of April 30, 2021 and 2020, respectively.

Note 10 – Technology, Property and Equipment

Technology, property and equipment, net consisted of the following at April 30:
  
2021
    
2020
  
Capitalized software
  
$
536,878
    
$
471,844
  
Computer hardware
    
50,714
      
46,640
  
Buildings and leasehold improvements
    
99,636
      
99,230
  
Furniture, fixtures, and warehouse equipment
    
42,674
      
44,104
  
Land and land improvements
    
3,656
      
3,298
  
Technology, property and equipment, gross
    
733,558
      
665,116
  
Accumulated depreciation and amortization
    
(451,288
)
    
(367,111
)
Technology, property and equipment, net
  
$
282,270
    
$
298,005
  

The following table details our depreciation and amortization expense for technology, property and equipment, net:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
Capitalized software amortization expense
  
$
69,184
    
$
55,685
    
$
50,095
  
Depreciation and amortization expense, excluding capitalized software
    
21,955
      
21,031
      
19,323
  
Total depreciation and amortization expense for technology, property and equipment
  
$
91,139
    
$
76,716
    
$
69,418
  


Technology, property and equipment includes $0.6 million and $0.9 million of work-in-process as of April 30, 2021 and 2020, respectively, for capitalized software.

The net book value of capitalized software costs was $202.8 million and $207.5 million as of April 30, 2021 and 2020, respectively.

Note 11 – Goodwill and Intangible Assets

Goodwill

The following table summarizes the activity in goodwill by segment as of April 30:
  
2020 (1)
    
Acquisitions (2)
    
Foreign
Translation
Adjustment
    
2021
  
Research Publishing & Platforms
  
$
448,130
    
$
136,789
    
$
34,284
    
$
619,203
  
Academic & Professional Learning
    
501,091
      
—
      
11,421
      
512,512
  
Education Services
    
167,569
      
—
      
5,056
      
172,625
  
Total
  
$
1,116,790
    
$
136,789
    
$
50,761
    
$
1,304,340
  

(1)
The Education Services goodwill balance as of April 30, 2020 includes a cumulative pretax noncash goodwill impairment of $110.0 million.
(2)
Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in the year ended April 30, 2021.

Annual Goodwill Impairment Test as of February 1, 2021

During the fourth quarter of 2021, we completed step one of our annual goodwill impairment test for our reporting units. We concluded that the fair values of our reporting units were above their carrying values and, therefore, there was no indication of impairment.

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

As noted above, the fair value determined as part of the annual goodwill impairment test completed in the fourth quarter exceeded the carrying value for all of our reporting units. Therefore, there was no impairment of goodwill. However, if the fair value of these reporting units decrease in future periods, we could potentially have an impairment.  The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, changes in assumptions including the impact of COVID-19, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment.

Annual Goodwill Impairment Test as of February 1, 2020

As of February 1, 2020, we completed our annual goodwill impairment test for our reporting units. We concluded that the fair values of our Research Publishing & Platforms and Academic & Professional Learning reporting units were above their carrying values and, therefore, there was no indication of impairment.


During our annual goodwill impairment test initiated on February 1, 2020 we identified indicators that the goodwill of the Education Services business was impaired due to underperformance as compared with our acquisition case projections for revenue growth and operating cash flow. Subsequently, during the fourth quarter of fiscal year 2020, we determined that our updated revenue and operating cash flow projections would be further impacted by anticipated near-term headwinds due to COVID-19, including adverse impacts on new student starts and student reenrollment. Therefore, we updated the impairment test as of March 31, 2020 to reflect this change in circumstances. As a result, we concluded that the carrying value was above the fair value which resulted in a pretax noncash goodwill impairment of $110.0 million. This charge is reflected in Impairment of goodwill and intangible assets in the Consolidated Statements of Income (Loss).

Prior to performing the goodwill impairment test for Education Services, we also evaluated the recoverability of long-lived assets of the reporting unit. The carrying value of the long-lived assets that were tested for impairment was $434.0 million. When indicators of impairment are present, we test definite lived and long-lived assets for recoverability by comparing the carrying value of an asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. We considered the lower than expected revenue and forecasted operating cash flows over a sustained period of time, and downward revisions to our cash flow forecasts for this reporting unit to be indicators of impairment for their long-lived assets. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset group of the Education Services reporting unit exceeded the carrying value. Therefore, there was no impairment.

Intangible Assets
 
Intangible assets, net as of April 30 were as follows:
 
  
2021
    
2020
  
   
Cost
    
Accumulated
Amortization
    
Net
    
Cost
    
Accumulated
Amortization
    
Accumulated
Impairment
    
Net
  
Intangible assets with definite lives, net
                                          
Content and publishing rights
  
$
1,062,072
    
$
(497,843
)
  
$
564,229
    
$
806,862
    
$
(444,756
)
  
$
—
    
$
362,106
  
Customer relationships
    
384,462
      
(117,985
)
    
266,477
      
377,652
      
(87,234
)
    
—
      
290,418
  
Developed technology (1)
    
42,785
      
(7,824
)
    
34,961
      
19,225
      
(3,273
)
    
(2,841
)
    
13,111
  
Brands and trademarks
    
45,630
      
(26,094
)
    
19,536
      
42,877
      
(22,689
)
    
—
      
20,188
  
Covenants not to compete
    
1,250
      
(1,192
)
    
58
      
1,675
      
(1,429
)
    
—
      
246
  
Total (2)
    
1,536,199
      
(650,938
)
    
885,261
      
1,248,291
      
(559,381
)
    
(2,841
)
    
686,069
  
Intangible assets with indefinite lives
                                                        
Brands and trademarks (1)
    
37,000
      
—
      
37,000
      
130,107
      
—
      
(93,107
)
    
37,000
  
Publishing rights
    
93,041
      
—
      
93,041
      
84,336
      
—
      
—
      
84,336
  
Total
    
130,041
      
—
      
130,041
      
214,443
      
—
      
(93,107
)
    
121,336
  
Total intangible assets, net
  
$
1,666,240
    
$
(650,938
)
  
$
1,015,302
    
$
1,462,734
    
$
(559,381
)
  
$
(95,948
)
  
$
807,405
  

(1)
The developed technology balance as of April 30, 2021 is presented net of accumulated impairments and write-offs of $2.8 million.  The indefinite-lived brands and trademarks cost balance as of April 30, 2021 is net of accumulated impairments of $93.1 million.
(2)
Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in 2021 and 2020.

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

Fiscal Year
  
Amount
  
2022
  
$
82,401
  
2023
    
76,125
  
2024
    
71,367
  
2025
    
65,764
  
2026
    
63,410
  
Thereafter
    
526,194
  
Total
  
$
885,261
  


Annual Indefinite-Lived Intangibles Impairment Test as of February 1, 2021

We also review our indefinite-lived intangible assets for impairment annually, which consists of brands and trademarks and certain acquired publishing rights. As of February 1, 2021, we completed our annual impairment test related to the indefinite-lived intangible assets. We concluded that the fair values of these indefinite-lived intangible assets were above their carrying values and, therefore, there was no indication of impairment.

Fiscal Year 2020 Impairment

Annual Indefinite-Lived Intangibles Impairment Test as of February 1, 2020

During the fourth quarter of 2020, we completed our annual impairment test related to the indefinite-lived intangible assets. We concluded that the fair values of these indefinite-lived intangible assets were above their carrying values and, therefore, there was no indication of impairment, except for the Blackwell indefinite-lived trademark.

For the year ended April 30, 2020, we recorded a pretax noncash impairment charge of $89.5 million for our Blackwell trademark, which was acquired in 2007 and carried as an indefinite-lived intangible asset primarily related to our Research Publishing & Platforms segment. The impairment reflects our decision to simplify Wiley’s brand portfolio and unify our research journal content under one Wiley brand, which will sharply limit the use of the Blackwell trade name. This impairment resulted in writing off substantially all of the carrying value of the intangible trademark asset. This charge is reflected in Impairment of goodwill and intangible assets in the Consolidated Statements of Income (Loss). The resulting noncash impairment charge was entirely unrelated to COVID-19 or the expected future financial performance of the Research Publishing & Platforms segment.

Intangible Assets with Definite Lives

As a result of our decision to discontinue the use of certain technology offerings within the Research Publishing & Platforms segment, we recorded a pretax noncash impairment charge of $2.8 million related to a certain developed technology intangible. This charge was included in Impairment of goodwill and intangible assets on the Consolidated Statements of Income (Loss).

Note 12 — Operating Leases
 
We have contractual obligations as a lessee with respect to offices, warehouses and distribution centers, automobiles, and office equipment.

We determine if an arrangement is a lease at inception of the contract in accordance with guidance detailed in the lease standard and we perform the lease classification test as of the lease commencement date. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term.

The present value of the lease payments is calculated using an incremental borrowing rate, which was determined based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use an unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate.

Under the new leasing standard, leases that are more than one year in duration are capitalized and recorded on the Consolidated Statements of Financial Position. Some of our leases offer an option to extend the term of such leases. We utilize the reasonably certain threshold criteria in determining which options we will exercise. Furthermore, some of our lease payments are based on index rates with minimum annual increases. These represent fixed payments and are captured in the future minimum lease payments calculation.

For operating leases, the ROU assets and liabilities as of April 30 are presented in our Consolidated Statement of Financial Position as follows:
  
2021
    
2020
  
Operating lease ROU assets
  
$
121,430
    
$
142,716
  
Short-term portion of operating lease liabilities
    
22,440
      
21,810
  
Operating lease liabilities, non-current
  
$
145,832
    
$
159,782
  

During the year ended April 30, 2021, we added $6.1 million to the ROU assets and $5.7 million to the operating lease liabilities due to new leases, including due to acquisitions, as well as modifications and remeasurements to our existing operating leases.

As a result of expanding the scope of the Business Optimization Program to include the exit of certain leased office space beginning in the third quarter of fiscal 2021, we incurred a pretax restructuring charge of $18.3 million in the three months ended January 31, 2021. This charge included impairment charges and acceleration of expense associated with certain operating lease ROU assets.  See Note 7, “Restructuring and Related Charges” for more information on this program and the charges incurred.

Our total net lease costs were as follows:
 
   
For the Years Ended April 30,
  
 
2021
    
2020
  
Operating lease cost
  
$
24,862
    
$
26,027
  
Variable lease cost
    
2,135
      
3,856
  
Short-term lease cost
    
248
      
86
  
Sublease income
    
(722
)
    
(691
)
Total net lease cost (1)
  
$
26,523
    
$
29,278
  

(1)
Total net lease cost does not include those costs included in Restructuring and related charges on our Consolidated Statements of Income (Loss). See Note 7, “Restructuring and Related Charges” for more information on these programs.

Other supplemental information includes the following:

   
For the Years Ended April 30,
  
   
2021
    
2020
  
Weighted-average remaining contractual lease term (years)
    
9
      
10
  
Weighted-average discount rate
    
5.89
%
    
5.89
%
Cash paid for amounts included in the measurement of lease liabilities:
                
    Operating cash flows from operating leases
  
$
32,344
    
$
28,243
  

The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Consolidated Statement of Financial Position as of April 30, 2021:
 

Fiscal Year
  
Operating Lease
Liabilities
  
2022
  
$
30,674
  
2023
    
26,905
  
2024
    
24,799
  
2025
    
23,235
  
2026
    
20,584
  
Thereafter
    
95,000
  
Total future undiscounted minimum lease payments
    
221,197
  
         
Less: Imputed interest
    
52,925
  
         
Present value of minimum lease payments
    
168,272
  
         
Less: Current portion
    
22,440
  
         
Noncurrent portion
  
$
145,832
  

Prior to the Adoption of ASC Topic 842

The following schedule shows the composition of net rent expense for operating leases for the year ended April 30:

  
2019
  
Minimum rental
  
$
29,066
  
Less: sublease rentals
    
(719
)
Total
  
$
28,347
  

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

Note 13 –Income Taxes

The provisions for income taxes were as follows:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
Current Provision
                  
US – Federal
  
$
(6,631
)
  
$
1,145
    
$
2,384
  
International
    
43,269
      
37,494
      
52,518
  
State and local
    
1,359
      
172
      
2,536
  
Total current provision
  
$
37,997
    
$
38,811
    
$
57,438
  
Deferred (benefit) provision
                        
US – Federal
  
$
(11,996
)
  
$
(8,476
)
  
$
335
  
International
    
1,175
      
(15,022
)
    
(7,630
)
State and local
    
480
      
(4,118
)
    
(5,454
)
Total deferred (benefit)
  
$
(10,341
)
  
$
(27,616
)
  
$
(12,749
)
Total provision
  
$
27,656
    
$
11,195
    
$
44,689
  

International and United States pretax income (loss) were as follows:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
International
  
$
202,490
    
$
104,185
    
$
204,326
  
United States
    
(26,578
)
    
(167,277
)
    
8,626
  
Total
  
$
175,912
    
$
(63,092
)
  
$
212,952
  

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

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
US federal statutory rate
    
21.0
%
    
21.0
%
    
21.0
%
Cost of higher taxes on non-US income
    
1.1
      
4.8
      
0.9
  
State income taxes, net of US federal tax benefit
    
0.8
      
3.3
      
(1.3
)
US NOL carryback under CARES Act
    
(8.0
)
    
—
      
—
  
Deferred tax (benefit) from US Tax Act
    
—
      
—
      
0.1
  
Tax credits and related benefits
    
(0.5
)
    
(1.1
)
    
(0.8
)
Impairment of goodwill and intangibles
    
—
      
(42.3
)
    
—
  
Other
    
1.3
      
(3.4
)
    
1.1
  
Effective income tax rate
    
15.7
%
    
(17.7
)%
    
21.0
%

The effective tax rate was 15.7% for the year ended April 30, 2021, compared to a tax expense rate of 17.7% on a pretax loss for the year ended April 30, 2020. Our rate for the year ended April 30, 2021 benefitted by $14.0 million (8.0%) from the CARES Act and certain regulations issued in late July 2020, which enabled us to carry back certain US net operating losses (NOLs), reducing our tax for the year ended April 30, 2020 compared to prior estimates. This benefit was partially offset by (a) $3.5 million (2.0%) from an increase in the official UK statutory rate during our three months ended July 31, 2020, resulting in our taxes in non-US income increasing our effective income tax rate and (b) a $3.2 million (1.8%) increase in our state tax expense included in our state income tax expense above, due to increasing our deferred tax liabilities in connection with our expanded presence in additional states resulting from COVID-19 and employees working in additional locations. The 17.7% tax expense rate on a pretax loss for the year ended April 30, 2020 was primarily due to the non-deductible impairment of goodwill.


In connection with the CARES Act and certain regulations, we carried back our April 30, 2020 US NOL to our year ended April 30, 2015 and claimed a $20.7 million refund. The refund plus interest was received in February 2021. The NOL was carried back to fiscal year 2015 when the US corporate tax rate was 35.0%. The carryback to a year with a higher rate, plus certain additional net permanent deductions included in the carryback resulted in a $14.0 million tax benefit. The benefit was partially offset by an increase in the UK statutory rate and an increase in our state tax expense. During the three months ended July 31, 2020, the UK officially enacted legislation that increased its statutory rate from 17% to 19%. This resulted in a $3.5 million noncash deferred tax expense from the re-measurement of our applicable UK net deferred tax liabilities. During the year ended April 30, 2021, as a result of COVID-19, we adjusted our policies to permit employees to work from home, resulting in an increased presence in many states. This resulted in a $3.2 million noncash deferred tax expense from the re-measurement of our applicable US net deferred tax liabilities.

Accounting for Uncertainty in Income Taxes:

As of April 30, 2021 and April 30, 2020, the total amount of unrecognized tax benefits were $9.1 million and $6.2 million, respectively, of which $0.7 million and $0.6 million represented accruals for interest and penalties recorded as additional tax expense in accordance with our accounting policy. We recorded net interest expense on reserves for unrecognized and recognized tax benefits of $0.2 million within each of the years ended April 30, 2021 and 2020. As of April 30, 2021, and April 30, 2020, the total amounts of unrecognized tax benefits that would reduce our income tax provision, if recognized, were approximately $7.4 million and $6.2 million, respectively. We do not expect any significant changes to the unrecognized tax benefits within the next twelve months.

A reconciliation of the unrecognized tax benefits included within the Other long-term liabilities line item on the Consolidated Statements of Financial Position follows:
  
2021
    
2020
  
Balance at May 1
  
$
6,194
    
$
7,659
  
Additions for current year tax positions
    
3,626
      
694
  
Additions for prior year tax positions
    
511
      
—
  
Reductions for prior year tax positions
    
(163
)
    
(655
)
Foreign translation adjustment
    
57
      
(15
)
Payments and settlements
    
(215
)
    
(56
)
Reductions for lapse of statute of limitations
    
(866
)
    
(1,433
)
Balance at April 30
  
$
9,144
    
$
6,194
  

Tax Audits:

We file income tax returns in the US and various states and non-US tax jurisdictions. Our major taxing jurisdictions are the United States, United Kingdom and Germany. Except for one immaterial item, we are no longer subject to income tax examinations for years prior to fiscal year 2014 in the major jurisdictions in which we are subject to tax. We received a tax audit notice from the Internal Revenue Service with respect to our loss for our year ended April 30, 2020 and the carryback to the year ended April 30, 2015. We also received tax audit notices for our German entities for the fiscal years 2014-2017. The audit process in Germany has been delayed due to COVID-19. We have also addressed inquiries in other jurisdictions where we maintain a smaller presence.


Deferred Taxes:

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

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

  
2021
    
2020
  
Net operating losses
  
$
19,433
    
$
17,966
  
Reserve for sales returns and doubtful accounts
    
3,838
      
2,638
  
Accrued employee compensation
    
32,835
      
20,114
  
Foreign and federal credits
    
5,129
      
31,487
  
Other accrued expenses
    
16,092
      
11,827
  
Retirement and post-employment benefits
    
30,039
      
37,927
  
Total gross deferred tax assets
  
$
107,366
    
$
121,959
  
Less valuation allowance
    
(4,855
)
    
(23,287
)
Total deferred tax assets
  
$
102,511
    
$
98,672
  
                 
Prepaid expenses and other current assets
  
$
(459
)
  
$
(1,142
)
Unremitted foreign earnings
    
(2,485
)
    
(1,985
)
Intangible and fixed assets
    
(260,559
)
    
(205,882
)
Total deferred tax liabilities
  
$
(263,503
)
  
$
(209,009
)
Net deferred tax liabilities
  
$
(160,992
)
  
$
(110,337
)
                 
Reported As
                
Deferred tax assets
  
$
11,911
    
$
8,790
  
Deferred tax liabilities
    
(172,903
)
    
(119,127
)
Net Deferred Tax Liabilities
  
$
(160,992
)
  
$
(110,337
)

The increase in net deferred tax liabilities is primarily due to additional deferred tax liabilities relating to non-goodwill intangibles acquired in recent acquisitions, partially offset by amortization of our deferred tax liabilities related to non-goodwill intangibles, primarily from prior acquisitions. Our increase in net deferred tax assets is primarily attributable to an increase in our accrued employee compensation and other expenses, partially offset by a decrease in our foreign and federal credits net of applicable valuation allowances, as well as a decrease in our retirement and post-employment benefits. During our year ended April 30, 2021, we expect to use substantially all of our foreign tax credits resulting in the release of related valuation allowances. We have concluded that after valuation allowances, it is more likely than not that we will realize substantially all of the net deferred tax assets at April 30, 2021. In assessing the need for a valuation allowance, we take into account related deferred tax liabilities and estimated future reversals of existing temporary differences, future taxable earnings and tax planning strategies to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on our valuation allowances.

We have provided a $4.9 million valuation allowance based primarily on the uncertainty of utilizing the tax benefits related to our deferred tax assets for state and federal net operating losses and credits. As of April 30, 2021, we have apportioned state net operating loss carryforwards totaling approximately $115.0 million, with a tax effected value of $6.5 million net of federal benefits. Our state and federal NOLs and credits expire in various amounts over 5 to 19 years.

Since April 30, 2018, we no longer intend to permanently reinvest earnings outside the US. We have recorded a $2.5 million liability related to the estimated taxes that would be incurred upon repatriating certain non-US earnings.


Note 14 – Debt and Available Credit Facilities

Our total debt outstanding as of April 30 consisted of the amounts set forth in the following table:

  
2021
    
2020
  
Short-term portion of long-term debt (1)
  
$
12,500
    
$
9,375
  
                 
Term loan A - Amended and Restated RCA (2)
    
222,928
      
235,263
  
Revolving credit facility - Amended and Restated RCA
    
586,160
      
530,387
  
Total long-term debt, less current portion
    
809,088
      
765,650
  
                 
Total debt
  
$
821,588
    
$
775,025
  

(1)
Relates to our term loan A under the Amended and Restated RCA.
(2)
Amounts are shown net of unamortized issuance costs of $0.5 million as of April 30, 2021 and $0.7 million as of April 30, 2020.

The following table summarizes the scheduled annual maturities for the next four years of our long-term debt, including the short-term portion of long-term debt. This schedule represents the principal portion amount of debt outstanding and therefore excludes unamortized issuance costs.

Fiscal Year
  
Amount
  
2022
  
$
12,500
  
2023
    
18,750
  
2024
    
204,688
  
2025
    
586,160
  
Total
  
$
822,098
  

Amended and Restated RCA

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

Under the terms of the Amended and Restated RCA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates: (i) at a rate based on the London Interbank Offered Rate (LIBOR) plus an applicable margin ranging from 0.98% to 1.50%, depending on our consolidated net leverage ratio, as defined, or (ii) at the lender’s base rate plus an applicable margin ranging from zero to 0.50%, depending on our consolidated net leverage ratio. The lender’s base rate is defined as the highest of (i) the US federal funds effective rate plus a 0.50% margin, (ii) the Eurocurrency rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, we pay a facility fee for the revolving credit facility ranging from 0.15% to 0.25% depending on our consolidated net leverage ratio. We also have the option to request an increase in the revolving credit facility by an amount not to exceed $500 million, in minimum increments of $50 million, subject to the approval of the lenders.

The Amended and Restated RCA contains certain customary affirmative and negative covenants, including a financial covenant in the form of a consolidated net leverage ratio and consolidated interest coverage ratio, which we were in compliance with as of April 30, 2021.

In the three months ended July 31, 2019, we incurred an immaterial loss on the write-off of unamortized deferred costs in connection with the refinancing of our revolving credit agreement at that time which is reflected in Other income on the Consolidated Statements of Income (Loss) for the three months ended July 31, 2019.

In the three months ended July 31, 2019, we incurred $4.0 million of costs related to the Amended and Restated RCA which resulted in total costs capitalized of $5.2 million. The amount related to the term loan A facility was $0.9 million, consisting of $0.8 million of lender fees and recorded as a reduction to Long-Term Debt and $0.1 million of non-lender fees included in Other non-current assets on the Consolidated Statements of Financial Position. The amount related to the five-year revolving credit facility was $4.3 million, all of which is included in Other non-current assets on the Consolidated Statements of Financial Position.


The amortization expense of the lender and non-lender fees is recognized over the five-year term of the Amended and Restated RCA. Total amortization expense for the years ended April 30, 2021 and 2020 was $1.1 million and $1.0 million, respectively and is included in Interest expense on our Consolidated Statement of Income (Loss).

Lines of Credit

We have other lines of credit aggregating $1.0 million at various interest rates. There were no outstanding borrowings under these credit lines at April 30, 2021, and 2020.

Our total available lines of credit as of April 30, 2021 were approximately $1.5 billion, of which approximately $0.7 billion was unused. The weighted average interest rates on total debt outstanding during the years ended April 30, 2021 and 2020 were 2.03% and 3.12%, respectively. As of April 30, 2021, and 2020, the weighted average interest rates for total debt were 1.98% and 2.26%, respectively.

Based on estimates of interest rates currently available to us for loans with similar terms and maturities, the fair value of our debt approximates its carrying value.

Note 15 – Derivative Instruments and Activities

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

Interest Rate Contracts

As of April 30, 2021, we had total debt outstanding of $821.6 million, net of unamortized issuance costs of $0.5 million of which $822.1 million are variable rate loans outstanding under the Amended and Restated RCA, which approximated fair value.

As of April 30, 2021 and 2020, the interest rate swap agreements we maintained were designated as fully effective cash flow hedges as defined under FASB ASC Topic 815, “Derivatives and Hedging” (ASC Topic 815). As a result, there was no impact on our Consolidated Statements of Income (Loss) from changes in the fair value of the interest rate swaps, as they were fully offset by changes in the interest expense on the underlying variable rate debt instruments. Under ASC Topic 815, derivative instruments that are designated as cash flow hedges have changes in their fair value recorded initially within Accumulated other comprehensive loss on the Consolidated Statements of Financial Position. As interest expense is recognized based on the variable rate loan agreements, the corresponding deferred gain or loss on the interest rate swaps is reclassified from Accumulated other comprehensive loss to Interest Expense on the Consolidated Statements of Income (Loss). It is management’s intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives.

The following table summarizes our interest rate swaps designated as cash flow hedges:

       
Notional Amount
           
         
As of April 30,
          
Hedged Item
Date entered into
Nature of Swap
  
2021
    
2020
    
Fixed Interest Rate
  
Variable Interest Rate
Amended and Restated RCA
April 12, 2021
Pay fixed/receive variable
  
$
100
    
$
—
      
0.500
%
1-month LIBOR reset every month for a 3-year period ending April 15, 2024
Amended and Restated RCA
February 26, 2020
Pay fixed/receive variable
    
100
      
100
      
1.150
%
1-month LIBOR reset every month for a 3-year period ending March 15, 2023
Amended and Restated RCA
August 7, 2019
Pay fixed/receive variable
    
100
      
100
      
1.400
%
1-month LIBOR reset every month for a 3-year period ending August 15, 2022
Amended and Restated RCA
June 24, 2019
Pay fixed/receive variable
    
100
      
100
      
1.650
%
1-month LIBOR reset every month for a 3-year period ending July 15, 2022
         
$
400
    
$
300
             


On April 4, 2016, we entered into a forward starting interest rate swap agreement which fixed a portion of the variable interest due on a variable rate debt renewal on May 16, 2016. Under the terms of the agreement, which expired on May 15, 2019, we paid a fixed rate of 0.920% and received a variable rate of interest based on one-month LIBOR from the counterparty which was reset every month for a three-year period ending May 15, 2019. Prior to expiration, the notional amount of the interest rate swap was $350.0 million.

We record the fair value of our interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. The fair value of the interest rate swaps as of April 30, 2021 and 2020 was a deferred loss of $5.6 million and $8.3 million, respectively. Based on the maturity dates of the contracts, the entire deferred loss as of April 30, 2021 and 2020 was recorded within Other long-term liabilities.

The pretax (losses) gains that were reclassified from Accumulated other comprehensive loss to Interest expense for the years ended April 30, 2021, 2020, and 2019 were $(3.7) million, $0.4 million, and $4.7 million, respectively. Based on the amount in Accumulated other comprehensive loss at April 30, 2021, approximately $3.2 million, net of tax, would be reclassified into net income in the next twelve months.

Foreign Currency Contracts

We may enter into forward exchange contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The forward exchange contracts are marked to market through Foreign exchange transaction losses on our Consolidated Statements of Income (Loss) and carried at fair value on our 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 on our Consolidated Statements of Income (Loss).

During the year ended April 30, 2021, to manage foreign currency exposures on an intercompany loan, we entered into one forward exchange contract to sell €32 million and buy $38.8 million. This forward contract expired on April 15, 2021. We did not designate this forward exchange contract as a hedge under the applicable sections of ASC Topic 815 as the benefits of doing so were not material due to the short-term nature of the contract. The fair value changes in the forward exchange contract substantially mitigated the changes in the value of the applicable foreign currency denominated liability. The fair value of the open forward exchange contract was measured on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. For the year ended April 30, 2021, the loss recognized on this forward contract was $0.8 million and included in Foreign exchange transaction losses on our Consolidated Statement of Income (Loss).

As of April 30, 2021 and 2020, we did not maintain any open forward exchange contracts. In addition, we did not maintain any open forward contracts during the years ended April 30, 2020 and 2019. 

Note 16 – Commitment and Contingencies

We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, we do not record a liability, but disclose facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of April 30, 2021, will not have a material effect upon our consolidated financial condition or results of operations.

Note 17 – Retirement Plans

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

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


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

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

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
   
US
    
Non-US
    
US
    
Non-US
    
US
    
Non-US
  
Service cost
  
$
—
    
$
1,396
    
$
—
    
$
1,851
    
$
—
    
$
912
  
Interest cost
    
9,504
      
8,901
      
11,247
      
12,652
      
11,704
      
12,943
  
Expected return on plan assets
    
(11,969
)
    
(26,971
)
    
(14,038
)
    
(26,116
)
    
(13,472
)
    
(25,551
)
Amortization of prior service cost
    
(154
)
    
58
      
(154
)
    
73
      
(154
)
    
57
  
Amortization of net actuarial loss
    
3,501
      
4,516
      
2,403
      
3,993
      
2,035
      
3,746
  
Curtailment/settlement loss
    
—
      
—
      
—
      
291
      
—
      
—
  
Net pension expense (income)
  
$
882
    
$
(12,100
)
  
$
(542
)
  
$
(7,256
)
  
$
113
    
$
(7,893
)
                                                 
Discount rate
    
3.1
%
    
1.6
%
    
4.1
%
    
2.4
%
    
4.3
%
    
2.6
%
Rate of compensation increase
    
N/A
      
3.0
%
    
N/A
      
3.0
%
    
N/A
      
3.0
%
Expected return on plan assets
    
5.8
%
    
5.7
%
    
6.8
%
    
6.5
%
    
6.8
%
    
6.5
%

In the year ended April 30, 2020, there was a settlement charge of $0.3 million related to the Retirement Plan for the Employees of John Wiley & Sons, Canada which is reflected in Restructuring and related charges in the Consolidated Statements of Income (Loss).

The service cost component of net pension expense (income) is reflected in Operating and administrative expenses on our Consolidated Statements of Income (Loss). The other components of net pension expense (income) are reported separately from the service cost component and below Operating income (loss). Such amounts are reflected in Other income on our Consolidated Statements of Income (Loss).

The Recognized Net Actuarial Loss for each fiscal year is calculated using the “corridor method,” which reflects the amortization of the net loss at the beginning of the fiscal year in excess of 10% of the greater of the market value of plan assets or the projected benefit obligation. The amortization period is based on the average expected life of plan participants for plans with all or almost all inactive participants and frozen plans, and on the average remaining working lifetime of active plan participants for all other plans.

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


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

  
2021
    
2020
  
   
US
    
Non-US
    
US
    
Non-US
  
CHANGE IN PLAN ASSETS
                        
Fair value of plan assets, beginning of year
  
$
213,946
    
$
445,480
    
$
213,628
    
$
408,249
  
Actual return on plan assets
    
34,560
      
27,971
      
11,645
      
48,602
  
Employer contributions
    
5,599
      
12,203
      
3,700
      
11,686
  
Employee contributions
    
—
      
—
      
—
      
—
  
Settlements
    
—
      
—
      
—
      
(1,459
)
Benefits paid
    
(16,976
)
    
(11,921
)
    
(15,027
)
    
(9,162
)
Foreign currency rate changes
    
—
      
50,153
      
—
      
(12,436
)
Fair value, end of year
  
$
237,129
    
$
523,886
    
$
213,946
    
$
445,480
  
CHANGE IN PROJECTED BENEFIT OBLIGATION
                                
Benefit obligation, beginning of year
  
$
(318,967
)
  
$
(534,303
)
  
$
(285,197
)
  
$
(509,015
)
Service cost
    
—
      
(1,396
)
    
—
      
(1,851
)
Interest cost
    
(9,504
)
    
(8,901
)
    
(11,247
)
    
(12,652
)
Actuarial gains (losses)
    
8,863
      
(17,739
)
    
(37,550
)
    
(36,287
)
Benefits paid
    
16,976
      
11,921
      
15,027
      
9,162
  
Foreign currency rate changes
    
—
      
(59,046
)
    
—
      
15,176
  
Settlements and other
    
—
      
(150
)
    
—
      
1,164
  
Benefit obligation, end of year
  
$
(302,632
)
  
$
(609,614
)
  
$
(318,967
)
  
$
(534,303
)
Underfunded status, end of year
  
$
(65,503
)
  
$
(85,728
)
  
$
(105,021
)
  
$
(88,823
)
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION
                                
Noncurrent assets
    
—
      
6
      
—
      
—
  
Current pension liability
    
(3,576
)
    
(1,414
)
    
(4,990
)
    
(885
)
Noncurrent pension liability
    
(61,927
)
    
(84,320
)
    
(100,031
)
    
(87,938
)
Net amount recognized in statement of financial position
  
$
(65,503
)
  
$
(85,728
)
  
$
(105,021
)
  
$
(88,823
)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF
                                
Net actuarial (losses)
  
$
(96,613
)
  
$
(213,958
)
  
$
(131,569
)
  
$
(181,403
)
Prior service cost gains (losses)
    
2,100
      
(1,299
)
    
2,254
      
(1,051
)
Total accumulated other comprehensive loss
  
$
(94,513
)
  
$
(215,257
)
  
$
(129,315
)
  
$
(182,454
)
Change in accumulated other comprehensive loss
  
$
34,802
    
$
(32,803
)
  
$
(37,695
)
  
$
(4,143
)
INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
                                
Accumulated benefit obligation
  
$
302,632
    
$
566,998
    
$
318,967
    
$
497,489
  
Fair value of plan assets
  
$
237,129
    
$
513,279
    
$
213,946
    
$
445,480
  
INFORMATION FOR PENSION PLANS WITH A PROJECTED  BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
                                
Projected benefit obligation
  
$
302,632
    
$
599,011
    
$
318,967
    
$
534,303
  
Fair value of plan assets
  
$
237,129
    
$
513,279
    
$
213,946
    
$
445,480
  
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES
                                
Discount rate
    
3.2
%
    
1.9
%
    
3.1
%
    
1.6
%
Rate of compensation increase
    
N/A
      
3.0
%
    
N/A
      
3.0
%
Accumulated benefit obligations
  
$
(302,632
)
  
$
(577,600
)
  
$
(318,967
)
  
$
(497,489
)

Actuarial gains in the US resulting in a decrease to our projected benefit obligation for the year ended April 30, 2021 were primarily due to an increase in the discount rate and updated census data. Actuarial losses in non-US countries resulting in an increase to our projected benefit obligation for the year ended April 30, 2021 were primarily due to an increase in the UK inflation rate offset by an increase in the discount rate.

Actuarial losses in the US and non-US countries resulting in an increase in our projected benefit obligation for the year ended April 30, 2020 were primarily due to a reduction in discount rates and changes to other assumptions.


Pension plan assets/investments:

The investment guidelines for the defined benefit pension plans are established based upon an evaluation of market conditions, plan liabilities, cash requirements for benefit payments, and tolerance for risk. Investment guidelines include the use of actively and passively managed securities. The investment objective is to ensure that funds are available to meet the plans benefit obligations when they are due. The investment strategy is to invest in high quality and diversified equity and debt securities to achieve our long-term expectation. The plans’ risk management practices provide guidance to the investment managers, including guidelines for asset concentration, credit rating and liquidity. Asset allocation favors a balanced portfolio, with a global aggregated target allocation of approximately 50% equity securities and 50% fixed income securities and cash. Due to volatility in the market, the target allocation is not always desirable and asset allocations will fluctuate between acceptable ranges of plus or minus 5%. We regularly review the investment allocations and periodically rebalance investments to the target allocations. We categorize our pension assets into three levels based upon the assumptions (inputs) used to price the assets. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:
 
●
Level 1: Unadjusted quoted prices in active markets for identical assets.
●
Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets.
●
Level 3: Unobservable inputs reflecting assumptions about the inputs used in pricing the asset.

We did not maintain any level 3 assets during the years ended April 30, 2021 and 2020. In accordance with ASU 2015-07, “Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient do not have to be classified in the fair value hierarchy. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefit plan assets.

The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30:

  
2021
    
2020
  
   
Level 1
    
Level 2
    
Total
    
Level 1
    
Level 2
    
Total
  
US Plan Assets
                                    
Investments measured at NAV:
                                    
Global equity securities: Limited partnership
              
$
121,569
                
$
110,965
  
Fixed income securities: Commingled trust funds
                
115,560
                  
102,981
  
Total assets at NAV
              
$
237,129
                
$
213,946
  
                                         
Non-US Plan Assets
                                        
Equity securities:
                                        
US equities
  
$
—
    
$
51,882
    
$
51,882
    
$
—
    
$
36,842
    
$
36,842
  
Non-US equities
    
—
      
124,496
      
124,496
      
—
      
103,460
      
103,460
  
Balanced managed funds
    
—
      
103,717
      
103,717
      
—
      
44,989
      
44,989
  
Fixed income securities: Commingled funds
    
1,444
      
236,583
      
238,027
      
3,431
      
254,134
      
257,565
  
Other:
                                                
Real estate/other
    
—
      
543
      
543
      
—
      
490
      
490
  
Cash and cash equivalents
    
5,221
      
—
      
5,221
      
2,134
      
—
      
2,134
  
Total Non-US plan assets
  
$
6,665
    
$
517,221
    
$
523,886
    
$
5,565
    
$
439,915
    
$
445,480
  
Total plan assets
  
$
6,665
    
$
517,221
    
$
761,015
    
$
5,565
    
$
439,915
    
$
659,426
  

Expected employer contributions to the defined benefit pension plans in the year ended April 30, 2022 will be approximately $16.8 million, including $13.1 million of minimum amounts required for our non-US plans. From time to time, we may elect to make voluntary contributions to our defined benefit plans to improve their funded status.


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

Fiscal Year
  
US
  
Non-US
  
Total
2022
  
$
15,305
  
$
12,211
  
$
27,516
2023
    
15,446
    
11,769
    
27,215
2024
    
15,593
    
12,606
    
28,199
2025
    
15,024
    
14,817
    
29,841
2026
    
15,064
    
14,004
    
29,068
2027 – 2031
    
75,870
    
83,009
    
158,879
Total
  
$
152,302
  
$
148,416
  
$
300,718

Retiree Health Benefits

We provide contributory life insurance and health care benefits, subject to certain dollar limitations, for substantially all of our eligible retired US employees. The retiree health benefit is no longer available for any employee who retires after December 31, 2017. The cost of such benefits is expensed over the years the employee renders service and is not funded in advance. The accumulated post-retirement benefit obligation recognized on the Consolidated Statements of Financial Position as of April 30, 2021 and 2020, was $1.5 and $1.4 million, respectively. Annual credits for these plans for the years ended April 30, 2021, 2020, and 2019 were $(0.1) million, $(0.1) million and $(0.1) million, respectively.

Defined Contribution Savings Plans

We have defined contribution savings plans. Our contribution is based on employee contributions and the level of our match. We may make discretionary contributions to all employees as a group. The expense recorded for these plans was approximately $24.3 million, $19.0 million, and $13.1 million in the years ended April 30, 2021, 2020, and 2019 respectively.

Note 18 – Stock-Based Compensation

All equity compensation plans have been approved by shareholders. Under the 2014 Key Employee Stock Plan, (the Plan), qualified employees are eligible to receive awards that may include stock options, performance-based stock awards, and other restricted stock awards. Under the Plan, a maximum number of 6.5 million shares of our Class A stock may be issued. As of April 30, 2021, there were approximately 2,357,682 securities remaining available for future issuance under the Plan. We issue treasury shares to fund awards issued under the Plan.

Stock Option Activity

Under the terms of our stock option plan, the exercise price of stock options granted may not be less than 100% of the fair market value of the stock at the date of grant. Options are exercisable over a maximum period of ten years from the date of grant. For the years ended April 30, 2015 and prior, options generally vest 50% on the fourth and fifth anniversary date after the award is granted. For the year ended April 30, 2016, options vest 25% per year on April 30.

We did not grant any stock option awards since the year ended April 30, 2016. As of April 30, 2019, all outstanding options vested allowing the participant the right to exercise their awards, and there was no unrecognized share-based compensation expense remaining related to stock options.

The fair value of the options granted in the year ended April 30, 2016 was $14.77 using the Black-Scholes option-pricing model. The significant weighted average assumptions used in the fair value determination was the expected life which represented an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate was based on the corresponding US Treasury yield curve in effect at the time of the grant. The expected volatility was based on the historical volatility of our Common Stock price over the estimated life of the option, while the dividend yield was based on the expected dividend payments to be made by us.


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

  
2021
    
2020
    
2019
  
   
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
    
Weighted
Average
Remaining
Term
(in years)
    
Aggregate
Intrinsic
Value
(in millions)
    
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
    
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
  
Outstanding at beginning of year
    
286
    
$
50.14
                  
372
    
$
49.70
      
611
    
$
48.88
  
Granted
    
—
    
$
—
                  
—
    
$
—
      
—
    
$
—
  
Exercised
    
(60
)
  
$
43.91
                  
(34
)
  
$
38.32
      
(229
)
  
$
47.21
  
Expired or forfeited
    
(85
)
  
$
52.78
                  
(52
)
  
$
54.57
      
(10
)
  
$
56.97
  
Outstanding at end of year
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  
Exercisable at end of year
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  
Vested and expected to vest in the future at April 30
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  

The intrinsic value is the difference between our common stock price and the option grant price. The total intrinsic value of options exercised during the years ended April 30, 2021, 2020, and 2019 was $0.2 million, $0.3 million, and $4.4 million, respectively. The total grant date fair value of stock options vested during the year ended April 30, 2019 was $4.8 million.

The following table summarizes information about stock options outstanding and exercisable at April 30, 2021:

  
Options Outstanding
  
Options Exercisable
Range of Exercise Prices
  
Number
of Options
(in 000’s)
  
Weighted Average
Remaining
Term
(in years)
  
Weighted
Average
Exercise
Price
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise
Price
$39.53
  
34
  
2.0
  
$
39.53
  
34
  
$
39.53
$48.06 to $49.55
  
32
  
1.1
  
$
48.22
  
32
  
$
48.22
$55.99 to $59.70
  
75
  
3.6
  
$
57.76
  
75
  
$
57.76
Total/average
  
141
  
2.6
  
$
51.17
  
141
  
$
51.17

Performance-Based and Other Restricted Stock Activity

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

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

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


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

  
2021
    
2020
    
2019
  
   
Restricted
Shares
    
Weighted
Average
Grant Date
Value
    
Restricted
Shares
    
Restricted
Shares
  
 
Nonvested shares at beginning of year
    
943
    
$
49.74
      
756
      
861
  
Granted
    
706
    
$
41.49
      
759
      
415
  
Change in shares due to performance
    
118
    
$
49.84
      
(70
)
    
(19
)
Vested and issued
    
(362
)
  
$
48.48
      
(329
)
    
(357
)
Forfeited
    
(125
)
  
$
47.88
      
(173
)
    
(144
)
Nonvested shares at end of year
    
1,280
    
$
45.73
      
943
      
756
  

For the years ended April 30, 2021, 2020 and 2019, we recognized stock-based compensation expense, on a pretax basis, of $22.0 million, $20.0 million and $18.3 million, respectively.

As of April 30, 2021, there was $36.3 million of unrecognized share-based compensation cost related to performance-based and other restricted stock awards, which is expected to be recognized over a period up to 4 years, or 2.2 years on a weighted average basis.

Compensation expense for restricted stock awards is measured using the closing market price of our Class A Common Stock at the date of grant. The total grant date value of shares vested during the years ended April 30, 2021, 2020, and 2019 was $17.6 million, $17.5 million, and $19.6 million, respectively.

President and CEO New Hire Equity Awards

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

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

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

Director Stock Awards

Under the terms of our 2018 Director Stock Plan (the Director Plan), each nonemployee director, other than the Chairman of the Board, receives an annual award of restricted shares of our Class A Common Stock equal in value to 100% of the annual director stock retainer fee, based on the stock price at the close of the New York Stock Exchange on the date of grant. Such restricted shares will vest on the earliest of (i) the day before the next Annual Meeting following the grant, (ii) the nonemployee director’s death or disability (as determined by the Governance Committee), or (iii) a change in control (as defined in the 2014 Key Employee Stock Plan). The granted shares may not be sold or transferred during the time the nonemployee director remains a director. There were 28,360, 20,048, and 18,991 restricted shares awarded under the Director Plan for the years ended April 30, 2021, 2020, and 2019, respectively.


Note 19 – Capital Stock and Changes in Capital Accounts

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

Share Repurchases

During the year ended April 30, 2020, our Board of Directors approved an additional share repurchase program of $200 million of Class A or B Common Stock. As of April 30, 2021, we had authorization from our Board of Directors to purchase up to $200 million that was remaining under this program. No share repurchases were made under this program during the years ended April 30, 2021 and 2020.

The share repurchase program described above is in addition to the share repurchase program approved by our Board of Directors during the year ended April 30, 2017 of four million shares of Class A or B Common Stock. As of April 30, 2021, we had authorization from our Board of Directors to purchase up to 497,197 additional shares that were remaining under this program.

The following table summarizes the shares repurchased of Class A and B Common Stock during the years ended April 30 (shares in thousands):
  
2021
    
2020
    
2019
  
Shares repurchased – Class A
    
308
      
1,080
      
1,191
  
Shares repurchased – Class B
    
2
      
2
      
—
  
Average price – Class A and Class B
  
$
50.93
    
$
43.05
    
$
50.35
  

Dividends

The following table summarizes the cash dividends paid during the year ended April 30, 2021:

Date of Declaration by Board of Directors
Quarterly Cash Dividend
Total Dividend
Class of Common Stock
Dividend Paid Date
Shareholders of Record as of Date
June 25, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
July 22, 2020
July 7, 2020
September 23, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
October 21, 2020
October 6, 2020
December 16, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
January 13, 2021
December 30, 2020
March 24, 2021
$0.3425 per common share
$19.1 million
Class A and
Class B
April 21, 2021
April 6, 2021

Changes in Common Stock

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

Changes in Common Stock A:
  
2021
    
2020
    
2019
  
Number of shares, beginning of year
    
70,166
      
70,127
      
70,111
  
Common stock class conversions
    
42
      
39
      
16
  
Number of shares issued, end of year
    
70,208
      
70,166
      
70,127
  
                         
Changes in Common Stock A in treasury:
                        
Number of shares held, beginning of year
    
23,405
      
22,634
      
21,853
  
Purchase of treasury shares
    
308
      
1,080
      
1,192
  
Restricted shares issued under stock-based compensation plans - non-PSU Awards
    
(268
)
    
(232
)
    
(205
)
Restricted shares issued under stock-based compensation plans - PSU Awards
    
(88
)
    
(68
)
    
(110
)
Shares issued under the Director Plan to Directors
    
(6
)
    
(97
)
    
(5
)
Restricted shares, forfeited
    
—
      
1
      
9
  
Restricted shares issued from exercise of stock options
    
(60
)
    
(34
)
    
(229
)
Shares withheld for taxes
    
129
      
122
      
130
  
Other
    
(1
)
    
(1
)
    
(1
)
Number of shares held, end of year
    
23,419
      
23,405
      
22,634
  
Number of Common Stock A outstanding, end of year
    
46,789
      
46,761
      
47,493
  

Changes in Common Stock B:
  
2021
    
2020
    
2019
  
Number of shares, beginning of year
    
13,016
      
13,055
      
13,071
  
Common stock class conversions
    
(42
)
    
(39
)
    
(16
)
Number of shares issued, end of year
    
12,974
      
13,016
      
13,055
  
                         
Changes in Common Stock B in treasury:
                        
Number of shares held, beginning of year
    
3,920
      
3,918
      
3,918
  
Shares repurchased
    
2
      
2
      
—
  
Number of shares held, end of year
    
3,922
      
3,920
      
3,918
  
Number of Common Stock B outstanding, end of year
    
9,052
      
9,096
      
9,137
  

Warrants

In connection with the acquisition of The Learning House, Inc. (Learning House) on November 1, 2018, a portion of the fair value of the consideration transferred was $0.6 million of warrants. The warrants were classified as equity and allow the holder to purchase 400,000 shares of our Class A Common Stock at an exercise price of $90.00, subject to adjustments. The term of the warrants is three years, expiring on November 1, 2021. The fair value of the warrants was determined using the Black-Scholes option pricing model.
v3.21.2
Accumulated Other Comprehensive Loss
 12 Months Ended
Apr. 30, 2021
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss
Note 6 – Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the years ended April 30, 2021, 2020, and 2019 were as follows:

  
Foreign
Currency
Translation
    
Unamortized
Retirement
Costs
    
Interest
Rate Swaps
    
Total
  
Balance at April 30, 2018
  
$
(251,573
)
  
$
(191,026
)
  
$
3,019
    
$
(439,580
)
Other comprehensive (loss) income before reclassifications
    
(60,534
)
    
(9,422
)
    
1,121
      
(68,835
)
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
4,391
      
(4,714
)
    
(323
)
Total other comprehensive loss
    
(60,534
)
    
(5,031
)
    
(3,593
)
    
(69,158
)
Balance at April 30, 2019
  
$
(312,107
)
  
$
(196,057
)
  
$
(574
)
  
$
(508,738
)
Other comprehensive loss before reclassifications
    
(28,596
)
    
(36,965
)
    
(5,988
)
    
(71,549
)
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
5,102
      
(312
)
    
4,790
  
Total other comprehensive loss
    
(28,596
)
    
(31,863
)
    
(6,300
)
    
(66,759
)
Balance at April 30, 2020
  
$
(340,703
)
  
$
(227,920
)
  
$
(6,874
)
  
$
(575,497
)
Other comprehensive income (loss) before reclassifications
    
82,762
      
(6,273
)
    
(639
)
    
75,850
  
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
6,047
      
2,810
      
8,857
  
Total other comprehensive income (loss)
    
82,762
      
(226
)
    
2,171
      
84,707
  
Balance at April 30, 2021
  
$
(257,941
)
  
$
(228,146
)
  
$
(4,703
)
  
$
(490,790
)

For the years ended April 30, 2021, 2020 and 2019, pretax actuarial losses included in Unamortized Retirement Costs of approximately $7.8 million, $6.4 million, and $5.5 million respectively, were amortized from Accumulated Other Comprehensive Loss and recognized as pension and post-retirement benefit expense in Operating and administrative expenses and Other income on the Consolidated Statements of Income (Loss).

Our policy for releasing the income tax effects from accumulated other comprehensive (loss) income is to release when the corresponding pretax accumulated other comprehensive (loss) income items are reclassified to earnings.
v3.21.2
Restructuring and Related Charges
 12 Months Ended
Apr. 30, 2021
Restructuring and Related Charges [Abstract]  
Restructuring and Related Charges
Note 7 – Restructuring and Related Charges

Business Optimization Program

Beginning in fiscal year 2020, we initiated a multiyear Business Optimization Program (the Business Optimization Program) to drive efficiency improvement and operating savings.

The following tables summarize the pretax restructuring charges related to this program:

   
For the Years Ended April 30,
        
 
2021
    
2020
    
Total Charges Incurred to Date
  
Charges by Segment:
                  
Research Publishing & Platforms
  
$
99
    
$
3,546
    
$
3,645
  
Academic & Professional Learning
    
3,229
      
10,475
      
13,704
  
Education Services
    
531
      
3,774
      
4,305
  
Corporate Expenses
    
29,590
      
15,018
      
44,608
  
Total Restructuring and Related Charges
  
$
33,449
    
$
32,813
    
$
66,262
  
                         
Charges (Credits) by Activity:
                        
Severance and termination benefits
  
$
11,531
    
$
26,864
    
$
38,395
  
Impairment of operating lease ROU assets and property and equipment
    
14,918
      
161
      
15,079
  
Acceleration of expense related to operating lease ROU assets and property and equipment
    
3,378
      
—
      
3,378
  
Facility related charges
    
3,684
      
3,986
      
7,670
  
Other activities
    
(62
)
    
1,802
      
1,740
  
Total Restructuring and Related Charges
  
$
33,449
    
$
32,813
    
$
66,262
  

In November 2020, in response to the COVID-19 pandemic and the Company’s successful transition to a virtual work environment, we increased use of virtual work arrangements for post-pandemic operations. As a result, we expanded the scope of the Business Optimization Program to include the exit of certain leased office space beginning in the three months ended January 31, 2021, and the reduction of our occupancy at other facilities. We are reducing our real estate square footage occupancy by approximately 12%. These actions resulted in a pretax restructuring charge of $18.3 million in the three months ended January 31, 2021. This restructuring charge primarily reflects the following noncash charges:
 
•
impairment charges of $14.9 million recorded in our corporate category, which included the impairment of operating lease ROU assets of $10.6 million related to certain leases that will be subleased, and the related property and equipment of $4.3 million described further below, and
•
acceleration of expense of $3.4 million, which included the acceleration of rent expense associated with operating lease ROU assets of $2.9 million related to certain leases that will be abandoned or terminated and the related depreciation and amortization of property and equipment of $0.5 million.

Due to the actions taken above, we tested the operating lease ROU assets and the related property and equipment for those being subleased for recoverability by comparing the carrying value of the asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset groups were below the carrying values. Therefore, there was an indication of impairment. We then determined the fair value of the asset groups by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of these operating lease ROU assets and the property and equipment immediately subsequent to the impairment was $7.5 million and is categorized as Level 3 within the FASB ASC Topic 820, “Fair Value Measurements” fair value hierarchy.

In addition, we also incurred ongoing facility-related costs associated with certain properties that resulted in additional restructuring charges of $3.7 million in the year ended April 30, 2021.

Other Activities for the year ended April 30, 2020 primarily relate to reserves and costs associated with the cessation of certain offerings, and, to a lesser extent, a pension settlement, and the impairment of certain software licenses.


The following table summarizes the activity for the Business Optimization Program liability for the year ended April 30, 2021:

  
April 30, 2020
    
Charges (Credits)
    
Payments
    
Foreign
Translation &
Other
Adjustments
    
April 30, 2021
  
Severance and termination benefits
  
$
17,632
    
$
11,531
    
$
(18,310
)
  
$
612
    
$
11,465
  
Other activities
    
430
      
(264
)
    
(262
)
    
96
      
—
  
Total
  
$
18,062
    
$
11,267
    
$
(18,572
)
  
$
708
    
$
11,465
  

The restructuring liability for accrued severance and termination benefits is reflected in Accrued employment costs in the Consolidated Statement of Financial Position as of April 30, 2021.

Restructuring and Reinvestment Program

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

The following tables summarize the pretax restructuring (credits) charges related to this program:

   
For the Years Ended April 30,
        
 
2021
    
2020
    
2019
    
Total Charges
Incurred to Date
  
(Credits) Charges by Segment:
                        
Research Publishing & Platforms
  
$
(135
)
  
$
340
    
$
1,131
    
$
26,749
  
Academic & Professional Learning
    
274
      
(5
)
    
1,139
      
43,108
  
Education Services
    
—
      
(103
)
    
389
      
3,764
  
Corporate Expenses
    
(278
)
    
(438
)
    
459
      
95,662
  
Total Restructuring and Related (Credits) Charges
  
$
(139
)
  
$
(206
)
  
$
3,118
    
$
169,283
  
                                 
(Credits) Charges by Activity:
                                
Severance and termination benefits
  
$
(139
)
  
$
(250
)
  
$
1,456
    
$
115,870
  
Consulting and contract termination costs
    
—
      
(171
)
    
526
      
20,984
  
Other activities
    
—
      
215
      
1,136
      
32,429
  
Total Restructuring and Related (Credits) Charges
  
$
(139
)
  
$
(206
)
  
$
3,118
    
$
169,283
  


Other activities for the year ended April 30, 2020 include facility related costs. Other activities for the year ended April 30, 2019 reflect lease impairment related costs.

The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the year ended April 30, 2021:

  
April 30, 2020
    
(Credits)
    
Payments
    
Foreign
Translation &
Other Adjustments
    
April 30, 2021
  
Severance and termination benefits
  
$
1,360
    
$
(139
)
  
$
(888
)
  
$
69
    
$
402
  
Other activities
    
230
      
—
      
(207
)
    
239
      
262
  
Total
  
$
1,590
    
$
(139
)
  
$
(1,095
)
  
$
308
    
$
664
  

The restructuring liability as of April 30, 2021 for accrued severance and termination benefits is reflected in Accrued employment costs in the Consolidated Statement of Financial Position.

The restructuring liability as of April 30, 2021 for other activities are reflected in Other accrued liabilities in the Consolidated Statement of Financial Position and mainly relate to facility relocation and lease impairment related costs.

We currently do not anticipate any further material charges related to the Restructuring and Reinvestment Program.
v3.21.2
Inventories
 12 Months Ended
Apr. 30, 2021
Inventories [Abstract]  
Inventories
Note 8 – Inventories

Inventories, net consisted of the following at April 30:

  
2021
    
2020
  
Finished goods
  
$
31,704
    
$
36,014
  
Work-in-process
    
2,060
      
1,398
  
Paper and other materials
    
331
      
331
  
Total inventories before estimated sales returns and LIFO reserve
    
34,095
      
37,743
  
Inventory value of estimated sales returns
    
10,886
      
8,686
  
LIFO reserve
    
(2,443
)
    
(2,815
)
Inventories, net
  
$
42,538
    
$
43,614
  

See Note 2, “Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards,” under the caption “Sales Return Reserves,” for a discussion of the Inventory value of estimated sales returns.

Finished goods not recorded at LIFO have been recorded at the lower of cost or net realizable value, which resulted in a reduction of $14.0 million and $16.1 million as of April 30, 2021 and 2020, respectively.
v3.21.2
Product Development Assets
 12 Months Ended
Apr. 30, 2021
Product Development Assets [Abstract]  
Product Development Assets
Note 9 – Product Development Assets

Product development assets, net consisted of the following at April 30:
  
2021
    
2020
  
Book composition costs
  
$
20,474
    
$
18,744
  
Software costs
    
23,262
      
28,995
  
Content development costs
    
5,781
      
5,904
  
Product development assets, net
  
$
49,517
    
$
53,643
  

Product development assets include $6.3 million and $4.9 million of work-in-process as of April 30, 2021 and 2020, respectively.  As of April 30, 2021 this is primarily for book composition costs and, to a lesser extent, software costs. As of April 30, 2020, this is primarily for book composition costs.

Product development assets are net of accumulated amortization of $269.0 million and $244.1 million as of April 30, 2021 and 2020, respectively.
v3.21.2
Technology, Property and Equipment
 12 Months Ended
Apr. 30, 2021
Technology, Property and Equipment [Abstract]  
Technology, Property and Equipment
Note 10 – Technology, Property and Equipment

Technology, property and equipment, net consisted of the following at April 30:
  
2021
    
2020
  
Capitalized software
  
$
536,878
    
$
471,844
  
Computer hardware
    
50,714
      
46,640
  
Buildings and leasehold improvements
    
99,636
      
99,230
  
Furniture, fixtures, and warehouse equipment
    
42,674
      
44,104
  
Land and land improvements
    
3,656
      
3,298
  
Technology, property and equipment, gross
    
733,558
      
665,116
  
Accumulated depreciation and amortization
    
(451,288
)
    
(367,111
)
Technology, property and equipment, net
  
$
282,270
    
$
298,005
  

The following table details our depreciation and amortization expense for technology, property and equipment, net:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
Capitalized software amortization expense
  
$
69,184
    
$
55,685
    
$
50,095
  
Depreciation and amortization expense, excluding capitalized software
    
21,955
      
21,031
      
19,323
  
Total depreciation and amortization expense for technology, property and equipment
  
$
91,139
    
$
76,716
    
$
69,418
  


Technology, property and equipment includes $0.6 million and $0.9 million of work-in-process as of April 30, 2021 and 2020, respectively, for capitalized software.

The net book value of capitalized software costs was $202.8 million and $207.5 million as of April 30, 2021 and 2020, respectively.
v3.21.2
Goodwill and Intangible Assets
 12 Months Ended
Apr. 30, 2021
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
Note 11 – Goodwill and Intangible Assets

Goodwill

The following table summarizes the activity in goodwill by segment as of April 30:
  
2020 (1)
    
Acquisitions (2)
    
Foreign
Translation
Adjustment
    
2021
  
Research Publishing & Platforms
  
$
448,130
    
$
136,789
    
$
34,284
    
$
619,203
  
Academic & Professional Learning
    
501,091
      
—
      
11,421
      
512,512
  
Education Services
    
167,569
      
—
      
5,056
      
172,625
  
Total
  
$
1,116,790
    
$
136,789
    
$
50,761
    
$
1,304,340
  

(1)
The Education Services goodwill balance as of April 30, 2020 includes a cumulative pretax noncash goodwill impairment of $110.0 million.
(2)
Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in the year ended April 30, 2021.

Annual Goodwill Impairment Test as of February 1, 2021

During the fourth quarter of 2021, we completed step one of our annual goodwill impairment test for our reporting units. We concluded that the fair values of our reporting units were above their carrying values and, therefore, there was no indication of impairment.

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

As noted above, the fair value determined as part of the annual goodwill impairment test completed in the fourth quarter exceeded the carrying value for all of our reporting units. Therefore, there was no impairment of goodwill. However, if the fair value of these reporting units decrease in future periods, we could potentially have an impairment.  The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, changes in assumptions including the impact of COVID-19, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment.

Annual Goodwill Impairment Test as of February 1, 2020

As of February 1, 2020, we completed our annual goodwill impairment test for our reporting units. We concluded that the fair values of our Research Publishing & Platforms and Academic & Professional Learning reporting units were above their carrying values and, therefore, there was no indication of impairment.


During our annual goodwill impairment test initiated on February 1, 2020 we identified indicators that the goodwill of the Education Services business was impaired due to underperformance as compared with our acquisition case projections for revenue growth and operating cash flow. Subsequently, during the fourth quarter of fiscal year 2020, we determined that our updated revenue and operating cash flow projections would be further impacted by anticipated near-term headwinds due to COVID-19, including adverse impacts on new student starts and student reenrollment. Therefore, we updated the impairment test as of March 31, 2020 to reflect this change in circumstances. As a result, we concluded that the carrying value was above the fair value which resulted in a pretax noncash goodwill impairment of $110.0 million. This charge is reflected in Impairment of goodwill and intangible assets in the Consolidated Statements of Income (Loss).

Prior to performing the goodwill impairment test for Education Services, we also evaluated the recoverability of long-lived assets of the reporting unit. The carrying value of the long-lived assets that were tested for impairment was $434.0 million. When indicators of impairment are present, we test definite lived and long-lived assets for recoverability by comparing the carrying value of an asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. We considered the lower than expected revenue and forecasted operating cash flows over a sustained period of time, and downward revisions to our cash flow forecasts for this reporting unit to be indicators of impairment for their long-lived assets. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset group of the Education Services reporting unit exceeded the carrying value. Therefore, there was no impairment.

Intangible Assets
 
Intangible assets, net as of April 30 were as follows:
 
  
2021
    
2020
  
   
Cost
    
Accumulated
Amortization
    
Net
    
Cost
    
Accumulated
Amortization
    
Accumulated
Impairment
    
Net
  
Intangible assets with definite lives, net
                                          
Content and publishing rights
  
$
1,062,072
    
$
(497,843
)
  
$
564,229
    
$
806,862
    
$
(444,756
)
  
$
—
    
$
362,106
  
Customer relationships
    
384,462
      
(117,985
)
    
266,477
      
377,652
      
(87,234
)
    
—
      
290,418
  
Developed technology (1)
    
42,785
      
(7,824
)
    
34,961
      
19,225
      
(3,273
)
    
(2,841
)
    
13,111
  
Brands and trademarks
    
45,630
      
(26,094
)
    
19,536
      
42,877
      
(22,689
)
    
—
      
20,188
  
Covenants not to compete
    
1,250
      
(1,192
)
    
58
      
1,675
      
(1,429
)
    
—
      
246
  
Total (2)
    
1,536,199
      
(650,938
)
    
885,261
      
1,248,291
      
(559,381
)
    
(2,841
)
    
686,069
  
Intangible assets with indefinite lives
                                                        
Brands and trademarks (1)
    
37,000
      
—
      
37,000
      
130,107
      
—
      
(93,107
)
    
37,000
  
Publishing rights
    
93,041
      
—
      
93,041
      
84,336
      
—
      
—
      
84,336
  
Total
    
130,041
      
—
      
130,041
      
214,443
      
—
      
(93,107
)
    
121,336
  
Total intangible assets, net
  
$
1,666,240
    
$
(650,938
)
  
$
1,015,302
    
$
1,462,734
    
$
(559,381
)
  
$
(95,948
)
  
$
807,405
  

(1)
The developed technology balance as of April 30, 2021 is presented net of accumulated impairments and write-offs of $2.8 million.  The indefinite-lived brands and trademarks cost balance as of April 30, 2021 is net of accumulated impairments of $93.1 million.
(2)
Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in 2021 and 2020.

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

Fiscal Year
  
Amount
  
2022
  
$
82,401
  
2023
    
76,125
  
2024
    
71,367
  
2025
    
65,764
  
2026
    
63,410
  
Thereafter
    
526,194
  
Total
  
$
885,261
  


Annual Indefinite-Lived Intangibles Impairment Test as of February 1, 2021

We also review our indefinite-lived intangible assets for impairment annually, which consists of brands and trademarks and certain acquired publishing rights. As of February 1, 2021, we completed our annual impairment test related to the indefinite-lived intangible assets. We concluded that the fair values of these indefinite-lived intangible assets were above their carrying values and, therefore, there was no indication of impairment.

Fiscal Year 2020 Impairment

Annual Indefinite-Lived Intangibles Impairment Test as of February 1, 2020

During the fourth quarter of 2020, we completed our annual impairment test related to the indefinite-lived intangible assets. We concluded that the fair values of these indefinite-lived intangible assets were above their carrying values and, therefore, there was no indication of impairment, except for the Blackwell indefinite-lived trademark.

For the year ended April 30, 2020, we recorded a pretax noncash impairment charge of $89.5 million for our Blackwell trademark, which was acquired in 2007 and carried as an indefinite-lived intangible asset primarily related to our Research Publishing & Platforms segment. The impairment reflects our decision to simplify Wiley’s brand portfolio and unify our research journal content under one Wiley brand, which will sharply limit the use of the Blackwell trade name. This impairment resulted in writing off substantially all of the carrying value of the intangible trademark asset. This charge is reflected in Impairment of goodwill and intangible assets in the Consolidated Statements of Income (Loss). The resulting noncash impairment charge was entirely unrelated to COVID-19 or the expected future financial performance of the Research Publishing & Platforms segment.

Intangible Assets with Definite Lives

As a result of our decision to discontinue the use of certain technology offerings within the Research Publishing & Platforms segment, we recorded a pretax noncash impairment charge of $2.8 million related to a certain developed technology intangible. This charge was included in Impairment of goodwill and intangible assets on the Consolidated Statements of Income (Loss).
v3.21.2
Operating Leases
 12 Months Ended
Apr. 30, 2021
Operating Leases [Abstract]  
Operating Leases
Note 12 — Operating Leases
 
We have contractual obligations as a lessee with respect to offices, warehouses and distribution centers, automobiles, and office equipment.

We determine if an arrangement is a lease at inception of the contract in accordance with guidance detailed in the lease standard and we perform the lease classification test as of the lease commencement date. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term.

The present value of the lease payments is calculated using an incremental borrowing rate, which was determined based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use an unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate.

Under the new leasing standard, leases that are more than one year in duration are capitalized and recorded on the Consolidated Statements of Financial Position. Some of our leases offer an option to extend the term of such leases. We utilize the reasonably certain threshold criteria in determining which options we will exercise. Furthermore, some of our lease payments are based on index rates with minimum annual increases. These represent fixed payments and are captured in the future minimum lease payments calculation.

For operating leases, the ROU assets and liabilities as of April 30 are presented in our Consolidated Statement of Financial Position as follows:
  
2021
    
2020
  
Operating lease ROU assets
  
$
121,430
    
$
142,716
  
Short-term portion of operating lease liabilities
    
22,440
      
21,810
  
Operating lease liabilities, non-current
  
$
145,832
    
$
159,782
  

During the year ended April 30, 2021, we added $6.1 million to the ROU assets and $5.7 million to the operating lease liabilities due to new leases, including due to acquisitions, as well as modifications and remeasurements to our existing operating leases.

As a result of expanding the scope of the Business Optimization Program to include the exit of certain leased office space beginning in the third quarter of fiscal 2021, we incurred a pretax restructuring charge of $18.3 million in the three months ended January 31, 2021. This charge included impairment charges and acceleration of expense associated with certain operating lease ROU assets.  See Note 7, “Restructuring and Related Charges” for more information on this program and the charges incurred.

Our total net lease costs were as follows:
 
   
For the Years Ended April 30,
  
 
2021
    
2020
  
Operating lease cost
  
$
24,862
    
$
26,027
  
Variable lease cost
    
2,135
      
3,856
  
Short-term lease cost
    
248
      
86
  
Sublease income
    
(722
)
    
(691
)
Total net lease cost (1)
  
$
26,523
    
$
29,278
  

(1)
Total net lease cost does not include those costs included in Restructuring and related charges on our Consolidated Statements of Income (Loss). See Note 7, “Restructuring and Related Charges” for more information on these programs.

Other supplemental information includes the following:

   
For the Years Ended April 30,
  
   
2021
    
2020
  
Weighted-average remaining contractual lease term (years)
    
9
      
10
  
Weighted-average discount rate
    
5.89
%
    
5.89
%
Cash paid for amounts included in the measurement of lease liabilities:
                
    Operating cash flows from operating leases
  
$
32,344
    
$
28,243
  

The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Consolidated Statement of Financial Position as of April 30, 2021:
 

Fiscal Year
  
Operating Lease
Liabilities
  
2022
  
$
30,674
  
2023
    
26,905
  
2024
    
24,799
  
2025
    
23,235
  
2026
    
20,584
  
Thereafter
    
95,000
  
Total future undiscounted minimum lease payments
    
221,197
  
         
Less: Imputed interest
    
52,925
  
         
Present value of minimum lease payments
    
168,272
  
         
Less: Current portion
    
22,440
  
         
Noncurrent portion
  
$
145,832
  

Prior to the Adoption of ASC Topic 842

The following schedule shows the composition of net rent expense for operating leases for the year ended April 30:

  
2019
  
Minimum rental
  
$
29,066
  
Less: sublease rentals
    
(719
)
Total
  
$
28,347
  

Rent expense associated with operating leases that include scheduled rent increases and tenant incentives, such as rent holidays or leasehold improvement allowances, were recorded on a straight-line basis over the term of the lease.
v3.21.2
Income Taxes
 12 Months Ended
Apr. 30, 2021
Income Taxes [Abstract]  
Income Taxes
Note 13 –Income Taxes

The provisions for income taxes were as follows:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
Current Provision
                  
US – Federal
  
$
(6,631
)
  
$
1,145
    
$
2,384
  
International
    
43,269
      
37,494
      
52,518
  
State and local
    
1,359
      
172
      
2,536
  
Total current provision
  
$
37,997
    
$
38,811
    
$
57,438
  
Deferred (benefit) provision
                        
US – Federal
  
$
(11,996
)
  
$
(8,476
)
  
$
335
  
International
    
1,175
      
(15,022
)
    
(7,630
)
State and local
    
480
      
(4,118
)
    
(5,454
)
Total deferred (benefit)
  
$
(10,341
)
  
$
(27,616
)
  
$
(12,749
)
Total provision
  
$
27,656
    
$
11,195
    
$
44,689
  

International and United States pretax income (loss) were as follows:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
International
  
$
202,490
    
$
104,185
    
$
204,326
  
United States
    
(26,578
)
    
(167,277
)
    
8,626
  
Total
  
$
175,912
    
$
(63,092
)
  
$
212,952
  

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

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
US federal statutory rate
    
21.0
%
    
21.0
%
    
21.0
%
Cost of higher taxes on non-US income
    
1.1
      
4.8
      
0.9
  
State income taxes, net of US federal tax benefit
    
0.8
      
3.3
      
(1.3
)
US NOL carryback under CARES Act
    
(8.0
)
    
—
      
—
  
Deferred tax (benefit) from US Tax Act
    
—
      
—
      
0.1
  
Tax credits and related benefits
    
(0.5
)
    
(1.1
)
    
(0.8
)
Impairment of goodwill and intangibles
    
—
      
(42.3
)
    
—
  
Other
    
1.3
      
(3.4
)
    
1.1
  
Effective income tax rate
    
15.7
%
    
(17.7
)%
    
21.0
%

The effective tax rate was 15.7% for the year ended April 30, 2021, compared to a tax expense rate of 17.7% on a pretax loss for the year ended April 30, 2020. Our rate for the year ended April 30, 2021 benefitted by $14.0 million (8.0%) from the CARES Act and certain regulations issued in late July 2020, which enabled us to carry back certain US net operating losses (NOLs), reducing our tax for the year ended April 30, 2020 compared to prior estimates. This benefit was partially offset by (a) $3.5 million (2.0%) from an increase in the official UK statutory rate during our three months ended July 31, 2020, resulting in our taxes in non-US income increasing our effective income tax rate and (b) a $3.2 million (1.8%) increase in our state tax expense included in our state income tax expense above, due to increasing our deferred tax liabilities in connection with our expanded presence in additional states resulting from COVID-19 and employees working in additional locations. The 17.7% tax expense rate on a pretax loss for the year ended April 30, 2020 was primarily due to the non-deductible impairment of goodwill.


In connection with the CARES Act and certain regulations, we carried back our April 30, 2020 US NOL to our year ended April 30, 2015 and claimed a $20.7 million refund. The refund plus interest was received in February 2021. The NOL was carried back to fiscal year 2015 when the US corporate tax rate was 35.0%. The carryback to a year with a higher rate, plus certain additional net permanent deductions included in the carryback resulted in a $14.0 million tax benefit. The benefit was partially offset by an increase in the UK statutory rate and an increase in our state tax expense. During the three months ended July 31, 2020, the UK officially enacted legislation that increased its statutory rate from 17% to 19%. This resulted in a $3.5 million noncash deferred tax expense from the re-measurement of our applicable UK net deferred tax liabilities. During the year ended April 30, 2021, as a result of COVID-19, we adjusted our policies to permit employees to work from home, resulting in an increased presence in many states. This resulted in a $3.2 million noncash deferred tax expense from the re-measurement of our applicable US net deferred tax liabilities.

Accounting for Uncertainty in Income Taxes:

As of April 30, 2021 and April 30, 2020, the total amount of unrecognized tax benefits were $9.1 million and $6.2 million, respectively, of which $0.7 million and $0.6 million represented accruals for interest and penalties recorded as additional tax expense in accordance with our accounting policy. We recorded net interest expense on reserves for unrecognized and recognized tax benefits of $0.2 million within each of the years ended April 30, 2021 and 2020. As of April 30, 2021, and April 30, 2020, the total amounts of unrecognized tax benefits that would reduce our income tax provision, if recognized, were approximately $7.4 million and $6.2 million, respectively. We do not expect any significant changes to the unrecognized tax benefits within the next twelve months.

A reconciliation of the unrecognized tax benefits included within the Other long-term liabilities line item on the Consolidated Statements of Financial Position follows:
  
2021
    
2020
  
Balance at May 1
  
$
6,194
    
$
7,659
  
Additions for current year tax positions
    
3,626
      
694
  
Additions for prior year tax positions
    
511
      
—
  
Reductions for prior year tax positions
    
(163
)
    
(655
)
Foreign translation adjustment
    
57
      
(15
)
Payments and settlements
    
(215
)
    
(56
)
Reductions for lapse of statute of limitations
    
(866
)
    
(1,433
)
Balance at April 30
  
$
9,144
    
$
6,194
  

Tax Audits:

We file income tax returns in the US and various states and non-US tax jurisdictions. Our major taxing jurisdictions are the United States, United Kingdom and Germany. Except for one immaterial item, we are no longer subject to income tax examinations for years prior to fiscal year 2014 in the major jurisdictions in which we are subject to tax. We received a tax audit notice from the Internal Revenue Service with respect to our loss for our year ended April 30, 2020 and the carryback to the year ended April 30, 2015. We also received tax audit notices for our German entities for the fiscal years 2014-2017. The audit process in Germany has been delayed due to COVID-19. We have also addressed inquiries in other jurisdictions where we maintain a smaller presence.


Deferred Taxes:

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

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

  
2021
    
2020
  
Net operating losses
  
$
19,433
    
$
17,966
  
Reserve for sales returns and doubtful accounts
    
3,838
      
2,638
  
Accrued employee compensation
    
32,835
      
20,114
  
Foreign and federal credits
    
5,129
      
31,487
  
Other accrued expenses
    
16,092
      
11,827
  
Retirement and post-employment benefits
    
30,039
      
37,927
  
Total gross deferred tax assets
  
$
107,366
    
$
121,959
  
Less valuation allowance
    
(4,855
)
    
(23,287
)
Total deferred tax assets
  
$
102,511
    
$
98,672
  
                 
Prepaid expenses and other current assets
  
$
(459
)
  
$
(1,142
)
Unremitted foreign earnings
    
(2,485
)
    
(1,985
)
Intangible and fixed assets
    
(260,559
)
    
(205,882
)
Total deferred tax liabilities
  
$
(263,503
)
  
$
(209,009
)
Net deferred tax liabilities
  
$
(160,992
)
  
$
(110,337
)
                 
Reported As
                
Deferred tax assets
  
$
11,911
    
$
8,790
  
Deferred tax liabilities
    
(172,903
)
    
(119,127
)
Net Deferred Tax Liabilities
  
$
(160,992
)
  
$
(110,337
)

The increase in net deferred tax liabilities is primarily due to additional deferred tax liabilities relating to non-goodwill intangibles acquired in recent acquisitions, partially offset by amortization of our deferred tax liabilities related to non-goodwill intangibles, primarily from prior acquisitions. Our increase in net deferred tax assets is primarily attributable to an increase in our accrued employee compensation and other expenses, partially offset by a decrease in our foreign and federal credits net of applicable valuation allowances, as well as a decrease in our retirement and post-employment benefits. During our year ended April 30, 2021, we expect to use substantially all of our foreign tax credits resulting in the release of related valuation allowances. We have concluded that after valuation allowances, it is more likely than not that we will realize substantially all of the net deferred tax assets at April 30, 2021. In assessing the need for a valuation allowance, we take into account related deferred tax liabilities and estimated future reversals of existing temporary differences, future taxable earnings and tax planning strategies to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on our valuation allowances.

We have provided a $4.9 million valuation allowance based primarily on the uncertainty of utilizing the tax benefits related to our deferred tax assets for state and federal net operating losses and credits. As of April 30, 2021, we have apportioned state net operating loss carryforwards totaling approximately $115.0 million, with a tax effected value of $6.5 million net of federal benefits. Our state and federal NOLs and credits expire in various amounts over 5 to 19 years.

Since April 30, 2018, we no longer intend to permanently reinvest earnings outside the US. We have recorded a $2.5 million liability related to the estimated taxes that would be incurred upon repatriating certain non-US earnings.
v3.21.2
Debt and Available Credit Facilities
 12 Months Ended
Apr. 30, 2021
Debt and Available Credit Facilities [Abstract]  
Debt and Available Credit Facilities
Note 14 – Debt and Available Credit Facilities

Our total debt outstanding as of April 30 consisted of the amounts set forth in the following table:

  
2021
    
2020
  
Short-term portion of long-term debt (1)
  
$
12,500
    
$
9,375
  
                 
Term loan A - Amended and Restated RCA (2)
    
222,928
      
235,263
  
Revolving credit facility - Amended and Restated RCA
    
586,160
      
530,387
  
Total long-term debt, less current portion
    
809,088
      
765,650
  
                 
Total debt
  
$
821,588
    
$
775,025
  

(1)
Relates to our term loan A under the Amended and Restated RCA.
(2)
Amounts are shown net of unamortized issuance costs of $0.5 million as of April 30, 2021 and $0.7 million as of April 30, 2020.

The following table summarizes the scheduled annual maturities for the next four years of our long-term debt, including the short-term portion of long-term debt. This schedule represents the principal portion amount of debt outstanding and therefore excludes unamortized issuance costs.

Fiscal Year
  
Amount
  
2022
  
$
12,500
  
2023
    
18,750
  
2024
    
204,688
  
2025
    
586,160
  
Total
  
$
822,098
  

Amended and Restated RCA

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

Under the terms of the Amended and Restated RCA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates: (i) at a rate based on the London Interbank Offered Rate (LIBOR) plus an applicable margin ranging from 0.98% to 1.50%, depending on our consolidated net leverage ratio, as defined, or (ii) at the lender’s base rate plus an applicable margin ranging from zero to 0.50%, depending on our consolidated net leverage ratio. The lender’s base rate is defined as the highest of (i) the US federal funds effective rate plus a 0.50% margin, (ii) the Eurocurrency rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, we pay a facility fee for the revolving credit facility ranging from 0.15% to 0.25% depending on our consolidated net leverage ratio. We also have the option to request an increase in the revolving credit facility by an amount not to exceed $500 million, in minimum increments of $50 million, subject to the approval of the lenders.

The Amended and Restated RCA contains certain customary affirmative and negative covenants, including a financial covenant in the form of a consolidated net leverage ratio and consolidated interest coverage ratio, which we were in compliance with as of April 30, 2021.

In the three months ended July 31, 2019, we incurred an immaterial loss on the write-off of unamortized deferred costs in connection with the refinancing of our revolving credit agreement at that time which is reflected in Other income on the Consolidated Statements of Income (Loss) for the three months ended July 31, 2019.

In the three months ended July 31, 2019, we incurred $4.0 million of costs related to the Amended and Restated RCA which resulted in total costs capitalized of $5.2 million. The amount related to the term loan A facility was $0.9 million, consisting of $0.8 million of lender fees and recorded as a reduction to Long-Term Debt and $0.1 million of non-lender fees included in Other non-current assets on the Consolidated Statements of Financial Position. The amount related to the five-year revolving credit facility was $4.3 million, all of which is included in Other non-current assets on the Consolidated Statements of Financial Position.


The amortization expense of the lender and non-lender fees is recognized over the five-year term of the Amended and Restated RCA. Total amortization expense for the years ended April 30, 2021 and 2020 was $1.1 million and $1.0 million, respectively and is included in Interest expense on our Consolidated Statement of Income (Loss).

Lines of Credit

We have other lines of credit aggregating $1.0 million at various interest rates. There were no outstanding borrowings under these credit lines at April 30, 2021, and 2020.

Our total available lines of credit as of April 30, 2021 were approximately $1.5 billion, of which approximately $0.7 billion was unused. The weighted average interest rates on total debt outstanding during the years ended April 30, 2021 and 2020 were 2.03% and 3.12%, respectively. As of April 30, 2021, and 2020, the weighted average interest rates for total debt were 1.98% and 2.26%, respectively.

Based on estimates of interest rates currently available to us for loans with similar terms and maturities, the fair value of our debt approximates its carrying value.
v3.21.2
Derivative Instruments and Activities
 12 Months Ended
Apr. 30, 2021
Derivative Instruments and Activities [Abstract]  
Derivative Instruments and Activities
Note 15 – Derivative Instruments and Activities

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

Interest Rate Contracts

As of April 30, 2021, we had total debt outstanding of $821.6 million, net of unamortized issuance costs of $0.5 million of which $822.1 million are variable rate loans outstanding under the Amended and Restated RCA, which approximated fair value.

As of April 30, 2021 and 2020, the interest rate swap agreements we maintained were designated as fully effective cash flow hedges as defined under FASB ASC Topic 815, “Derivatives and Hedging” (ASC Topic 815). As a result, there was no impact on our Consolidated Statements of Income (Loss) from changes in the fair value of the interest rate swaps, as they were fully offset by changes in the interest expense on the underlying variable rate debt instruments. Under ASC Topic 815, derivative instruments that are designated as cash flow hedges have changes in their fair value recorded initially within Accumulated other comprehensive loss on the Consolidated Statements of Financial Position. As interest expense is recognized based on the variable rate loan agreements, the corresponding deferred gain or loss on the interest rate swaps is reclassified from Accumulated other comprehensive loss to Interest Expense on the Consolidated Statements of Income (Loss). It is management’s intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives.

The following table summarizes our interest rate swaps designated as cash flow hedges:

       
Notional Amount
           
         
As of April 30,
          
Hedged Item
Date entered into
Nature of Swap
  
2021
    
2020
    
Fixed Interest Rate
  
Variable Interest Rate
Amended and Restated RCA
April 12, 2021
Pay fixed/receive variable
  
$
100
    
$
—
      
0.500
%
1-month LIBOR reset every month for a 3-year period ending April 15, 2024
Amended and Restated RCA
February 26, 2020
Pay fixed/receive variable
    
100
      
100
      
1.150
%
1-month LIBOR reset every month for a 3-year period ending March 15, 2023
Amended and Restated RCA
August 7, 2019
Pay fixed/receive variable
    
100
      
100
      
1.400
%
1-month LIBOR reset every month for a 3-year period ending August 15, 2022
Amended and Restated RCA
June 24, 2019
Pay fixed/receive variable
    
100
      
100
      
1.650
%
1-month LIBOR reset every month for a 3-year period ending July 15, 2022
         
$
400
    
$
300
             


On April 4, 2016, we entered into a forward starting interest rate swap agreement which fixed a portion of the variable interest due on a variable rate debt renewal on May 16, 2016. Under the terms of the agreement, which expired on May 15, 2019, we paid a fixed rate of 0.920% and received a variable rate of interest based on one-month LIBOR from the counterparty which was reset every month for a three-year period ending May 15, 2019. Prior to expiration, the notional amount of the interest rate swap was $350.0 million.

We record the fair value of our interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. The fair value of the interest rate swaps as of April 30, 2021 and 2020 was a deferred loss of $5.6 million and $8.3 million, respectively. Based on the maturity dates of the contracts, the entire deferred loss as of April 30, 2021 and 2020 was recorded within Other long-term liabilities.

The pretax (losses) gains that were reclassified from Accumulated other comprehensive loss to Interest expense for the years ended April 30, 2021, 2020, and 2019 were $(3.7) million, $0.4 million, and $4.7 million, respectively. Based on the amount in Accumulated other comprehensive loss at April 30, 2021, approximately $3.2 million, net of tax, would be reclassified into net income in the next twelve months.

Foreign Currency Contracts

We may enter into forward exchange contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The forward exchange contracts are marked to market through Foreign exchange transaction losses on our Consolidated Statements of Income (Loss) and carried at fair value on our 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 on our Consolidated Statements of Income (Loss).

During the year ended April 30, 2021, to manage foreign currency exposures on an intercompany loan, we entered into one forward exchange contract to sell €32 million and buy $38.8 million. This forward contract expired on April 15, 2021. We did not designate this forward exchange contract as a hedge under the applicable sections of ASC Topic 815 as the benefits of doing so were not material due to the short-term nature of the contract. The fair value changes in the forward exchange contract substantially mitigated the changes in the value of the applicable foreign currency denominated liability. The fair value of the open forward exchange contract was measured on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. For the year ended April 30, 2021, the loss recognized on this forward contract was $0.8 million and included in Foreign exchange transaction losses on our Consolidated Statement of Income (Loss).

As of April 30, 2021 and 2020, we did not maintain any open forward exchange contracts. In addition, we did not maintain any open forward contracts during the years ended April 30, 2020 and 2019. 
v3.21.2
Commitment and Contingencies
 12 Months Ended
Apr. 30, 2021
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
Note 16 – Commitment and Contingencies

We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, we do not record a liability, but disclose facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of April 30, 2021, will not have a material effect upon our consolidated financial condition or results of operations.
v3.21.2
Retirement Plans
 12 Months Ended
Apr. 30, 2021
Retirement Plans [Abstract]  
Retirement Plans
Note 17 – Retirement Plans

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

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


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

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

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
   
US
    
Non-US
    
US
    
Non-US
    
US
    
Non-US
  
Service cost
  
$
—
    
$
1,396
    
$
—
    
$
1,851
    
$
—
    
$
912
  
Interest cost
    
9,504
      
8,901
      
11,247
      
12,652
      
11,704
      
12,943
  
Expected return on plan assets
    
(11,969
)
    
(26,971
)
    
(14,038
)
    
(26,116
)
    
(13,472
)
    
(25,551
)
Amortization of prior service cost
    
(154
)
    
58
      
(154
)
    
73
      
(154
)
    
57
  
Amortization of net actuarial loss
    
3,501
      
4,516
      
2,403
      
3,993
      
2,035
      
3,746
  
Curtailment/settlement loss
    
—
      
—
      
—
      
291
      
—
      
—
  
Net pension expense (income)
  
$
882
    
$
(12,100
)
  
$
(542
)
  
$
(7,256
)
  
$
113
    
$
(7,893
)
                                                 
Discount rate
    
3.1
%
    
1.6
%
    
4.1
%
    
2.4
%
    
4.3
%
    
2.6
%
Rate of compensation increase
    
N/A
      
3.0
%
    
N/A
      
3.0
%
    
N/A
      
3.0
%
Expected return on plan assets
    
5.8
%
    
5.7
%
    
6.8
%
    
6.5
%
    
6.8
%
    
6.5
%

In the year ended April 30, 2020, there was a settlement charge of $0.3 million related to the Retirement Plan for the Employees of John Wiley & Sons, Canada which is reflected in Restructuring and related charges in the Consolidated Statements of Income (Loss).

The service cost component of net pension expense (income) is reflected in Operating and administrative expenses on our Consolidated Statements of Income (Loss). The other components of net pension expense (income) are reported separately from the service cost component and below Operating income (loss). Such amounts are reflected in Other income on our Consolidated Statements of Income (Loss).

The Recognized Net Actuarial Loss for each fiscal year is calculated using the “corridor method,” which reflects the amortization of the net loss at the beginning of the fiscal year in excess of 10% of the greater of the market value of plan assets or the projected benefit obligation. The amortization period is based on the average expected life of plan participants for plans with all or almost all inactive participants and frozen plans, and on the average remaining working lifetime of active plan participants for all other plans.

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


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

  
2021
    
2020
  
   
US
    
Non-US
    
US
    
Non-US
  
CHANGE IN PLAN ASSETS
                        
Fair value of plan assets, beginning of year
  
$
213,946
    
$
445,480
    
$
213,628
    
$
408,249
  
Actual return on plan assets
    
34,560
      
27,971
      
11,645
      
48,602
  
Employer contributions
    
5,599
      
12,203
      
3,700
      
11,686
  
Employee contributions
    
—
      
—
      
—
      
—
  
Settlements
    
—
      
—
      
—
      
(1,459
)
Benefits paid
    
(16,976
)
    
(11,921
)
    
(15,027
)
    
(9,162
)
Foreign currency rate changes
    
—
      
50,153
      
—
      
(12,436
)
Fair value, end of year
  
$
237,129
    
$
523,886
    
$
213,946
    
$
445,480
  
CHANGE IN PROJECTED BENEFIT OBLIGATION
                                
Benefit obligation, beginning of year
  
$
(318,967
)
  
$
(534,303
)
  
$
(285,197
)
  
$
(509,015
)
Service cost
    
—
      
(1,396
)
    
—
      
(1,851
)
Interest cost
    
(9,504
)
    
(8,901
)
    
(11,247
)
    
(12,652
)
Actuarial gains (losses)
    
8,863
      
(17,739
)
    
(37,550
)
    
(36,287
)
Benefits paid
    
16,976
      
11,921
      
15,027
      
9,162
  
Foreign currency rate changes
    
—
      
(59,046
)
    
—
      
15,176
  
Settlements and other
    
—
      
(150
)
    
—
      
1,164
  
Benefit obligation, end of year
  
$
(302,632
)
  
$
(609,614
)
  
$
(318,967
)
  
$
(534,303
)
Underfunded status, end of year
  
$
(65,503
)
  
$
(85,728
)
  
$
(105,021
)
  
$
(88,823
)
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION
                                
Noncurrent assets
    
—
      
6
      
—
      
—
  
Current pension liability
    
(3,576
)
    
(1,414
)
    
(4,990
)
    
(885
)
Noncurrent pension liability
    
(61,927
)
    
(84,320
)
    
(100,031
)
    
(87,938
)
Net amount recognized in statement of financial position
  
$
(65,503
)
  
$
(85,728
)
  
$
(105,021
)
  
$
(88,823
)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF
                                
Net actuarial (losses)
  
$
(96,613
)
  
$
(213,958
)
  
$
(131,569
)
  
$
(181,403
)
Prior service cost gains (losses)
    
2,100
      
(1,299
)
    
2,254
      
(1,051
)
Total accumulated other comprehensive loss
  
$
(94,513
)
  
$
(215,257
)
  
$
(129,315
)
  
$
(182,454
)
Change in accumulated other comprehensive loss
  
$
34,802
    
$
(32,803
)
  
$
(37,695
)
  
$
(4,143
)
INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
                                
Accumulated benefit obligation
  
$
302,632
    
$
566,998
    
$
318,967
    
$
497,489
  
Fair value of plan assets
  
$
237,129
    
$
513,279
    
$
213,946
    
$
445,480
  
INFORMATION FOR PENSION PLANS WITH A PROJECTED  BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
                                
Projected benefit obligation
  
$
302,632
    
$
599,011
    
$
318,967
    
$
534,303
  
Fair value of plan assets
  
$
237,129
    
$
513,279
    
$
213,946
    
$
445,480
  
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES
                                
Discount rate
    
3.2
%
    
1.9
%
    
3.1
%
    
1.6
%
Rate of compensation increase
    
N/A
      
3.0
%
    
N/A
      
3.0
%
Accumulated benefit obligations
  
$
(302,632
)
  
$
(577,600
)
  
$
(318,967
)
  
$
(497,489
)

Actuarial gains in the US resulting in a decrease to our projected benefit obligation for the year ended April 30, 2021 were primarily due to an increase in the discount rate and updated census data. Actuarial losses in non-US countries resulting in an increase to our projected benefit obligation for the year ended April 30, 2021 were primarily due to an increase in the UK inflation rate offset by an increase in the discount rate.

Actuarial losses in the US and non-US countries resulting in an increase in our projected benefit obligation for the year ended April 30, 2020 were primarily due to a reduction in discount rates and changes to other assumptions.


Pension plan assets/investments:

The investment guidelines for the defined benefit pension plans are established based upon an evaluation of market conditions, plan liabilities, cash requirements for benefit payments, and tolerance for risk. Investment guidelines include the use of actively and passively managed securities. The investment objective is to ensure that funds are available to meet the plans benefit obligations when they are due. The investment strategy is to invest in high quality and diversified equity and debt securities to achieve our long-term expectation. The plans’ risk management practices provide guidance to the investment managers, including guidelines for asset concentration, credit rating and liquidity. Asset allocation favors a balanced portfolio, with a global aggregated target allocation of approximately 50% equity securities and 50% fixed income securities and cash. Due to volatility in the market, the target allocation is not always desirable and asset allocations will fluctuate between acceptable ranges of plus or minus 5%. We regularly review the investment allocations and periodically rebalance investments to the target allocations. We categorize our pension assets into three levels based upon the assumptions (inputs) used to price the assets. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:
 
●
Level 1: Unadjusted quoted prices in active markets for identical assets.
●
Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets.
●
Level 3: Unobservable inputs reflecting assumptions about the inputs used in pricing the asset.

We did not maintain any level 3 assets during the years ended April 30, 2021 and 2020. In accordance with ASU 2015-07, “Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)”, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient do not have to be classified in the fair value hierarchy. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefit plan assets.

The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30:

  
2021
    
2020
  
   
Level 1
    
Level 2
    
Total
    
Level 1
    
Level 2
    
Total
  
US Plan Assets
                                    
Investments measured at NAV:
                                    
Global equity securities: Limited partnership
              
$
121,569
                
$
110,965
  
Fixed income securities: Commingled trust funds
                
115,560
                  
102,981
  
Total assets at NAV
              
$
237,129
                
$
213,946
  
                                         
Non-US Plan Assets
                                        
Equity securities:
                                        
US equities
  
$
—
    
$
51,882
    
$
51,882
    
$
—
    
$
36,842
    
$
36,842
  
Non-US equities
    
—
      
124,496
      
124,496
      
—
      
103,460
      
103,460
  
Balanced managed funds
    
—
      
103,717
      
103,717
      
—
      
44,989
      
44,989
  
Fixed income securities: Commingled funds
    
1,444
      
236,583
      
238,027
      
3,431
      
254,134
      
257,565
  
Other:
                                                
Real estate/other
    
—
      
543
      
543
      
—
      
490
      
490
  
Cash and cash equivalents
    
5,221
      
—
      
5,221
      
2,134
      
—
      
2,134
  
Total Non-US plan assets
  
$
6,665
    
$
517,221
    
$
523,886
    
$
5,565
    
$
439,915
    
$
445,480
  
Total plan assets
  
$
6,665
    
$
517,221
    
$
761,015
    
$
5,565
    
$
439,915
    
$
659,426
  

Expected employer contributions to the defined benefit pension plans in the year ended April 30, 2022 will be approximately $16.8 million, including $13.1 million of minimum amounts required for our non-US plans. From time to time, we may elect to make voluntary contributions to our defined benefit plans to improve their funded status.


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

Fiscal Year
  
US
  
Non-US
  
Total
2022
  
$
15,305
  
$
12,211
  
$
27,516
2023
    
15,446
    
11,769
    
27,215
2024
    
15,593
    
12,606
    
28,199
2025
    
15,024
    
14,817
    
29,841
2026
    
15,064
    
14,004
    
29,068
2027 – 2031
    
75,870
    
83,009
    
158,879
Total
  
$
152,302
  
$
148,416
  
$
300,718

Retiree Health Benefits

We provide contributory life insurance and health care benefits, subject to certain dollar limitations, for substantially all of our eligible retired US employees. The retiree health benefit is no longer available for any employee who retires after December 31, 2017. The cost of such benefits is expensed over the years the employee renders service and is not funded in advance. The accumulated post-retirement benefit obligation recognized on the Consolidated Statements of Financial Position as of April 30, 2021 and 2020, was $1.5 and $1.4 million, respectively. Annual credits for these plans for the years ended April 30, 2021, 2020, and 2019 were $(0.1) million, $(0.1) million and $(0.1) million, respectively.

Defined Contribution Savings Plans

We have defined contribution savings plans. Our contribution is based on employee contributions and the level of our match. We may make discretionary contributions to all employees as a group. The expense recorded for these plans was approximately $24.3 million, $19.0 million, and $13.1 million in the years ended April 30, 2021, 2020, and 2019 respectively.
v3.21.2
Stock-Based Compensation
 12 Months Ended
Apr. 30, 2021
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
Note 18 – Stock-Based Compensation

All equity compensation plans have been approved by shareholders. Under the 2014 Key Employee Stock Plan, (the Plan), qualified employees are eligible to receive awards that may include stock options, performance-based stock awards, and other restricted stock awards. Under the Plan, a maximum number of 6.5 million shares of our Class A stock may be issued. As of April 30, 2021, there were approximately 2,357,682 securities remaining available for future issuance under the Plan. We issue treasury shares to fund awards issued under the Plan.

Stock Option Activity

Under the terms of our stock option plan, the exercise price of stock options granted may not be less than 100% of the fair market value of the stock at the date of grant. Options are exercisable over a maximum period of ten years from the date of grant. For the years ended April 30, 2015 and prior, options generally vest 50% on the fourth and fifth anniversary date after the award is granted. For the year ended April 30, 2016, options vest 25% per year on April 30.

We did not grant any stock option awards since the year ended April 30, 2016. As of April 30, 2019, all outstanding options vested allowing the participant the right to exercise their awards, and there was no unrecognized share-based compensation expense remaining related to stock options.

The fair value of the options granted in the year ended April 30, 2016 was $14.77 using the Black-Scholes option-pricing model. The significant weighted average assumptions used in the fair value determination was the expected life which represented an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate was based on the corresponding US Treasury yield curve in effect at the time of the grant. The expected volatility was based on the historical volatility of our Common Stock price over the estimated life of the option, while the dividend yield was based on the expected dividend payments to be made by us.


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

  
2021
    
2020
    
2019
  
   
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
    
Weighted
Average
Remaining
Term
(in years)
    
Aggregate
Intrinsic
Value
(in millions)
    
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
    
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
  
Outstanding at beginning of year
    
286
    
$
50.14
                  
372
    
$
49.70
      
611
    
$
48.88
  
Granted
    
—
    
$
—
                  
—
    
$
—
      
—
    
$
—
  
Exercised
    
(60
)
  
$
43.91
                  
(34
)
  
$
38.32
      
(229
)
  
$
47.21
  
Expired or forfeited
    
(85
)
  
$
52.78
                  
(52
)
  
$
54.57
      
(10
)
  
$
56.97
  
Outstanding at end of year
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  
Exercisable at end of year
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  
Vested and expected to vest in the future at April 30
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  

The intrinsic value is the difference between our common stock price and the option grant price. The total intrinsic value of options exercised during the years ended April 30, 2021, 2020, and 2019 was $0.2 million, $0.3 million, and $4.4 million, respectively. The total grant date fair value of stock options vested during the year ended April 30, 2019 was $4.8 million.

The following table summarizes information about stock options outstanding and exercisable at April 30, 2021:

  
Options Outstanding
  
Options Exercisable
Range of Exercise Prices
  
Number
of Options
(in 000’s)
  
Weighted Average
Remaining
Term
(in years)
  
Weighted
Average
Exercise
Price
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise
Price
$39.53
  
34
  
2.0
  
$
39.53
  
34
  
$
39.53
$48.06 to $49.55
  
32
  
1.1
  
$
48.22
  
32
  
$
48.22
$55.99 to $59.70
  
75
  
3.6
  
$
57.76
  
75
  
$
57.76
Total/average
  
141
  
2.6
  
$
51.17
  
141
  
$
51.17

Performance-Based and Other Restricted Stock Activity

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

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

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


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

  
2021
    
2020
    
2019
  
   
Restricted
Shares
    
Weighted
Average
Grant Date
Value
    
Restricted
Shares
    
Restricted
Shares
  
 
Nonvested shares at beginning of year
    
943
    
$
49.74
      
756
      
861
  
Granted
    
706
    
$
41.49
      
759
      
415
  
Change in shares due to performance
    
118
    
$
49.84
      
(70
)
    
(19
)
Vested and issued
    
(362
)
  
$
48.48
      
(329
)
    
(357
)
Forfeited
    
(125
)
  
$
47.88
      
(173
)
    
(144
)
Nonvested shares at end of year
    
1,280
    
$
45.73
      
943
      
756
  

For the years ended April 30, 2021, 2020 and 2019, we recognized stock-based compensation expense, on a pretax basis, of $22.0 million, $20.0 million and $18.3 million, respectively.

As of April 30, 2021, there was $36.3 million of unrecognized share-based compensation cost related to performance-based and other restricted stock awards, which is expected to be recognized over a period up to 4 years, or 2.2 years on a weighted average basis.

Compensation expense for restricted stock awards is measured using the closing market price of our Class A Common Stock at the date of grant. The total grant date value of shares vested during the years ended April 30, 2021, 2020, and 2019 was $17.6 million, $17.5 million, and $19.6 million, respectively.

President and CEO New Hire Equity Awards

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

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

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

Director Stock Awards

Under the terms of our 2018 Director Stock Plan (the Director Plan), each nonemployee director, other than the Chairman of the Board, receives an annual award of restricted shares of our Class A Common Stock equal in value to 100% of the annual director stock retainer fee, based on the stock price at the close of the New York Stock Exchange on the date of grant. Such restricted shares will vest on the earliest of (i) the day before the next Annual Meeting following the grant, (ii) the nonemployee director’s death or disability (as determined by the Governance Committee), or (iii) a change in control (as defined in the 2014 Key Employee Stock Plan). The granted shares may not be sold or transferred during the time the nonemployee director remains a director. There were 28,360, 20,048, and 18,991 restricted shares awarded under the Director Plan for the years ended April 30, 2021, 2020, and 2019, respectively.
v3.21.2
Capital Stock and Changes in Capital Accounts
 12 Months Ended
Apr. 30, 2021
Capital Stock and Changes in Capital Accounts [Abstract]  
Capital Stock and Changes in Capital Accounts
Note 19 – Capital Stock and Changes in Capital Accounts

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

Share Repurchases

During the year ended April 30, 2020, our Board of Directors approved an additional share repurchase program of $200 million of Class A or B Common Stock. As of April 30, 2021, we had authorization from our Board of Directors to purchase up to $200 million that was remaining under this program. No share repurchases were made under this program during the years ended April 30, 2021 and 2020.

The share repurchase program described above is in addition to the share repurchase program approved by our Board of Directors during the year ended April 30, 2017 of four million shares of Class A or B Common Stock. As of April 30, 2021, we had authorization from our Board of Directors to purchase up to 497,197 additional shares that were remaining under this program.

The following table summarizes the shares repurchased of Class A and B Common Stock during the years ended April 30 (shares in thousands):
  
2021
    
2020
    
2019
  
Shares repurchased – Class A
    
308
      
1,080
      
1,191
  
Shares repurchased – Class B
    
2
      
2
      
—
  
Average price – Class A and Class B
  
$
50.93
    
$
43.05
    
$
50.35
  

Dividends

The following table summarizes the cash dividends paid during the year ended April 30, 2021:

Date of Declaration by Board of Directors
Quarterly Cash Dividend
Total Dividend
Class of Common Stock
Dividend Paid Date
Shareholders of Record as of Date
June 25, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
July 22, 2020
July 7, 2020
September 23, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
October 21, 2020
October 6, 2020
December 16, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
January 13, 2021
December 30, 2020
March 24, 2021
$0.3425 per common share
$19.1 million
Class A and
Class B
April 21, 2021
April 6, 2021

Changes in Common Stock

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

Changes in Common Stock A:
  
2021
    
2020
    
2019
  
Number of shares, beginning of year
    
70,166
      
70,127
      
70,111
  
Common stock class conversions
    
42
      
39
      
16
  
Number of shares issued, end of year
    
70,208
      
70,166
      
70,127
  
                         
Changes in Common Stock A in treasury:
                        
Number of shares held, beginning of year
    
23,405
      
22,634
      
21,853
  
Purchase of treasury shares
    
308
      
1,080
      
1,192
  
Restricted shares issued under stock-based compensation plans - non-PSU Awards
    
(268
)
    
(232
)
    
(205
)
Restricted shares issued under stock-based compensation plans - PSU Awards
    
(88
)
    
(68
)
    
(110
)
Shares issued under the Director Plan to Directors
    
(6
)
    
(97
)
    
(5
)
Restricted shares, forfeited
    
—
      
1
      
9
  
Restricted shares issued from exercise of stock options
    
(60
)
    
(34
)
    
(229
)
Shares withheld for taxes
    
129
      
122
      
130
  
Other
    
(1
)
    
(1
)
    
(1
)
Number of shares held, end of year
    
23,419
      
23,405
      
22,634
  
Number of Common Stock A outstanding, end of year
    
46,789
      
46,761
      
47,493
  

Changes in Common Stock B:
  
2021
    
2020
    
2019
  
Number of shares, beginning of year
    
13,016
      
13,055
      
13,071
  
Common stock class conversions
    
(42
)
    
(39
)
    
(16
)
Number of shares issued, end of year
    
12,974
      
13,016
      
13,055
  
                         
Changes in Common Stock B in treasury:
                        
Number of shares held, beginning of year
    
3,920
      
3,918
      
3,918
  
Shares repurchased
    
2
      
2
      
—
  
Number of shares held, end of year
    
3,922
      
3,920
      
3,918
  
Number of Common Stock B outstanding, end of year
    
9,052
      
9,096
      
9,137
  
v3.21.2
Segment Information
 12 Months Ended
Apr. 30, 2021
Segment Information [Abstract]  
Segment Information
Note 20 – Segment Information

We report our segment information in accordance with the provisions of FASB ASC Topic 280, “Segment Reporting”. These segments reflect the way our chief operating decision maker evaluates our business performance and manages the operations. The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Contribution to Profit. Our segment reporting structure consists of three reportable segments, which are listed below, as well as a Corporate category, which includes certain costs that are not allocated to the reportable segments:
 
•
Research Publishing & Platforms
•
Academic & Professional Learning
•
Education Services

Segment information is as follows:

  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
Revenue:
                  
Research Publishing & Platforms
  
$
1,015,349
    
$
948,839
    
$
939,217
  
Academic & Professional Learning
    
644,537
      
650,789
      
703,303
  
Education Services
    
281,615
      
231,855
      
157,549
  
Total revenue
  
$
1,941,501
    
$
1,831,483
    
$
1,800,069
  
                         
Adjusted Contribution to Profit:
                        
Research Publishing & Platforms
  
$
273,023
    
$
265,353
    
$
260,885
  
Academic & Professional Learning
    
91,676
      
84,646
      
147,404
  
Education Services
    
21,175
      
(3,844
)
    
(12,883
)
Total adjusted contribution to profit
  
$
385,874
    
$
346,155
    
$
395,406
  
Adjusted corporate contribution to profit
    
(167,053
)
    
(165,487
)
    
(168,299
)
Total adjusted contribution to profit
  
$
218,821
    
$
180,668
    
$
227,107
  
                         
Depreciation and Amortization:
                        
Research Publishing & Platforms
  
$
83,866
    
$
69,495
    
$
60,889
  
Academic & Professional Learning
    
71,997
      
69,807
      
68,126
  
Education Services
    
29,654
      
24,131
      
18,117
  
Total depreciation and amortization
  
$
185,517
    
$
163,433
    
$
147,132
  
Corporate depreciation and amortization
    
14,672
      
11,694
      
14,023
  
Total depreciation and amortization
  
$
200,189
    
$
175,127
    
$
161,155
  

The following table shows a reconciliation of our consolidated US GAAP Operating Income (Loss) to Non-GAAP Adjusted Contribution to Profit:

  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
US GAAP Operating Income (Loss)
  
$
185,511
    
$
(54,287
)
  
$
223,989
  
Adjustments:
                        
Restructuring and related charges (1)
    
33,310
      
32,607
      
3,118
  
Impairment of goodwill (1)
    
—
      
110,000
      
—
  
Impairment of Blackwell trade name (1)
    
—
      
89,507
      
—
  
Impairment of developed technology intangible (1)
    
—
      
2,841
      
—
  
Non-GAAP Adjusted Contribution to Profit
  
$
218,821
    
$
180,668
    
$
227,107
  

(1)
See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment.

See Note 3, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2021, 2020, and 2019.


The following tables shows assets allocated by reportable segment and by the corporate category as of April 30 as follows:
 
  
2021
    
2020
    
2019
  
                   
Research Publishing & Platforms
  
$
1,692,366
    
$
1,225,313
    
$
1,172,145
  
Academic & Professional Learning
    
946,760
      
924,924
      
959,601
  
Education Services
    
472,814
      
486,316
      
440,516
  
Corporate
    
334,499
      
532,241
      
376,504
  
Total
  
$
3,446,439
    
$
3,168,794
    
$
2,948,766
  

The following table shows product development spending and additions to technology, property and equipment by reportable segment and by the corporate category:
 
   
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
                   
Research Publishing & Platforms
  
$
(24,284
)
  
$
(16,329
)
  
$
(12,928
)
Academic & Professional Learning
    
(41,897
)
    
(38,229
)
    
(32,337
)
Education Services
    
(3,449
)
    
(613
)
    
(3,160
)
Corporate
    
(33,731
)
    
(60,030
)
    
(53,168
)
Total
  
$
(103,361
)
  
$
(115,201
)
  
$
(101,593
)

Revenue from external customers is based on the location of the customer and technology, property and equipment, net by geographic area were as follows:

  
Revenue, net
    
Technology, Property and Equipment, Net
  
   
2021
    
2020
    
2019
    
2021
    
2020
    
2019
  
United States
  
$
990,499
    
$
944,075
    
$
932,927
    
$
241,217
    
$
261,296
    
$
252,459
  
United Kingdom
    
145,806
      
174,567
      
150,242
      
19,436
      
18,076
      
18,331
  
China
    
92,305
      
58,870
      
55,024
      
567
      
492
      
688
  
Japan
    
91,957
      
75,104
      
77,145
      
234
      
112
      
87
  
Germany
    
78,035
      
113,664
      
97,505
      
8,459
      
8,059
      
8,423
  
Canada
    
67,635
      
56,370
      
50,882
      
1,067
      
1,734
      
2,659
  
Australia
    
57,569
      
73,718
      
77,453
      
890
      
1,051
      
1,440
  
France
    
45,681
      
45,033
      
51,441
      
4,329
      
1,358
      
403
  
Scandinavia
    
39,836
      
29,682
      
30,971
      
112
      
223
      
229
  
Other Countries
    
332,178
      
260,400
      
276,479
      
5,959
      
5,604
      
4,302
  
Total
  
$
1,941,501
    
$
1,831,483
    
$
1,800,069
    
$
282,270
    
$
298,005
    
$
289,021
  
v3.21.2
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited)
 12 Months Ended
Apr. 30, 2021
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract]  
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited)
Note 21 – Supplementary Quarterly Financial Information - Results By Quarter (Unaudited)

Amounts in millions, except per share data
  
2021
    
2020
  
Revenue, net
            
First quarter
  
$
431.3
    
$
423.5
  
Second quarter
    
491.0
      
466.2
  
Third quarter
    
482.9
      
467.1
  
Fourth quarter
    
536.3
      
474.7
  
Year ended April 30,
  
$
1,941.5
    
$
1,831.5
  
                 
Gross profit
                
First quarter
  
$
286.5
    
$
280.4
  
Second quarter
    
336.2
      
322.8
  
Third quarter
    
325.3
      
313.2
  
Fourth quarter
    
368.2
      
324.1
  
Year ended April 30,
  
$
1,316.2
    
$
1,240.5
  
                 
Operating income (loss)
                
First quarter
  
$
30.0
    
$
4.5
  
Second quarter
    
69.9
      
63.4
  
Third quarter
    
34.4
      
48.5
  
Fourth quarter
    
51.2
      
(170.7
)
Year ended April 30,
  
$
185.5
    
$
(54.3
)
                 
Net income (loss)
                
First quarter
  
$
16.3
    
$
3.6
  
Second quarter
    
68.4
      
44.7
  
Third quarter
    
22.2
      
35.4
  
Fourth quarter
    
41.4
      
(158.0
)
Year ended April 30,
  
$
148.3
    
$
(74.3
)

 
2021
    
2020
  
   
Basic
    
Diluted
    
Basic
    
Diluted
  
Earnings (loss) per share (1)
                        
First quarter
  
$
0.29
    
$
0.29
    
$
0.06
    
$
0.06
  
Second quarter
    
1.22
      
1.22
      
0.79
      
0.79
  
Third quarter
    
0.40
      
0.39
      
0.63
      
0.63
  
Fourth quarter (2)
    
0.74
      
0.73
      
(2.83
)
    
(2.83
)
Year ended April 30, (2)
  
$
2.65
    
$
2.63
    
$
(1.32
)
  
$
(1.32
)

 
(1)
The sum of the quarterly earnings (loss) per share amounts may not agree to the respective annual amounts due to rounding.
(2)
In calculating diluted earnings (loss) per common share for the fourth quarter and year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.
v3.21.2
Subsequent Events
 12 Months Ended
Apr. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events
Note 22 – Subsequent Events

Dividend

On June 22, 2021, our Board of Directors declared a quarterly dividend of $0.3450 per share, or approximately $19.3 million, on our Class A and Class B Common Stock.  The dividend is payable on July 21, 2021 to shareholders of record on July 6, 2021.

UK Corporate Tax Rate

As previously disclosed in our Quarterly Report on Form 10-Q filed with the SEC on March 5, 2021, on March 3, 2021, in the UK Budget, the Chancellor of the Exchequer announced a proposed increase in the UK corporate tax rate from 19% to 25%, effective April 2023. On June 10, 2021, the UK officially increased its corporate tax rate from 19% to 25% effective April 2023. We estimate that this statutory tax rate increase will result in a nonrecurring, noncash US GAAP deferred tax expense of approximately $20 million in our three months ended July 31, 2021.
v3.21.2
Schedule II-VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Apr. 30, 2021
Schedule II - VALUATION AND QUALIFYING ACCOUNTS [Abstract]  
Schedule II - VALUATION AND QUALIFYING ACCOUNTS
Schedule II
JOHN WILEY & SONS, INC. AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
FOR THE YEARS ENDED APRIL 30, 2021, 2020, AND 2019
(Dollars in thousands)

Description
  
Balance at
Beginning
of Period
    
Cumulative Effect of Change in Accounting Principle (1)
    
Charged to
Expenses
    
Deductions
From Reserves
and Other(2)
    
Balance at
End of Period
  
Year Ended April 30, 2021
                              
Allowance for sales returns (3)
  
$
19,642
    
$
—
    
$
36,997
    
$
34,440
    
$
22,199
  
Allowance for doubtful accounts
  
$
18,335
    
$
1,776
    
$
6,957
    
$
5,594
    
$
21,474
  
Allowance for inventory obsolescence
  
$
16,067
    
$
—
    
$
9,236
    
$
11,333
    
$
13,970
  
Valuation allowance on deferred tax assets
  
$
23,287
    
$
—
    
$
3,213
    
$
21,645
    
$
4,855
  
Year Ended April 30, 2020
                                        
Allowance for sales returns (3)
  
$
18,542
    
$
—
    
$
48,829
    
$
47,729
    
$
19,642
  
Allowance for doubtful accounts
  
$
14,307
    
$
—
    
$
5,470
    
$
1,442
    
$
18,335
  
Allowance for inventory obsolescence
  
$
15,825
    
$
—
    
$
8,699
    
$
8,457
    
$
16,067
  
Valuation allowance on deferred tax assets
  
$
21,179
    
$
—
    
$
2,108
    
$
—
    
$
23,287
  
Year Ended April 30, 2019
                                        
Allowance for sales returns (3)
  
$
18,628
    
$
—
    
$
37,483
    
$
37,569
    
$
18,542
  
Allowance for doubtful accounts
  
$
10,107
    
$
—
    
$
5,279
    
$
1,079
    
$
14,307
  
Allowance for inventory obsolescence
  
$
18,193
    
$
—
    
$
7,328
    
$
9,696
    
$
15,825
  
Valuation allowance on deferred tax assets
  
$
8,811
    
$
—
    
$
51
    
$
(12,317
)
  
$
21,179
  

(1)
See Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards” of the Notes to Consolidated Financial Statements of this Form 10-K regarding the adoption of ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”. We adopted the new standard on May 1, 2020, with a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption.
(2)
Deductions From Reserves and Other for the years ended April 30, 2021, 2020, and 2019 include foreign exchange translation adjustments. Included in Allowance for doubtful accounts are accounts written off, less recoveries. Included in Allowance for inventory obsolescence are items removed from inventory. Included in Valuation allowance on deferred tax assets for the year ended April 30, 2019 are foreign tax credits generated and valuation allowances needed in connection with the Tax Act. Substantially all of those foreign tax credits are expected to be used during the year ended April 30, 2021 eliminating the need for that portion of our valuation allowance.
(3)
Allowance for sales returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as an increase in Contract liabilities with a corresponding increase in Inventories, net and a reduction in Accrued royalties for the years ended April 30, 2021, 2020, and 2019.
v3.21.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Policies)
 12 Months Ended
Apr. 30, 2021
Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards [Abstract]  
Basis of Presentation
Basis of Presentation:

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

In the fourth quarter of fiscal year 2021, a UK entity acquired in connection with the acquisition of mthree (See Note 4, “Acquisitions” for further details of this acquisition) was erroneously dissolved by the Company in accordance with UK Companies Act regulations while still holding assets. This entity, along with its subsidiaries, (the entity) had various net intercompany receivables owed to them from other Wiley companies of approximately $188.8 million, which upon a dissolution technically revert to the British Crown (Crown). Wiley has petitioned to Companies House to reinstate the entity without prejudice. The Company believes the likelihood that reinstatement will not occur is remote as it entails an administrative exercise to remedy, not a negotiation.

As a result of these events, the Company evaluated whether it was appropriate to consolidate the assets, liabilities, and operations of the entity as part of its consolidated financial statements as of April 30, 2021 and for the period from the entity being dissolved through April 30, 2021, and also whether there was a liability to the Crown and a related loss associated with the dissolution of the entity under US GAAP in the fiscal year 2021.

The Company evaluated the criteria in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidations” to determine if consolidating the entity was appropriate under US GAAP. Based on that evaluation and the administrative nature of the process to restore, the Company concluded that although the entity was dissolved, we maintained control of the assets of the entity and, therefore, appropriately consolidated the assets, liabilities and operations of the entity it in our consolidated financial statements as of April 30, 2021. In connection with that conclusion, the Company also concluded that it does not have conditions to require a loss or liability to the Crown to be recorded in fiscal year 2021, other than immaterial fees associated with the restoration process. The Company anticipates the restoration of the entity, with the entirety of its net assets, to be completed by the second quarter of fiscal year 2022.
Reclassifications
Reclassifications:

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

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

Under our cash management system, a book overdraft balance exists for our primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. Our funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2021 and 2020, book overdrafts of $25.8 million and $7.4 million, respectively, were included in Accounts payable on the Consolidated Statements of Financial Position.
Revenue Recognition
Revenue Recognition:

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

See Note 3, “Revenue Recognition, Contracts with Customers,” for further details of our revenue recognition policy.
Cash and Cash Equivalents
Cash and Cash Equivalents:

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

See the section below, “Recently Adopted - Measurement of Credit Losses on Financial Instruments” for further details of our policy for credit losses.
Sales Return Reserves
Sales Return Reserves:

The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain, and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related increase to inventory and a reduction to accrued royalties as a result of the expected returns. Print book sales return reserves amounted to a net liability balance of $22.2 million and $19.6 million as of April 30, 2021 and 2020, respectively.

The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position as of April 30:

  
2021
    
2020
  
Increase in Inventories, net
  
$
10,886
    
$
8,686
  
Decrease in Accrued royalties
  
$
(4,949
)
  
$
(4,441
)
Increase in Contract liabilities
  
$
38,034
    
$
32,769
  
Print book sales return reserve net liability balance
  
$
(22,199
)
  
$
(19,642
)
Inventories
Inventories:

Inventories are carried at the lower of cost or net realizable value. US book inventories aggregating $20.4 million and $24.3 million at April 30, 2021 and 2020, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method. Finished goods not recorded at LIFO have been recorded at the lower of cost or net realizable value.
Product Development Assets
Product Development Assets: 

Product development assets consist of book composition costs and other product development costs. Costs associated with developing a book publication are expensed until the product is determined to be commercially viable. Book composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Book composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Other product development costs represent the costs incurred in developing software, platforms, and digital content to be sold and licensed to third parties. Other product development costs are capitalized and amortized on a straight-line basis over their estimated useful lives. As of April 30, 2021, the weighted average estimated useful life of other product development costs was approximately 6 years.
Royalty Advances
Royalty Advances:

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

Costs incurred for third party shipping and handling are primarily reflected in Operating and administrative expenses on the Consolidated Statements of Income (Loss). We incurred $27.8 million, $28.8 million, and $32.7 million in shipping and handling costs in the years ended April 30, 2021, 2020, and 2019, respectively.
Advertising and Marketing Costs
Advertising and Marketing Costs:

Advertising and marketing costs are expensed as incurred. These costs are reflected in the Consolidated Statements of Income (Loss) as follows:
  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
Advertising and marketing costs
  
$
93.6
    
$
103.1
    
$
89.5
  
Cost of sales (1)
    
57.0
      
65.8
      
53.7
  
Operating and administrative expenses
    
36.6
      
37.3
      
35.8
  

(1)
This includes certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions.
Technology, Property, and Equipment
Technology, Property, and Equipment:

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

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


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

In connection with acquisitions, we allocate the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. The excess of the purchase consideration over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The determination of the acquisition date fair value of the assets acquired and liabilities assumed requires us to make significant estimates and assumptions, such as forecasted  revenue growth rates and operating cash flows, royalty rates, customer attrition rates, obsolescence rates of developed technology, and discount rates. We may use a third-party valuation consultant to assist in the determination of such estimates.
Goodwill and Indefinite-lived Intangible Assets
Goodwill and Indefinite-lived Intangible Assets:

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

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

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

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

Intangible assets with definite lives as of April 30, 2021, are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 28 years, customer relationships – 17 years, developed technology – 7 years, brands and trademarks – 13 years, and noncompete agreements – 5 years.

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

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

We maintain operations in many non-US locations. Assets and liabilities are translated into US dollars using end-of-period exchange rates and revenues and expenses are translated into US dollars using weighted average rates. Our significant investments in non-US businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders’ Equity. Foreign currency transaction gains or losses are recognized on the Consolidated Statements of Income (Loss) as incurred.
Stock-Based Compensation
Stock-Based Compensation:

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

Changes to the Disclosure Requirements for Defined Benefit Plans

In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for fiscal years ending after December 15, 2020. We have adopted the new standard for the year ended April 30, 2021 retrospectively for all periods presented. See Note 17, “Retirement Plans” for all periods presented with the new required disclosures.

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, in May 2019, the FASB issued ASU 2019-05 - “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”; in April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” in November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” and in February 2020, the FASB issued ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)  (SEC Update)”.

ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. ASU 2016-13, ASU 2019-05, ASU 2019-04, ASU 2018-19, ASU 2019-11, and ASU 2020-02 were effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted.

We adopted the new standard on May 1, 2020, with a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Based on financial instruments currently held by us, the adoption of ASU 2016-13 primarily impacted our trade receivables, specifically our allowance for doubtful accounts. The adoption of the standard did not have an impact on our Consolidated Statements of Income (Loss), or our Consolidated Statements of Cash Flows. See the table below for further details on the immaterial impact to our Consolidated Statements of Financial Position and Consolidated Statements of Shareholders’ Equity.

We are exposed to credit losses through our accounts receivable with customers. Accounts receivable, net is stated at amortized cost net of provision for credit losses. Our methodology to measure the provision for credit losses requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable such as the impact of COVID-19, delinquency trends, aging behavior of receivables, credit and liquidity indicators for industry groups, customer classes or individual customers and reasonable and supportable forecasts of the economic conditions that may exist through the contractual life of the asset.  Our provision for credit losses is reviewed and revised periodically.  Our accounts receivable is evaluated on a pool basis that is based on customer groups with similar risk characteristics.  This includes consideration of the following factors to develop these pools: size of the customer, industry, geographical location, historical risk, and types of services or products sold.

Our customers’ ability to pay is assessed through our internal credit review processes. Based on the dollar value of credit extended, we assess our customers’ credit by reviewing the total expected receivable exposure, expected timing of payments and the customers’ established credit rating. In determining customer creditworthiness, we assess our customers’ credit utilizing different resources including third-party validations and/or our own assessment through analysis of the customers’ financial statements and review of trade/bank references. We also consider contract terms and conditions, country and political risk, and the customers’ mix of products purchased in our evaluation. A credit limit is established for each customer based on the outcome of this review. Credit limits are periodically reviewed for existing customers and whenever an increase in the credit limit is being considered. When necessary, we utilize collection agencies and legal counsel to pursue recovery of defaulted receivables. We write off receivables only when deemed no longer collectible.
 
The following table presents the change in provision for credit losses, which is presented net in Accounts receivable on our Consolidated Statements of Financial Position for the period indicated:
  
Provision for
Credit Losses
  
Balance as of April 30, 2020
  
$
18,335
  
Adjustment due to adoption of new credit losses standard recorded as an adjustment to retained earnings
    
1,776
  
Current period provision
    
6,957
  
Amounts written off, less recoveries
    
(4,463
)
Foreign exchange translation adjustments and other
    
(1,131
)
Balance as of April 30, 2021
  
$
21,474
  

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

In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted ASU 2018-15 on May 1, 2020 on a prospective basis. There was no impact to our consolidated financial statements at the date of adoption.

Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 removes, modifies, and adds disclosures. We adopted ASU 2018-13 on May 1, 2020. There was no impact to our consolidated financial statements or disclosures as a result of adoption.

Leases

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” and issued subsequent amendments to the initial guidance thereafter. ASU 2016-02 requires an entity to recognize a right-of-use asset (ROU) and lease liability for all leases with terms of more than 12 months and provide enhanced disclosures. Recognition, measurement, and presentation of expenses depends on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance.

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

In addition, the new standard provides as a practical expedient, certain policy elections for ongoing lease accounting which we elected at the date of adoption and included the following, (i) to not separate nonlease components from the associated lease component if certain conditions are met, and (ii) to not recognize ROU assets and lease liabilities for leases that qualify as short-term.

A modified retrospective transition approach was required, applying the standard to all leases existing at the date of initial application. A company could choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as of its date of initial application. We adopted the new standard on May 1, 2019 and used the effective date as the date of initial application. Accordingly, previously reported financial information was not updated, and the disclosures required under the new standard will not be provided for dates and periods before May 1, 2019. 

At adoption, we recognized operating lease liabilities of $178 million based on the present value of the remaining minimum rental payments for existing operating leases and ROU assets of $142 million on our Consolidated Statement of Financial Position. The difference between the ROU assets and operating lease liabilities represents the existing deferred rent liabilities, prepaid rent balances, and applicable restructuring liabilities, which were reclassified upon adoption to reduce the measurement of the ROU assets. The adoption of the standard did not have an impact on our Consolidated Statement of Shareholders’ Equity, Consolidated Statement of Income (Loss) or Consolidated Statement of Cash Flow. See Note 12, “Operating Leases”, for further details on our operating leases.

Recently Issued Accounting Standards

Convertible Debt Instruments, Derivatives and EPS
 
In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, “Reference Rate Reform: Scope.” This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.  This would apply to companies meeting certain criteria that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This standard is effective for us immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently assessing the impact the new guidance will have on our consolidated financial statements.

Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.”  This ASU is intended to simplify various aspects related to accounting for income taxes, eliminates certain exceptions within Topic 740, “Income Taxes” and clarifies certain aspects of the current guidance to promote consistent application. The standard is effective for us on May 1, 2021, and early adoption is permitted in any interim period for which financial statements have not yet been issued. We will adopt the new standard on May 1, 2021. We do not expect the adoption of ASU 2019-12 to have a material impact on our consolidated financial statements at the time of adoption. The impact in the future would depend on any changes in tax laws and the applicable enactment dates. In accordance with ASU 2019-12, the enactment date is when any effects are recognized in the consolidated financial statements.
v3.21.2
Revenue Recognition, Contracts with Customers (Policies)
 12 Months Ended
Apr. 30, 2021
Revenue Recognition, Contracts with Customers [Abstract]  
Revenue from Contract with Customer
Research Publishing & Platforms

Research Publishing & Platforms’ customers include academic, corporate, government, and public libraries, funders of research, researchers, scientists, clinicians, engineers and technologists, scholarly and professional societies, and students and professors. Research Publishing & Platforms products are sold and distributed globally through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to professional society members, and other customers. Publishing centers include Australia, China, Germany, India, the UK, and the US. The majority of revenue generated from Research Publishing and Platforms products is recognized over time. Total Research Publishing & Platforms revenue was $1,015.3 million in the year ended April 30, 2021.

We disaggregated revenue by Research Publishing and Research Platforms to reflect the different type of products and services provided. Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services, to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $972.5 million in the year ended April 30, 2021 and the majority is recognized over time.

Research Platforms is a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content on the web through the Literatum platform. Research Platforms revenue was $42.8 million in the year ended April 30, 2021 and the majority is recognized over time.

Research Publishing Products

Research Publishing products generate approximately 77% of its revenue from contracts with its customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Comprehensive Agreements (read and publish) and the remainder from Licensing, Reprints, Backfiles, and Other.


Journal Subscriptions and Open Access

Journal subscription contracts are negotiated by us directly with customers or their subscription agents. Subscription periods typically cover calendar years. 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, there are generally two performance obligations: a functional intellectual property license with a stand-ready promise to provide access to new content for one year, which includes online hosting of the content, and a functional intellectual property perpetual license for access to historical journal content, which also includes online hosting of the content. The transaction price consists of fixed consideration. Journal subscription revenue is generally collected in advance when the annual license is granted, and no significant financing component exists.

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

Under the Open Access business model, we have a signed contract with the customer that contains enforceable rights. The Open Access business model in a typical model includes an over-time single performance obligation that combines a promise to host the customer’s content on our open access platform, and a promise to provide an Article Publication Charge (APC) at a discount to eligible users who are defined in the contract, in exchange for an upfront payment. Enforceable right to payment occurs over time as we fulfill our obligation to provide a discount to eligible users, as defined, on future APCs. Therefore, the upfront payment is recorded as a contract liability and revenue is recognized over time.

Comprehensive agreements (read and publish), sometimes referred to as transitional agreements, are the innovative new model that blends journal subscription and open access offerings. Essentially, for a single fee, a national or regional consortium of libraries pays for and receives full read access to our journal portfolio and the ability to publish under an open access arrangement. Like subscriptions, comprehensive deals involve recurring revenue under multiyear contracts. Unlike subscriptions, they also allow for further upside depending on how much publishing volume we generate.   Comprehensive models accelerate the transition to open access while maintaining subscription access.

In January 2019, Wiley announced a contractual arrangement in support of Open Access, a countrywide partnership agreement with Projekt DEAL, a representative of nearly 700 academic institutions in Germany. This three-year agreement provides all Projekt DEAL institutions with access to read Wiley’s academic journals back to the year 1997, and researchers at Projekt DEAL institutions can publish articles open access in Wiley’s journals. The partnership will better support institutions and researchers in advancing open science, driving discovery, and developing and disseminating knowledge. Projekt DEAL includes multiple performance obligations, which include a stand-ready promise to provide access to new content, perpetual license for access to historical journal content and accepting articles to be hosted on our open access platform. We are compensated primarily through a fee per article published and a consolidated access fee. The consideration for Projekt DEAL consists of fixed and variable consideration. We allocated the total consideration to the fixed and variable components based on its relative standalone selling prices for each performance obligation.

Licensing, Reprints, Backfiles and Other

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

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

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

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

Research Platforms Services

Research Platforms’ services 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 recognized on a straight-line basis over the time of the contractual period. The duration of these contracts is generally multiyear ranging from 2-5 years.

Academic & Professional Learning

Academic & Professional Learning provides Education Publishing and Professional Learning products and services including scientific, professional, and education print and digital books, digital courseware, and test preparation services, to libraries, corporations, students, professionals, and researchers, as well as learning, development, and assessment services for businesses and professionals. Communities served include business, finance, accounting, workplace learning, management, leadership, technology, behavioral health, engineering/ architecture, science and medicine, and education.  Products are developed for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, web sites, distributor networks and other online applications. Publishing centers include Australia, Germany, India, the UK, and the US. Total Academic & Professional Learning revenue was $644.5 million in the year ended April 30, 2021.

We disaggregated revenue by type of products provided. Academic & Professional Learning products are Education Publishing and Professional Learning. Academic & Professional Learning revenues are mainly recognized at a point in time.

Education Publishing Products
 
Education Publishing products revenue was $363.9 million in the year ended April 30, 2021. Education Publishing products generate approximately 63% of its revenue from contracts with its customers from Education (print and digital) Publishing, which is recognized at a point in time, and 24% from Digital Courseware which is recognized over time. The remainder of its revenues were from Test Preparation and Certification and Licensing and Other, which has a mix of revenue recognized at a point in time and over time.

Education Publishing and Professional Publishing (included within Professional Learning below)

Our performance obligations as it relates to Education and Professional Publishing are primarily book products delivered in both print and digital form which could include a single or multiple performance obligations based on the number of print or digital books purchased which are represented by an International Standard Book Number (ISBN’s), with each ISBN representing a performance obligation. Each ISBN has an observable stand-alone selling price since Wiley sells the books separately.

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

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


Digital Courseware Products

Courseware customers purchase access codes to utilize the product. This could include a single or multiple performance obligations based on the number of course ISBNs purchased. Revenue is recognized over time in the period from when the access codes are activated over the applicable semester term to which such product relates.

Test Preparation and Certification Products

Test Preparation and Certification contracts are generally three-year agreements. This revenue stream includes multiple performance obligations as it relates to the online and printed course materials, including such items as textbooks, ebooks, 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 relative standalone selling price. This standalone selling price is generally based upon the observable selling prices where the product is sold separately to customers. Depending on the performance obligation, revenue is recognized at the time the product is delivered and control has passed to the customer, or over time due to our stand-ready obligation to provide updates to the customer.

Licensing and Other

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

Professional Learning Products
 
Professional Learning products revenue was $280.7 million in the year ended April 30, 2021. Professional Learning (print and digital) products generate approximately 48% of revenue from contracts with its customers from Professional Publishing, and Licensing and Other, both of which are described above, and both are mainly recognized at a point in time. Approximately 52% of Professional Learning products revenue is from contracts with its customers from Corporate Training and Corporate Learning, which is recognized mainly over time.

Corporate Training

Corporate Training through our authorized distributor network includes multiple performance obligations. This includes a performance obligation that includes an annual membership which includes the right to purchase products and services, access to the platform, support and training. This performance obligation is recognized over time since we have an obligation to stand-ready for the customer’s use of the services. In addition, there are performance obligations for the assessments and related products or services which are recognized at a point in time when the assessment, product or service is provided or delivered. The transaction price is allocated to each performance obligation based on its observable standalone selling price which is generally the contractually stated price for the performance obligation related to the annual membership, and for the other performance obligations based on its relative observable selling price when sold separately.

In addition, as it relates to Corporate Training customers’ unexercised rights for situations where we have received a nonrefundable payment for a customer to receive an assessment and the customer is not expected to exercise such right, we will recognize such “breakage” amounts as revenue in proportion to the pattern of rights exercised by the customer which is generally one year.

Corporate Learning

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

Education Services

Education Services revenue was $281.6 million in the year ended April 30, 2021 and the majority is recognized over time. We disaggregated revenue by type of services provided, which are Education Services OPM and mthree.


Education Services OPM

Education Services OPM engages in the comprehensive management of online degree programs for universities and has grown to include a broad array of tech enabled service offerings that address our partner specific pain points. Increasingly, this includes delivering full stack career credentialing education that advances specific careers with in-demand skills.

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. Graduate degree programs include Business Administration, Finance, Accounting, Healthcare, Engineering, Communications, and others. As of April 30, 2021, the Education Services OPM business had 66 university partners under contract. We are also extending the core OPM business as well as delivering a broader array of essential university and career credentialing services that the market is demanding and which leverage our core Wiley skills and assets.  This full stack education includes teacher professional development and IT skills training, through which we develop and deliver professional credits and job placement through our corporate partners. In addition, Education Services OPM derives revenue from unbundled service offerings. Education Services OPM revenue is primarily derived from prenegotiated 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 multiyear agreements ranging from a period of 7-10 years, with some having optional renewal periods. These optional renewal periods are not a material right and are not considered a separate performance obligation.

Education Services 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 overtime, which is also when the variable consideration contingency is resolved. Education Services OPM revenue was $227.7 million in the year ended April 30, 2021.

mthree
 
mthree is a talent placement provider that finds, trains and places job-ready technology talent in roles with leading corporations worldwide. mthree’s contracts with customers includes a performance obligation for the services provided, which is recognized at the point in time the services are provided to its customers. mthree’s revenue was $53.9 million in the year ended April 30, 2021.

Accounts Receivable, net and Contract Liability Balances

When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met.
v3.21.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Tables)
 12 Months Ended
Apr. 30, 2021
Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards [Abstract]  
Net Sales Return Reserves by Balance Sheet Account
The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position as of April 30:

  
2021
    
2020
  
Increase in Inventories, net
  
$
10,886
    
$
8,686
  
Decrease in Accrued royalties
  
$
(4,949
)
  
$
(4,441
)
Increase in Contract liabilities
  
$
38,034
    
$
32,769
  
Print book sales return reserve net liability balance
  
$
(22,199
)
  
$
(19,642
)
Advertising and Marketing Costs
Advertising and marketing costs are expensed as incurred. These costs are reflected in the Consolidated Statements of Income (Loss) as follows:
  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
Advertising and marketing costs
  
$
93.6
    
$
103.1
    
$
89.5
  
Cost of sales (1)
    
57.0
      
65.8
      
53.7
  
Operating and administrative expenses
    
36.6
      
37.3
      
35.8
  

(1)
This includes certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions.
Change in Provision for Credit Losses
The following table presents the change in provision for credit losses, which is presented net in Accounts receivable on our Consolidated Statements of Financial Position for the period indicated:
  
Provision for
Credit Losses
  
Balance as of April 30, 2020
  
$
18,335
  
Adjustment due to adoption of new credit losses standard recorded as an adjustment to retained earnings
    
1,776
  
Current period provision
    
6,957
  
Amounts written off, less recoveries
    
(4,463
)
Foreign exchange translation adjustments and other
    
(1,131
)
Balance as of April 30, 2021
  
$
21,474
  

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

In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted ASU 2018-15 on May 1, 2020 on a prospective basis. There was no impact to our consolidated financial statements at the date of adoption.

Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 removes, modifies, and adds disclosures. We adopted ASU 2018-13 on May 1, 2020. There was no impact to our consolidated financial statements or disclosures as a result of adoption.

Leases

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” and issued subsequent amendments to the initial guidance thereafter. ASU 2016-02 requires an entity to recognize a right-of-use asset (ROU) and lease liability for all leases with terms of more than 12 months and provide enhanced disclosures. Recognition, measurement, and presentation of expenses depends on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance.

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

In addition, the new standard provides as a practical expedient, certain policy elections for ongoing lease accounting which we elected at the date of adoption and included the following, (i) to not separate nonlease components from the associated lease component if certain conditions are met, and (ii) to not recognize ROU assets and lease liabilities for leases that qualify as short-term.

A modified retrospective transition approach was required, applying the standard to all leases existing at the date of initial application. A company could choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as of its date of initial application. We adopted the new standard on May 1, 2019 and used the effective date as the date of initial application. Accordingly, previously reported financial information was not updated, and the disclosures required under the new standard will not be provided for dates and periods before May 1, 2019. 

At adoption, we recognized operating lease liabilities of $178 million based on the present value of the remaining minimum rental payments for existing operating leases and ROU assets of $142 million on our Consolidated Statement of Financial Position. The difference between the ROU assets and operating lease liabilities represents the existing deferred rent liabilities, prepaid rent balances, and applicable restructuring liabilities, which were reclassified upon adoption to reduce the measurement of the ROU assets. The adoption of the standard did not have an impact on our Consolidated Statement of Shareholders’ Equity, Consolidated Statement of Income (Loss) or Consolidated Statement of Cash Flow. See Note 12, “Operating Leases”, for further details on our operating leases.
v3.21.2
Revenue Recognition, Contracts with Customers (Tables)
 12 Months Ended
Apr. 30, 2021
Revenue Recognition, Contracts with Customers [Abstract]  
Revenue from Contracts With Customers Disaggregated by Segment and Product Type
The following tables present our revenue from contracts with customers disaggregated by segment and product type.

  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
Research Publishing & Platforms:
                  
Research Publishing
  
$
972,512
    
$
908,952
    
$
903,249
  
Research Platforms
    
42,837
      
39,887
      
35,968
  
Total Research Publishing & Platforms
    
1,015,349
      
948,839
      
939,217
  
                         
Academic & Professional Learning:
                        
Education Publishing
    
363,870
      
352,188
      
372,018
  
Professional Learning
    
280,667
      
298,601
      
331,285
  
Total Academic & Professional Learning
    
644,537
      
650,789
      
703,303
  
                         
Education Services:
                        
Education Services OPM (1)
    
227,700
      
210,882
      
155,819
  
mthree (1)
    
53,915
      
20,973
      
1,730
  
Total Education Services
    
281,615
      
231,855
      
157,549
  
Total Revenue
  
$
1,941,501
    
$
1,831,483
    
$
1,800,069
  

(1)
In May 2020, we moved the IT bootcamp business acquired as part of The Learning House acquisition from Education Services Online Program Management (OPM) to mthree. As a result, the prior period revenue related to the IT bootcamp business has been included in mthree. The revenue for the IT bootcamp business was $1.6 million, $3.5 million and $1.7 million for the years ended April 30, 2021, 2020 and 2019, respectively. There were no changes to our total Education Services or our consolidated financial results.
Accounts Receivable, Net and Contract Liabilities from Contracts with Customers
The following table provides information about accounts receivable, net and contract liabilities from contracts with customers.

  
April 30, 2021
    
April 30, 2020
    
Increase/
(Decrease)
  
Balances from contracts with customers:
                  
Accounts receivable, net
  
$
311,571
    
$
309,384
    
$
2,187
  
Contract liabilities (1)
    
545,425
      
520,214
      
25,211
  
Contract liabilities (included in Other long-term liabilities)
  
$
19,560
    
$
14,949
    
$
4,611
  

(1)
The sales return reserve recorded in Contract liabilities is $38.0 million and $32.8 million as of April 30, 2021 and April 30, 2020, respectively. See Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards” for further details of the sales return reserve.
v3.21.2
Acquisition (Tables)
 12 Months Ended
Apr. 30, 2021
Hindawi [Member]  
Business Acquisition [Line Items]  
Consideration Transferred and Allocation of Purchase Price
The following table summarizes the preliminary consideration transferred to acquire Hindawi and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.

   
Preliminary
Allocation as of
January 31, 2021
    
Measurement Period Adjustments
    
Preliminary
Allocation as of
April 30, 2021
  
Total consideration transferred
  
$
300,086
    
$
—
    
$
300,086
  
                         
Assets:
                        
Current assets
    
2,902
      
(90
)
    
2,812
  
Technology, property and equipment, net
    
844
      
—
      
844
  
Intangible assets, net
    
194,400
      
500
      
194,900
  
Goodwill
    
141,775
      
5,613
      
147,388
  
Operating lease right-of-use assets
    
3,716
      
46
      
3,762
  
Other non-current assets
    
177
      
(108
)
    
69
  
Total assets
  
$
343,814
    
$
5,961
    
$
349,775
  
                         
Liabilities:
                        
Current liabilities
    
3,657
      
(63
)
    
3,594
  
Deferred income tax liabilities
    
36,936
      
95
      
37,031
  
Operating lease liabilities
    
3,135
      
15
      
3,150
  
Other long-term liabilities
    
—
      
5,914
      
5,914
  
Total liabilities
  
$
43,728
    
$
5,961
    
$
49,689
  
Identifiable Intangible Assets Acquired and Weighted-Average Useful Life
The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition.

   
Estimated
Fair Value
    
Weighted-Average Useful Life (in Years)
  
Content and publishing rights
  
$
188,500
      
15
  
Developed technology
    
5,000
      
6
  
Trademarks
    
1,000
      
2
  
Customer relationships
    
400
      
10
  
Total
  
$
194,900
          
mthree [Member]  
Business Acquisition [Line Items]  
Consideration Transferred and Allocation of Purchase Price
The following table summarizes the consideration transferred to acquire mthree and the final allocation of the purchase price among the assets acquired and liabilities assumed.

   
Preliminary Allocation
as of April 30, 2020
    
Measurement
Period Adjustments
    
Final
Allocation
  
                   
Total cash consideration at the acquisition date and cash to be paid
  
$
122,242
    
$
1,289
    
$
123,531
  
                         
Assets:
                        
Current assets
    
8,750
      
473
      
9,223
  
Technology, property and equipment, net
    
484
      
—
      
484
  
Intangible assets, net
    
56,836
      
—
      
56,836
  
Goodwill
    
82,561
      
—
      
82,561
  
Operating lease right-of-use assets
    
3,710
      
—
      
3,710
  
Total assets
  
$
152,341
    
$
473
    
$
152,814
  
                         
Liabilities:
                        
Current liabilities
    
14,380
      
(816
)
    
13,564
  
Deferred income tax liabilities
    
12,722
      
—
      
12,722
  
Operating lease liabilities
    
2,692
      
—
      
2,692
  
Other long-term liabilities
    
305
      
—
      
305
  
Total liabilities
  
$
30,099
    
$
(816
)
  
$
29,283
  
Identifiable Intangible Assets Acquired and Weighted-Average Useful Life
The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition.
   
Fair Value
    
Weighted-Average
Useful Life (in Years)
  
Customer relationships
  
$
48,792
      
12
  
Trademarks
    
6,725
      
10
  
Content
    
1,319
      
4
  
Total
  
$
56,836
          
zyBooks [Member]  
Business Acquisition [Line Items]  
Consideration Transferred and Allocation of Purchase Price
The following table summarizes the consideration transferred to acquire zyBooks and the allocation of the purchase price among the assets acquired and liabilities assumed.
   
Final
Allocation
  
       
Total cash consideration transferred
  
$
55,939
  
         
Assets:
        
Current assets
    
2,280
  
Technology, property and equipment, net
    
28
  
Intangible assets, net
    
24,500
  
Goodwill
    
36,903
  
Total assets
  
$
63,711
  
         
Liabilities:
        
Current liabilities
    
2,581
  
Deferred income tax liabilities
    
5,191
  
Total liabilities
  
$
7,772
  
Identifiable Intangible Assets Acquired and Weighted-Average Useful Life
The following table summarizes the identifiable intangible assets acquired and their weighted-average useful life at the date of acquisition.

   
Fair Value
    
Weighted-Average
Useful Life (in Years)
  
Developed technology
  
$
10,400
      
7
  
Customer relationships
    
6,800
      
10
  
Content
    
4,400
      
10
  
Trademarks
    
2,900
      
10
  
Total
  
$
24,500
          
v3.21.2
Reconciliation of Weighted Average Shares Outstanding (Tables)
 12 Months Ended
Apr. 30, 2021
Reconciliation of Weighted Average Shares Outstanding [Abstract]  
Reconciliation of Shares used in Computation of Earnings (Loss) Per Share
A reconciliation of the shares used in the computation of earnings (loss) per share follows (shares in thousands):

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
Weighted average shares outstanding
    
55,931
      
56,224
      
57,240
  
Less: Unvested restricted shares
    
(1
)
    
(15
)
    
(48
)
Shares used for basic earnings (loss) per share
    
55,930
      
56,209
      
57,192
  
Dilutive effect of unvested restricted stock units and other stock awards
    
531
      
—
      
648
  
Shares used for diluted earnings (loss) per share
    
56,461
      
56,209
      
57,840
  
Antidilutive options to purchase Class A common shares, restricted shares, warrants to purchase Class A common shares and contingently issuable restricted stock which are excluded from the table above
    
982
      
1,677
      
958
  
v3.21.2
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Apr. 30, 2021
Accumulated Other Comprehensive Loss [Abstract]  
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the years ended April 30, 2021, 2020, and 2019 were as follows:

  
Foreign
Currency
Translation
    
Unamortized
Retirement
Costs
    
Interest
Rate Swaps
    
Total
  
Balance at April 30, 2018
  
$
(251,573
)
  
$
(191,026
)
  
$
3,019
    
$
(439,580
)
Other comprehensive (loss) income before reclassifications
    
(60,534
)
    
(9,422
)
    
1,121
      
(68,835
)
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
4,391
      
(4,714
)
    
(323
)
Total other comprehensive loss
    
(60,534
)
    
(5,031
)
    
(3,593
)
    
(69,158
)
Balance at April 30, 2019
  
$
(312,107
)
  
$
(196,057
)
  
$
(574
)
  
$
(508,738
)
Other comprehensive loss before reclassifications
    
(28,596
)
    
(36,965
)
    
(5,988
)
    
(71,549
)
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
5,102
      
(312
)
    
4,790
  
Total other comprehensive loss
    
(28,596
)
    
(31,863
)
    
(6,300
)
    
(66,759
)
Balance at April 30, 2020
  
$
(340,703
)
  
$
(227,920
)
  
$
(6,874
)
  
$
(575,497
)
Other comprehensive income (loss) before reclassifications
    
82,762
      
(6,273
)
    
(639
)
    
75,850
  
Amounts reclassified from Accumulated other comprehensive loss
    
—
      
6,047
      
2,810
      
8,857
  
Total other comprehensive income (loss)
    
82,762
      
(226
)
    
2,171
      
84,707
  
Balance at April 30, 2021
  
$
(257,941
)
  
$
(228,146
)
  
$
(4,703
)
  
$
(490,790
)
v3.21.2
Restructuring and Related Charges (Tables)
 12 Months Ended
Apr. 30, 2021
Business Optimization Program [Member]  
Restructuring Cost and Reserve [Line Items]  
Pretax Restructuring Charges (Credits)
The following tables summarize the pretax restructuring charges related to this program:

   
For the Years Ended April 30,
        
 
2021
    
2020
    
Total Charges Incurred to Date
  
Charges by Segment:
                  
Research Publishing & Platforms
  
$
99
    
$
3,546
    
$
3,645
  
Academic & Professional Learning
    
3,229
      
10,475
      
13,704
  
Education Services
    
531
      
3,774
      
4,305
  
Corporate Expenses
    
29,590
      
15,018
      
44,608
  
Total Restructuring and Related Charges
  
$
33,449
    
$
32,813
    
$
66,262
  
                         
Charges (Credits) by Activity:
                        
Severance and termination benefits
  
$
11,531
    
$
26,864
    
$
38,395
  
Impairment of operating lease ROU assets and property and equipment
    
14,918
      
161
      
15,079
  
Acceleration of expense related to operating lease ROU assets and property and equipment
    
3,378
      
—
      
3,378
  
Facility related charges
    
3,684
      
3,986
      
7,670
  
Other activities
    
(62
)
    
1,802
      
1,740
  
Total Restructuring and Related Charges
  
$
33,449
    
$
32,813
    
$
66,262
  
Activity for Restructuring Liability
The following table summarizes the activity for the Business Optimization Program liability for the year ended April 30, 2021:

  
April 30, 2020
    
Charges (Credits)
    
Payments
    
Foreign
Translation &
Other
Adjustments
    
April 30, 2021
  
Severance and termination benefits
  
$
17,632
    
$
11,531
    
$
(18,310
)
  
$
612
    
$
11,465
  
Other activities
    
430
      
(264
)
    
(262
)
    
96
      
—
  
Total
  
$
18,062
    
$
11,267
    
$
(18,572
)
  
$
708
    
$
11,465
  
Restructuring and Reinvestment Program [Member]  
Restructuring Cost and Reserve [Line Items]  
Pretax Restructuring Charges (Credits)
The following tables summarize the pretax restructuring (credits) charges related to this program:

   
For the Years Ended April 30,
        
 
2021
    
2020
    
2019
    
Total Charges
Incurred to Date
  
(Credits) Charges by Segment:
                        
Research Publishing & Platforms
  
$
(135
)
  
$
340
    
$
1,131
    
$
26,749
  
Academic & Professional Learning
    
274
      
(5
)
    
1,139
      
43,108
  
Education Services
    
—
      
(103
)
    
389
      
3,764
  
Corporate Expenses
    
(278
)
    
(438
)
    
459
      
95,662
  
Total Restructuring and Related (Credits) Charges
  
$
(139
)
  
$
(206
)
  
$
3,118
    
$
169,283
  
                                 
(Credits) Charges by Activity:
                                
Severance and termination benefits
  
$
(139
)
  
$
(250
)
  
$
1,456
    
$
115,870
  
Consulting and contract termination costs
    
—
      
(171
)
    
526
      
20,984
  
Other activities
    
—
      
215
      
1,136
      
32,429
  
Total Restructuring and Related (Credits) Charges
  
$
(139
)
  
$
(206
)
  
$
3,118
    
$
169,283
  
Activity for Restructuring Liability
The following table summarizes the activity for the Restructuring and Reinvestment Program liability for the year ended April 30, 2021:

  
April 30, 2020
    
(Credits)
    
Payments
    
Foreign
Translation &
Other Adjustments
    
April 30, 2021
  
Severance and termination benefits
  
$
1,360
    
$
(139
)
  
$
(888
)
  
$
69
    
$
402
  
Other activities
    
230
      
—
      
(207
)
    
239
      
262
  
Total
  
$
1,590
    
$
(139
)
  
$
(1,095
)
  
$
308
    
$
664
  
v3.21.2
Inventories (Tables)
 12 Months Ended
Apr. 30, 2021
Inventories [Abstract]  
Inventories
Inventories, net consisted of the following at April 30:

  
2021
    
2020
  
Finished goods
  
$
31,704
    
$
36,014
  
Work-in-process
    
2,060
      
1,398
  
Paper and other materials
    
331
      
331
  
Total inventories before estimated sales returns and LIFO reserve
    
34,095
      
37,743
  
Inventory value of estimated sales returns
    
10,886
      
8,686
  
LIFO reserve
    
(2,443
)
    
(2,815
)
Inventories, net
  
$
42,538
    
$
43,614
  
v3.21.2
Product Development Assets (Tables)
 12 Months Ended
Apr. 30, 2021
Product Development Assets [Abstract]  
Product Development Assets
Product development assets, net consisted of the following at April 30:
  
2021
    
2020
  
Book composition costs
  
$
20,474
    
$
18,744
  
Software costs
    
23,262
      
28,995
  
Content development costs
    
5,781
      
5,904
  
Product development assets, net
  
$
49,517
    
$
53,643
  
v3.21.2
Technology, Property and Equipment (Tables)
 12 Months Ended
Apr. 30, 2021
Technology, Property and Equipment [Abstract]  
Technology, Property and Equipment
Technology, property and equipment, net consisted of the following at April 30:
  
2021
    
2020
  
Capitalized software
  
$
536,878
    
$
471,844
  
Computer hardware
    
50,714
      
46,640
  
Buildings and leasehold improvements
    
99,636
      
99,230
  
Furniture, fixtures, and warehouse equipment
    
42,674
      
44,104
  
Land and land improvements
    
3,656
      
3,298
  
Technology, property and equipment, gross
    
733,558
      
665,116
  
Accumulated depreciation and amortization
    
(451,288
)
    
(367,111
)
Technology, property and equipment, net
  
$
282,270
    
$
298,005
  

The following table details our depreciation and amortization expense for technology, property and equipment, net:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
Capitalized software amortization expense
  
$
69,184
    
$
55,685
    
$
50,095
  
Depreciation and amortization expense, excluding capitalized software
    
21,955
      
21,031
      
19,323
  
Total depreciation and amortization expense for technology, property and equipment
  
$
91,139
    
$
76,716
    
$
69,418
  
v3.21.2
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Apr. 30, 2021
Goodwill and Intangible Assets [Abstract]  
Activity in Goodwill by Segment
The following table summarizes the activity in goodwill by segment as of April 30:
  
2020 (1)
    
Acquisitions (2)
    
Foreign
Translation
Adjustment
    
2021
  
Research Publishing & Platforms
  
$
448,130
    
$
136,789
    
$
34,284
    
$
619,203
  
Academic & Professional Learning
    
501,091
      
—
      
11,421
      
512,512
  
Education Services
    
167,569
      
—
      
5,056
      
172,625
  
Total
  
$
1,116,790
    
$
136,789
    
$
50,761
    
$
1,304,340
  

(1)
The Education Services goodwill balance as of April 30, 2020 includes a cumulative pretax noncash goodwill impairment of $110.0 million.
(2)
Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in the year ended April 30, 2021.
Intangible Assets, Net
Intangible assets, net as of April 30 were as follows:
 
  
2021
    
2020
  
   
Cost
    
Accumulated
Amortization
    
Net
    
Cost
    
Accumulated
Amortization
    
Accumulated
Impairment
    
Net
  
Intangible assets with definite lives, net
                                          
Content and publishing rights
  
$
1,062,072
    
$
(497,843
)
  
$
564,229
    
$
806,862
    
$
(444,756
)
  
$
—
    
$
362,106
  
Customer relationships
    
384,462
      
(117,985
)
    
266,477
      
377,652
      
(87,234
)
    
—
      
290,418
  
Developed technology (1)
    
42,785
      
(7,824
)
    
34,961
      
19,225
      
(3,273
)
    
(2,841
)
    
13,111
  
Brands and trademarks
    
45,630
      
(26,094
)
    
19,536
      
42,877
      
(22,689
)
    
—
      
20,188
  
Covenants not to compete
    
1,250
      
(1,192
)
    
58
      
1,675
      
(1,429
)
    
—
      
246
  
Total (2)
    
1,536,199
      
(650,938
)
    
885,261
      
1,248,291
      
(559,381
)
    
(2,841
)
    
686,069
  
Intangible assets with indefinite lives
                                                        
Brands and trademarks (1)
    
37,000
      
—
      
37,000
      
130,107
      
—
      
(93,107
)
    
37,000
  
Publishing rights
    
93,041
      
—
      
93,041
      
84,336
      
—
      
—
      
84,336
  
Total
    
130,041
      
—
      
130,041
      
214,443
      
—
      
(93,107
)
    
121,336
  
Total intangible assets, net
  
$
1,666,240
    
$
(650,938
)
  
$
1,015,302
    
$
1,462,734
    
$
(559,381
)
  
$
(95,948
)
  
$
807,405
  

(1)
The developed technology balance as of April 30, 2021 is presented net of accumulated impairments and write-offs of $2.8 million.  The indefinite-lived brands and trademarks cost balance as of April 30, 2021 is net of accumulated impairments of $93.1 million.
(2)
Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in 2021 and 2020.
Future Amortization Expense
Based on the current amount of intangible assets subject to amortization and assuming current foreign exchange rates, the estimated amortization expense for the following years are as follows:

Fiscal Year
  
Amount
  
2022
  
$
82,401
  
2023
    
76,125
  
2024
    
71,367
  
2025
    
65,764
  
2026
    
63,410
  
Thereafter
    
526,194
  
Total
  
$
885,261
  
v3.21.2
Operating Leases (Tables)
 12 Months Ended
Apr. 30, 2021
Operating Leases [Abstract]  
ROU Assets and Lease Liabilities
For operating leases, the ROU assets and liabilities as of April 30 are presented in our Consolidated Statement of Financial Position as follows:
  
2021
    
2020
  
Operating lease ROU assets
  
$
121,430
    
$
142,716
  
Short-term portion of operating lease liabilities
    
22,440
      
21,810
  
Operating lease liabilities, non-current
  
$
145,832
    
$
159,782
  
Total Net Lease Costs
Our total net lease costs were as follows:
 
   
For the Years Ended April 30,
  
 
2021
    
2020
  
Operating lease cost
  
$
24,862
    
$
26,027
  
Variable lease cost
    
2,135
      
3,856
  
Short-term lease cost
    
248
      
86
  
Sublease income
    
(722
)
    
(691
)
Total net lease cost (1)
  
$
26,523
    
$
29,278
  

(1)
Total net lease cost does not include those costs included in Restructuring and related charges on our Consolidated Statements of Income (Loss). See Note 7, “Restructuring and Related Charges” for more information on these programs.
Other Supplemental Information for Operating Leases
Other supplemental information includes the following:

   
For the Years Ended April 30,
  
   
2021
    
2020
  
Weighted-average remaining contractual lease term (years)
    
9
      
10
  
Weighted-average discount rate
    
5.89
%
    
5.89
%
Cash paid for amounts included in the measurement of lease liabilities:
                
    Operating cash flows from operating leases
  
$
32,344
    
$
28,243
  
Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities
The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the Consolidated Statement of Financial Position as of April 30, 2021:
 

Fiscal Year
  
Operating Lease
Liabilities
  
2022
  
$
30,674
  
2023
    
26,905
  
2024
    
24,799
  
2025
    
23,235
  
2026
    
20,584
  
Thereafter
    
95,000
  
Total future undiscounted minimum lease payments
    
221,197
  
         
Less: Imputed interest
    
52,925
  
         
Present value of minimum lease payments
    
168,272
  
         
Less: Current portion
    
22,440
  
         
Noncurrent portion
  
$
145,832
  
Net Rent Expense for Operating Leases
The following schedule shows the composition of net rent expense for operating leases for the year ended April 30:

  
2019
  
Minimum rental
  
$
29,066
  
Less: sublease rentals
    
(719
)
Total
  
$
28,347
  
v3.21.2
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2021
Income Taxes [Abstract]  
Provision for Income Taxes
The provisions for income taxes were as follows:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
Current Provision
                  
US – Federal
  
$
(6,631
)
  
$
1,145
    
$
2,384
  
International
    
43,269
      
37,494
      
52,518
  
State and local
    
1,359
      
172
      
2,536
  
Total current provision
  
$
37,997
    
$
38,811
    
$
57,438
  
Deferred (benefit) provision
                        
US – Federal
  
$
(11,996
)
  
$
(8,476
)
  
$
335
  
International
    
1,175
      
(15,022
)
    
(7,630
)
State and local
    
480
      
(4,118
)
    
(5,454
)
Total deferred (benefit)
  
$
(10,341
)
  
$
(27,616
)
  
$
(12,749
)
Total provision
  
$
27,656
    
$
11,195
    
$
44,689
  
International and United States Pretax Income (Loss)
International and United States pretax income (loss) were as follows:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
International
  
$
202,490
    
$
104,185
    
$
204,326
  
United States
    
(26,578
)
    
(167,277
)
    
8,626
  
Total
  
$
175,912
    
$
(63,092
)
  
$
212,952
  
Reconciliation of Effective Income Tax Rate
Our effective income tax rate as a percentage of pretax income differed from the US federal statutory rate as shown below:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
US federal statutory rate
    
21.0
%
    
21.0
%
    
21.0
%
Cost of higher taxes on non-US income
    
1.1
      
4.8
      
0.9
  
State income taxes, net of US federal tax benefit
    
0.8
      
3.3
      
(1.3
)
US NOL carryback under CARES Act
    
(8.0
)
    
—
      
—
  
Deferred tax (benefit) from US Tax Act
    
—
      
—
      
0.1
  
Tax credits and related benefits
    
(0.5
)
    
(1.1
)
    
(0.8
)
Impairment of goodwill and intangibles
    
—
      
(42.3
)
    
—
  
Other
    
1.3
      
(3.4
)
    
1.1
  
Effective income tax rate
    
15.7
%
    
(17.7
)%
    
21.0
%
Unrecognized Tax Benefits
A reconciliation of the unrecognized tax benefits included within the Other long-term liabilities line item on the Consolidated Statements of Financial Position follows:
  
2021
    
2020
  
Balance at May 1
  
$
6,194
    
$
7,659
  
Additions for current year tax positions
    
3,626
      
694
  
Additions for prior year tax positions
    
511
      
—
  
Reductions for prior year tax positions
    
(163
)
    
(655
)
Foreign translation adjustment
    
57
      
(15
)
Payments and settlements
    
(215
)
    
(56
)
Reductions for lapse of statute of limitations
    
(866
)
    
(1,433
)
Balance at April 30
  
$
9,144
    
$
6,194
  
Deferred Tax Assets and Liabilities
We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows:

  
2021
    
2020
  
Net operating losses
  
$
19,433
    
$
17,966
  
Reserve for sales returns and doubtful accounts
    
3,838
      
2,638
  
Accrued employee compensation
    
32,835
      
20,114
  
Foreign and federal credits
    
5,129
      
31,487
  
Other accrued expenses
    
16,092
      
11,827
  
Retirement and post-employment benefits
    
30,039
      
37,927
  
Total gross deferred tax assets
  
$
107,366
    
$
121,959
  
Less valuation allowance
    
(4,855
)
    
(23,287
)
Total deferred tax assets
  
$
102,511
    
$
98,672
  
                 
Prepaid expenses and other current assets
  
$
(459
)
  
$
(1,142
)
Unremitted foreign earnings
    
(2,485
)
    
(1,985
)
Intangible and fixed assets
    
(260,559
)
    
(205,882
)
Total deferred tax liabilities
  
$
(263,503
)
  
$
(209,009
)
Net deferred tax liabilities
  
$
(160,992
)
  
$
(110,337
)
                 
Reported As
                
Deferred tax assets
  
$
11,911
    
$
8,790
  
Deferred tax liabilities
    
(172,903
)
    
(119,127
)
Net Deferred Tax Liabilities
  
$
(160,992
)
  
$
(110,337
)
v3.21.2
Debt and Available Credit Facilities (Tables)
 12 Months Ended
Apr. 30, 2021
Debt and Available Credit Facilities [Abstract]  
Total Debt Outstanding
Our total debt outstanding as of April 30 consisted of the amounts set forth in the following table:

  
2021
    
2020
  
Short-term portion of long-term debt (1)
  
$
12,500
    
$
9,375
  
                 
Term loan A - Amended and Restated RCA (2)
    
222,928
      
235,263
  
Revolving credit facility - Amended and Restated RCA
    
586,160
      
530,387
  
Total long-term debt, less current portion
    
809,088
      
765,650
  
                 
Total debt
  
$
821,588
    
$
775,025
  

(1)
Relates to our term loan A under the Amended and Restated RCA.
(2)
Amounts are shown net of unamortized issuance costs of $0.5 million as of April 30, 2021 and $0.7 million as of April 30, 2020.
Annual Maturities of Long-term Debt, Including Short-term Portion
The following table summarizes the scheduled annual maturities for the next four years of our long-term debt, including the short-term portion of long-term debt. This schedule represents the principal portion amount of debt outstanding and therefore excludes unamortized issuance costs.

Fiscal Year
  
Amount
  
2022
  
$
12,500
  
2023
    
18,750
  
2024
    
204,688
  
2025
    
586,160
  
Total
  
$
822,098
  
v3.21.2
Derivative Instruments and Activities (Tables)
 12 Months Ended
Apr. 30, 2021
Derivative Instruments and Activities [Abstract]  
Summary of Interest Rate Swaps Designated as Cash Flow Hedges
The following table summarizes our interest rate swaps designated as cash flow hedges:

       
Notional Amount
           
         
As of April 30,
          
Hedged Item
Date entered into
Nature of Swap
  
2021
    
2020
    
Fixed Interest Rate
  
Variable Interest Rate
Amended and Restated RCA
April 12, 2021
Pay fixed/receive variable
  
$
100
    
$
—
      
0.500
%
1-month LIBOR reset every month for a 3-year period ending April 15, 2024
Amended and Restated RCA
February 26, 2020
Pay fixed/receive variable
    
100
      
100
      
1.150
%
1-month LIBOR reset every month for a 3-year period ending March 15, 2023
Amended and Restated RCA
August 7, 2019
Pay fixed/receive variable
    
100
      
100
      
1.400
%
1-month LIBOR reset every month for a 3-year period ending August 15, 2022
Amended and Restated RCA
June 24, 2019
Pay fixed/receive variable
    
100
      
100
      
1.650
%
1-month LIBOR reset every month for a 3-year period ending July 15, 2022
         
$
400
    
$
300
             
v3.21.2
Retirement Plans (Tables)
 12 Months Ended
Apr. 30, 2021
Retirement Plans [Abstract]  
Net Periodic Pension Expense (Income) for Defined Benefit Plans and Weighted-Average Assumptions
The components of net pension expense (income) for the defined benefit plans and the weighted average assumptions were as follows:

   
For the Years Ended April 30,
  
 
2021
    
2020
    
2019
  
   
US
    
Non-US
    
US
    
Non-US
    
US
    
Non-US
  
Service cost
  
$
—
    
$
1,396
    
$
—
    
$
1,851
    
$
—
    
$
912
  
Interest cost
    
9,504
      
8,901
      
11,247
      
12,652
      
11,704
      
12,943
  
Expected return on plan assets
    
(11,969
)
    
(26,971
)
    
(14,038
)
    
(26,116
)
    
(13,472
)
    
(25,551
)
Amortization of prior service cost
    
(154
)
    
58
      
(154
)
    
73
      
(154
)
    
57
  
Amortization of net actuarial loss
    
3,501
      
4,516
      
2,403
      
3,993
      
2,035
      
3,746
  
Curtailment/settlement loss
    
—
      
—
      
—
      
291
      
—
      
—
  
Net pension expense (income)
  
$
882
    
$
(12,100
)
  
$
(542
)
  
$
(7,256
)
  
$
113
    
$
(7,893
)
                                                 
Discount rate
    
3.1
%
    
1.6
%
    
4.1
%
    
2.4
%
    
4.3
%
    
2.6
%
Rate of compensation increase
    
N/A
      
3.0
%
    
N/A
      
3.0
%
    
N/A
      
3.0
%
Expected return on plan assets
    
5.8
%
    
5.7
%
    
6.8
%
    
6.5
%
    
6.8
%
    
6.5
%
Changes in and Status of Plans' Assets and Benefit Obligations
The following table sets forth the changes in and the status of our defined benefit plans’ assets and benefit obligations:

  
2021
    
2020
  
   
US
    
Non-US
    
US
    
Non-US
  
CHANGE IN PLAN ASSETS
                        
Fair value of plan assets, beginning of year
  
$
213,946
    
$
445,480
    
$
213,628
    
$
408,249
  
Actual return on plan assets
    
34,560
      
27,971
      
11,645
      
48,602
  
Employer contributions
    
5,599
      
12,203
      
3,700
      
11,686
  
Employee contributions
    
—
      
—
      
—
      
—
  
Settlements
    
—
      
—
      
—
      
(1,459
)
Benefits paid
    
(16,976
)
    
(11,921
)
    
(15,027
)
    
(9,162
)
Foreign currency rate changes
    
—
      
50,153
      
—
      
(12,436
)
Fair value, end of year
  
$
237,129
    
$
523,886
    
$
213,946
    
$
445,480
  
CHANGE IN PROJECTED BENEFIT OBLIGATION
                                
Benefit obligation, beginning of year
  
$
(318,967
)
  
$
(534,303
)
  
$
(285,197
)
  
$
(509,015
)
Service cost
    
—
      
(1,396
)
    
—
      
(1,851
)
Interest cost
    
(9,504
)
    
(8,901
)
    
(11,247
)
    
(12,652
)
Actuarial gains (losses)
    
8,863
      
(17,739
)
    
(37,550
)
    
(36,287
)
Benefits paid
    
16,976
      
11,921
      
15,027
      
9,162
  
Foreign currency rate changes
    
—
      
(59,046
)
    
—
      
15,176
  
Settlements and other
    
—
      
(150
)
    
—
      
1,164
  
Benefit obligation, end of year
  
$
(302,632
)
  
$
(609,614
)
  
$
(318,967
)
  
$
(534,303
)
Underfunded status, end of year
  
$
(65,503
)
  
$
(85,728
)
  
$
(105,021
)
  
$
(88,823
)
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION
                                
Noncurrent assets
    
—
      
6
      
—
      
—
  
Current pension liability
    
(3,576
)
    
(1,414
)
    
(4,990
)
    
(885
)
Noncurrent pension liability
    
(61,927
)
    
(84,320
)
    
(100,031
)
    
(87,938
)
Net amount recognized in statement of financial position
  
$
(65,503
)
  
$
(85,728
)
  
$
(105,021
)
  
$
(88,823
)
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF
                                
Net actuarial (losses)
  
$
(96,613
)
  
$
(213,958
)
  
$
(131,569
)
  
$
(181,403
)
Prior service cost gains (losses)
    
2,100
      
(1,299
)
    
2,254
      
(1,051
)
Total accumulated other comprehensive loss
  
$
(94,513
)
  
$
(215,257
)
  
$
(129,315
)
  
$
(182,454
)
Change in accumulated other comprehensive loss
  
$
34,802
    
$
(32,803
)
  
$
(37,695
)
  
$
(4,143
)
INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
                                
Accumulated benefit obligation
  
$
302,632
    
$
566,998
    
$
318,967
    
$
497,489
  
Fair value of plan assets
  
$
237,129
    
$
513,279
    
$
213,946
    
$
445,480
  
INFORMATION FOR PENSION PLANS WITH A PROJECTED  BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS
                                
Projected benefit obligation
  
$
302,632
    
$
599,011
    
$
318,967
    
$
534,303
  
Fair value of plan assets
  
$
237,129
    
$
513,279
    
$
213,946
    
$
445,480
  
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES
                                
Discount rate
    
3.2
%
    
1.9
%
    
3.1
%
    
1.6
%
Rate of compensation increase
    
N/A
      
3.0
%
    
N/A
      
3.0
%
Accumulated benefit obligations
  
$
(302,632
)
  
$
(577,600
)
  
$
(318,967
)
  
$
(497,489
)
Pension Plan Assets at Fair Value by Level Within Fair Value Hierarchy
The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30:

  
2021
    
2020
  
   
Level 1
    
Level 2
    
Total
    
Level 1
    
Level 2
    
Total
  
US Plan Assets
                                    
Investments measured at NAV:
                                    
Global equity securities: Limited partnership
              
$
121,569
                
$
110,965
  
Fixed income securities: Commingled trust funds
                
115,560
                  
102,981
  
Total assets at NAV
              
$
237,129
                
$
213,946
  
                                         
Non-US Plan Assets
                                        
Equity securities:
                                        
US equities
  
$
—
    
$
51,882
    
$
51,882
    
$
—
    
$
36,842
    
$
36,842
  
Non-US equities
    
—
      
124,496
      
124,496
      
—
      
103,460
      
103,460
  
Balanced managed funds
    
—
      
103,717
      
103,717
      
—
      
44,989
      
44,989
  
Fixed income securities: Commingled funds
    
1,444
      
236,583
      
238,027
      
3,431
      
254,134
      
257,565
  
Other:
                                                
Real estate/other
    
—
      
543
      
543
      
—
      
490
      
490
  
Cash and cash equivalents
    
5,221
      
—
      
5,221
      
2,134
      
—
      
2,134
  
Total Non-US plan assets
  
$
6,665
    
$
517,221
    
$
523,886
    
$
5,565
    
$
439,915
    
$
445,480
  
Total plan assets
  
$
6,665
    
$
517,221
    
$
761,015
    
$
5,565
    
$
439,915
    
$
659,426
  
Expected Future Benefit Payments
Benefit payments to retirees from all defined benefit plans are expected to be the following in the fiscal year indicated:

Fiscal Year
  
US
  
Non-US
  
Total
2022
  
$
15,305
  
$
12,211
  
$
27,516
2023
    
15,446
    
11,769
    
27,215
2024
    
15,593
    
12,606
    
28,199
2025
    
15,024
    
14,817
    
29,841
2026
    
15,064
    
14,004
    
29,068
2027 – 2031
    
75,870
    
83,009
    
158,879
Total
  
$
152,302
  
$
148,416
  
$
300,718
v3.21.2
Stock-Based Compensation (Tables)
 12 Months Ended
Apr. 30, 2021
Stock-Based Compensation [Abstract]  
Stock Option Plans
A summary of the activity and status of our stock option plans follows:

  
2021
    
2020
    
2019
  
   
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
    
Weighted
Average
Remaining
Term
(in years)
    
Aggregate
Intrinsic
Value
(in millions)
    
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
    
Number
of Options
(in 000’s)
    
Weighted
Average
Exercise
Price
  
Outstanding at beginning of year
    
286
    
$
50.14
                  
372
    
$
49.70
      
611
    
$
48.88
  
Granted
    
—
    
$
—
                  
—
    
$
—
      
—
    
$
—
  
Exercised
    
(60
)
  
$
43.91
                  
(34
)
  
$
38.32
      
(229
)
  
$
47.21
  
Expired or forfeited
    
(85
)
  
$
52.78
                  
(52
)
  
$
54.57
      
(10
)
  
$
56.97
  
Outstanding at end of year
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  
Exercisable at end of year
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  
Vested and expected to vest in the future at April 30
    
141
    
$
51.17
      
2.6
    
$
0.9
      
286
    
$
50.14
      
372
    
$
49.70
  
Stock Options Outstanding and Exercisable
The following table summarizes information about stock options outstanding and exercisable at April 30, 2021:

  
Options Outstanding
  
Options Exercisable
Range of Exercise Prices
  
Number
of Options
(in 000’s)
  
Weighted Average
Remaining
Term
(in years)
  
Weighted
Average
Exercise
Price
  
Number
of Options
(in 000’s)
  
Weighted
Average
Exercise
Price
$39.53
  
34
  
2.0
  
$
39.53
  
34
  
$
39.53
$48.06 to $49.55
  
32
  
1.1
  
$
48.22
  
32
  
$
48.22
$55.99 to $59.70
  
75
  
3.6
  
$
57.76
  
75
  
$
57.76
Total/average
  
141
  
2.6
  
$
51.17
  
141
  
$
51.17
Activity for Performance-Based and Other Restricted Stock Awards
Activity for performance-based and other restricted stock awards during the years ended April 30, was as follows (shares in thousands):

  
2021
    
2020
    
2019
  
   
Restricted
Shares
    
Weighted
Average
Grant Date
Value
    
Restricted
Shares
    
Restricted
Shares
  
 
Nonvested shares at beginning of year
    
943
    
$
49.74
      
756
      
861
  
Granted
    
706
    
$
41.49
      
759
      
415
  
Change in shares due to performance
    
118
    
$
49.84
      
(70
)
    
(19
)
Vested and issued
    
(362
)
  
$
48.48
      
(329
)
    
(357
)
Forfeited
    
(125
)
  
$
47.88
      
(173
)
    
(144
)
Nonvested shares at end of year
    
1,280
    
$
45.73
      
943
      
756
  
v3.21.2
Capital Stock and Changes in Capital Accounts (Tables)
 12 Months Ended
Apr. 30, 2021
Capital Stock and Changes in Capital Accounts [Abstract]  
Summary of Shares Repurchased
The following table summarizes the shares repurchased of Class A and B Common Stock during the years ended April 30 (shares in thousands):
  
2021
    
2020
    
2019
  
Shares repurchased – Class A
    
308
      
1,080
      
1,191
  
Shares repurchased – Class B
    
2
      
2
      
—
  
Average price – Class A and Class B
  
$
50.93
    
$
43.05
    
$
50.35
  
Cash Dividends Paid
The following table summarizes the cash dividends paid during the year ended April 30, 2021:

Date of Declaration by Board of Directors
Quarterly Cash Dividend
Total Dividend
Class of Common Stock
Dividend Paid Date
Shareholders of Record as of Date
June 25, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
July 22, 2020
July 7, 2020
September 23, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
October 21, 2020
October 6, 2020
December 16, 2020
$0.3425 per common share
$19.2 million
Class A and
Class B
January 13, 2021
December 30, 2020
March 24, 2021
$0.3425 per common share
$19.1 million
Class A and
Class B
April 21, 2021
April 6, 2021
Summary of Changes of Common Stock and Common Stock in Treasury
The following is a summary of changes during the years ended April 30, in shares of our common stock and common stock in treasury (shares in thousands).

Changes in Common Stock A:
  
2021
    
2020
    
2019
  
Number of shares, beginning of year
    
70,166
      
70,127
      
70,111
  
Common stock class conversions
    
42
      
39
      
16
  
Number of shares issued, end of year
    
70,208
      
70,166
      
70,127
  
                         
Changes in Common Stock A in treasury:
                        
Number of shares held, beginning of year
    
23,405
      
22,634
      
21,853
  
Purchase of treasury shares
    
308
      
1,080
      
1,192
  
Restricted shares issued under stock-based compensation plans - non-PSU Awards
    
(268
)
    
(232
)
    
(205
)
Restricted shares issued under stock-based compensation plans - PSU Awards
    
(88
)
    
(68
)
    
(110
)
Shares issued under the Director Plan to Directors
    
(6
)
    
(97
)
    
(5
)
Restricted shares, forfeited
    
—
      
1
      
9
  
Restricted shares issued from exercise of stock options
    
(60
)
    
(34
)
    
(229
)
Shares withheld for taxes
    
129
      
122
      
130
  
Other
    
(1
)
    
(1
)
    
(1
)
Number of shares held, end of year
    
23,419
      
23,405
      
22,634
  
Number of Common Stock A outstanding, end of year
    
46,789
      
46,761
      
47,493
  

Changes in Common Stock B:
  
2021
    
2020
    
2019
  
Number of shares, beginning of year
    
13,016
      
13,055
      
13,071
  
Common stock class conversions
    
(42
)
    
(39
)
    
(16
)
Number of shares issued, end of year
    
12,974
      
13,016
      
13,055
  
                         
Changes in Common Stock B in treasury:
                        
Number of shares held, beginning of year
    
3,920
      
3,918
      
3,918
  
Shares repurchased
    
2
      
2
      
—
  
Number of shares held, end of year
    
3,922
      
3,920
      
3,918
  
Number of Common Stock B outstanding, end of year
    
9,052
      
9,096
      
9,137
  
v3.21.2
Segment Information (Tables)
 12 Months Ended
Apr. 30, 2021
Segment Information [Abstract]  
Segment Information
Segment information is as follows:

  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
Revenue:
                  
Research Publishing & Platforms
  
$
1,015,349
    
$
948,839
    
$
939,217
  
Academic & Professional Learning
    
644,537
      
650,789
      
703,303
  
Education Services
    
281,615
      
231,855
      
157,549
  
Total revenue
  
$
1,941,501
    
$
1,831,483
    
$
1,800,069
  
                         
Adjusted Contribution to Profit:
                        
Research Publishing & Platforms
  
$
273,023
    
$
265,353
    
$
260,885
  
Academic & Professional Learning
    
91,676
      
84,646
      
147,404
  
Education Services
    
21,175
      
(3,844
)
    
(12,883
)
Total adjusted contribution to profit
  
$
385,874
    
$
346,155
    
$
395,406
  
Adjusted corporate contribution to profit
    
(167,053
)
    
(165,487
)
    
(168,299
)
Total adjusted contribution to profit
  
$
218,821
    
$
180,668
    
$
227,107
  
                         
Depreciation and Amortization:
                        
Research Publishing & Platforms
  
$
83,866
    
$
69,495
    
$
60,889
  
Academic & Professional Learning
    
71,997
      
69,807
      
68,126
  
Education Services
    
29,654
      
24,131
      
18,117
  
Total depreciation and amortization
  
$
185,517
    
$
163,433
    
$
147,132
  
Corporate depreciation and amortization
    
14,672
      
11,694
      
14,023
  
Total depreciation and amortization
  
$
200,189
    
$
175,127
    
$
161,155
  
Reconciliation of Consolidated US GAAP Operating Income (Loss) to Non-GAAP Adjusted Contribution to Profit
The following table shows a reconciliation of our consolidated US GAAP Operating Income (Loss) to Non-GAAP Adjusted Contribution to Profit:

  
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
US GAAP Operating Income (Loss)
  
$
185,511
    
$
(54,287
)
  
$
223,989
  
Adjustments:
                        
Restructuring and related charges (1)
    
33,310
      
32,607
      
3,118
  
Impairment of goodwill (1)
    
—
      
110,000
      
—
  
Impairment of Blackwell trade name (1)
    
—
      
89,507
      
—
  
Impairment of developed technology intangible (1)
    
—
      
2,841
      
—
  
Non-GAAP Adjusted Contribution to Profit
  
$
218,821
    
$
180,668
    
$
227,107
  

(1)
See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment.
Total Assets and Expenditure for Long-Lived Assets by Segment
The following tables shows assets allocated by reportable segment and by the corporate category as of April 30 as follows:
 
  
2021
    
2020
    
2019
  
                   
Research Publishing & Platforms
  
$
1,692,366
    
$
1,225,313
    
$
1,172,145
  
Academic & Professional Learning
    
946,760
      
924,924
      
959,601
  
Education Services
    
472,814
      
486,316
      
440,516
  
Corporate
    
334,499
      
532,241
      
376,504
  
Total
  
$
3,446,439
    
$
3,168,794
    
$
2,948,766
  

The following table shows product development spending and additions to technology, property and equipment by reportable segment and by the corporate category:
 
   
For the Years Ended April 30,
  
   
2021
    
2020
    
2019
  
                   
Research Publishing & Platforms
  
$
(24,284
)
  
$
(16,329
)
  
$
(12,928
)
Academic & Professional Learning
    
(41,897
)
    
(38,229
)
    
(32,337
)
Education Services
    
(3,449
)
    
(613
)
    
(3,160
)
Corporate
    
(33,731
)
    
(60,030
)
    
(53,168
)
Total
  
$
(103,361
)
  
$
(115,201
)
  
$
(101,593
)
Revenue from External Customers Based on Location of the Customer and Technology, Property and Equipment by Geographical Area
Revenue from external customers is based on the location of the customer and technology, property and equipment, net by geographic area were as follows:

  
Revenue, net
    
Technology, Property and Equipment, Net
  
   
2021
    
2020
    
2019
    
2021
    
2020
    
2019
  
United States
  
$
990,499
    
$
944,075
    
$
932,927
    
$
241,217
    
$
261,296
    
$
252,459
  
United Kingdom
    
145,806
      
174,567
      
150,242
      
19,436
      
18,076
      
18,331
  
China
    
92,305
      
58,870
      
55,024
      
567
      
492
      
688
  
Japan
    
91,957
      
75,104
      
77,145
      
234
      
112
      
87
  
Germany
    
78,035
      
113,664
      
97,505
      
8,459
      
8,059
      
8,423
  
Canada
    
67,635
      
56,370
      
50,882
      
1,067
      
1,734
      
2,659
  
Australia
    
57,569
      
73,718
      
77,453
      
890
      
1,051
      
1,440
  
France
    
45,681
      
45,033
      
51,441
      
4,329
      
1,358
      
403
  
Scandinavia
    
39,836
      
29,682
      
30,971
      
112
      
223
      
229
  
Other Countries
    
332,178
      
260,400
      
276,479
      
5,959
      
5,604
      
4,302
  
Total
  
$
1,941,501
    
$
1,831,483
    
$
1,800,069
    
$
282,270
    
$
298,005
    
$
289,021
  
v3.21.2
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) (Tables)
 12 Months Ended
Apr. 30, 2021
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract]  
Quarterly Financial Information
Amounts in millions, except per share data
  
2021
    
2020
  
Revenue, net
            
First quarter
  
$
431.3
    
$
423.5
  
Second quarter
    
491.0
      
466.2
  
Third quarter
    
482.9
      
467.1
  
Fourth quarter
    
536.3
      
474.7
  
Year ended April 30,
  
$
1,941.5
    
$
1,831.5
  
                 
Gross profit
                
First quarter
  
$
286.5
    
$
280.4
  
Second quarter
    
336.2
      
322.8
  
Third quarter
    
325.3
      
313.2
  
Fourth quarter
    
368.2
      
324.1
  
Year ended April 30,
  
$
1,316.2
    
$
1,240.5
  
                 
Operating income (loss)
                
First quarter
  
$
30.0
    
$
4.5
  
Second quarter
    
69.9
      
63.4
  
Third quarter
    
34.4
      
48.5
  
Fourth quarter
    
51.2
      
(170.7
)
Year ended April 30,
  
$
185.5
    
$
(54.3
)
                 
Net income (loss)
                
First quarter
  
$
16.3
    
$
3.6
  
Second quarter
    
68.4
      
44.7
  
Third quarter
    
22.2
      
35.4
  
Fourth quarter
    
41.4
      
(158.0
)
Year ended April 30,
  
$
148.3
    
$
(74.3
)

 
2021
    
2020
  
   
Basic
    
Diluted
    
Basic
    
Diluted
  
Earnings (loss) per share (1)
                        
First quarter
  
$
0.29
    
$
0.29
    
$
0.06
    
$
0.06
  
Second quarter
    
1.22
      
1.22
      
0.79
      
0.79
  
Third quarter
    
0.40
      
0.39
      
0.63
      
0.63
  
Fourth quarter (2)
    
0.74
      
0.73
      
(2.83
)
    
(2.83
)
Year ended April 30, (2)
  
$
2.65
    
$
2.63
    
$
(1.32
)
  
$
(1.32
)

 
(1)
The sum of the quarterly earnings (loss) per share amounts may not agree to the respective annual amounts due to rounding.
(2)
In calculating diluted earnings (loss) per common share for the fourth quarter and year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.
v3.21.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards, Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Basis of Presentation [Abstract]      
Intercompany receivables $ 188,800    
Book Overdrafts [Abstract]      
Book overdrafts 25,800 $ 7,400  
Sales Return Reserves [Abstract]      
Increase in Inventories, net 10,886 8,686  
Decrease in Accrued royalties (4,949) (4,441)  
Increase in Contract liabilities 38,034 32,769  
Print book sales return reserve net liability balance (22,199) (19,642)  
Inventories [Abstract]      
LIFO inventories 20,400 24,300  
Shipping and Handling Costs [Abstract]      
Operating and administrative expenses 1,022,660 997,355 $ 963,582
Advertising and Marketing Costs [Abstract]      
Advertising and Marketing Costs 93,600 103,100 89,500
Cost of Sales [Member]      
Advertising and Marketing Costs [Abstract]      
Advertising and Marketing Costs [1] 57,000 65,800 53,700
Operating and Administrative Expenses [Member]      
Advertising and Marketing Costs [Abstract]      
Advertising and Marketing Costs $ 36,600 37,300 35,800
Computer Software [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 3 years    
Computer Software [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 10 years    
Computer Hardware [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 3 years    
Computer Hardware [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 5 years    
Building and Leasehold Improvements [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 40 years    
Furniture, Fixtures and Warehouse Equipment [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 5 years    
Furniture, Fixtures and Warehouse Equipment [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 10 years    
Enterprise Resource Planning and Related Systems [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 10 years    
Book Composition Costs [Member] | Minimum [Member]      
Product Development Assets [Abstract]      
Estimated useful life 1 year    
Book Composition Costs [Member] | Maximum [Member]      
Product Development Assets [Abstract]      
Estimated useful life 3 years    
Other Product Development Costs [Member] | Weighted Average [Member]      
Product Development Assets [Abstract]      
Estimated useful life 6 years    
Software Development [Member] | Minimum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 3 years    
Software Development [Member] | Maximum [Member]      
Property Plant and Equipment Useful Life [Abstract]      
Estimated useful life 5 years    
Shipping and Handling [Member]      
Shipping and Handling Costs [Abstract]      
Operating and administrative expenses $ 27,800 $ 28,800 $ 32,700
Content and Publishing Rights [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 28 years    
Trademarks [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 13 years    
Customer Relationships [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 17 years    
Brands [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 13 years    
Developed Technology [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 7 years    
Non-compete Agreements [Member] | Weighted Average [Member]      
Finite Lived Intangible Asset Useful Life [Abstract]      
Estimated useful life 5 years    
Performance-based Stock Awards [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Abstract]      
Target period for stock-based compensation expense in advance of actual financial results 3 years    
[1] This includes certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions.
v3.21.2
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards, Recently Adopted and Issued Accounting Standards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
ROU Assets and Lease Liabilities [Abstract]    
Operating lease, liability $ 168,272  
Operating lease, right-of-use assets 121,430 $ 142,716
ASU 2016-02 [Member] | Minimum [Member]    
ROU Assets and Lease Liabilities [Abstract]    
Operating lease, liability 178,000  
Operating lease, right-of-use assets 142,000  
ASU 2016-13 [Member]    
Change in Provision for Credit Losses [Roll Forward]    
Balance, beginning of period 18,335  
Current period provision 6,957  
Amounts written off, less recoveries (4,463)  
Foreign exchange translation adjustments and other (1,131)  
Balance, end of period 21,474  
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Change in Provision for Credit Losses [Roll Forward]    
Balance, beginning of period $ 1,776  
v3.21.2
Revenue Recognition, Contracts with Customers, Disaggregation of Revenue (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2021
USD ($)
Jan. 31, 2021
USD ($)
Oct. 31, 2020
USD ($)
Jul. 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Oct. 31, 2019
USD ($)
Jul. 31, 2019
USD ($)
Apr. 30, 2021
USD ($)
Partner
Apr. 30, 2020
USD ($)
Apr. 30, 2019
USD ($)
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue $ 536,300 $ 482,900 $ 491,000 $ 431,300 $ 474,700 $ 467,100 $ 466,200 $ 423,500 $ 1,941,501 $ 1,831,483 $ 1,800,069
Research Publishing & Platforms [Member] | Research Publishing [Member] | Journal Subscriptions, Open Access and Comprehensive Agreements [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue percentage                 77.00%    
Academic & Professional Learning [Member] | Education Publishing [Member] | Print and Digital [Member] | Transferred at Point in Time [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue percentage                 63.00%    
Academic & Professional Learning [Member] | Education Publishing [Member] | Digital Courseware [Member] | Transferred over Time [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue percentage                 24.00%    
Academic & Professional Learning [Member] | Professional Learning [Member] | Professional Publishing, and Licensing and Other, [Member] | Transferred at Point in Time [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue percentage                 48.00%    
Academic & Professional Learning [Member] | Professional Learning [Member] | Corporate Training and Corporate Learning [Member] | Transferred over Time [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customers [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue percentage                 52.00%    
Education Services [Member] | Education Services OPM [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
University partners under contract | Partner                 66    
Education Services [Member] | IT Bootcamp Business [Member] | The Learning House, Inc. [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 $ 1,600 3,500 1,700
Operating Segments [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 1,941,501 1,831,483 1,800,069
Operating Segments [Member] | Research Publishing & Platforms [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 1,015,349 948,839 939,217
Operating Segments [Member] | Research Publishing & Platforms [Member] | Research Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 972,512 908,952 903,249
Operating Segments [Member] | Research Publishing & Platforms [Member] | Research Platforms [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 42,837 39,887 35,968
Operating Segments [Member] | Academic & Professional Learning [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 644,537 650,789 703,303
Operating Segments [Member] | Academic & Professional Learning [Member] | Education Publishing [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 363,870 352,188 372,018
Operating Segments [Member] | Academic & Professional Learning [Member] | Professional Learning [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 280,667 298,601 331,285
Operating Segments [Member] | Education Services [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue                 281,615 231,855 157,549
Operating Segments [Member] | Education Services [Member] | Education Services OPM [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue [1]                 227,700 210,882 155,819
Operating Segments [Member] | Education Services [Member] | mthree [Member]                      
Revenue from contracts with customers disaggregated by segment and product type [Abstract]                      
Revenue [1]                 $ 53,915 $ 20,973 $ 1,730
[1] In May 2020, we moved the IT bootcamp business acquired as part of The Learning House acquisition from Education Services Online Program Management (OPM) to mthree. As a result, the prior period revenue related to the IT bootcamp business has been included in mthree. The revenue for the IT bootcamp business was $1.6 million, $3.5 million and $1.7 million for the years ended April 30, 2021, 2020 and 2019, respectively. There were no changes to our total Education Services or our consolidated financial results.
v3.21.2
Revenue Recognition, Contracts with Customers, Description of Revenue Generating Activities (Details)
 12 Months Ended
Apr. 30, 2021
Performanceobligation
Institution
Research Publishing & Platforms [Member] | Research Publishing [Member] | Journals Subscriptions [Member]  
Description of Revenue Generating Activities [Abstract]  
Number of performance obligations | Performanceobligation 2
Duration of contract 1 year
Research Publishing & Platforms [Member] | Research Publishing [Member] | Open Access [Member]  
Description of Revenue Generating Activities [Abstract]  
Number of academic institutions | Institution 700
Duration of contract 3 years
Research Publishing & Platforms [Member] | Research Platforms [Member] | Minimum [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 2 years
Research Publishing & Platforms [Member] | Research Platforms [Member] | Maximum [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 5 years
Academic & Professional Learning [Member] | Education Publishing [Member] | Test Preparation and Certification [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 3 years
Academic & Professional Learning [Member] | Professional Learning [Member] | Corporate Training [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 1 year
Education Services [Member] | Education Services OPM [Member] | Minimum [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 7 years
Education Services [Member] | Education Services OPM [Member] | Maximum [Member]  
Description of Revenue Generating Activities [Abstract]  
Duration of contract 10 years
v3.21.2
Revenue Recognition, Contracts with Customers, Accounts Receivable, Net and Contract Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Balances from contracts with customers [Abstract]    
Accounts receivable, net $ 311,571 $ 309,384
Contract liabilities [1] 545,425 520,214
Contract liabilities (included in Other long-term liabilities) 19,560 14,949
Increase/(decrease) [Abstract]    
Accounts receivable, net 2,187  
Contract liabilities [1] 25,211  
Contract liabilities (included in Other long-term liabilities) 4,611  
Sales return reserve recorded in contract liability $ 38,000 $ 32,800
[1] The sales return reserve recorded in Contract liabilities is $38.0 million and $32.8 million as of April 30, 2021 and April 30, 2020, respectively. See Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards” for further details of the sales return reserve.
v3.21.2
Revenue Recognition, Contracts with Customers, Remaining Performance Obligations included in Contract Liability (Details)
$ in Millions
Apr. 30, 2021
USD ($)
Remaining Performance Obligations [Abstract]  
Remaining performance obligations $ 565.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-05-01  
Remaining Performance Obligations [Abstract]  
Remaining performance obligations excluding sales return reserve $ 507.4
Expected timing of satisfaction, period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-05-01  
Remaining Performance Obligations [Abstract]  
Remaining performance obligations excluding sales return reserve $ 19.6
Expected timing of satisfaction, period
v3.21.2
Revenue Recognition, Contracts with Customers, Assets Recognized for the Costs to Fulfill a Contract (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Assets Recognized for the Costs to Obtain or Fulfill a Contract [Abstract]      
Costs capitalized $ 12,100 $ 11,500  
Amortization 5,100 4,200 $ 2,600
Cost of revenue [Abstract]      
Operating and administrative expenses 1,022,660 997,355 963,582
Shipping and Handling [Member]      
Cost of revenue [Abstract]      
Operating and administrative expenses $ 27,800 $ 28,800 $ 32,700
v3.21.2
Acquisitions (Details)
€ in Millions
 3 Months Ended 12 Months Ended
Apr. 30, 2021
USD ($)
Jan. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
Jan. 01, 2020
USD ($)
Jan. 01, 2020
EUR (€)
Jul. 01, 2019
USD ($)
Apr. 30, 2021
USD ($)
Jan. 31, 2021
USD ($)
Oct. 31, 2020
USD ($)
Jul. 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Oct. 31, 2019
USD ($)
Jul. 31, 2019
USD ($)
Apr. 30, 2021
USD ($)
Apr. 30, 2020
USD ($)
Apr. 30, 2019
USD ($)
Acquisitions [Abstract]                                    
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired                               $ 299,942,000 $ 229,629,000 $ 190,415,000
Revenue               $ 536,300,000 $ 482,900,000 $ 491,000,000.0 $ 431,300,000 $ 474,700,000 $ 467,100,000 $ 466,200,000 $ 423,500,000 1,941,501,000 1,831,483,000 1,800,069,000
Operating income (loss)               51,200,000 34,400,000 $ 69,900,000 $ 30,000,000.0 (170,700,000) $ 48,500,000 $ 63,400,000 $ 4,500,000 185,511,000 (54,287,000) $ 223,989,000
Assets [Abstract]                                    
Goodwill $ 1,304,340,000     $ 1,116,790,000       1,304,340,000       1,116,790,000       1,304,340,000 1,116,790,000  
Operating lease right-of-use assets 121,430,000     142,716,000       121,430,000       142,716,000       121,430,000 142,716,000  
Liabilities [Abstract]                                    
Operating lease liabilities 168,272,000             168,272,000               168,272,000    
Research Publishing & Platforms [Member]                                    
Assets [Abstract]                                    
Goodwill 619,203,000     448,130,000       619,203,000       448,130,000       619,203,000 448,130,000  
Academic and Professional Learning [Member]                                    
Assets [Abstract]                                    
Goodwill 512,512,000     501,091,000       512,512,000       501,091,000       512,512,000 501,091,000  
Education Services [Member]                                    
Assets [Abstract]                                    
Goodwill 172,625,000     167,569,000 [1]       172,625,000       167,569,000 [1]       172,625,000 167,569,000 [1]  
Hindawi [Member]                                    
Acquisitions [Abstract]                                    
Percentage of ownership interest acquired     100.00%                              
Fair value of consideration transferred 300,086,000 $ 300,086,000                                
Total cash consideration transferred     $ 299,300,000                              
Settlement of preexisting relationship     800,000                              
Cash acquired     1,000,000.0                              
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired     298,300,000                              
Acquisition costs 2,400,000             2,400,000               2,400,000    
Goodwill deductible for tax purposes 0             0               0    
Assets [Abstract]                                    
Current assets 2,812,000 2,902,000           2,812,000 2,902,000             2,812,000    
Technology, property and equipment, net 844,000 844,000           844,000 844,000             844,000    
Intangible assets, net 194,900,000 194,400,000           194,900,000 194,400,000             194,900,000    
Goodwill 147,388,000 141,775,000           147,388,000 141,775,000             147,388,000    
Operating lease right-of-use assets 3,762,000 3,716,000           3,762,000 3,716,000             3,762,000    
Other non-current assets 69,000 177,000           69,000 177,000             69,000    
Total assets 349,775,000 343,814,000           349,775,000 343,814,000             349,775,000    
Liabilities [Abstract]                                    
Current liabilities 3,594,000 3,657,000           3,594,000 3,657,000             3,594,000    
Deferred income tax liabilities 37,031,000 36,936,000           37,031,000 36,936,000             37,031,000    
Operating lease liabilities 3,150,000 3,135,000           3,150,000 3,135,000             3,150,000    
Other long-term liabilities 5,914,000 0           5,914,000 0             5,914,000    
Total liabilities 49,689,000 43,728,000           49,689,000 43,728,000             49,689,000    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired     194,900,000                              
Hindawi [Member] | Measurement Period Adjustments [Member]                                    
Measurement Period Adjustments [Abstract]                                    
Total preliminary consideration transferred 0                                  
Assets [Abstract]                                    
Current assets (90,000)                                  
Technology, property and equipment, net 0                                  
Intangible assets, net 500,000                                  
Goodwill 5,613,000                                  
Operating lease right-of-use assets 46,000                                  
Other non-current assets (108,000)                                  
Total assets 5,961,000                                  
Liabilities [Abstract]                                    
Current liabilities (63,000)                                  
Deferred income tax liabilities 95,000                                  
Operating lease liabilities 15,000                                  
Other long-term liabilities 5,914,000                                  
Total liabilities 5,961,000                                  
Hindawi [Member] | Research Publishing & Platforms [Member]                                    
Acquisitions [Abstract]                                    
Revenue                               12,000,000.0    
Operating income (loss)                               (2,100,000)    
Hindawi [Member] | Content and Publishing Rights [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired     $ 188,500,000                              
Weighted-average useful life     15 years                              
Hindawi [Member] | Developed Technology [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired     $ 5,000,000                              
Weighted-average useful life     6 years                              
Hindawi [Member] | Customer Relationships [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired     $ 400,000                              
Weighted-average useful life     10 years                              
Hindawi [Member] | Trademarks [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired     $ 1,000,000                              
Weighted-average useful life     2 years                              
mthree [Member]                                    
Acquisitions [Abstract]                                    
Percentage of ownership interest acquired         100.00%                          
Fair value of consideration transferred   123,531,000   122,242,000 $ 129,900,000 € 98.5                        
Total cash consideration transferred         122,200,000                          
Fair value of additional consideration to be paid after the acquisition date         6,400,000                     1,200,000    
Cash acquired                                 2,200,000  
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired         $ 1,300,000                       126,400,000  
Period over which cash payment will be made upon reaching certain revenue and Adjusted EBITDA targets         4 years 4 years                        
Goodwill deductible for tax purposes         $ 0                          
Acquisition related costs                                 1,300,000  
Assets [Abstract]                                    
Current assets   9,223,000   8,750,000         9,223,000     8,750,000         8,750,000  
Technology, property and equipment, net   484,000   484,000         484,000     484,000         484,000  
Intangible assets, net   56,836,000   56,836,000         56,836,000     56,836,000         56,836,000  
Goodwill   82,561,000   82,561,000         82,561,000     82,561,000         82,561,000  
Operating lease right-of-use assets   3,710,000   3,710,000         3,710,000     3,710,000         3,710,000  
Total assets   152,814,000   152,341,000         152,814,000     152,341,000         152,341,000  
Liabilities [Abstract]                                    
Current liabilities   13,564,000   14,380,000         13,564,000     14,380,000         14,380,000  
Deferred income tax liabilities   12,722,000   12,722,000         12,722,000     12,722,000         12,722,000  
Operating lease liabilities   2,692,000   2,692,000         2,692,000     2,692,000         2,692,000  
Other long-term liabilities   305,000   305,000         305,000     305,000         305,000  
Total liabilities   29,283,000   $ 30,099,000         29,283,000     $ 30,099,000         30,099,000  
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired         56,836,000                          
mthree [Member] | Measurement Period Adjustments [Member]                                    
Acquisitions [Abstract]                                    
Fair value of consideration transferred   1,289,000                                
Assets [Abstract]                                    
Current assets   473,000             473,000                  
Technology, property and equipment, net   0             0                  
Intangible assets, net   0             0                  
Goodwill   0             0                  
Operating lease right-of-use assets   0             0                  
Total assets   473,000             473,000                  
Liabilities [Abstract]                                    
Current liabilities   (816,000)             (816,000)                  
Deferred income tax liabilities   0             0                  
Operating lease liabilities   0             0                  
Other long-term liabilities   0             0                  
Total liabilities   (816,000)             (816,000)                  
mthree [Member] | Education Services [Member]                                    
Acquisitions [Abstract]                                    
Revenue                               32,600    
mthree [Member] | Customer Relationships [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired         $ 48,792,000                          
Weighted-average useful life         12 years 12 years                        
mthree [Member] | Content [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired         $ 1,319,000                          
Weighted-average useful life         4 years 4 years                        
mthree [Member] | Trademarks [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired         $ 6,725,000                          
Weighted-average useful life         10 years 10 years                        
zyBooks [Member]                                    
Acquisitions [Abstract]                                    
Total cash consideration transferred             $ 55,939,000                      
Assets [Abstract]                                    
Current assets             2,280,000                      
Technology, property and equipment, net             28,000                      
Intangible assets, net             24,500,000                      
Goodwill             36,903,000                      
Total assets             63,711,000                      
Liabilities [Abstract]                                    
Current liabilities             2,581,000                      
Deferred income tax liabilities             5,191,000                      
Total liabilities             7,772,000                      
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired             24,500,000                      
zyBooks [Member] | Academic and Professional Learning [Member]                                    
Acquisitions [Abstract]                                    
Fair value of consideration transferred             57,100,000                      
Fair value of additional consideration to be paid after the acquisition date             1,200,000                      
Cash acquired             1,800,000                      
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired             54,700,000                 300,000    
Revenue                               1,300,000    
Goodwill deductible for tax purposes             0                      
zyBooks [Member] | Developed Technology [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired             $ 10,400,000                      
Weighted-average useful life             7 years                      
zyBooks [Member] | Customer Relationships [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired             $ 6,800,000                      
Weighted-average useful life             10 years                      
zyBooks [Member] | Content [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired             $ 4,400,000                      
Weighted-average useful life             10 years                      
zyBooks [Member] | Trademarks [Member]                                    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Identifiable intangible assets acquired             $ 2,900,000                      
Weighted-average useful life             10 years                      
Other Acquisitions [Member]                                    
Acquisitions [Abstract]                                    
Fair value of consideration transferred                                 $ 48,500,000  
Fair value of cash consideration transferred, including those amounts paid after acquisition, net of cash acquired                               100,000    
Revenue                               13,500,000    
Assets [Abstract]                                    
Intangible assets, net 39,400,000 $ 11,700,000           39,400,000 $ 11,700,000             39,400,000    
Goodwill 17,300,000             17,300,000               $ 17,300,000    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Weighted-average useful life                               10 years    
Other Acquisitions [Member] | Research Publishing & Platforms [Member]                                    
Assets [Abstract]                                    
Goodwill 8,800,000             8,800,000               $ 8,800,000    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Weighted-average useful life                               8 years    
Other Acquisitions [Member] | Academic and Professional Learning [Member]                                    
Assets [Abstract]                                    
Goodwill $ 8,500,000             $ 8,500,000               $ 8,500,000    
Identifiable intangible assets acquired and weighted-average useful life [Abstract]                                    
Weighted-average useful life                               7 years    
[1] The Education Services goodwill balance as of April 30, 2020 includes a cumulative pretax noncash goodwill impairment of $110.0 million.
v3.21.2
Reconciliation of Weighted Average Shares Outstanding (Details) - shares
shares in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Reconciliation of Weighted Average Shares Outstanding [Abstract]      
Weighted average shares outstanding (in shares) 55,931 56,224 57,240
Less: Unvested restricted shares (in shares) (1) (15) (48)
Shares used for basic earnings (loss) per share (in shares) 55,930 56,209 57,192
Dilutive effect of unvested restricted stock units and other stock awards (in shares) 531 0 648
Shares used for diluted earnings (loss) per share (in shares) 56,461 56,209 57,840
Options [Member]      
Reconciliation of Weighted Average Shares Outstanding and Share Repurchases [Abstract]      
Antidilutive options to purchase Class A common shares, restricted shares, warrants to purchase Class A common shares and contingently issuable restricted stock which are excluded from the table above (in shares) 982 1,677 958
v3.21.2
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance $ 933,624 $ 1,181,347 $ 1,190,557
Other comprehensive income (loss) before reclassifications 75,850 (71,549) (68,835)
Amounts reclassified from Accumulated other comprehensive loss 8,857 4,790 (323)
Total other comprehensive income (loss) 84,707 (66,759) (69,158)
Balance 1,091,291 933,624 1,181,347
Accumulated Other Comprehensive Loss [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (575,497) (508,738) (439,580)
Balance (490,790) (575,497) (508,738)
Foreign Currency Translation [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (340,703) (312,107) (251,573)
Other comprehensive income (loss) before reclassifications 82,762 (28,596) (60,534)
Amounts reclassified from Accumulated other comprehensive loss 0 0 0
Total other comprehensive income (loss) 82,762 (28,596) (60,534)
Balance (257,941) (340,703) (312,107)
Unamortized Retirement Costs [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (227,920) (196,057) (191,026)
Other comprehensive income (loss) before reclassifications (6,273) (36,965) (9,422)
Amounts reclassified from Accumulated other comprehensive loss 6,047 5,102 4,391
Total other comprehensive income (loss) (226) (31,863) (5,031)
Balance (228,146) (227,920) (196,057)
Interest Rate Swaps [Member]      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (6,874) (574) 3,019
Other comprehensive income (loss) before reclassifications (639) (5,988) 1,121
Amounts reclassified from Accumulated other comprehensive loss 2,810 (312) (4,714)
Total other comprehensive income (loss) 2,171 (6,300) (3,593)
Balance $ (4,703) $ (6,874) $ (574)
v3.21.2
Accumulated Other Comprehensive Loss, Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Reclassification out of Accumulated Other Comprehensive Loss [Member]      
Amortization from Accumulated Other Comprehensive Loss [Abstract]      
Pension expense $ 7.8 $ 6.4 $ 5.5
v3.21.2
Restructuring and Related Charges, Pretax Restructuring Charges (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2020
Jan. 31, 2021
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit) [1]     $ 33,310 $ 32,607 $ 3,118
Charges   $ 18,300      
Business Optimization Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     33,449 32,813  
Restructuring and related charges incurred to date     66,262    
Percentage reduction in real estate square footage occupancy 12.00%        
Charges   $ 18,300      
Fair value of operating lease ROU assets and property and equipment immediately subsequent to impairment     7,500    
Business Optimization Program [Member] | Severance and Termination Benefits [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     11,531 26,864  
Restructuring and related charges incurred to date     38,395    
Business Optimization Program [Member] | Impairment of Operating Lease ROU Assets and Property and Equipment [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     14,918 161  
Restructuring and related charges incurred to date     15,079    
Business Optimization Program [Member] | Impairment of Operating Lease ROU Assets Related to Certain Leases [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     10,600    
Business Optimization Program [Member] | Impairment of Operating Lease ROU Assets Related to Property and Equipment [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     4,300    
Business Optimization Program [Member] | Acceleration of Expense Related to Operating Lease ROU Assets and Property and Equipment [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     3,378 0  
Restructuring and related charges incurred to date     3,378    
Business Optimization Program [Member] | Acceleration of Expense of Operating Lease ROU Assets Related to Certain Leases [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     2,900    
Business Optimization Program [Member] | Acceleration of Expense of Operating Lease ROU Assets Related to Property and Equipment [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     500    
Business Optimization Program [Member] | Facility Related Charges [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     3,684 3,986  
Restructuring and related charges incurred to date     7,670    
Business Optimization Program [Member] | Other Activities [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     (62) 1,802  
Restructuring and related charges incurred to date     1,740    
Restructuring and Reinvestment Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     (139) (206) 3,118
Restructuring and related charges incurred to date     169,283    
Restructuring and Reinvestment Program [Member] | Severance and Termination Benefits [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     (139) (250) 1,456
Restructuring and related charges incurred to date     115,870    
Restructuring and Reinvestment Program [Member] | Consulting and Contract Termination Costs [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     0 (171) 526
Restructuring and related charges incurred to date     20,984    
Restructuring and Reinvestment Program [Member] | Other Activities [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     0 215 1,136
Restructuring and related charges incurred to date     32,429    
Research Publishing & Platforms [Member] | Business Optimization Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     99 3,546  
Restructuring and related charges incurred to date     3,645    
Research Publishing & Platforms [Member] | Restructuring and Reinvestment Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     (135) 340 1,131
Restructuring and related charges incurred to date     26,749    
Academic & Professional Learning [Member] | Business Optimization Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     3,229 10,475  
Restructuring and related charges incurred to date     13,704    
Academic & Professional Learning [Member] | Restructuring and Reinvestment Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     274 (5) 1,139
Restructuring and related charges incurred to date     43,108    
Education Services [Member] | Business Optimization Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     531 3,774  
Restructuring and related charges incurred to date     4,305    
Education Services [Member] | Restructuring and Reinvestment Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     0 (103) 389
Restructuring and related charges incurred to date     3,764    
Corporate Expenses [Member] | Restructuring and Reinvestment Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     (278) (438) $ 459
Restructuring and related charges incurred to date     95,662    
Corporate Expenses [Member] | Business Optimization Program [Member]          
Summary of pretax restructuring (credits) charges [Abstract]          
Restructuring and related charges (credit)     29,590 $ 15,018  
Restructuring and related charges incurred to date     $ 44,608    
[1] See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment.
v3.21.2
Restructuring and Related Charges, Activity for Restructuring Liability (Details)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
USD ($)
Business Optimization Program [Member]  
Activity for Restructuring Liability [Roll Forward]  
Restructuring liability, beginning of period $ 18,062
Charges (credits) 11,267
Payments (18,572)
Foreign translation & other adjustments 708
Restructuring liability, end of period 11,465
Business Optimization Program [Member] | Severance and Termination Benefits [Member]  
Activity for Restructuring Liability [Roll Forward]  
Restructuring liability, beginning of period 17,632
Charges (credits) 11,531
Payments (18,310)
Foreign translation & other adjustments 612
Restructuring liability, end of period 11,465
Business Optimization Program [Member] | Other Activities [Member]  
Activity for Restructuring Liability [Roll Forward]  
Restructuring liability, beginning of period 430
Charges (credits) (264)
Payments (262)
Foreign translation & other adjustments 96
Restructuring liability, end of period 0
Restructuring and Reinvestment Program [Member]  
Activity for Restructuring Liability [Roll Forward]  
Restructuring liability, beginning of period 1,590
Charges (credits) (139)
Payments (1,095)
Foreign translation & other adjustments 308
Restructuring liability, end of period 664
Restructuring and Reinvestment Program [Member] | Severance and Termination Benefits [Member]  
Activity for Restructuring Liability [Roll Forward]  
Restructuring liability, beginning of period 1,360
Charges (credits) (139)
Payments (888)
Foreign translation & other adjustments 69
Restructuring liability, end of period 402
Restructuring and Reinvestment Program [Member] | Other Activities [Member]  
Activity for Restructuring Liability [Roll Forward]  
Restructuring liability, beginning of period 230
Charges (credits) 0
Payments (207)
Foreign translation & other adjustments 239
Restructuring liability, end of period $ 262
v3.21.2
Inventories (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Inventory, Net [Abstract]    
Finished goods $ 31,704 $ 36,014
Work-in-process 2,060 1,398
Paper and other materials 331 331
Total inventories before estimated sales returns and LIFO reserve 34,095 37,743
Inventory value of estimated sales returns 10,886 8,686
LIFO reserve (2,443) (2,815)
Inventories, net 42,538 43,614
Adjustment for lower of cost or net realizable value $ 14,000 $ 16,100
v3.21.2
Product Development Assets (Details) - USD ($)
$ in Thousands
Apr. 30, 2021
Apr. 30, 2020
Product Development Assets [Abstract]    
Product development assets, net $ 49,517 $ 53,643
Accumulated amortization 269,000 244,100
Book Composition Costs [Member]    
Product Development Assets [Abstract]    
Product development assets, net 20,474 18,744
Work in process 6,300 4,900
Software Costs [Member]    
Product Development Assets [Abstract]    
Product development assets, net 23,262 28,995
Content Development Costs [Member]    
Product Development Assets [Abstract]    
Product development assets, net $ 5,781 $ 5,904
v3.21.2
Technology, Property and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross $ 733,558 $ 665,116  
Accumulated depreciation and amortization (451,288) (367,111)  
Technology, property and equipment, net 282,270 298,005 $ 289,021
Capitalized software amortization expense 69,184 55,685 50,095
Depreciation and amortization expense, excluding capitalized software 21,955 21,031 19,323
Total depreciation and amortization expense for technology, property and equipment 91,139 76,716 $ 69,418
Net book value of capitalized software costs 202,800 207,500  
Capitalized Software [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross 536,878 471,844  
Work in process 600 900  
Computer Hardware [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross 50,714 46,640  
Buildings and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross 99,636 99,230  
Furniture, Fixtures and Warehouse Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross 42,674 44,104  
Land and Land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Technology, property and equipment, gross $ 3,656 $ 3,298  
v3.21.2
Goodwill and Intangible Assets, Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Activity in Goodwill by Segment [Roll Forward]      
Balance, beginning of period $ 1,116,790    
Acquisitions [1] 136,789    
Foreign translation adjustment 50,761    
Balance, end of period 1,304,340 $ 1,116,790  
Goodwill impairment [2] 0 110,000 $ 0
Research Publishing & Platforms [Member]      
Activity in Goodwill by Segment [Roll Forward]      
Balance, beginning of period 448,130    
Acquisitions [1] 136,789    
Foreign translation adjustment 34,284    
Balance, end of period 619,203 448,130  
Academic & Professional Learning [Member]      
Activity in Goodwill by Segment [Roll Forward]      
Balance, beginning of period 501,091    
Acquisitions [1] 0    
Foreign translation adjustment 11,421    
Balance, end of period 512,512 501,091  
Education Services [Member]      
Activity in Goodwill by Segment [Roll Forward]      
Balance, beginning of period [3] 167,569    
Acquisitions [1] 0    
Foreign translation adjustment 5,056    
Balance, end of period $ 172,625 167,569 [3]  
Goodwill impairment   110,000  
Long-lived assets   $ 434,000  
[1] Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in the year ended April 30, 2021.
[2] See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment.
[3] The Education Services goodwill balance as of April 30, 2020 includes a cumulative pretax noncash goodwill impairment of $110.0 million.
v3.21.2
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2020
Apr. 30, 2021
Intangible assets with definite lives, net [Abstract]    
Cost [1] $ 1,248,291 $ 1,536,199
Accumulated amortization [1] (559,381) (650,938)
Accumulated impairment [1] (2,841)  
Total [1] 686,069 885,261
Intangible assets with indefinite lives [Abstract]    
Cost 214,443 130,041
Accumulated impairment (93,107)  
Total 121,336 130,041
Intangible assets (excluding goodwill) [Abstract]    
Cost 1,462,734 1,666,240
Accumulated impairment (95,948)  
Total Intangible Assets, Net 807,405 1,015,302
Brands and Trademarks [Member]    
Intangible assets with indefinite lives [Abstract]    
Cost [2] 130,107 37,000
Accumulated impairment [2] (93,107)  
Total [2] 37,000 37,000
Content and Publishing Rights [Member]    
Intangible assets with indefinite lives [Abstract]    
Cost 84,336 93,041
Accumulated impairment 0  
Total 84,336 93,041
Brands [Member]    
Intangible assets (excluding goodwill) [Abstract]    
Impairment charges (BW in FY20) 89,500  
Content and Publishing Rights [Member]    
Intangible assets with definite lives, net [Abstract]    
Cost 806,862 1,062,072
Accumulated amortization (444,756) (497,843)
Accumulated impairment 0  
Total 362,106 564,229
Customer Relationships [Member]    
Intangible assets with definite lives, net [Abstract]    
Cost 377,652 384,462
Accumulated amortization (87,234) (117,985)
Accumulated impairment 0  
Total 290,418 266,477
Developed Technology [Member]    
Intangible assets with definite lives, net [Abstract]    
Cost [2] 19,225 42,785
Accumulated amortization [2] (3,273) (7,824)
Accumulated impairment [2] (2,841)  
Total [2] 13,111 34,961
Brands and Trademarks [Member]    
Intangible assets with definite lives, net [Abstract]    
Cost 42,877 45,630
Accumulated amortization (22,689) (26,094)
Accumulated impairment 0  
Total 20,188 19,536
Covenants Not to Compete [Member]    
Intangible assets with definite lives, net [Abstract]    
Cost 1,675 1,250
Accumulated amortization (1,429) (1,192)
Accumulated impairment 0  
Total $ 246 $ 58
[1] Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in 2021 and 2020.
[2] The developed technology balance as of April 30, 2021 is presented net of accumulated impairments and write-offs of $2.8 million.  The indefinite-lived brands and trademarks cost balance as of April 30, 2021 is net of accumulated impairments of $93.1 million.
v3.21.2
Goodwill and Intangible Assets, Future Amortization Expense (Details) - USD ($)
$ in Thousands
Apr. 30, 2021
Apr. 30, 2020
Estimated future amortization expense related to intangible assets [Abstract]    
2022 $ 82,401  
2023 76,125  
2024 71,367  
2025 65,764  
2026 63,410  
Thereafter 526,194  
Total [1] $ 885,261 $ 686,069
[1] Refer to Note 4, “Acquisitions,” for more information related to the acquisitions that occurred in 2021 and 2020.
v3.21.2
Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 31, 2021
Apr. 30, 2021
Apr. 30, 2020
ROU Assets and Lease Liabilities [Abstract]      
Operating lease ROU assets   $ 121,430 $ 142,716
Short-term portion of operating lease liabilities   22,440 21,810
Operating lease liabilities, non-current   145,832 $ 159,782
Increase (decrease) in ROU assets due to new leases as well as modifications and remeasurements to existing operating leases   6,100  
Increase (decrease) in operating lease liabilities due to new leases as well as modifications and remeasurements to existing operating leases   $ 5,700  
Restructuring charges $ 18,300    
v3.21.2
Operating Leases, Total Net Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Net Lease Costs [Abstract]    
Operating lease cost $ 24,862 $ 26,027
Variable lease cost 2,135 3,856
Short-term lease cost 248 86
Sublease income (722) (691)
Total net lease cost [1] $ 26,523 $ 29,278
[1] Total net lease cost does not include those costs included in Restructuring and related charges on our Consolidated Statements of Income (Loss). See Note 7, “Restructuring and Related Charges” for more information on these programs.
v3.21.2
Operating Leases, Other Supplemental Information for Operating Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Other Supplemental Information for Operating Leases [Abstract]    
Weighted-average remaining contractual lease term (years) 9 years 10 years
Weighted-average discount rate 5.89% 5.89%
Cash paid for amounts included in the measurement of lease liabilities [Abstract]    
Operating cash flows from operating leases $ 32,344 $ 28,243
v3.21.2
Operating Leases, Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Apr. 30, 2021
Apr. 30, 2020
Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities [Abstract]    
2022 $ 30,674  
2023 26,905  
2024 24,799  
2025 23,235  
2026 20,584  
Thereafter 95,000  
Total future undiscounted minimum lease payments 221,197  
Less: Imputed interest 52,925  
Present value of minimum lease payments 168,272  
Less: Current portion 22,440 $ 21,810
Noncurrent portion $ 145,832 $ 159,782
v3.21.2
Operating Leases, Net Rent Expense for Operating Leases (Details)
$ in Thousands
 12 Months Ended
Apr. 30, 2019
USD ($)
Composition of rent expense [Abstract]  
Minimum rental $ 29,066
Less: sublease rentals (719)
Total $ 28,347
v3.21.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 31, 2020
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Apr. 30, 2015
Current Provision [Abstract]          
US - Federal   $ (6,631) $ 1,145 $ 2,384  
International   43,269 37,494 52,518  
State and local   1,359 172 2,536  
Total current provision   37,997 38,811 57,438  
Deferred (benefit) provision [Abstract]          
US - Federal   (11,996) (8,476) 335  
International   1,175 (15,022) (7,630)  
State and local   480 (4,118) (5,454)  
Total deferred (benefit)   (10,341) (27,616) (12,749)  
Total provision   27,656 11,195 44,689  
Foreign and domestic pretax income (loss) [Abstract]          
International   202,490 104,185 204,326  
United States   (26,578) (167,277) 8,626  
Income (loss) before taxes   $ 175,912 $ (63,092) $ 212,952  
Effective income tax rate reconciliation [Abstract]          
US federal statutory rate   21.00% 21.00% 21.00% 35.00%
Cost of higher taxes on non-US income   1.10% 4.80% 0.90%  
State income taxes, net of US federal tax benefit   0.80% 3.30% (1.30%)  
US NOL carryback under CARES Act   (8.00%) 0.00% 0.00%  
Deferred tax (benefit) from US Tax Act   0.00% 0.00% 0.10%  
Tax credits and related benefits   (0.50%) (1.10%) (0.80%)  
Impairment of goodwill and intangibles   0.00% (42.30%) 0.00%  
Other   1.30% (3.40%) 1.10%  
Effective income tax rate   15.70% (17.70%) 21.00%  
Refund in connection with NOL carryback   $ 20,700      
Tax benefit resulting from NOL carryback   14,000      
Increase in official UK statutory rate   $ 3,500      
Increase in official UK statutory rate   2.00%      
Increase in state income tax expense due to increase in deferred tax liabilities   $ 3,200      
Increase in state income tax expense due to increase in deferred tax liabilities   1.80%      
Accounting for uncertainty in income taxes [Abstract]          
Accruals for interest and penalties   $ 700 $ 600    
Interest expense on reserves for unrecognized and recognized tax benefits   200 200    
Total amount of unrecognized tax benefits that, if recognized, would reduce the Company's income tax provision   7,400 6,200    
Reconciliation of unrecognized tax benefits [Roll Forward]          
Balance, beginning of period $ 6,194 6,194 7,659    
Additions for current year tax positions   3,626 694    
Additions for prior year tax positions   511 0    
Reductions for prior year tax positions   (163) (655)    
Foreign translation adjustment     (15)    
Foreign translation adjustment   57      
Payments and settlements   (215) (56)    
Reductions for lapse of statute of limitations   (866) (1,433)    
Balance, end of period   9,144 6,194 $ 7,659  
Significant components of deferred tax assets and liabilities [Abstract]          
Net operating losses   19,433 17,966    
Reserve for sales returns and doubtful accounts   3,838 2,638    
Accrued employee compensation   32,835 20,114    
Foreign and federal credits   5,129 31,487    
Other accrued expenses   16,092 11,827    
Retirement and post-employment benefits   30,039 37,927    
Total gross deferred tax assets   107,366 121,959    
Less valuation allowance   (4,855) (23,287)    
Total deferred tax assets   102,511 98,672    
Prepaid expenses and other current assets   (459) (1,142)    
Unremitted foreign earnings   (2,485) (1,985)    
Intangible and fixed assets   (260,559) (205,882)    
Total deferred tax liabilities   (263,503) (209,009)    
Net deferred tax liabilities   (160,992) (110,337)    
Reported As [Abstract]          
Deferred tax assets   11,911 8,790    
Deferred tax liabilities   (172,903) (119,127)    
Net deferred tax liabilities   (160,992) $ (110,337)    
UK [Member]          
Income Taxes [Abstract]          
Non-cash deferred tax expense from re-measurement of net deferred tax liabilities $ 3,500        
UK [Member] | Minimum [Member]          
Income Taxes [Abstract]          
Foreign statutory tax rate 17.00%        
UK [Member] | Maximum [Member]          
Income Taxes [Abstract]          
Foreign statutory tax rate 19.00%        
US [Member]          
Income Taxes [Abstract]          
Non-cash deferred tax expense from re-measurement of net deferred tax liabilities   3,200      
Foreign Tax Authority [Member]          
Operating Loss Carryforwards [Line Items]          
Estimated taxes upon repatriation   2,500      
State and Local Jurisdiction [Member]          
Operating Loss Carryforwards [Line Items]          
Apportioned state net operating loss carryforwards   115,000      
Apportioned state net operating loss carryforwards, tax effected value   $ 6,500      
State and Local Jurisdiction [Member] | Minimum [Member]          
Operating Loss Carryforwards [Line Items]          
Net operating loss carryforwards, expiration period   5 years      
State and Local Jurisdiction [Member] | Maximum [Member]          
Operating Loss Carryforwards [Line Items]          
Net operating loss carryforwards, expiration period   19 years      
v3.21.2
Debt and Available Credit Facilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Jul. 31, 2019
May 30, 2019
Components of Total Debt Outstanding [Abstract]        
Short-term portion of long-term debt [1] $ 12,500 $ 9,375    
Total long-term debt, less current portion 809,088 765,650    
Total debt 821,588 775,025    
Unamortized issuance costs 500 700    
Annual Maturities of Long-term Debt, Including Short-term Portion [Abstract]        
2022 12,500      
2023 18,750      
2024 204,688      
2025 586,160      
Total $ 822,098      
Amended and Restated RCA [Member]        
Debt and Available Credit Facilities [Abstract]        
Term of credit facility 5 years      
Costs incurred     $ 4,000  
Credit agreement issuance cost capitalized     5,200  
Amortization expense of the lender and non-lender fees in interest expense $ 1,100 1,000    
Revolving Credit Facility [Member]        
Debt and Available Credit Facilities [Abstract]        
Term of credit facility 5 years      
Revolving Credit Facility [Member] | Amended and Restated RCA [Member]        
Components of Total Debt Outstanding [Abstract]        
Total long-term debt, less current portion $ 586,160 $ 530,387    
Debt and Available Credit Facilities [Abstract]        
Amount of financing available under credit facilities       $ 1,250,000
Credit agreement issuance cost capitalized     4,300  
Line of Credit [Member]        
Debt and Available Credit Facilities [Abstract]        
Amount of financing available under credit facilities 1,500,000      
Unused lines of credit $ 700,000      
Weighted average interest rate on total debt outstanding during the period 2.03% 3.12%    
Weighted average interest rate on total debt at period end 1.98% 2.26%    
Term Loan A Facility [Member]        
Debt and Available Credit Facilities [Abstract]        
Term of credit facility 5 years      
Term Loan A Facility [Member] | Amended and Restated RCA [Member]        
Components of Total Debt Outstanding [Abstract]        
Total long-term debt, less current portion [2] $ 222,928 $ 235,263    
Debt and Available Credit Facilities [Abstract]        
Credit agreement face amount       $ 250,000
Credit agreement issuance cost capitalized     900  
Term Loan amount related to lender fees as a reduction to debt     800  
Term Loan amount related to non-lender fees in Other NC Assets     $ 100  
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member]        
Debt and Available Credit Facilities [Abstract]        
Optional credit limit increase available on request 500,000      
Minimum increments in which optional credit limit increase may be requested $ 50,000      
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Minimum [Member]        
Debt and Available Credit Facilities [Abstract]        
Line of credit facility fee percentage 0.15%      
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Maximum [Member]        
Debt and Available Credit Facilities [Abstract]        
Line of credit facility fee percentage 0.25%      
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | LIBOR [Member] | Minimum [Member]        
Debt and Available Credit Facilities [Abstract]        
Applicable margin 0.98%      
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | LIBOR [Member] | Maximum [Member]        
Debt and Available Credit Facilities [Abstract]        
Applicable margin 1.50%      
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Base Rate [Member] | Minimum [Member]        
Debt and Available Credit Facilities [Abstract]        
Applicable margin 0.00%      
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Base Rate [Member] | Maximum [Member]        
Debt and Available Credit Facilities [Abstract]        
Applicable margin 0.50%      
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Federal Funds Effective Rate [Member]        
Debt and Available Credit Facilities [Abstract]        
Margin rate over reference rate used in determining base rate 0.50%      
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Amended and Restated RCA [Member] | Eurocurrency Rate [Member]        
Debt and Available Credit Facilities [Abstract]        
Margin rate over reference rate used in determining base rate 1.00%      
Other Credit Facilities [Member] | Line of Credit [Member]        
Debt and Available Credit Facilities [Abstract]        
Outstanding borrowings under revolving credit facilities $ 0 $ 0    
Amount of financing available under credit facilities $ 1,000      
[1] Relates to our term loan A under the Amended and Restated RCA.
[2] Amounts are shown net of unamortized issuance costs of $0.5 million as of April 30, 2021 and $0.7 million as of April 30, 2020.
v3.21.2
Derivative Instruments and Activities (Details)
$ in Thousands, € in Millions
 12 Months Ended
Apr. 30, 2021
USD ($)
Apr. 30, 2020
USD ($)
Apr. 30, 2019
USD ($)
Apr. 30, 2021
EUR (€)
Derivative Instruments and Activities [Abstract]        
Total debt outstanding $ 821,588 $ 775,025    
Unamortized debt issuance costs 500 700    
Variable rate loans outstanding 822,100      
Foreign exchange transaction losses (7,977) 2,773 $ (6,016)  
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Activities [Abstract]        
Notional Amount 400 300    
Unrecognized gains to be reclassified into net income in the next twelve months 3,200      
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member]        
Derivative Instruments and Activities [Abstract]        
Net gains (losses) reclassified from Accumulated Other Comprehensive Loss (3,700) 400 $ 4,700  
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Activities [Abstract]        
Assets fair value of derivative instrument $ 5,600 8,300    
Interest Rate Swaps [Member] | April 2021 Interest Rate Swap Variable Rate Loans [Member] | LIBOR [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Activities [Abstract]        
Hedged Item Amended and Restated RCA      
Inception date Apr. 12, 2021      
Nature of Swap Pay fixed/receive variable      
Notional Amount $ 100 0    
Fixed Interest Rate 0.50%     0.50%
Term of variable rate 1 month      
Term of derivative instrument 3 years      
Expiration date Apr. 15, 2024      
Interest Rate Swaps [Member] | February 2020 Interest Rate Swap Variable Rate Loans [Member] | LIBOR [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Activities [Abstract]        
Hedged Item Amended and Restated RCA      
Inception date Feb. 26, 2020      
Nature of Swap Pay fixed/receive variable      
Notional Amount $ 100 100    
Fixed Interest Rate 1.15%     1.15%
Term of variable rate 1 month      
Term of derivative instrument 3 years      
Expiration date Mar. 15, 2023      
Interest Rate Swaps [Member] | August 2019 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Activities [Abstract]        
Hedged Item Amended and Restated RCA      
Inception date Aug. 07, 2019      
Nature of Swap Pay fixed/receive variable      
Notional Amount $ 100 100    
Fixed Interest Rate 1.40%     1.40%
Term of variable rate 1 month      
Term of derivative instrument 3 years      
Expiration date Aug. 15, 2022      
Interest Rate Swaps [Member] | June 2019 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Activities [Abstract]        
Hedged Item Amended and Restated RCA      
Inception date Jun. 24, 2019      
Nature of Swap Pay fixed/receive variable      
Notional Amount $ 100 $ 100    
Fixed Interest Rate 1.65%     1.65%
Term of variable rate 1 month      
Term of derivative instrument 3 years      
Expiration date Jul. 15, 2022      
Interest Rate Swaps [Member] | April 2016 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member]        
Derivative Instruments and Activities [Abstract]        
Inception date Apr. 04, 2016      
Notional Amount $ 350,000      
Fixed Interest Rate 0.92%     0.92%
Term of variable rate 1 month      
Term of derivative instrument 3 years      
Expiration date May 15, 2019      
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member]        
Derivative Instruments and Activities [Abstract]        
Open derivative contract $ 38,800     € 32
Foreign exchange transaction losses $ (800)      
v3.21.2
Retirement Plans, Recent Plan Curtailments (Details)
 12 Months Ended
Apr. 30, 2021
Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Employee retirement age limit under retirement plans 60 years
Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Employee retirement age limit under retirement plans 65 years
Supplemental Executive Retirement Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Term of supplemental retirement benefits 10 years
v3.21.2
Retirement Plans, Components of Net Pension Expense (Income) and Weighted-Average Assumptions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
US [Member]      
Components of net pension income for defined benefit plans [Abstract]      
Service cost $ 0 $ 0 $ 0
Interest cost 9,504 11,247 11,704
Expected return on plan assets (11,969) (14,038) (13,472)
Amortization of prior service cost (154) (154) (154)
Amortization of net actuarial loss 3,501 2,403 2,035
Curtailment/Settlement Loss 0 0 0
Net pension expense (income) $ 882 $ (542) $ 113
Weighted-average assumptions [Abstract]      
Discount rate 3.10% 4.10% 4.30%
Expected return on plan assets 5.80% 6.80% 6.80%
Non-US [Member]      
Components of net pension income for defined benefit plans [Abstract]      
Service cost $ 1,396 $ 1,851 $ 912
Interest cost 8,901 12,652 12,943
Expected return on plan assets (26,971) (26,116) (25,551)
Amortization of prior service cost 58 73 57
Amortization of net actuarial loss 4,516 3,993 3,746
Curtailment/Settlement Loss 0 291 0
Net pension expense (income) $ (12,100) $ (7,256) $ (7,893)
Weighted-average assumptions [Abstract]      
Discount rate 1.60% 2.40% 2.60%
Rate of compensation increase 3.00% 3.00% 3.00%
Expected return on plan assets 5.70% 6.50% 6.50%
Canada [Member]      
Weighted-average assumptions [Abstract]      
Retirement plans settlement charges for employees   $ 300  
v3.21.2
Retirement Plans, Changes in and Status of Defined Benefit Plans' Assets and Benefit Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
CHANGE IN PLAN ASSETS [Roll Forward]      
Fair value of plan assets, beginning of year $ 659,426    
Fair value, end of year 761,015 $ 659,426  
US [Member]      
CHANGE IN PLAN ASSETS [Roll Forward]      
Fair value of plan assets, beginning of year 213,946 213,628  
Actual return on plan assets 34,560 11,645  
Employer contributions 5,599 3,700  
Employee contributions 0 0  
Settlements 0 0  
Benefits paid (16,976) (15,027)  
Foreign currency rate changes 0 0  
Fair value, end of year 237,129 213,946 $ 213,628
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward]      
Benefit obligation, beginning of year (318,967) (285,197)  
Service cost 0 0 0
Interest cost (9,504) (11,247) (11,704)
Actuarial gains (losses) 8,863 (37,550)  
Benefits paid 16,976 15,027  
Foreign currency rate changes 0 0  
Settlements and other 0 0  
Benefit obligation, end of year (302,632) (318,967) (285,197)
Underfunded status, end of year (65,503) (105,021)  
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract]      
Noncurrent assets 0 0  
Current pension liability (3,576) (4,990)  
Noncurrent pension liability (61,927) (100,031)  
Net amount recognized in statement of financial position (65,503) (105,021)  
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF [Abstract]      
Net actuarial (losses) (96,613) (131,569)  
Prior service cost gains (losses) 2,100 2,254  
Total accumulated other comprehensive loss (94,513) (129,315)  
Change in accumulated other comprehensive loss 34,802 (37,695)  
INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS [Abstract]      
Accumulated benefit obligation 302,632 318,967  
Fair value of plan assets 237,129 213,946  
INFORMATION FOR PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS [Abstract]      
Projected benefit obligation 302,632 318,967  
Fair value of plan assets $ 237,129 $ 213,946  
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract]      
Discount rate 3.20% 3.10%  
Rate of compensation increase  
Accumulated benefit obligations $ (302,632) $ (318,967)  
Non-US [Member]      
CHANGE IN PLAN ASSETS [Roll Forward]      
Fair value of plan assets, beginning of year 445,480 408,249  
Actual return on plan assets 27,971 48,602  
Employer contributions 12,203 11,686  
Employee contributions 0 0  
Settlements 0 (1,459)  
Benefits paid (11,921) (9,162)  
Foreign currency rate changes 50,153 (12,436)  
Fair value, end of year 523,886 445,480 408,249
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward]      
Benefit obligation, beginning of year (534,303) (509,015)  
Service cost (1,396) (1,851) (912)
Interest cost (8,901) (12,652) (12,943)
Actuarial gains (losses) (17,739) (36,287)  
Benefits paid 11,921 9,162  
Foreign currency rate changes (59,046) 15,176  
Settlements and other (150) 1,164  
Benefit obligation, end of year (609,614) (534,303) $ (509,015)
Underfunded status, end of year (85,728) (88,823)  
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract]      
Noncurrent assets 6 0  
Current pension liability (1,414) (885)  
Noncurrent pension liability (84,320) (87,938)  
Net amount recognized in statement of financial position (85,728) (88,823)  
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF [Abstract]      
Net actuarial (losses) (213,958) (181,403)  
Prior service cost gains (losses) (1,299) (1,051)  
Total accumulated other comprehensive loss (215,257) (182,454)  
Change in accumulated other comprehensive loss (32,803) (4,143)  
INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS [Abstract]      
Accumulated benefit obligation 566,998 497,489  
Fair value of plan assets 513,279 445,480  
INFORMATION FOR PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS [Abstract]      
Projected benefit obligation 599,011 534,303  
Fair value of plan assets $ 513,279 $ 445,480  
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract]      
Discount rate 1.90% 1.60%  
Rate of compensation increase 3.00% 3.00%  
Accumulated benefit obligations $ (577,600) $ (497,489)  
v3.21.2
Retirement Plans, Pension Plan Assets/Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Pension plan assets/investments [Abstract]      
Acceptable ranges within which asset allocations will fluctuate 5.00%    
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets $ 761,015 $ 659,426  
Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 6,665 5,565  
Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets $ 517,221 439,915  
Equity Securities [Member]      
Pension plan assets/investments [Abstract]      
Target allocation percentage 50.00%    
Fixed Income Securities and Cash [Member]      
Pension plan assets/investments [Abstract]      
Target allocation percentage 50.00%    
US [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets $ 237,129 213,946 $ 213,628
US [Member] | Investments Measured at NAV [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 237,129 213,946  
US [Member] | Global Equity Securities: Limited Partnership [Member] | Investments Measured at NAV [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 121,569 110,965  
US [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Investments Measured at NAV [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 115,560 102,981  
Non-US [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 523,886 445,480 $ 408,249
Non-US [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 6,665 5,565  
Non-US [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 517,221 439,915  
Non-US [Member] | U.S. Equities [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 51,882 36,842  
Non-US [Member] | U.S. Equities [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 0 0  
Non-US [Member] | U.S. Equities [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 51,882 36,842  
Non-US [Member] | Non-U.S. Equities [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 124,496 103,460  
Non-US [Member] | Non-U.S. Equities [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 0 0  
Non-US [Member] | Non-U.S. Equities [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 124,496 103,460  
Non-US [Member] | Balanced Managed Funds [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 103,717 44,989  
Non-US [Member] | Balanced Managed Funds [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 0 0  
Non-US [Member] | Balanced Managed Funds [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 103,717 44,989  
Non-US [Member] | Fixed Income Securities: Commingled Trust Funds [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 238,027 257,565  
Non-US [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 1,444 3,431  
Non-US [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 236,583 254,134  
Non-US [Member] | Real Estate/Other [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 543 490  
Non-US [Member] | Real Estate/Other [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 0 0  
Non-US [Member] | Real Estate/Other [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 543 490  
Non-US [Member] | Cash and Cash Equivalents [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 5,221 2,134  
Non-US [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets 5,221 2,134  
Non-US [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member]      
Assets, Fair Value Disclosure [Abstract]      
Fair value of plan assets $ 0 $ 0  
v3.21.2
Retirement Plans, Expected Employer Contributions and Benefit Payments and Other Retirement Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions to the defined benefit pension plans $ 16,800    
Expected future benefit payments [Abstract]      
2022 27,516    
2023 27,215    
2024 28,199    
2025 29,841    
2026 29,068    
2027-2031 158,879    
Total 300,718    
Defined Contribution Savings Plans [Abstract]      
Expense recorded 24,300 $ 19,000 $ 13,100
US [Member]      
Expected future benefit payments [Abstract]      
2022 15,305    
2023 15,446    
2024 15,593    
2025 15,024    
2026 15,064    
2027-2031 75,870    
Total 152,302    
Other postretirement benefits [Abstract]      
Annual (credits) expenses for benefit plans 882 (542) 113
Non-US [Member]      
Expected future benefit payments [Abstract]      
2022 12,211    
2023 11,769    
2024 12,606    
2025 14,817    
2026 14,004    
2027-2031 83,009    
Total 148,416    
Other postretirement benefits [Abstract]      
Annual (credits) expenses for benefit plans (12,100) (7,256) (7,893)
Non-US [Member] | Minimum [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions to the defined benefit pension plans 13,100    
Postretirement Life Insurance and Health Care Benefits [Member]      
Other postretirement benefits [Abstract]      
Accumulated post-retirement benefit obligation 1,500 1,400  
Annual (credits) expenses for benefit plans $ (100) $ (100) $ (100)
v3.21.2
Stock-Based Compensation (Details) - 2014 Key Employee Stock Plan [Member] - Class A Common Stock [Member]
Apr. 30, 2021
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares authorized for issuance under the plan (in shares) 6,500,000
Remaining shares available for future issuance under the plan (in shares) 2,357,682
v3.21.2
Stock-Based Compensation, Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Apr. 30, 2017
Apr. 30, 2016
Apr. 30, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]            
Options Outstanding, Number of Options (in shares) 141,000          
Options Outstanding, Weighted Average Remaining Term 2 years 7 months 6 days          
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 51.17          
Options Exercisable, Number of Options (in shares) 141,000          
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 51.17          
Range of Exercise Prices - $39.53 [Member]            
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]            
Range of Exercise Prices, Lower Range Limit (in dollars per share) $ 39.53          
Options Outstanding, Number of Options (in shares) 34,000          
Options Outstanding, Weighted Average Remaining Term 2 years          
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 39.53          
Options Exercisable, Number of Options (in shares) 34,000          
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 39.53          
Range of Exercise Prices - $48.06 to $49.55 [Member]            
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]            
Range of Exercise Prices, Lower Range Limit (in dollars per share) 48.06          
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 49.55          
Options Outstanding, Number of Options (in shares) 32,000          
Options Outstanding, Weighted Average Remaining Term 1 year 1 month 6 days          
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 48.22          
Options Exercisable, Number of Options (in shares) 32,000          
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 48.22          
Range of Exercise Prices - $55.99 to $59.70 [Member]            
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]            
Range of Exercise Prices, Lower Range Limit (in dollars per share) 55.99          
Range of Exercise Prices, Upper Range Limit (in dollars per share) $ 59.70          
Options Outstanding, Number of Options (in shares) 75,000          
Options Outstanding, Weighted Average Remaining Term 3 years 7 months 6 days          
Options Outstanding, Weighted Average Exercise Price (in dollars per share) $ 57.76          
Options Exercisable, Number of Options (in shares) 75,000          
Options Exercisable, Weighted Average Exercise Price (in dollars per share) $ 57.76          
Stock Options [Member]            
Estimated weighted average fair value for options granted and significant weighted average assumptions used [Abstract]            
Fair Value of Options on Grant Date (in dollars per share)         $ 14.77  
Options [Roll Forward]            
Outstanding at beginning of year (in shares) 286,000 372,000 611,000      
Granted (in shares) 0 0 0 0    
Exercised (in shares) (60,000) (34,000) (229,000)      
Expired or forfeited (in shares) (85,000) (52,000) (10,000)      
Outstanding at end of year (in shares) 141,000 286,000 372,000      
Exercisable at end of year (in shares) 141,000 286,000 372,000      
Vested and expected to vest in the future at end of year (in shares) 141,000 286,000 372,000      
Weighted Average Exercise Price [Abstract]            
Outstanding at beginning of year (in dollars per share) $ 50.14 $ 49.70 $ 48.88      
Granted (in dollars per share) 0 0 0      
Exercised (in dollars per share) 43.91 38.32 47.21      
Expired or forfeited (in dollars per share) 52.78 54.57 56.97      
Outstanding at end of year (in dollars per share) 51.17 50.14 49.70      
Exercisable at end of year (in dollars per share) 51.17 50.14 49.70      
Vested and expected to vest in the future at end of year (in dollars per share) $ 51.17 $ 50.14 $ 49.70      
Weighted Average Remaining Term [Abstract]            
Outstanding at end of year 2 years 7 months 6 days          
Exercisable at end of year 2 years 7 months 6 days          
Vested and expected to vest in the future at end of year 2 years 7 months 6 days          
Average Intrinsic Value [Abstract]            
Outstanding at end of year $ 0.9          
Exercisable at end of year 0.9          
Vested and expected to vest in the future at end of year 0.9          
Options, Additional Disclosure [Abstract]            
Unrecognized share-based compensation expense     $ 0.0      
Total intrinsic value of options exercised $ 0.2 $ 0.3 4.4      
Total grant date fair value of stock options vested     $ 4.8      
Stock Options [Member] | Minimum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Exercise price of stock options granted as percentage of fair market value of stock at date of grant as required by the plan 100.00%          
Stock Options [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Exercisable period 10 years          
Stock Options [Member] | Vesting on Fourth Anniversary Date Following Date of Grant [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting percentage           50.00%
Stock Options [Member] | Vesting on Fifth Anniversary Date Following Date of Grant [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting percentage           50.00%
Stock Options [Member] | Annual Vesting on April 30th [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting percentage         25.00%  
v3.21.2
Stock-Based Compensation, Performance-Based and Other Restricted Stock Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2016
Apr. 30, 2015
Restricted Stock, Additional Disclosures [Abstract]              
Stock-based compensation expense $ 21,982 $ 20,009 $ 18,327        
Restricted Stock Awards [Member]              
Restricted Shares [Roll Forward]              
Nonvested shares at beginning of year (in shares) 943 756 861        
Granted (in shares) 706 759 415        
Change in shares due to performance (in shares)   (70) (19)        
Change in shares due to performance (in shares) 118            
Vested and issued (in shares) (362) (329) (357)        
Forfeited (in shares) (125) (173) (144)        
Nonvested shares at end of year (in shares) 1,280 943 756 861      
Weighted Average Grant Date Value [Abstract]              
Nonvested shares at beginning of year (in dollars per share) $ 49.74            
Granted (in dollars per share) 41.49            
Change in shares due to performance (in dollars per share) 49.84            
Vested and issued (in dollars per share) 48.48            
Forfeited (in dollars per share) 47.88            
Nonvested shares at end of year (in dollars per share) $ 45.73 $ 49.74          
Restricted Stock, Additional Disclosures [Abstract]              
Unrecognized share-based compensation expense $ 36,300            
Award vesting period 4 years            
Weighted average recognition period for unrecognized share-based compensation 2 years 2 months 12 days            
Total grant date fair value of restricted shares vested $ 17,600 $ 17,500 $ 19,600        
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on Fourth Anniversary Date Following Date of Grant [Member]              
Stock-Based Compensation [Abstract]              
Award vesting percentage             50.00%
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on Fifth Anniversary Date Following Date of Grant [Member]              
Stock-Based Compensation [Abstract]              
Award vesting percentage             50.00%
Restricted Stock Awards [Member] | Key Employees [Member] | Annual Vesting on Anniversary of Grant [Member]              
Stock-Based Compensation [Abstract]              
Award vesting percentage           25.00%  
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on June 30th of Year Following Performance Cycle [Member]              
Stock-Based Compensation [Abstract]              
Award vesting percentage   100.00% 100.00% 100.00%      
Performance-based Restricted Stock Awards [Member]              
Stock-Based Compensation [Abstract]              
Period for achievement of performance-based targets 3 years            
Performance-based Restricted Stock Awards [Member] | Vesting on First Anniversary Date after Award Is Earned [Member]              
Stock-Based Compensation [Abstract]              
Award vesting percentage             50.00%
Performance-based Restricted Stock Awards [Member] | Vesting on Second Anniversary Date after Award Is Earned [Member]              
Stock-Based Compensation [Abstract]              
Award vesting percentage             50.00%
Performance-based Restricted Stock Awards [Member] | Vesting at End of Performance Cycle [Member]              
Stock-Based Compensation [Abstract]              
Award vesting percentage         50.00% 50.00%  
Performance-based Restricted Stock Awards [Member] | Vesting on April 30th of Year Following Performance Cycle [Member]              
Stock-Based Compensation [Abstract]              
Award vesting percentage         50.00% 50.00%  
v3.21.2
Stock-Based Compensation, President and CEO New Hire Equity Awards (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 30, 2021
USD ($)
Installment
$ / shares
shares
ELTIP [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Targeted long-term incentive as percentage of base salary 300.00%
Targeted long-term incentive value | $ $ 2.7
ELTIP [Member] | PSU Awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of targeted long-term incentive value 60.00%
Grant date fair value (in dollars per share) | $ / shares $ 59.15
Awards granted (in shares) | shares 30,916
ELTIP [Member] | Restricted Share Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of targeted long-term incentive value 40.00%
Grant date fair value (in dollars per share) | $ / shares $ 59.15
Awards granted (in shares) | shares 20,611
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2018 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards vesting percentage 25.00%
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2019 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards vesting percentage 25.00%
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2020 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards vesting percentage 25.00%
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2021 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Awards vesting percentage 25.00%
Sign-On Grant [Member] | Restricted Share Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Grant date fair value (in dollars per share) | $ / shares $ 59.15
Awards granted (in shares) | shares 67,625
Grant value | $ $ 4.0
Number of equal installments | Installment 2
v3.21.2
Stock-Based Compensation, Director Stock Awards (Details) - Director Stock Plan [Member] - Class A Common Stock [Member] - Non-Employee Directors [Member] - shares
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]      
Value of annual award as percentage of annual director retainer fee based on stock price on date of grant 100.00%    
Shares awarded under the plan (in shares) 28,360 20,048 18,991
v3.21.2
Capital Stock and Changes in Capital Accounts (Details)
 12 Months Ended
Apr. 30, 2021
Vote
shares
Class A [Member]  
Common Stock [Abstract]  
Class A Common shares into which each share of Class B Common Stock is convertible (in shares) | shares 1
Percentage of the Board of Directors elected by Class A common stockholders 30.00%
Number of votes to which each share of common stock is entitled 0.1
Class B [Member]  
Common Stock [Abstract]  
Number of votes to which each share of common stock is entitled 1
v3.21.2
Capital Stock and Changes in Capital Accounts, Share Repurchases (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Apr. 30, 2017
Class A [Member]        
Share Repurchases [Abstract]        
Shares repurchased (in shares) 308,000 1,080,000 1,191,000  
Average Price (in dollars per share) $ 50.93 $ 43.05 $ 50.35  
Class B [Member]        
Share Repurchases [Abstract]        
Shares repurchased (in shares) 2,000 2,000 0  
Average Price (in dollars per share) $ 50.93 $ 43.05 $ 50.35  
2017 Share Repurchase Program [Member]        
Capital Stock [Abstract]        
Additional shares/dollars of common stock approved for repurchase under the share repurchase program (in shares in 2019 and dollars in 2020)       4,000,000
Remaining number of shares/dollars authorized to be repurchased under the share repurchase program in 2017 program (shares) and 2020 program (dollars) 497,197      
2020 Share Repurchase Program [Member]        
Capital Stock [Abstract]        
Amount of additional stock authorized to be repurchased   $ 200    
Remaining amount authorized to be repurchased under the share repurchase program $ 200      
Share Repurchases [Abstract]        
Shares repurchased (in shares) 0 0    
v3.21.2
Capital Stock and Changes in Capital Accounts, Dividends (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 21, 2021
Jan. 13, 2021
Oct. 21, 2020
Jul. 22, 2020
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Cash dividend [Abstract]              
Total Dividend         $ 76,938 $ 76,658 $ 75,752
Class A [Member]              
Cash dividend [Abstract]              
Common stock dividend (in dollars per share)         $ 1.37 $ 1.36 $ 1.32
Class A [Member] | Dividend Declared in Q1 2021 [Member]              
Cash dividend [Abstract]              
Date of Declaration by Board of Directors         Jun. 25, 2020    
Common stock dividend (in dollars per share)         $ 0.3425    
Total Dividend       $ 19,200      
Dividend paid date         Jul. 22, 2020    
Dividend record date         Jul. 07, 2020    
Class A [Member] | Dividend Declared in Q2 2021 [Member]              
Cash dividend [Abstract]              
Date of Declaration by Board of Directors         Sep. 23, 2020    
Common stock dividend (in dollars per share)         $ 0.3425    
Total Dividend     $ 19,200        
Dividend paid date         Oct. 21, 2020    
Dividend record date         Oct. 06, 2020    
Class A [Member] | Dividend Declared in Q3 2021 [Member]              
Cash dividend [Abstract]              
Date of Declaration by Board of Directors         Dec. 16, 2020    
Common stock dividend (in dollars per share)         $ 0.3425    
Total Dividend   $ 19,200          
Dividend paid date         Jan. 13, 2021    
Dividend record date         Dec. 30, 2020    
Class A [Member] | Dividend Declared in Q4 2021 [Member]              
Cash dividend [Abstract]              
Date of Declaration by Board of Directors         Mar. 24, 2021    
Common stock dividend (in dollars per share)         $ 0.3425    
Total Dividend $ 19,100            
Dividend paid date         Apr. 21, 2021    
Dividend record date         Apr. 06, 2021    
Class B [Member]              
Cash dividend [Abstract]              
Common stock dividend (in dollars per share)         $ 1.37 $ 1.36 $ 1.32
Class B [Member] | Dividend Declared in Q1 2021 [Member]              
Cash dividend [Abstract]              
Date of Declaration by Board of Directors         Jun. 25, 2020    
Common stock dividend (in dollars per share)         $ 0.3425    
Total Dividend       $ 19,200      
Dividend paid date         Jul. 22, 2020    
Dividend record date         Jul. 07, 2020    
Class B [Member] | Dividend Declared in Q2 2021 [Member]              
Cash dividend [Abstract]              
Date of Declaration by Board of Directors         Sep. 23, 2020    
Common stock dividend (in dollars per share)         $ 0.3425    
Total Dividend     $ 19,200        
Dividend paid date         Oct. 21, 2020    
Dividend record date         Oct. 06, 2020    
Class B [Member] | Dividend Declared in Q3 2021 [Member]              
Cash dividend [Abstract]              
Date of Declaration by Board of Directors         Dec. 16, 2020    
Common stock dividend (in dollars per share)         $ 0.3425    
Total Dividend   $ 19,200          
Dividend paid date         Jan. 13, 2021    
Dividend record date         Dec. 30, 2020    
Class B [Member] | Dividend Declared in Q4 2021 [Member]              
Cash dividend [Abstract]              
Date of Declaration by Board of Directors         Mar. 24, 2021    
Common stock dividend (in dollars per share)         $ 0.3425    
Total Dividend $ 19,100            
Dividend paid date         Apr. 21, 2021    
Dividend record date         Apr. 06, 2021    
v3.21.2
Capital Stock and Changes in Capital Accounts, Changes in Common Stock (Details) - shares
shares in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Class A [Member]      
Changes in Common Stock [Abstract]      
Number of shares, beginning of year (in shares) 70,166 70,127 70,111
Common stock class conversions (in shares) 42 39 16
Number of shares issued, end of year (in shares) 70,208 70,166 70,127
Changes in Common Stock in Treasury [Abstract]      
Number of shares held, beginning of year (in shares) 23,405 22,634 21,853
Purchase of treasury shares (in shares) 308 1,080 1,192
Shares issued under the Director Plan to Directors (in shares) (6) (97) (5)
Restricted shares, forfeited (in shares) 0 1 9
Restricted shares issued from exercise of stock options (in shares) (60) (34) (229)
Shares withheld for taxes (in shares) 129 122 130
Other (in shares) (1) (1) (1)
Number of shares held, end of year (in shares) 23,419 23,405 22,634
Number of Common Stock outstanding, end of year (in shares) 46,789 46,761 47,493
Class A [Member] | Non-PSU Awards [Member]      
Changes in Common Stock in Treasury [Abstract]      
Restricted shares issued under stock-based compensation plans (in shares) (268) (232) (205)
Class A [Member] | PSU Awards [Member]      
Changes in Common Stock in Treasury [Abstract]      
Restricted shares issued under stock-based compensation plans (in shares) (88) (68) (110)
Class B [Member]      
Changes in Common Stock [Abstract]      
Number of shares, beginning of year (in shares) 13,016 13,055 13,071
Common stock class conversions (in shares) (42) (39) (16)
Number of shares issued, end of year (in shares) 12,974 13,016 13,055
Changes in Common Stock in Treasury [Abstract]      
Number of shares held, beginning of year (in shares) 3,920 3,918 3,918
Purchase of treasury shares (in shares) 2 2 0
Number of shares held, end of year (in shares) 3,922 3,920 3,918
Number of Common Stock outstanding, end of year (in shares) 9,052 9,096 9,137
v3.21.2
Capital Stock and Changes in Capital Accounts, Warrants (Details) - USD ($)
$ / shares in Units, $ in Millions
Nov. 01, 2018
Apr. 30, 2021
Oct. 31, 2018
Acquisitions [Abstract]      
Number of shares of common stock warrant holders are allowed to purchase (in shares)   400,000  
The Learning House, Inc. [Member] | Warrants [Member]      
Acquisitions [Abstract]      
Issuance of warrants $ 0.6    
Term of warrants   3 years  
The Learning House, Inc. [Member] | Class A Common Stock [Member] | Warrants [Member]      
Acquisitions [Abstract]      
Number of shares of common stock warrant holders are allowed to purchase (in shares)     400,000
Exercise price per share (in dollars per share)     $ 90.00
v3.21.2
Segment Information (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2021
USD ($)
Jan. 31, 2021
USD ($)
Oct. 31, 2020
USD ($)
Jul. 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Oct. 31, 2019
USD ($)
Jul. 31, 2019
USD ($)
Apr. 30, 2021
USD ($)
Segment
Apr. 30, 2020
USD ($)
Apr. 30, 2019
USD ($)
Segment Information [Abstract]                      
Number of reportable segments | Segment                 3    
Segment Information [Abstract]                      
Revenue $ 536,300 $ 482,900 $ 491,000 $ 431,300 $ 474,700 $ 467,100 $ 466,200 $ 423,500 $ 1,941,501 $ 1,831,483 $ 1,800,069
Adjusted Contribution to Profit                 218,821 180,668 227,107
Depreciation and Amortization                 200,189 175,127 161,155
Operating Segments [Member]                      
Segment Information [Abstract]                      
Revenue                 1,941,501 1,831,483 1,800,069
Adjusted Contribution to Profit                 385,874 346,155 395,406
Depreciation and Amortization                 185,517 163,433 147,132
Operating Segments [Member] | Research Publishing & Platforms [Member]                      
Segment Information [Abstract]                      
Revenue                 1,015,349 948,839 939,217
Adjusted Contribution to Profit                 273,023 265,353 260,885
Depreciation and Amortization                 83,866 69,495 60,889
Operating Segments [Member] | Academic & Professional Learning [Member]                      
Segment Information [Abstract]                      
Revenue                 644,537 650,789 703,303
Adjusted Contribution to Profit                 91,676 84,646 147,404
Depreciation and Amortization                 71,997 69,807 68,126
Operating Segments [Member] | Education Services [Member]                      
Segment Information [Abstract]                      
Revenue                 281,615 231,855 157,549
Adjusted Contribution to Profit                 21,175 (3,844) (12,883)
Depreciation and Amortization                 29,654 24,131 18,117
Corporate [Member]                      
Segment Information [Abstract]                      
Adjusted Contribution to Profit                 (167,053) (165,487) (168,299)
Depreciation and Amortization                 $ 14,672 $ 11,694 $ 14,023
v3.21.2
Segment Information, Reconciliation of Consolidated U.S. GAAP Operating Income (Loss) to Non-GAAP Adjusted Contribution to Profit (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2021
Jan. 31, 2021
Oct. 31, 2020
Jul. 31, 2020
Apr. 30, 2020
Jan. 31, 2020
Oct. 31, 2019
Jul. 31, 2019
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Reconciliation of Consolidated US GAAP Operating Income (Loss) to Non-GAAP Adjusted Contribution to Profit [Abstract]                      
US GAAP Operating Income (Loss) $ 51,200 $ 34,400 $ 69,900 $ 30,000 $ (170,700) $ 48,500 $ 63,400 $ 4,500 $ 185,511 $ (54,287) $ 223,989
Adjustments [Abstract]                      
Restructuring and related charges (credit) [1]                 33,310 32,607 3,118
Impairment of goodwill [1]                 0 110,000 0
Non-GAAP Adjusted Contribution to Profit                 218,821 180,668 227,107
Developed Technology [Member]                      
Adjustments [Abstract]                      
Impairment of intangible assets [1]                 0 2,841 0
Blackwell Trade Name [Member]                      
Adjustments [Abstract]                      
Impairment of intangible assets [1]                 $ 0 $ 89,507 $ 0
[1] See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment.
v3.21.2
Segment Information, Total Assets by Segment (Details) - USD ($)
$ in Thousands
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Segment Information [Abstract]      
Assets $ 3,446,439 $ 3,168,794 $ 2,948,766
Operating Segments [Member] | Research Publishing & Platforms [Member]      
Segment Information [Abstract]      
Assets 1,692,366 1,225,313 1,172,145
Operating Segments [Member] | Academic & Professional Learning [Member]      
Segment Information [Abstract]      
Assets 946,760 924,924 959,601
Operating Segments [Member] | Education Services [Member]      
Segment Information [Abstract]      
Assets 472,814 486,316 440,516
Corporate [Member]      
Segment Information [Abstract]      
Assets $ 334,499 $ 532,241 $ 376,504
v3.21.2
Segment Information, Other Significant Reconciling Items by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Segment Information [Abstract]      
Expenditures for long lived assets $ (103,361) $ (115,201) $ (101,593)
Operating Segments [Member] | Research Publishing & Platforms [Member]      
Segment Information [Abstract]      
Expenditures for long lived assets (24,284) (16,329) (12,928)
Operating Segments [Member] | Academic & Professional Learning [Member]      
Segment Information [Abstract]      
Expenditures for long lived assets (41,897) (38,229) (32,337)
Operating Segments [Member] | Education Services [Member]      
Segment Information [Abstract]      
Expenditures for long lived assets (3,449) (613) (3,160)
Corporate [Member]      
Segment Information [Abstract]      
Expenditures for long lived assets $ (33,731) $ (60,030) $ (53,168)
v3.21.2
Segment Information, Revenues from External Customers and Technology, Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2021
Jan. 31, 2021
Oct. 31, 2020
Jul. 31, 2020
Apr. 30, 2020
Jan. 31, 2020
Oct. 31, 2019
Jul. 31, 2019
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Segment Information [Abstract]                      
Revenue, net $ 536,300 $ 482,900 $ 491,000 $ 431,300 $ 474,700 $ 467,100 $ 466,200 $ 423,500 $ 1,941,501 $ 1,831,483 $ 1,800,069
Technology, property and equipment, net 282,270       298,005       282,270 298,005 289,021
Reportable Geographical Components [Member] | United States [Member]                      
Segment Information [Abstract]                      
Revenue, net                 990,499 944,075 932,927
Technology, property and equipment, net 241,217       261,296       241,217 261,296 252,459
Reportable Geographical Components [Member] | United Kingdom [Member]                      
Segment Information [Abstract]                      
Revenue, net                 145,806 174,567 150,242
Technology, property and equipment, net 19,436       18,076       19,436 18,076 18,331
Reportable Geographical Components [Member] | China [Member]                      
Segment Information [Abstract]                      
Revenue, net                 92,305 58,870 55,024
Technology, property and equipment, net 567       492       567 492 688
Reportable Geographical Components [Member] | Japan [Member]                      
Segment Information [Abstract]                      
Revenue, net                 91,957 75,104 77,145
Technology, property and equipment, net 234       112       234 112 87
Reportable Geographical Components [Member] | Germany [Member]                      
Segment Information [Abstract]                      
Revenue, net                 78,035 113,664 97,505
Technology, property and equipment, net 8,459       8,059       8,459 8,059 8,423
Reportable Geographical Components [Member] | Canada [Member]                      
Segment Information [Abstract]                      
Revenue, net                 67,635 56,370 50,882
Technology, property and equipment, net 1,067       1,734       1,067 1,734 2,659
Reportable Geographical Components [Member] | Australia [Member]                      
Segment Information [Abstract]                      
Revenue, net                 57,569 73,718 77,453
Technology, property and equipment, net 890       1,051       890 1,051 1,440
Reportable Geographical Components [Member] | France [Member]                      
Segment Information [Abstract]                      
Revenue, net                 45,681 45,033 51,441
Technology, property and equipment, net 4,329       1,358       4,329 1,358 403
Reportable Geographical Components [Member] | Scandinavia [Member]                      
Segment Information [Abstract]                      
Revenue, net                 39,836 29,682 30,971
Technology, property and equipment, net 112       223       112 223 229
Reportable Geographical Components [Member] | Other Countries [Member]                      
Segment Information [Abstract]                      
Revenue, net                 332,178 260,400 276,479
Technology, property and equipment, net $ 5,959       $ 5,604       $ 5,959 $ 5,604 $ 4,302
v3.21.2
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Apr. 30, 2021
Jan. 31, 2021
Oct. 31, 2020
Jul. 31, 2020
Apr. 30, 2020
Jan. 31, 2020
Oct. 31, 2019
Jul. 31, 2019
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract]                      
Revenue, net $ 536,300 $ 482,900 $ 491,000 $ 431,300 $ 474,700 $ 467,100 $ 466,200 $ 423,500 $ 1,941,501 $ 1,831,483 $ 1,800,069
Gross profit 368,200 325,300 336,200 286,500 324,100 313,200 322,800 280,400 1,316,200 1,240,500  
Operating income (loss) 51,200 34,400 69,900 30,000 (170,700) 48,500 63,400 4,500 185,511 (54,287) 223,989
Net income (loss) $ 41,400 $ 22,200 $ 68,400 $ 16,300 $ (158,000) $ 35,400 $ 44,700 $ 3,600 $ 148,256 $ (74,287) $ 168,263
Earnings (loss) per share [Abstract]                      
Basic (in dollars per share) $ 0.74 [1] $ 0.40 [1] $ 1.22 [1] $ 0.29 [1] $ (2.83) [1],[2] $ 0.63 [1] $ 0.79 [1] $ 0.06 [1] $ 2.65 [1] $ (1.32) [1],[2] $ 2.94
Diluted (in dollars per share) $ 0.73 [1] $ 0.39 [1] $ 1.22 [1] $ 0.29 [1] $ (2.83) [1],[2] $ 0.63 [1] $ 0.79 [1] $ 0.06 [1] $ 2.63 [1] $ (1.32) [1],[2] $ 2.91
[1] The sum of the quarterly earnings (loss) per share amounts may not agree to the respective annual amounts due to rounding.
[2] In calculating diluted earnings (loss) per common share for the fourth quarter and year ended April 30, 2020, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was anti-dilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive.
v3.21.2
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jun. 25, 2021
Jun. 10, 2021
Jul. 31, 2021
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Cash Dividends [Abstract]            
Total Dividend       $ 76,938 $ 76,658 $ 75,752
UK [Member] | Forecast [Member]            
UK Corporate Tax Rate [Abstract]            
Noncash US GAAP deferred tax expense     $ 20,000      
Class A Common Stock [Member]            
Cash Dividends [Abstract]            
Common stock dividend (in dollars per share)       $ 1.37 $ 1.36 $ 1.32
Class B Common [Member]            
Cash Dividends [Abstract]            
Common stock dividend (in dollars per share)       $ 1.37 $ 1.36 $ 1.32
Subsequent Event [Member] | UK [Member]            
UK Corporate Tax Rate [Abstract]            
Foreign statutory tax rate   19.00%        
Foreign statutory tax rate effective April 2023   25.00%        
Subsequent Event [Member] | Dividend Declared in Q1 2022 [Member]            
Cash Dividends [Abstract]            
Total Dividend $ 19,300          
Subsequent Event [Member] | Class A Common Stock [Member] | Dividend Declared in Q1 2022 [Member]            
Cash Dividends [Abstract]            
Dividend declared date Jun. 22, 2021          
Common stock dividend (in dollars per share) $ 0.3450          
Dividend payable date Jul. 21, 2021          
Dividend record date Jul. 06, 2021          
Subsequent Event [Member] | Class B Common [Member] | Dividend Declared in Q1 2022 [Member]            
Cash Dividends [Abstract]            
Dividend declared date Jun. 22, 2021          
Common stock dividend (in dollars per share) $ 0.3450          
Dividend payable date Jul. 21, 2021          
Dividend record date Jul. 06, 2021          
v3.21.2
Schedule II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Allowance for Sales Returns [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period [1] $ 19,642 $ 18,542 $ 18,628
Charged to expenses [1] 36,997 48,829 37,483
Deductions from reserves and other [1],[2] 34,440 47,729 37,569
Balance at end of period [1] 22,199 19,642 18,542
Allowance for Sales Returns [Member] | ASU 2016-13 [Member] | Cumulative Effect of Change in Accounting Principle [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period [1],[3] 0 0 0
Balance at end of period [1],[3]   0 0
Allowance for Doubtful Accounts [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period 18,335 14,307 10,107
Charged to expenses 6,957 5,470 5,279
Deductions from reserves and other [2] 5,594 1,442 1,079
Balance at end of period 21,474 18,335 14,307
Allowance for Doubtful Accounts [Member] | ASU 2016-13 [Member] | Cumulative Effect of Change in Accounting Principle [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period [3] 1,776 0 0
Balance at end of period [3]   1,776 0
Allowance for Inventory Obsolescence [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period 16,067 15,825 18,193
Charged to expenses 9,236 8,699 7,328
Deductions from reserves and other [2] 11,333 8,457 9,696
Balance at end of period 13,970 16,067 15,825
Allowance for Inventory Obsolescence [Member] | ASU 2016-13 [Member] | Cumulative Effect of Change in Accounting Principle [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period [3] 0 0 0
Balance at end of period [3]   0 0
Valuation Allowance on Deferred Tax Assets [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period 23,287 21,179 8,811
Charged to expenses 3,213 2,108 51
Deductions from reserves and other [2] 21,645 0 (12,317)
Balance at end of period 4,855 23,287 21,179
Valuation Allowance on Deferred Tax Assets [Member] | ASU 2016-13 [Member] | Cumulative Effect of Change in Accounting Principle [Member]      
Valuation allowances and reserves [Roll Forward]      
Balance at beginning of period [3] $ 0 0 0
Balance at end of period [3]   $ 0 $ 0
[1] Allowance for sales returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as an increase in Contract liabilities with a corresponding increase in Inventories, net and a reduction in Accrued royalties for the years ended April 30, 2021, 2020, and 2019.
[2] Deductions From Reserves and Other for the years ended April 30, 2021, 2020, and 2019 include foreign exchange translation adjustments. Included in Allowance for doubtful accounts are accounts written off, less recoveries. Included in Allowance for inventory obsolescence are items removed from inventory. Included in Valuation allowance on deferred tax assets for the year ended April 30, 2019 are foreign tax credits generated and valuation allowances needed in connection with the Tax Act. Substantially all of those foreign tax credits are expected to be used during the year ended April 30, 2021 eliminating the need for that portion of our valuation allowance.
[3] See Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards” of the Notes to Consolidated Financial Statements of this Form 10-K regarding the adoption of ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments”. We adopted the new standard on May 1, 2020, with a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption.