Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | May. 31, 2015 | Oct. 31, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | WILEY JOHN & SONS, INC. | ||
Entity Central Index Key | 107,140 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,703.5 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2015 | ||
Common Stock Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 49,379,843 | ||
Common Stock Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,482,004 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 457,441 | $ 486,377 |
Accounts receivable | 147,183 | 149,733 |
Inventories | 63,779 | 75,495 |
Prepaid and other | 72,516 | 78,057 |
Total Current Assets | 740,919 | 789,662 |
Product Development Assets | 69,589 | 82,940 |
Technology, Property & Equipment | 193,010 | 188,718 |
Intangible Assets | 917,621 | 984,661 |
Goodwill | 962,367 | 903,665 |
Income Tax Deposits | 57,098 | 64,037 |
Other Assets | 63,639 | 63,682 |
Total Assets | 3,004,243 | 3,077,365 |
Current Liabilities | ||
Short-term debt | 100,000 | 0 |
Accounts and royalties payable | 161,465 | 142,534 |
Deferred revenue | 372,051 | 385,654 |
Accrued employment costs | 93,922 | 118,503 |
Accrued income taxes | 9,484 | 13,324 |
Accrued pension liability | 4,594 | 4,671 |
Other accrued liabilities | 62,167 | 64,901 |
Total Current Liabilities | 803,683 | 729,587 |
Long-Term Debt | 650,090 | 700,100 |
Accrued Pension Liability | 209,727 | 164,634 |
Deferred Income Tax Liabilities | 198,947 | 222,482 |
Other Long-Term Liabilities | 86,756 | 78,314 |
Shareholders' Equity | ||
Preferred Stock, $1 par value: Authorized - 2 million, Issued - zero | 0 | 0 |
Additional paid-in-capital | 353,018 | 327,588 |
Retained earnings | 1,597,439 | 1,489,069 |
Accumulated other comprehensive (loss): | ||
Foreign currency translation adjustment | (246,854) | (66,664) |
Unamortized retirement costs, net of tax | (159,434) | (123,025) |
Unrealized loss on interest rate swap, net of tax | (345) | (602) |
Total of all stockholders' equity (deficit) items before treasury stock | 1,627,014 | 1,709,556 |
Less Treasury Shares At Cost (Class A - 20,441,767 and 20,231,118; Class B - 3,910,264 and 3,906,707) | (571,974) | (527,308) |
Total Shareholders' Equity | 1,055,040 | 1,182,248 |
Total Liabilities & Shareholders' Equity | 3,004,243 | 3,077,365 |
Class A [Member] | ||
Shareholders' Equity | ||
Common Stock | 69,798 | 69,798 |
Class B [Member] | ||
Shareholders' Equity | ||
Common Stock | $ 13,392 | $ 13,392 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares | Apr. 30, 2015 | Apr. 30, 2014 |
Shareholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Class A [Member] | ||
Shareholders' Equity | ||
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common Stock, shares issued (in shares) | 69,797,994 | 69,797,994 |
Treasury Shares At Cost (in shares) | 20,441,767 | 20,231,118 |
Class B [Member] | ||
Shareholders' Equity | ||
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, shares authorized (in shares) | 72,000,000 | 72,000,000 |
Common Stock, shares issued (in shares) | 13,392,268 | 13,392,268 |
Treasury Shares At Cost (in shares) | 3,910,264 | 3,906,707 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | |||
Revenue | $ 1,822,440 | $ 1,775,195 | $ 1,760,778 |
Costs and Expenses | |||
Cost of sales | 499,683 | 506,879 | 532,232 |
Operating and administrative expenses | 1,005,000 | 969,456 | 933,148 |
Restructuring charges | 28,804 | 42,722 | 29,293 |
Impairment charges | 0 | 4,786 | 30,679 |
Amortization of intangibles | 51,214 | 44,679 | 41,982 |
Total Costs and Expenses | 1,584,701 | 1,568,522 | 1,567,334 |
Net Gain on Sale of Consumer Publishing Programs | 0 | 0 | 5,983 |
Operating Income | 237,739 | 206,673 | 199,427 |
Interest expense | (17,077) | (13,916) | (13,078) |
Foreign exchange transaction gains (losses) | 1,742 | (8) | (2,041) |
Interest income and other | 3,057 | 2,785 | 2,614 |
Income Before Taxes | 225,461 | 195,534 | 186,922 |
Provision for Income Taxes | 48,593 | 35,024 | 42,697 |
Net Income | $ 176,868 | $ 160,510 | $ 144,225 |
Earnings Per Share | |||
Diluted (in dollars per share) | $ 2.97 | $ 2.70 | $ 2.39 |
Basic (in dollars per share) | $ 3.01 | $ 2.73 | $ 2.43 |
Average Shares | |||
Diluted (in shares) | 59,594 | 59,514 | 60,224 |
Basic (in shares) | 58,733 | 58,635 | 59,447 |
Class A Common [Member] | |||
Cash Dividends Per Share | |||
Common stock (in dollars per share) | $ 1.16 | $ 1 | $ 0.96 |
Class B Common [Member] | |||
Cash Dividends Per Share | |||
Common stock (in dollars per share) | $ 1.16 | $ 1 | $ 0.96 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net Income | $ 176,868 | $ 160,510 | $ 144,225 |
Other Comprehensive (Loss) Income: | |||
Foreign currency translation adjustment | (180,190) | 67,875 | (38,558) |
Unrealized retirement costs net of tax (provision) benefit of $15,779; $(12,946) and $16,145, respectively | (36,409) | 20,099 | (39,743) |
Unrealized gain on interest rate swaps net of tax (provision) of $(157); $(225) and $(48), respectively | 257 | 367 | 79 |
Total Other Comprehensive (Loss) Income | (216,342) | 88,341 | (78,222) |
Comprehensive (Loss) Income | $ (39,474) | $ 248,851 | $ 66,003 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Unrealized retirement costs, tax (provision) benefit | $ 15,779 | $ (12,946) | $ 16,145 |
Unrealized gain on interest rate swaps, tax (provision) | $ (157) | $ (225) | $ (48) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Operating Activities | |||
Net Income | $ 176,868 | $ 160,510 | $ 144,225 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Amortization of intangibles | 51,214 | 44,679 | 41,982 |
Amortization of composition costs | 40,639 | 45,097 | 51,517 |
Depreciation of technology, property and equipment | 62,072 | 58,321 | 56,017 |
Restructuring and impairment charges | 28,804 | 47,508 | 59,972 |
Net gain on sale of consumer publishing programs | 0 | 0 | (5,983) |
Deferred tax benefits on U.K. rate changes | 0 | (10,634) | (8,402) |
Share-based compensation | 13,617 | 12,851 | 11,928 |
(Excess) shortfalls in tax benefits from share-based compensation | (3,191) | 1,466 | (193) |
Employee retirement plan expense | 22,599 | 30,454 | 35,938 |
Royalty advances | (103,136) | (107,639) | (105,335) |
Earned royalty advances | 108,314 | 107,529 | 100,691 |
Other non-cash credits, net | (8,046) | (3,626) | (3,708) |
Income tax deposit | (5,280) | (11,968) | (42,077) |
Changes in Operating Assets and Liabilities Source (Use), excluding acquisitions | |||
Accounts receivable | 4,488 | 18,558 | 18,118 |
Inventories | 9,696 | 11,146 | 11,501 |
Accounts and royalties payable | 31,305 | 7,297 | (5,748) |
Deferred revenue | 3,913 | (750) | 32,822 |
Income taxes payable | 8,330 | (14,131) | 1,429 |
Restructuring payments | (32,341) | (28,276) | (5,641) |
Other accrued liabilities | (10,901) | 30,581 | (6,121) |
Employee retirement plan contributions | (28,503) | (33,889) | (36,704) |
Other | (15,339) | (16,860) | (9,191) |
Cash Provided by Operating Activities | 355,122 | 348,224 | 337,037 |
Investing Activities | |||
Composition spending | (39,421) | (40,568) | (50,434) |
Additions to technology, property and equipment | (69,121) | (57,564) | (58,704) |
Acquisitions, net of cash acquired | (172,229) | (54,515) | (263,272) |
Proceeds from sale of consumer publishing programs | 1,100 | 3,300 | 29,942 |
Cash Used for Investing Activities | (279,671) | (149,347) | (342,468) |
Financing Activities | |||
Repayment of long-term debt | (711,654) | (658,224) | (472,500) |
Borrowings of long-term debt | 659,369 | 685,324 | 670,500 |
Borrowing of short-term debt | 100,000 | 0 | 0 |
Purchase of treasury stock | (61,981) | (63,393) | (73,721) |
Change in book overdrafts | (6,711) | (12,354) | (451) |
Cash dividends | (68,498) | (58,953) | (57,426) |
Proceeds from exercise of stock options and other | 25,326 | 55,532 | 23,806 |
Excess (shortfalls) in tax benefits from share-based compensation | 3,191 | (1,466) | 193 |
Cash (Used for) Provided by Financing Activities | (60,958) | (53,534) | 90,401 |
Effects of Exchange Rate Changes on Cash | (43,429) | 6,894 | (10,660) |
Cash and Cash Equivalents | |||
(Decrease) Increase for year | (28,936) | 152,237 | 74,310 |
Balance at beginning of year | 486,377 | 334,140 | 259,830 |
Balance at end of year | 457,441 | 486,377 | 334,140 |
Cash Paid During the Year for | |||
Interest | 14,875 | 12,511 | 12,081 |
Income taxes, net | $ 45,646 | $ 63,815 | $ 56,021 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member]Class A [Member] | Common Stock [Member]Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Class A [Member] | Retained Earnings [Member]Class B [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Total | Class A [Member] | Class B [Member] |
Balance at Apr. 30, 2012 | $ 69,753 | $ 13,437 | $ 271,809 | $ 1,300,713 | $ (437,734) | $ (200,410) | $ 1,017,568 | ||||
Restricted Shares Issued under Share-based Compensation Plans | (5,936) | 5,559 | (377) | ||||||||
Proceeds from Exercise of Stock Options and other | 12,768 | 11,420 | 24,188 | ||||||||
Excess Tax Benefits from Share-based Compensation | 193 | 193 | |||||||||
Share-based compensation expense | 11,928 | 11,928 | |||||||||
Purchase of Treasury Shares | (73,721) | (73,721) | |||||||||
Common Stock Dividends | $ (48,290) | $ (9,136) | $ (48,290) | $ (9,136) | |||||||
Common Stock Class Conversions | 40 | (40) | 0 | ||||||||
Comprehensive Income (Loss) | 144,225 | (78,222) | 66,003 | ||||||||
Balance at Apr. 30, 2013 | 69,793 | 13,397 | 290,762 | 1,387,512 | (494,476) | (278,632) | 988,356 | ||||
Restricted Shares Issued under Share-based Compensation Plans | (5,962) | 6,144 | 182 | ||||||||
Proceeds from Exercise of Stock Options and other | 31,403 | 24,417 | 55,820 | ||||||||
Excess Tax Benefits from Share-based Compensation | (1,466) | (1,466) | |||||||||
Share-based compensation expense | 12,851 | 12,851 | |||||||||
Purchase of Treasury Shares | (63,393) | (63,393) | |||||||||
Common Stock Dividends | (51,842) | (7,111) | (51,842) | (7,111) | |||||||
Common Stock Class Conversions | 5 | (5) | 0 | ||||||||
Comprehensive Income (Loss) | 160,510 | 88,341 | 248,851 | ||||||||
Balance at Apr. 30, 2014 | 69,798 | 13,392 | 327,588 | 1,489,069 | (527,308) | (190,291) | 1,182,248 | ||||
Restricted Shares Issued under Share-based Compensation Plans | (3,471) | 4,085 | 614 | ||||||||
Proceeds from Exercise of Stock Options and other | 12,093 | 13,230 | 25,323 | ||||||||
Excess Tax Benefits from Share-based Compensation | 3,191 | 3,191 | |||||||||
Share-based compensation expense | 13,617 | 13,617 | |||||||||
Purchase of Treasury Shares | (61,981) | (61,981) | |||||||||
Common Stock Dividends | $ (57,541) | $ (10,957) | $ (57,541) | $ (10,957) | |||||||
Common Stock Class Conversions | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss) | 176,868 | (216,342) | (39,474) | ||||||||
Balance at Apr. 30, 2015 | $ 69,798 | $ 13,392 | $ 353,018 | $ 1,597,439 | $ (571,974) | $ (406,633) | $ 1,055,040 |
Description of Business
Description of Business | 12 Months Ended |
Apr. 30, 2015 | |
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. As used herein the term “Company” means John Wiley & Sons, Inc., and its subsidiaries and affiliated companies, unless the context indicates otherwise. The Company is a global provider of knowledge and knowledge-enabled services that improve outcomes in areas of research, professional practice and education. Through the Research segment, the Company provides digital and print scientific, technical, medical and scholarly journals, reference works, books, database services and advertising. The Professional Development segment provides digital and print books, employment talent solutions, online assessment and training services, and test prep and certification. In Education, the Company provides print and digital content, and education solutions including online program management services for higher education institutions and course management tools for instructors and students. The Company takes full advantage of its content from all three core businesses in developing and cross-marketing products to its diverse customer base of researchers, professionals, students, and educators. The use of technology enables the Company to make its content efficiently more accessible to its customers around the world. The Company’s operations are primarily located in the United States, Canada, Europe, Asia, and Australia. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Principles of Consolidation: Use of Estimates: Reclassifications: Book Overdrafts: Revenue Recognition: The Company offers an alternative digital journal subscription license model to subscribers in certain markets. Under this alternative model, the Company provides access to all journal content published within a calendar year. Under the Company’s previous licensing model, a customer subscribed to a discrete number of online journal issues and revenue was recognized as each issue was made available online. Based on the success of the program to date, the Company will expand its alternative model offering in calendar year 2016. The new time-based model will result in substantially all digital journal subscription revenue recognized on a straight-line basis over the calendar year. When a product is sold with multiple deliverables, the Company accounts for each deliverable within the arrangement as a separate unit of accounting due to the fact that each deliverable is also sold on a stand-alone basis. The total consideration of a multiple-element arrangement is allocated to each unit of accounting based on the price charged by the Company when it is sold separately. The Company’s multiple deliverable arrangements principally include WileyPLUS Wiley Online Library The Company enters into contracts for the resale of its content through a third party where the Company is not the primary obligor of the arrangement because it is not responsible for fulfilling the customer’s order; handling customer requests or claims and/or maintains credit risk. The Company recognizes revenue for the sale of its content, net of any commission owed to the third party seller or taxes which are remitted to government authorities. Cash Equivalents: Allowance for Doubtful Accounts: Sales Return Reserves: The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease) as of April 30: 2015 2014 Accounts Receivable $(37,300) $(41,102) Inventories 6,555 6,774 Accounts and Royalties Payable (5,405) (5,695) Decrease in Net Assets $(25,340) $(28,633) Inventories: Reserve for Inventory Obsolescence Product Development Assets: Shipping and Handling Costs: Advertising Expense: Technology, Property and Equipment: Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: 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 and Fixtures - 3 to 10 years; Computer Hardware and Software - 3 to 10 years. Costs incurred for computer software developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. Costs incurred during the application development stage include costs of materials and services, and payroll and payroll-related costs for employees who are directly associated with the software project. Such costs are amortized over the expected useful life of the related software which is generally 3 to 6 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 Goodwill and Indefinite-lived Intangible Assets: To evaluate the recoverability of goodwill, the Company uses a two-step impairment test approach at the reporting unit level. In the first step, the estimated fair value of the entire reporting unit is compared to its carrying value including goodwill. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the charge for goodwill impairment. In the second step, the Company determines an implied fair value of the reporting unit’s goodwill by determining the fair value of the individual assets and liabilities (including any previously unrecognized intangible assets) of the reporting unit other than goodwill. The resulting implied fair value of the goodwill is compared to the carrying amount and an impairment charge is recognized for the difference. In certain circumstances, the Company uses a qualitative assessment as an alternative to the two-step test approach. Under this approach certain market, industry and financial performance factors are considered to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If that is the case, the two-step approach described above is then performed to evaluate the recoverability of goodwill. Intangible Assets with Finite Lives and Other Long-Lived Assets: Intangible assets with finite lives as of April 30, 2015 are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 32 years; customer relationships – 19 years; brands and trademarks – 11 years; non-compete agreements – 5 years. Assets with finite lives are only 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: Foreign Currency Gains/Losses: Share-Based Compensation: Recently Issued Accounting Standards: In April 2015, the FASB issued ASU 2015-03 "Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" (“ASU 2015-03”). The ASU requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. Previously, debt issuance costs were recognized as assets on the balance sheet. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for the Company on May 1, 2016, with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. Although the new guidance will have no impact on the Company’s results of operations, the debt issuance costs presented as assets within the Company’s Consolidated Statement of Financial Position ($1.4 million as of April 30, 2015) will be reclassified as reductions of the related debt liability when the guidance is adopted. In April 2015, the FASB issued ASU 2015-05 "Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in Cloud Computing Arrangements" (“ASU 2015-05”). Cloud computing arrangements represent the delivery of hosted services over the internet which include software, platforms, infrastructure and other hosting arrangements. The ASU provides criteria to determine whether the cloud computing arrangement includes a software license. If the criteria are met, the customer will capitalize the fee attributable to the software license portion of the arrangement as internal-use software. If the arrangement does not include a software license, it should be treated as a service contract and expensed as services are received. The standard is effective for the Company on May 1, 2016 with early adoption permitted. An entity can elect to adopt either prospectively for all arrangements entered into after the effective date or retrospectively. The Company is currently assessing whether the adoption of the guidance will have a significant impact on its consolidated financial statements. |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Shares Outstanding | 12 Months Ended |
Apr. 30, 2015 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |
Reconciliation of Weighted Average Shares Outstanding | Note 3 – Reconciliation of Weighted Average Shares Outstanding A reconciliation of the shares used in the computation of earnings per share for the years ended April 30 follows (in thousands): 2015 2014 2013 Weighted Average Shares Outstanding 59,004 58,925 59,672 Less: Unearned Restricted Shares (271) (290) (225) Shares Used for Basic Earnings Per Share 58,733 58,635 59,447 Dilutive Effect of Stock Options and Other Stock Awards 861 879 777 Shares Used for Diluted Earnings Per Share 59,594 59,514 60,224 Since their inclusion in the calculation of diluted earnings per share would have been anti-dilutive, options to purchase 178,144, 389,400 and 2,716,244 shares of Class A Common Stock have been excluded for fiscal years 2015, 2014 and 2013, respectively. In addition, for fiscal years 2015 and 2013 unearned restricted shares of 2,500 and 23,000, respectively, have been excluded as their inclusion would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Apr. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Note 4- Accumulated Other Comprehensive Loss Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the fiscal years ended April 30, 2015 and 2014 were as follows (in thousands): Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at April 30, 2013 $(134,539) $(143,124) $(969) $(278,632) Other comprehensive income (loss) before reclassifications 67,875 10,464 (431) 77,908 Reclassification of amounts to Consolidated Statements of Income - 9,635 798 10,433 Total other comprehensive income 67,875 20,099 367 88,341 Balance at April 30, 2014 $(66,664) $(123,025) $(602) $(190,291) Other comprehensive income (loss) before reclassifications (180,190) (42,347) (783) (223,320) Reclassification of amounts to Consolidated Statements of Income - 5,938 1,040 6,978 Total other comprehensive income (loss) (180,190) (36,409) 257 (216,342) Balance at April 30, 2015 $(246,854) $(159,434) $(345) $(406,633) For the fiscal years ended April 30, 2015 and 2014, pre-tax actuarial losses included in Unamortized Retirement Costs of approximately $7.8 million and $13.4 million, respectively, were amortized from Accumulated Other Comprehensive Loss and recognized as pension expense in Operating and Administrative Expenses in the Consolidated Statements of Income. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | Note 5 – Acquisitions CrossKnowledge: On May 1, 2014, the Company acquired CrossKnowledge Group Limited (“CrossKnowledge”) for approximately $166 million in cash, net of cash acquired. CrossKnowledge is a learning solutions provider focused on leadership and managerial skills development that offers subscription-based, digital learning solutions for global corporations, universities, and small and medium-sized enterprises. CrossKnowledge’s solutions include a variety of managerial and leadership skills assessments, courses, certifications, content and executive training programs that are delivered on a cloud-based LMS platform with over 19,000 learning objects in 17 languages. CrossKnowledge serves over five million end-users in 80 countries. CrossKnowledge reported approximately $37 million of revenue and approximately $5 million of operating income in its fiscal year ended June 30, 2013. For the fiscal year ended April 30, 2015, CrossKnowledge’s revenue and operating loss included in Wiley’s results was $42.0 million and $5.1 million, respectively. The $166 million purchase price was allocated to identifiable long-lived intangible assets, mainly customer relationships and content ($63.0 million); technology ($6.3 million); long-term deferred tax liabilities ($21.5 million); negative working capital ($4.3 million); and goodwill ($122.5 million). The fair value of intangible assets and technology acquired was based on management’s assessment performed with the assistance of a third party valuation consultant. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and comprises the estimated value of CrossKnowledge’s workforce, unidentifiable intangible assets and the fair value of expected synergies. None of the goodwill is deductible for tax purposes. The identifiable long-lived intangible assets are primarily amortized over a weighted average estimated useful life of approximately 15 years. The acquisition was funded through the use of the Company’s existing credit facility and available cash balances. The Company finalized its purchase accounting for CrossKnowledge as of April 30, 2015. Profiles International: On April 1, 2014, the Company acquired all of the stock of Profiles International (“Profiles”) for approximately $47.5 million in cash, net of cash acquired. Profiles provides pre-employment assessment and selection tools that enable employers to optimize candidate selections and develop the full potential of their employees. Solutions include pre-hire assessments, including those designed to measure and match personality, knowledge, skills, managerial fit, loyalty, and values; and post-hire assessments, focused on measuring sales and managerial effectiveness, employee performance and career potential. Profiles serves approximately 4,000 corporate clients and millions of end users in over 120 countries, with assessments available in 32 languages. The $47.5 million purchase price was allocated to identifiable long-lived intangible assets, mainly customer relationships and assessment content ($22.9 million); technology; ($2.7 million); long-term deferred tax liabilities ($9.7 million); a credit to short-term deferred tax assets ($2.9 million); negative working capital ($5.9 million) and goodwill ($40.4 million). The fair value of intangible assets and technology acquired was based on management’s assessment performed with the assistance of a third party valuation consultant. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and comprises the estimated value of Profile’s workforce, unidentifiable intangible assets and the fair value of expected synergies. None of the goodwill is deductible for tax purposes. The identifiable long-lived intangible assets are primarily amortized over a weighted average estimated useful life of approximately 13 years. The Company finalized its purchase accounting for Profiles as of March 31, 2015. Profiles contributed $23.3 million and $1.9 million to the Company’s revenue for fiscal years 2015 and 2014, respectively. Efficient Learning Systems: On November 1, 2012, the Company acquired all of the stock of Efficient Learning Systems, Inc. (“ELS”) for approximately $24 million in cash, net of cash acquired. ELS is an e-learning system provider focused in the areas of professional finance and accounting. ELS’ flagship product, CPAexcel, is a modular, digital platform comprised of online self-study, videos, mobile apps, and sophisticated planning tools that has helped over 65,000 professionals prepare for the CPA exam since 1998. The $24 million purchase price was allocated to identifiable long-lived intangible assets ($6.5 million); technology ($3.6 million); long-term deferred tax liabilities ($2.9 million); and Goodwill ($17.0 million); with the remainder allocated to working capital. The fair value of intangible assets and technology acquired was based on management’s assessment performed with the assistance of a third party valuation consultant. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and comprises the estimated value of ELS’ workforce, unidentifiable intangible assets and the fair value of expected synergies. None of the goodwill is deductible for tax purposes. The identifiable long-lived intangible assets are primarily amortized over a weighted average estimated useful life of approximately 15 years. The Company finalized its purchase accounting for ELS as of April 30, 2013. ELS contributed $8.8 million, $8.0 million, and $3.7 million to the Company’s revenue for fiscal years 2015, 2014 and 2013, respectively. Deltak: On October 25, 2012, the Company acquired all of the stock of Deltak.edu, LLC (“Deltak”) for approximately $220 million in cash, net of cash acquired. Deltak works in close partnership with leading colleges and universities to develop and support online degree and certificate programs. The business provides technology platforms and services including market research to validate program demand, instructional design, marketing, and student recruitment and retention services to leading national and regional colleges and universities throughout the United States. The $220 million purchase price was allocated to identifiable long-lived intangible assets ($99.4 million) comprised primarily of institutional relationships; long-term deferred tax liabilities ($34.4 million); and Goodwill ($150.0 million); with the remainder allocated to technology and working capital. The fair value of intangible assets and technology acquired was based on management’s assessment performed with the assistance of a third party valuation consultant. Goodwill represents the excess of the purchase price over the fair value of net assets acquired and comprises the estimated value of Deltak’s workforce, unidentifiable intangible assets and the fair value of expected synergies. None of the goodwill is deductible for tax purposes. The identifiable long-lived intangible assets are primarily amortized over a weighted average estimated useful life of approximately 20 years. The Company finalized its purchase accounting for Deltak as of April 30, 2013. Deltak contributed $81.6 million, $70.2 million, and $33.7 million to the Company’s revenue for fiscal years 2015, 2014 and 2013, respectively. Unaudited proforma financial information has not been presented for any of these acquisitions since the effects of the acquisitions were not material individually or in the aggregate. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Apr. 30, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 6 – Restructuring Charges In fiscal years 2015, 2014 and 2013, the Company recorded pre-tax restructuring charges of $28.8 million, or $20.3 million after tax ($0.34 per share), $42.7 million, or $28.3 million after tax ($0.48 per share) and $29.3 million, or $19.8 million after tax ($0.33 per share), respectively, which are reflected in the Restructuring Charges line item in the Consolidated Statements of Income and described in more detail below: Restructuring and Reinvestment Program: In fiscal year 2013, the Company initiated a program (the “Restructuring and Reinvestment Program”) to restructure and realign its cost base with current and anticipated future market conditions. The Company is targeting a majority of the cost savings achieved to improve margins and earnings, while the remainder will be reinvested in high growth digital business opportunities. The following table summarizes the pre-tax restructuring charges related to this program (in thousands): 2015 2014 2013 Total Charges Incurred to Date Charges by Segment: Research $4,555 $7,774 $2,896 $15,225 Professional Development 4,385 11,860 6,284 22,529 Education 1,571 891 1,118 3,580 Shared Services 18,293 22,197 14,154 54,644 Total Restructuring Charges $28,804 $42,722 $24,452 $95,978 Charges by Activity: Severance $17,093 $25,962 $19,706 $62,761 Process reengineering consulting 301 8,556 2,618 11,475 Other activities 11,410 8,204 2,128 21,742 Total Restructuring Charges $28,804 $42,722 $24,452 $95,978 Other Activities mainly reflect lease and other contract termination costs and the curtailment of the U.K. and Canadian defined benefit pension plans in fiscal year 2015 and the U.S defined benefit pension plan in fiscal year 2013. The following table summarizes the activity for the Restructuring and Reinvestment Program liability in fiscal year 2015 (in thousands): Foreign April 30, Translation & April 30, 2014 Charges Payments Reclassifications 2015 Severance $29,255 $17,093 $(26,716) $(838) $18,794 Process reengineering consulting 722 301 (1,024) 1 - Other activities 4,995 11,410 (4,601) 55 11,859 Total $34,972 $28,804 $(32,341) $(782) $30,653 The restructuring liability for accrued Severance costs is reflected in Accrued Employment Costs in the Consolidated Statements of Financial Position while the liability for Process reengineering consulting costs are reflected in Other Accrued Liabilities. Approximately $0.3 million and $11.6 million of the Other Activities are reflected in Other Accrued Liabilities and Other Long-Term Liabilities, respectively. Other Restructuring Programs: As part of the Company’s ongoing transition and transformation to digital products and services, certain activities were identified in fiscal year 2013 that were discontinued, outsourced, or relocated to lower cost regions. As a result, the Company recorded a pre-tax restructuring charge of approximately $4.8 million, or $3.5 million after tax ($0.06 per share), for redundancy and separation benefits. Approximately $3.0 million, $1.3 million and $0.2 million of the restructuring charge was recorded within the Research, Professional Development and Education reporting segments, respectively, with the remainder recognized in Shared Services costs. In fiscal year 2014, the Company completed all remaining payments under the program. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Apr. 30, 2015 | |
Impairment Charges [Abstract] | |
Impairment Charges | Note 7 – Impairment Charges Technology Investments In fiscal year 2014, the Company terminated a multi-year software development program for an internal operations application due to a change in the Company’s longer-term enterprise systems plans. As a result, the Company recorded an asset impairment charge for previously capitalized software costs related to the program of $4.8 million, or $3.4 million after tax ($0.06 per share). In fiscal year 2013, the Company identified certain technology investments which no longer fit the Company’s technology strategy. As a result, the Company recorded an asset impairment charge of $5.3 million, or $3.2 million after-tax ($0.05 per share), to write-off the full carrying value of the related assets. Consumer Publishing Programs In fiscal year 2013, the Company began accounting for its culinary, CliffsNotes, and Webster’s New World Dictionary consumer publishing programs as Assets Held for Sale. The Company recorded an impairment charge of $12.1 million, or $7.5 million after tax ($0.12 per share), in fiscal year 2013 to reduce the carrying value of the assets within these programs to approximately $9.9 million, which represented their fair value based on the estimated sales price, less costs to sell. As discussed in Note 8, on November 5, 2012, the Company completed a sale to Houghton Mifflin Harcourt for $11.0 million in cash, which approximated the carrying value of related assets sold. In addition, in fiscal year 2013, the Company recorded a pre-tax impairment charge of $3.4 million, or $2.1 million after tax ($0.04 per share) to reduce the carrying value of inventory and royalty advances within its other consumer publishing programs to their estimated realizable value. Controlled Circulation Publishing Assets In fiscal year 2013, the Company identified certain controlled circulation publishing programs that no longer aligned with the Company’s long-term strategy, shifting key resources from these programs to other publishing programs within the Research segment. As a result, the Company performed an impairment test on the intangible assets related to these controlled circulation publishing programs in fiscal year 2013, which resulted in a $9.9 million impairment charge, or $8.2 million after tax ($0.14 per share). The intangible assets principally consisted of acquired publication rights. The impairment charge resulted in a full write-off of the carrying value of these intangible assets based on their estimated fair values as determined by the Company utilizing a discounted cash flow analysis. |
Gain (Net of Losses) on Sale of
Gain (Net of Losses) on Sale of Consumer Publishing Programs | 12 Months Ended |
Apr. 30, 2015 | |
Gain (Net of Losses) on Sale of Consumer Publishing Programs [Abstract] | |
Gain (Net of Losses) on Sale of Consumer Publishing Programs | Note 8 – Gain (Net of Losses) on Sale of Consumer Publishing Programs Sale of Travel Publishing Program On August 31, 2012, the Company sold its travel publishing program, including all of its interests in the Frommer’s, Unofficial Guides, and WhatsonWhen brands to Google, Inc. for $22 million in cash, of which $3.3 million was held in escrow. As a result, the Company recorded a $9.8 million pre-tax gain on the sale, or $6.2 million after tax ($0.10 per share), in fiscal year 2013. In connection with the sale, the Company also entered into a transition services agreement which ended on December 31, 2013. Fees earned by the Company in fiscal year 2013 in connection with the service agreement were $0.5 million. The escrow was released to the Company in fiscal year 2014. Sale of Culinary, CliffsNotes and Webster’s New World Publishing Programs On November 5, 2012, the Company completed the sale of the Company’s culinary, CliffsNotes, and Webster’s New World Dictionary consumer publishing programs to Houghton Mifflin Harcourt for $11.0 million in cash, which approximated the carrying value of related assets sold, of which $1.1 million was held in escrow. In connection with the sale, the Company also entered into a transition services agreement which ended on March 5, 2013. Fees earned by the Company in fiscal year 2013 in connection with the service agreement were $1.5 million. Sale of Other Consumer Publishing Programs In the fourth quarter of fiscal year 2013, the Company completed the sale of its other consumer publishing programs to various buyers for approximately $1.0 million in cash and a limited future royalty interest. The Company recorded an aggregate $3.8 million pre-tax loss on the sales, or $3.6 million after tax ($0.06 per share) in fiscal year 2013. |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Note 9 – Inventories Inventories at April 30 were as follows (in thousands): 2015 2014 Finished Goods $52,705 $62,071 Work-in-Process 6,552 6,041 Paper, Cloth, and Other 4,676 5,476 63,933 73,588 Inventory Value of Estimated Sales Returns 6,555 6,774 LIFO Reserve (6,709) (4,867) Total Inventories $63,779 $75,495 See Note 2, Summary of Significant Accounting Policies - Sales Return Reserves for a discussion of the Inventory Value of Estimated Sales Returns. |
Product Development Assets
Product Development Assets | 12 Months Ended |
Apr. 30, 2015 | |
Product Development Assets [Abstract] | |
Product Development Assets | Note 10 – Product Development Assets Product development assets consisted of the following at April 30 (in thousands): 2015 2014 Composition Costs $41,280 $45,603 Royalty Advances 28,309 37,337 Total $69,589 $82,940 Composition costs are net of accumulated amortization of $198.2 million and $201.4 million as of April 30, 2015 and 2014, respectively. |
Technology, Property and Equipm
Technology, Property and Equipment | 12 Months Ended |
Apr. 30, 2015 | |
Technology, Property and Equipment [Abstract] | |
Technology, Property and Equipment | Note 11 – Technology, Property and Equipment Technology, property and equipment consisted of the following at April 30 (in thousands): 2015 2014 Capitalized Software and Computer Hardware $460,199 $396,512 Buildings and Leasehold Improvements 86,225 94,018 Furniture, Fixtures and Warehouse Equipment 60,460 51,449 Land and Land Improvements 3,820 4,367 610,704 546,346 Accumulated Depreciation (417,694) (357,628) Total $193,010 $188,718 The net book value of capitalized software costs was $121.9 million and $103.9 million as of April 30, 2015 and 2014, respectively. Depreciation expense recognized in fiscal years 2015, 2014, and 2013 for capitalized software costs was approximately $42.1 million, $36.5 million and $33.1 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 12 - Goodwill and Intangible Assets The following table summarizes the activity in goodwill by segment as of April 30 (in thousands): 2014 Acquisitions Foreign Translation Adjustment 2015 Research $485,181 2,921 $(40,776) $447,326 Professional Development 268,658 124,036 (27,479) 365,215 Education 149,826 - - 149,826 Total $903,665 $126,957 $(68,255) $962,367 The acquisitions for Professional Development mainly reflect the CrossKnowledge acquisition. Intangible assets as of April 30 were as follows (in thousands): 2015 2014 Cost Accumulated Amortization Cost Accumulated Amortization Intangible Assets with Determinable Lives Content and Publishing Rights $781,618 $(299,022) $834,932 $(299,105) Customer Relationships 225,239 (43,967) 195,085 (32,790) Brands & Trademarks 30,008 (13,225) 24,000 (9,284) Covenants not to Compete 1,343 (677) 1,490 (767) 1,038,208 (356,891) 1,055,507 (341,946) Intangible Assets with Indefinite Lives Brands & Trademarks 152,332 - 164,202 - Content and Publishing Rights 83,972 - 106,898 - $1,274,512 $(356,891) $1,326,607 $(341,946) Based on the current amount of intangible assets subject to amortization and assuming current foreign exchange rates, the estimated amortization expense for each of the succeeding five fiscal years are as follows: 2016 - $48 million; 2017 - $47 million; 2018 – $44 million; 2019 - $41 million and 2020 - $35 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 13 - Income Taxes The provisions for income taxes for the years ended April 30 were as follows (in thousands): 2015 2014 2013 Current Provision US – Federal $27,137 $13,541 $23,835 International 27,613 34,519 34,019 State and Local 1,007 (733) 2,091 Total Current Provision $55,757 $47,327 $59,945 Deferred Provision (Benefit) US – Federal $(7,554) $(1,748) $(11,312) International 606 (10,008) (5,553) State and Local (216) (547) (383) Total Deferred (Benefit) $(7,164) $(12,303) $(17,248) Total Provision $48,593 $35,024 $42,697 International and United States pretax income for the years ended April 30, 2015 were as follows (in thousands): 2015 2014 2013 International $165,085 $159,442 $156,114 United States 60,376 36,092 30,808 Total $225,461 $195,534 $186,922 The Company’s effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: 2015 2014 2013 U.S. Federal Statutory Rate 35.0% 35.0% 35.0% Benefit from Lower Taxes on Non-U.S. Income (11.9) (10.8) (9.3) State Income Taxes, Net of U.S. Federal Tax Benefit 0.3 0.4 0.6 Deferred Tax Benefit From Statutory Tax Rate Change - (5.4) (4.5) Tax Adjustments and Other (1.8) (1.3) 1.0 Effective Income Tax Rate 21.6% 17.9% 22.8% Deferred Tax Benefit from Statutory Tax Rate Change: Tax Adjustments and Other: Accounting for Uncertainty in Income Taxes: As of April 30, 2015 and April 30, 2014, the total amount of unrecognized tax benefits were $19.3 million and $23.8 million, respectively, of which $3.0 million and $3.2 million represented accruals for interest and penalties recorded as additional tax expense in accordance with the Company’s accounting policy. Within the income tax provision for fiscal years 2015 and 2014, the Company recorded net interest expense on reserves for unrecognized and recognized tax benefits of $0.5 million and $0.1 million, respectively. As of April 30, 2015 and April 30, 2014, the total amount of unrecognized tax benefits that would reduce the Company’s income tax provision, if recognized, were approximately $18.8 million and $23.2 million, respectively. The Company does 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 in the Consolidated Statements of Financial Position follows (in thousands): 2015 2014 Balance at May 1st $23,826 $25,501 Additions for Current Year Tax Positions 503 934 Additions for Prior Year Tax Positions 519 1,070 Reductions for Prior Year Tax Positions (595) (3,209) Foreign Translation Adjustment (4,207) 1,111 Payments - (496) Reductions for Lapse of Statute of Limitations (697) (1,085) Balance at April 30th $19,349 $23,826 Tax Audits: The Company files income tax returns in the U.S. and various states and non-U.S. tax jurisdictions. The Company’s major taxing jurisdictions include the United States, the United Kingdom and Germany. The Company is no longer subject to income tax examinations for years prior to fiscal year 2010 in the major jurisdictions in which the Company is subject to tax. The Company’s last completed U.S. federal audit was for fiscal years 2006 through 2009, which resulted in minimal adjustments principally related to temporary differences. The IRS is currently auditing the fiscal year 2013 U.S. Federal income tax return. In fiscal year 2003, the Company merged several of its German subsidiaries into a new operating entity which enabled the Company to increase (“step-up”) the tax deductible net asset basis of the merged subsidiaries to fair market value. The expected tax benefits to be derived from the step-up are approximately 50 million euros claimed as amortization over 15 years beginning in fiscal year 2003. In May 2012, as part of its routine tax audit process, the German tax authorities filed a challenge to the Company’s tax position with respect to the amortization of certain stepped-up assets. Under German tax law, the Company must pay all contested taxes and the related interest to have the right to defend its position. As a result, the Company made deposits of five million and nine million euros in fiscal years 2015 and 2014, respectively, related to amortization claimed on certain “stepped-up” assets. The Company has made all required payments to date with total deposits paid of 48 million euros through April 30, 2015. The Company expects that it will be required to deposit additional amounts up to ten million euros plus interest for tax returns to be filed in future periods until the issue is resolved. In October 2014, the Company received an unfavorable decision from the local finance court and is in the process of appealing the court decision. The Company’s management and its advisors continue to believe that the Company is “more likely than not” to successfully defend that the tax treatment was proper and in accordance with German tax regulations. As such, the Company has not recorded any charges related to the loss of the step-up benefit. The Company filed its appeal in January 2015. Resolution of the appeal is expected to take 18 to 24 months from January 2015. If the Company is ultimately successful, as expected, the tax deposits will be returned with 6% simple interest, based on current German legislation. As of April 30, 2015, the USD equivalent of the deposits and accrued interest was $57.1 million, which is recorded as Income Tax Deposits in the Consolidated Statements of Financial Position. The Company records the accrued interest income at 6% within the Provision for Income Taxes in the Consolidated Statements of Income which amounted to $1.8 million, $1.7 million and $0.9 million for fiscal years 2015, 2014 and 2013, respectively. Deferred Taxes: Deferred taxes result from temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. It is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows (in thousands): 2015 2014 Inventories $5,230 $5,494 Intangible and Fixed Assets 297,323 303,003 Total Deferred Tax Liabilities $302,553 $308,497 Net Operating Losses $4,599 $6,538 Reserve for Sales Returns and Doubtful Accounts 6,922 7,965 Accrued Employee Compensation 28,093 33,227 Other Accrued Expenses 14,583 9,981 Retirement and Post-Employment Benefits 62,385 46,902 Total Deferred Tax Assets $116,582 $104,613 Net Deferred Tax Liabilities $185,971 $203,884 Reported As Current Deferred Tax Assets $9,981 $11,836 Non-current Deferred Tax Assets 2,995 6,762 Non-current Deferred Tax Liabilities 198,947 222,482 Net Deferred Tax Liabilities $185,971 $203,884 Pretax earnings of a non-U.S. subsidiary or affiliate are subject to U.S. taxation when repatriated. The Company intends to reinvest earnings outside the U.S. except in instances where repatriating such earnings would result in no additional tax. Accordingly, the Company has not recognized U.S. tax expense on non-U.S. earnings. At April 30, 2015, the accumulated undistributed earnings of non-U.S. subsidiaries approximated $732 million. It is not practical to determine the U.S. income tax liability that would be payable if such earnings were not indefinitely reinvested. |
Debt and Available Credit Facil
Debt and Available Credit Facilities | 12 Months Ended |
Apr. 30, 2015 | |
Debt and Available Credit Facilities [Abstract] | |
Debt and Available Credit Facilities | Note 14 - Debt and Available Credit Facilities As of April 30, 2015 and 2014, the Company’s debt of approximately $750.1 million and $700.1 million, respectively consisted of amounts due under the following revolving credit facilities: As of April 30, 2015 and 2014, the Company maintained a credit facility with Bank of America - Merrill Lynch and The Royal Bank of Scotland as joint lead arrangers and Bank of America as administrative agent. The agreement currently consists of a $940 million senior revolving credit facility due on November 2, 2016. Under the agreement, which can be drawn in multiple currencies, the Company has 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 1.05% to 1.65%, depending on the Company’s consolidated leverage ratio, as defined, or (ii) for U.S. dollar-denominated loans only, at the lender’s base rate plus an applicable margin ranging from zero to 0.65%, depending on the Company’s consolidated leverage ratio. The lender’s base rate is defined as the highest of (i) the U.S. federal funds effective rate plus a 0.50% margin, (ii) the Eurocurrency rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, the Company pays a facility fee ranging from 0.20% to 0.35% depending on the Company’s consolidated leverage ratio. The Company also has the option to request an additional credit limit increase of up to $160 million in minimum increments of $50 million, subject to the approval of the lenders. The credit agreement contains certain restrictive covenants related to the Company’s consolidated leverage ratio and interest coverage ratio, which the Company was in compliance with as of April 30, 2015. Due to the fact that there are no principal payments due until the end of the agreement in fiscal year 2017, the Company has classified its entire debt obligation related to this facility as long-term which was approximately $650.0 million and $700.1 million as of April 30, 2015 and 2014, respectively. On October 31, 2014, the Company entered into a U.S. dollar facility with TD Bank, N.A. which is equally ranked with the Company’s existing agreement with Bank of America - Merrill Lynch and The Royal Bank of Scotland plc, and Santander Bank. The new agreement consists of a $50 million 364-day revolving credit facility. The facility was fully drawn as of April 30, 2015. The borrowing rate is LIBOR plus an applicable margin ranging from 0.80% to 1.40%, and a facility fee will be due on any undrawn amounts ranging from 0.125% to 0.30%, both depending on the Company consolidated leverage ratio, as defined. The credit agreement contains certain restrictive covenants related to the Company’s consolidated leverage ratio and interest coverage ratio, which the Company was in compliance with as of April 30, 2015. The proceeds of the new revolving credit facility were used to pay a portion of the Company’s existing revolving credit facility and meet seasonal operating cash requirements. On December 22, 2014, the Company entered into a $50 million 364-day U.S. dollar revolving credit facility reinstated every 30 days with Santander Bank, N.A. which is equally ranked with the Company’s existing agreement with Bank of America - Merrill Lynch and The Royal Bank of Scotland plc, and TD Bank, N.A.. The facility was fully drawn as of April 30, 2015. The borrowing rate is LIBOR plus a margin of 1.00%. The proceeds of the new revolving credit facility were used to pay a portion of the Company’s existing revolving credit facilities and meet seasonal operating cash requirements. The Company and its subsidiaries have other lines of credit aggregating $13.0 million at various interest rates. Outstanding borrowings under these credit lines were approximately $0.1 million as of April 30, 2015. There were no outstanding borrowings under these credit lines as of April 30, 2014. The Company’s total available lines of credit as of April 30, 2015 were approximately $1,053.0 million, of which approximately $302.9 million was unused. The weighted average interest rates on total debt outstanding during fiscal years 2015 and 2014 were 1.93% and 1.82%, respectively. As of April 30, 2015 and 2014, the weighted average interest rates for the total debt were 1.77% and 1.99%, respectively. Based on estimates of interest rates currently available to the Company for loans with similar terms and maturities, the fair value of the Company’s debt approximates its carrying value. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Apr. 30, 2015 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities | Note 15 – Derivative Instruments and Activities The Company, from time-to-time, enters 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. The Company does not use financial instruments for trading or speculative purposes. Interest Rate Contracts: The Company had $750.0 million of variable rate loans outstanding at April 30, 2015, which approximated fair value. As of April 30, 2015 and 2014, the interest rate swap agreements maintained by the Company were designated as fully effective cash flow hedges as defined under Accounting Standards Codification (“ASC”) 815 “Derivatives and Hedging.” As a result, there was no impact on the Company’s Consolidated Statements of Income from changes in the fair value of the interest rate swaps as they were fully offset by changes in the interest expense on the underlying variable rate debt instruments. Under ASC 815, fully effective derivative instruments that are designated as cash flow hedges have changes in their fair value recorded initially within Accumulated Other Comprehensive Loss in 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 in the Consolidated Statements of Income. It is management’s intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives. On August 15, 2014, the Company entered into an interest rate swap agreement which fixed a portion of the variable interest due on its variable rate loans outstanding. Under the terms of the agreement, the Company pays a fixed rate of 0.65% and receives a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which is reset every month for a two-year period ending August 15, 2016. As of April 30, 2015, the notional amount of the interest rate swap was $150.0 million. On January 15, 2014, the Company entered into an interest rate swap agreement which fixed a portion of the variable interest due on its variable rate loans outstanding. Under the terms of the agreement, the Company pays a fixed rate of 0.47% and receives a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which is reset every month for a two-year period ending January 15, 2016. As of April 30, 2015 and 2014, the notional amount of the interest rate swap was $150.0 million. On March 30, 2012, the Company entered into an interest rate swap agreement which fixed a portion of the variable interest due on its variable rate loans outstanding. Under the terms of the agreement, which expired on March 31, 2015, the Company paid a fixed rate of 0.645% and received a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which was reset every month for a three-year period. As of April 30, 2014, the notional amount of the interest rate swap was $150.0 million. The Company records the fair value of its 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, 2015 and 2014 was a deferred loss of $0.6 million and $1.0 million, respectively. Based on the maturity dates of the contracts, approximately $0.2 million and $0.7 million of the deferred losses as of April 30, 2015 and 2014 were recorded in Other Accrued Liabilities, with the remaining deferred losses in each period of $0.4 million and $0.3 million recorded in Other Long-Term Liabilities, respectively. The pre-tax losses that were reclassified from Accumulated Other Comprehensive Loss into Interest Expense for fiscal years 2015, 2014 and 2013 were $1.7 million, $1.3 million and $1.6 million, respectively. Based on the amount in Accumulated Other Comprehensive Loss at April 30, 2015, approximately $0.4 million, net of tax, of unrecognized loss would be reclassified into net income in the next twelve months. Foreign Currency Contracts: The Company may enter into forward exchange contracts to manage the Company’s exposure on certain foreign currency denominated assets and liabilities. The forward exchange contracts are marked to market through Foreign Exchange Transaction Gains (Losses) in the Consolidated Statements of Income, and carried at their fair value in the Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Foreign Exchange Transaction Gains (Losses). As of April 30, 2015 and 2014, the Company did not maintain any open forward contracts. During fiscal years 2013 through 2015, the Company did not designate any forward exchange contracts as hedges under current accounting standards as the benefits of doing so were not material due to the short-term nature of the contracts. The fair value changes in the forward exchange contracts substantially mitigated the changes in the value of the applicable foreign currency denominated assets and liabilities. For fiscal years 2015, 2014 and 2013, the losses recognized on forward contracts were $11.2 million, $0.4 million, and $0.6 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 16 - Commitment and Contingencies The following schedule shows the composition of rent expense for operating leases (in thousands): 2015 2014 2013 Minimum Rental $39,748 $40,929 $41,899 Less: Sublease Rentals (639) (642) (554) Total $39,109 $40,287 $41,345 Future minimum payments under operating leases were $341.7 million at April 30, 2015. Annual minimum payments under these leases for fiscal years 2016 through 2020 are approximately $38.1 million, $35.6 million, $31.4 million, $27.6 million, and $25.6 million, respectively. Rent expense associated with operating leases that include scheduled rent increases and tenant incentives, such as rent holidays or leasehold improvement allowances, are recorded on a straight-line basis over the term of the lease. During the first quarter of fiscal year 2015, the Company renewed the lease for its corporate headquarters in Hoboken, New Jersey. The lease renewal is an operating lease which commences on July 1, 2017 and extends the current lease through March 31, 2033. As a result of the renewal, the Company’s total future minimum payments under the new lease will be $223.0 million, with annual minimum payments of $14.4 million in fiscal years 2018 through 2020. The Company is involved in routine litigation in the ordinary course of its business. A provision for litigation is accrued when information available to the Company 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, the Company does not record a liability, but discloses 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 recorded when management believes such future costs will be material. 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, 2015 will not have a material effect upon the financial condition or results of operations of the Company. Over the past few years, the Company has from time to time faced claims from photographers or agencies that the Company has used photographs without licenses or beyond licensed permissions. The Company has insurance coverage for a significant portion of such claims. The Company does not believe that its exposure to such claims either individually or in the aggregate is material. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Apr. 30, 2015 | |
Retirement Plans [Abstract] | |
Retirement Plans | Note 17 - Retirement Plans The Company and its principal subsidiaries have retirement plans that cover substantially all employees. The plans generally provide for employee retirement between the ages of 60 and 65, and benefits based on length of service and compensation, as defined. Recent Plan Curtailments The Company’s Board of Directors approved plan amendments that froze the U.S. Employees’ Retirement Plan, Supplemental Benefit Plan, and Supplemental Executive Retirement Plan, effective June 30, 2013. These plans are U.S. defined benefit plans. Under the amendments, no new employees are permitted to enter these plans and no additional benefits for current participants for future services will be accrued after June 30, 2013. As a result of freezing the U.S. defined benefit plans, the Company changed the amortization period from the average expected future service period of active plan participants to the average expected life of plan participants. This amendments decreased the pension benefit liabilities by $18.2 million, and resulted in an after-tax decrease in accumulated other comprehensive loss of $11.3 million. The Company also recorded a pension plan curtailment expense of $2.7 million in fiscal year 2013 as a result of the approved plan amendments, which represented a write-off of the unrecognized prior service cost for the U.S. plans. The curtailment expense is included within the fiscal year 2013 Restructuring Charges line item in the Consolidated Statements of Income. The Company’s Board of Directors approved plan amendments that will freeze the Retirement Plan for the Employees of John Wiley & Sons, Canada, effective December 31, 2015. Under the amendments, no new employees will be permitted to enter this plan as of December 31, 2015 and no additional benefits for current participants for future services will be accrued after December 31, 2015. The Company recorded a one-time pension plan benefit of $0.6 million in the third quarter of fiscal year 2015 as a result of the plan amendments. The curtailment benefit is included within the fiscal year 2015 Restructuring Charges line item in the Consolidated Statements of Income. The Company’s Board of Directors approved plan amendments that froze the Retirement Plan for the Employees of John Wiley & Sons, Ltd., a U.K. plan effective April 30, 2015. Under the amendments, no new employees will be permitted to enter this plan and no additional benefits for current participants for future services will be accrued after April 30, 2015. While there was no significant amount recorded for the curtailment, there was a resulting concession with employees to contribute an additional $0.8 million to the Company’s defined contribution plans. This contribution was recognized in the Restructuring charges line item in the Company’s Consolidated Statements of Income. The Company maintains 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 the Plan have been discontinued as noted above. The components of net pension expense for the defined benefit plans and the weighted-average assumptions were as follows (in thousands): 2015 2014 2013 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service Cost $ - $5,942 $ - $8,066 $12,701 $6,204 Interest Cost 13,159 17,417 12,613 17,144 12,032 15,784 Expected Return on Plan Assets (13,782) (22,654) (14,838) (21,607) (12,927) (17,975) Net Amortization of Prior Service Cost and Transition Asset (115) 68 - 124 854 127 Recognized Net Actuarial Loss 1,470 6,299 5,681 7,490 6,050 3,905 Curtailment/Settlement Loss - (428) - 79 2,681 - Net Pension Expense $732 $6,644 $3,456 $11,296 $21,391 $8,045 Discount Rate 4.7% 4.2% 4.2% 4.2% 4.7% 5.0% Rate of Compensation Increase N/A 3.2% N/A 3.2% 3.1% 3.4% Expected Return on Plan Assets 6.8% 6.7% 8.0% 6.7% 8.0% 6.8% The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the retirement plans with accumulated benefit obligations in excess of plan assets were $813.3 million, $773.4 million and $598.9 million, respectively, as of April 30, 2015 and $711.0 million, $676.9 million and $546.3 million, respectively, as of April 30, 2014. 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. As a result of freezing the U.S. defined benefit plans in fiscal year 2014, the Company changed the amortization period for the U.S. defined benefit plans from the average expected future service period of active plan participants to the average expected life of plan participants resulting in an approximately $1.2 million annual reduction in pension expense. The Company recognizes 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, in the Consolidated Statements of Financial Position. The change in the funded status of the plan is recognized within Accumulated Other Comprehensive Loss in the Consolidated Statements of Financial Position. Plan assets and obligations are measured at fair value as of the Company’s balance sheet date. The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in thousands): United States Non-U.S. Total Actuarial Loss $2,152 $2,479 $4,631 Prior Service Cost (154) 54 (100) Total $1,998 $2,533 $4,531 The following table sets forth the changes in and the status of the Company’s defined benefit plans’ assets and benefit obligations: Dollars in thousands 2015 2014 CHANGE IN PLAN ASSETS U.S. Non-U.S. U.S. Non-U.S. Fair Value of Plan Assets, Beginning of Year $207,986 $351,092 $186,527 $306,689 Actual Return on Plan Assets 23,166 60,997 22,101 15,459 Employer Contributions 3,972 9,701 9,608 10,396 Employee Contributions - 1,566 - 1,770 Settlements - (2,353) - (437) Benefits Paid (12,158) (7,118) (10,250) (10,005) Foreign Currency Rate Changes - (37,309) - 27,220 Fair Value, End of Year $222,966 $376,576 $207,986 $351,092 CHANGE IN PROJECTED BENEFIT OBLIGATION Benefit Obligation, Beginning of Year $(285,659) $(442,703) $(307,659) $(394,278) Service Cost - (5,942) - (8,066) Interest Cost (13,159) (17,417) (12,613) (17,144) Employee Contributions - (1,566) - (1,770) Actuarial Gain (Loss) (45,868) (83,782) 24,363 1,350 Benefits Paid 12,158 7,118 10,250 10,005 Foreign Currency Rate Changes - 52,513 - (33,237) Curtailment - 7,321 - - Amendments and Other 3,140 - - 437 Benefit Obligation, End of Year $(329,388) $(484,458) $(285,659) $(442,703) Funded Status $(106,422) $(107,882) $(77,673) $(91,611) AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION: Other Noncurrent Assets - 17 - 21 Current Pension Liability (4,086) (508) (4,091) (580) Noncurrent Pension Liability (102,336) (107,391) (73,582) (91,052) Net Amount Recognized in Statement of Financial Position $(106,422) $(107,882) $(77,673) $(91,611) AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (before tax) CONSIST OF: Net Actuarial Loss $(103,017) $(128,280) $(68,005) $(107,540) Prior Service Cost 3,024 (555) - (966) Total Accumulated Other Comprehensive Loss $(99,993) $(128,835) $(68,005) $(108,506) Change in Accumulated Other Comprehensive Loss $(31,988) $(20,329) $37,306 $(5,384) WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES: Discount Rate 4.2% 3.5% 4.7% 4.2% Rate of Compensation Increase N/A 3.0% N/A 3.2% Accumulated Benefit Obligations $(329,389) $(444,561) $(285,661) $(402,225) Basis for determining discount rate: The discount rates for the United States, United Kingdom and Canadian pension plans were based on the derivation of a single-equivalent discount rate using a standard spot rate curve and the timing of expected benefit payments. The spot rate curve used is based upon a portfolio of Moody’s-rated Aa 3 Basis for determining the expected asset return: The expected long-term rates of return were estimated using market benchmarks for equities, real estate, and bonds applied to each plan’s target asset allocation and are estimated by asset class including an anticipated inflation rate. The expected long-term rates are then compared to the historic investment performance of the plan assets as well as future expectations and estimated through consultation with investment advisors and actuaries. 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 plan’s 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, 49% fixed income securities and cash, and 1% real estate. 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%. The Company regularly reviews the investment allocations and periodically rebalances investments to the target allocations. The Company categorizes its 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. The Company did not maintain any level 3 assets during fiscal years 2015 and 2014. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30 (in thousands): 2015 2014 Level 1 Level 2 Total Level 1 Level 2 Total U.S. Plan Assets Equity Securities: U.S. Commingled Funds $ - $68,671 $68,671 $ - $76,534 $76,534 Non-U.S. Commingled Funds - 38,336 38,336 - 32,815 32,815 Fixed Income Commingled Funds - 105,363 105,363 - 85,335 85,335 Real Estate - 10,596 10,596 - 13,302 13,302 Total U.S. Plan Assets $ - $222,966 $222,966 $ - $207,986 $207,986 Non-U.S. Plan Assets Equity Securities: U.S. Equities $ - $25,551 $25,551 $ - $24,384 $24,384 Non-U.S. Equities - 80,014 80,014 - 73,250 73,250 Balanced Managed Funds 10,295 66,707 77,002 11,284 66,966 78,250 Fixed Income Funds: - 190,344 190,344 - 164,948 164,948 Other: Real Estate/Other - 489 489 - 7,455 7,455 Cash and Cash Equivalents 3,176 - 3,176 2,805 - 2,805 Total Non-U.S. Plan Assets $13,471 $363,105 $376,576 $14,089 $337,003 $351,092 Total Plan Assets $13,471 $586,071 $599,542 $14,089 $544,989 $559,078 Expected employer contributions to the defined benefit pension plans in fiscal year 2016 will be approximately $12.5 million, including $8.3 million of minimum amounts required for the Company’s non-U.S. plans. From time to time, the Company may elect to make voluntary contributions to its defined benefit plans to improve their funded status. Benefit payments to retirees from all defined benefit plans are expected to approximate $20.7 million in fiscal year 2016, $22.1 million in fiscal year 2017, $23.5 million in fiscal year 2018, $23.7 million in fiscal year 2019, $25.5 million in fiscal year 2020 and $149.2 million for fiscal years 2021 through 2025. The Company provides contributory life insurance and health care benefits, subject to certain dollar limitations for substantially all of its eligible retired U.S. employees. 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 in the Consolidated Statements of Financial Position as of April 30, 2015 and 2014 was $6.7 million and $6.2 million, respectively. Annual expenses for these plans for fiscal years 2015, 2014 and 2013 were $0.7 million, $0.9 million and $0.8 million, respectively. The Company has defined contribution savings plans. The Company contribution is based on employee contributions and the level of Company match. The Company may make discretionary contributions to all employees as a group. The employer cash contributions to these plans were approximately $14.8 million, $13.9 million and $9.2 million in fiscal years 2015, 2014, and 2013 respectively. Approximately $0.8 million of the fiscal year 2015 contributions were reflected in the Restructuring Charges line item as they were related to contractual obligations resulting from the curtailment of the U.K. defined benefit pension plan. The expense recorded for these plans was approximately $15.2 million, $15.7 million and $9.2 million in fiscal years 2015, 2014, and 2013 respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Apr. 30, 2015 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Note 18 – Share-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 8 million shares of Company Class A stock may be issued. As of April 30, 2015, there were approximately 6,166,816 securities remaining available for future issuance under the Plan. The Company issues treasury shares to fund awards issued under the Plan. Stock Option Activity: Under the terms of the Company’s stock option plan, the exercise price of stock options granted may not be less than 100% of the fair market value of the stock at the date of grant. Options are exercisable over a maximum period of 10 years from the date of grant and generally vest 50% on the fourth and fifth anniversary date after the award is granted. Under certain circumstances relating to a change of control, as defined, the right to exercise options outstanding may be accelerated. The following table provides the estimated weighted average fair value for options granted each period using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of the Company’s Common Stock price over the estimated life of the option while, the dividend yield is based on the expected dividend payments to be made by the Company. For the Years Ended April 30, 2015 2014 2013 Fair Value of Options on Grant Date $16.97 $10.12 $12.26 Weighted Average assumptions: Expected Life of Options (years) 7.2 7.4 7.3 Risk-Free Interest Rate 2.2% 2.1% 1.2% Expected Volatility 30.9% 30.5% 30.2% Expected Dividend Yield 1.9% 2.5% 2.0% Fair Value of Common Stock on Grant Date $59.70 $39.53 $48.06 A summary of the activity and status of the Company’s stock option plans follows: 2015 2014 2013 Options (in 000’s) Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in millions) Options (in 000’s) Weighted Average Exercise Price Options (in 000’s) Weighted Average Exercise Price Outstanding at Beginning of Year 2,508 $42.34 3,732 $42.85 4,130 $40.74 Granted 189 $59.70 322 $39.53 394 $48.06 Exercised (747) $38.32 (1,421) $42.57 (784) $34.44 Expired or Forfeited (29) $49.32 (125) $47.65 (8) $35.00 Outstanding at End of Year 1,921 $45.50 5.7 $22.4 2,508 $42.34 3,732 $42.85 Exercisable at End of Year 815 $42.31 4.0 $11.9 1,191 $39.16 2,166 $42.45 Vested and Expected to Vest in the Future at April 30 1,872 $42.91 5.7 $23.2 2,432 $42.38 3,603 $42.93 The intrinsic value is the difference between the Company’s common stock price and the option grant price. The total intrinsic value of options exercised during fiscal years 2015, 2014 and 2013 was $16.1 million, $12.4 million and $10.6 million, respectively. The total grant date fair value of stock options vested during fiscal year 2015 was $4.8 million. As of April 30, 2015, there was $4.1 million of unrecognized share-based compensation expense related to stock options, which is expected to be recognized over a period up to 5 years, or 2.0 years on a weighted average basis. The following table summarizes information about stock options outstanding and exercisable at April 30, 2015: 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 $33.05 to $35.04 166 3.7 $34.74 166 $34.74 $38.55 to $40.02 639 5.9 $39.71 329 $39.88 $47.55 to $49.55 938 5.2 $48.67 320 $48.76 $59.70 178 9.2 $59.70 - - Total/Average 1,921 5.7 $45.50 815 $42.31 Performance-Based and Other Restricted Stock Activity: Under the terms of the Company’s long-term incentive plans, performance-based restricted stock awards are payable in restricted shares of the Company’s Class A Common Stock upon the achievement of certain three-year financial performance-based targets. During each three-year period, the Company adjusts compensation expense based upon its best estimate of expected performance. The restricted performance shares vest 50% on the first and second anniversary date after the award is earned. The Company may also grant individual restricted awards of the Company’s Class A Common Stock to key employees in connection with their employment. The restricted shares generally vest 50% at the end of the fourth and fifth years following the date of the grant. 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 fiscal years 2015, 2014 and 2013 was as follows (shares in thousands): 2015 2014 2013 Restricted Shares Weighted Average Grant Date Value Restricted Shares Restricted Shares Nonvested Shares at Beginning of Year 745 $43.40 837 1,042 Granted 363 $59.23 348 296 Change in shares due to performance (65) $39.18 (92) (227) Vested and Issued (159) $42.46 (256) (237) Forfeited (132) $48.85 (92) (37) Nonvested Shares at End of Year 752 $50.64 745 837 As of April 30, 2015, there was $23.0 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 5 years, or 3.3 years on a weighted average basis. Compensation expense for restricted stock awards is measured using the closing market price of the Company’s Class A Common Stock at the date of grant. The total grant date value of shares vested during fiscal years 2015, 2014 and 2013 was $6.8 million, $9.7 million and $9.0 million, respectively. Director Stock Awards: Under the terms of the Company’s Director Stock Plan (the “Director Plan”), each non-employee director receives an annual award of Class A Common Stock equal in value to 100% of the annual director retainer fee (excluding additional retainer fees paid to committee chairpersons), based on the stock price on the date of grant. The granted shares may not be sold or transferred during the time the non-employee director remains a director. There were 12,131; 12,408 and 13,437 shares awarded under the Director Plan for fiscal years 2015, 2014 and 2013, respectively. |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Apr. 30, 2015 | |
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 the Company’s Class B Common Stock is convertible into one share of Class A Common Stock. The holders of Class A stock are entitled to elect 30% of the entire Board of Directors and the holders of Class B stock are entitled to elect the remainder. On all other matters, each share of Class A stock is entitled to one tenth of one vote and each share of Class B stock is entitled to one vote. During fiscal year 2014, the Board of Directors of the Company approved a share repurchase program for an additional four million shares of Class A or Class B Common Stock. During fiscal year 2015, the Company repurchased 1,082,502 shares at an average price of $57.26 per share. As of April 30, 2015, the Company has authorization from its Board of Directors to purchase up to 2,179,120 additional shares. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | Note 20 - Segment Information The Company’s operations are primarily located in the United States, Canada, Europe, Asia and Australia. Below is a description of the Company’s three operating segments: Research Professional Development Education Shared Services - As part of Wiley’s Restructuring and Reinvestment Program, during the first quarter of fiscal year 2015, the Company consolidated certain decentralized business functions (Content Management, Vendor Procurement Services, Marketing Services, etc.) into Shared Service and Administrative functions. These newly centralized service groups are part of the Company’s plan to reduce costs through efficiencies gained from standardized technology and centralized management. The costs of these functions were previously reported as direct operating expenses in each business segment but are now reported within the shared service functions. Prior year amounts have been restated to reflect the same reporting methodology. The Company uses occupied square footage of space; number of employees; units shipped; specific identification/activity-based; gross profit; revenue and number of invoices to allocate shared service costs to each business segment. Segment information is as follows (in thousands): For the years ended April 30, 2015 2014 2013 RESEARCH : Revenue $1,040,795 $1,044,349 $1,009,825 Direct Contribution to Profit 483,413 479,419 452,004 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (44,602) (45,773) (45,699) Technology and Content Management (99,696) (101,922) (92,794) Occupancy and Other (23,326) (25,997) (25,666) Contribution to Profit $315,789 $305,727 $287,845 PROFESSIONAL DEVELOPMENT: Revenue $407,023 $363,869 $416,495 Direct Contribution to Profit 140,588 128,976 122,258 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (30,838) (37,673) (40,625) Technology and Content Management (47,574) (50,374) (55,505) Occupancy and Other (24,060) (18,762) (17,473) Contribution to Profit $38,116 $22,167 $8,655 EDUCATION: Revenue $374,622 $366,977 $334,458 Direct Contribution to Profit 125,870 121,978 115,244 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (12,863) (15,685) (15,068) Technology and Content Management (52,954) (46,787) (39,735) Occupancy and Other (13,878) (11,719) (8,471) Contribution to Profit $46,175 $47,787 $51,970 Total Contribution to Profit $400,080 $375,681 $348,470 Unallocated Shared Services and Administrative Costs (161,856) (169,008) (149,043) Foreign Exchange Transaction Gains(Losses) 1,742 (8) (2,041) Interest Expense & Other, Net (14,020) (11,131) (10,464) Income Before Taxes $225,946 $195,534 $186,922 The following table reflects total shared services and administrative costs by function, which are reported in Allocated and Unallocated Shared Services and Administrative Costs above. For the years ended April 30, SHARED SERVICES AND ADMINISTRATIVE COSTS: 2015 2014 2013 Distribution and Operation Services $88,224 $99,433 $103,831 Technology and Content Management 246,292 241,329 225,224 Finance 52,988 54,468 49,029 Other Administration 106,335 101,487 92,198 Restructuring Charges (see Note 6) 18,293 22,197 14,557 Impairment Charges (see Note 7) - 4,786 5,241 Total $512,132 $523,700 $490,080 In the first quarter of fiscal year 2015, the Company modified its segment product/service revenue categories to reflect recent changes to the business, including acquisitions and restructuring. All prior periods have been revised to reflect the new categorization as follows: For the years ended April 30, Total Revenue by Product/Service 2015 2014 2013 Research Communications $813,785 $798,903 $759,825 Books and Custom Print Products 635,802 684,421 719,290 Education Services (Deltak) 81,595 70,179 33,744 Talent Solutions 98,779 33,047 26,173 Course Workflow Solutions (Wiley Plus) 54,223 49,459 41,007 Other 138,256 139,186 180,739 Total Revenue By Product Service $1,822,440 $1,775,195 $1,760,778 Total Assets Research $1,246,673 $1,392,373 $1,371,082 Professional Development 695,859 554,146 520,703 Education 430,733 455,848 422,658 Corporate/Shared Services 630,978 674,998 491,932 Total $3,004,243 $3,077,365 $2,806,375 Expenditures for Long Lived Assets Research $18,288 $23,311 $33,817 Professional Development 179,174 59,837 43,587 Education 14,188 11,935 240,283 Corporate/Shared Services 69,121 57,564 54,723 Total $280,771 $152,647 $372,410 Depreciation and Amortization Research $57,992 $62,664 $60,049 Professional Development 31,943 28,542 35,434 Education 38,928 40,023 33,937 Corporate/Shared Services 25,062 16,868 20,096 Total $153,925 $148,097 $149,516 Export sales from the United States to unaffiliated customers amounted to approximately $168.0 million, $169.0 million and $150.3 million in fiscal years 2015, 2014 and 2013, respectively. The pretax income for consolidated operations outside the United States was approximately $165.1 million, $159.4 million and $156.1 million in fiscal years 2015, 2014 and 2013, respectively. Revenue from external customers based on the location of the customer and long-lived assets by geographic area were as follows (in thousands): Revenue Long-Lived Assets (Technology, Property & Equipment) 2015 2014 2013 2015 2014 2013 United States $920,166 $937,106 $911,838 $143,786 $135,711 $134,107 United Kingdom 142,680 127,716 123,827 24,711 32,286 31,093 Germany 83,714 89,107 84,737 9,781 12,877 12,492 Japan 84,420 80,074 84,586 21 40 138 China 45,159 41,581 38,651 307 516 756 India 39,494 39,953 41,720 180 172 274 Australia 80,380 79,453 79,958 1,696 2,712 3,533 France 57,492 25,376 24,041 6,720 - - Canada 56,949 61,559 66,440 70 729 1,092 Other Countries 311,986 293,270 304,980 5,738 3,675 6,140 Total $1,822,440 $1,775,195 $1,760,778 $193,010 $188,718 $189,625 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: |
Use of Estimates | Use of Estimates: |
Reclassifications | Reclassifications: |
Book Overdrafts | Book Overdrafts: |
Revenue Recognition | Revenue Recognition: The Company offers an alternative digital journal subscription license model to subscribers in certain markets. Under this alternative model, the Company provides access to all journal content published within a calendar year. Under the Company’s previous licensing model, a customer subscribed to a discrete number of online journal issues and revenue was recognized as each issue was made available online. Based on the success of the program to date, the Company will expand its alternative model offering in calendar year 2016. The new time-based model will result in substantially all digital journal subscription revenue recognized on a straight-line basis over the calendar year. When a product is sold with multiple deliverables, the Company accounts for each deliverable within the arrangement as a separate unit of accounting due to the fact that each deliverable is also sold on a stand-alone basis. The total consideration of a multiple-element arrangement is allocated to each unit of accounting based on the price charged by the Company when it is sold separately. The Company’s multiple deliverable arrangements principally include WileyPLUS Wiley Online Library The Company enters into contracts for the resale of its content through a third party where the Company is not the primary obligor of the arrangement because it is not responsible for fulfilling the customer’s order; handling customer requests or claims and/or maintains credit risk. The Company recognizes revenue for the sale of its content, net of any commission owed to the third party seller or taxes which are remitted to government authorities. |
Cash Equivalents | Cash Equivalents: |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts: |
Sales Return Reserves | Sales Return Reserves: The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease) as of April 30: 2015 2014 Accounts Receivable $(37,300) $(41,102) Inventories 6,555 6,774 Accounts and Royalties Payable (5,405) (5,695) Decrease in Net Assets $(25,340) $(28,633) |
Inventories | Inventories: |
Reserve for Inventory Obsolescence | Reserve for Inventory Obsolescence |
Product Development Assets | Product Development Assets: |
Shipping and Handling Costs | Shipping and Handling Costs: |
Advertising Expense | Advertising Expense: |
Technology, Property and Equipment | Technology, Property and Equipment: Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: 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 and Fixtures - 3 to 10 years; Computer Hardware and Software - 3 to 10 years. Costs incurred for computer software developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. Costs incurred during the application development stage include costs of materials and services, and payroll and payroll-related costs for employees who are directly associated with the software project. Such costs are amortized over the expected useful life of the related software which is generally 3 to 6 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 |
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-lived Intangible Assets: To evaluate the recoverability of goodwill, the Company uses a two-step impairment test approach at the reporting unit level. In the first step, the estimated fair value of the entire reporting unit is compared to its carrying value including goodwill. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the charge for goodwill impairment. In the second step, the Company determines an implied fair value of the reporting unit’s goodwill by determining the fair value of the individual assets and liabilities (including any previously unrecognized intangible assets) of the reporting unit other than goodwill. The resulting implied fair value of the goodwill is compared to the carrying amount and an impairment charge is recognized for the difference. In certain circumstances, the Company uses a qualitative assessment as an alternative to the two-step test approach. Under this approach certain market, industry and financial performance factors are considered to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If that is the case, the two-step approach described above is then performed to evaluate the recoverability of goodwill. |
Intangible Assets with Finite Lives and Other Long-Lived Assets | Intangible Assets with Finite Lives and Other Long-Lived Assets: Intangible assets with finite lives as of April 30, 2015 are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 32 years; customer relationships – 19 years; brands and trademarks – 11 years; non-compete agreements – 5 years. Assets with finite lives are only 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: |
Foreign Currency Gains/Losses | Foreign Currency Gains/Losses: |
Share-Based Compensation | Share-Based Compensation: |
Recently Issued Accounting Standards | Recently Issued Accounting Standards: In April 2015, the FASB issued ASU 2015-03 "Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" (“ASU 2015-03”). The ASU requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. Previously, debt issuance costs were recognized as assets on the balance sheet. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for the Company on May 1, 2016, with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. Although the new guidance will have no impact on the Company’s results of operations, the debt issuance costs presented as assets within the Company’s Consolidated Statement of Financial Position ($1.4 million as of April 30, 2015) will be reclassified as reductions of the related debt liability when the guidance is adopted. In April 2015, the FASB issued ASU 2015-05 "Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in Cloud Computing Arrangements" (“ASU 2015-05”). Cloud computing arrangements represent the delivery of hosted services over the internet which include software, platforms, infrastructure and other hosting arrangements. The ASU provides criteria to determine whether the cloud computing arrangement includes a software license. If the criteria are met, the customer will capitalize the fee attributable to the software license portion of the arrangement as internal-use software. If the arrangement does not include a software license, it should be treated as a service contract and expensed as services are received. The standard is effective for the Company on May 1, 2016 with early adoption permitted. An entity can elect to adopt either prospectively for all arrangements entered into after the effective date or retrospectively. The Company is currently assessing whether the adoption of the guidance will have a significant impact on its consolidated financial statements. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Net sales return reserves by balance sheet account | The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – increase (decrease) as of April 30: 2015 2014 Accounts Receivable $(37,300) $(41,102) Inventories 6,555 6,774 Accounts and Royalties Payable (5,405) (5,695) Decrease in Net Assets $(25,340) $(28,633) |
Reconciliation of Weighted Av31
Reconciliation of Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |
Reconciliation of shares used in computation of earnings per share | A reconciliation of the shares used in the computation of earnings per share for the years ended April 30 follows (in thousands): 2015 2014 2013 Weighted Average Shares Outstanding 59,004 58,925 59,672 Less: Unearned Restricted Shares (271) (290) (225) Shares Used for Basic Earnings Per Share 58,733 58,635 59,447 Dilutive Effect of Stock Options and Other Stock Awards 861 879 777 Shares Used for Diluted Earnings Per Share 59,594 59,514 60,224 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
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 fiscal years ended April 30, 2015 and 2014 were as follows (in thousands): Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total Balance at April 30, 2013 $(134,539) $(143,124) $(969) $(278,632) Other comprehensive income (loss) before reclassifications 67,875 10,464 (431) 77,908 Reclassification of amounts to Consolidated Statements of Income - 9,635 798 10,433 Total other comprehensive income 67,875 20,099 367 88,341 Balance at April 30, 2014 $(66,664) $(123,025) $(602) $(190,291) Other comprehensive income (loss) before reclassifications (180,190) (42,347) (783) (223,320) Reclassification of amounts to Consolidated Statements of Income - 5,938 1,040 6,978 Total other comprehensive income (loss) (180,190) (36,409) 257 (216,342) Balance at April 30, 2015 $(246,854) $(159,434) $(345) $(406,633) |
Restructuring Programs (Tables)
Restructuring Programs (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Restructuring Charges [Abstract] | |
Pre-tax restructuring charges | The following table summarizes the pre-tax restructuring charges related to this program (in thousands): 2015 2014 2013 Total Charges Incurred to Date Charges by Segment: Research $4,555 $7,774 $2,896 $15,225 Professional Development 4,385 11,860 6,284 22,529 Education 1,571 891 1,118 3,580 Shared Services 18,293 22,197 14,154 54,644 Total Restructuring Charges $28,804 $42,722 $24,452 $95,978 Charges by Activity: Severance $17,093 $25,962 $19,706 $62,761 Process reengineering consulting 301 8,556 2,618 11,475 Other activities 11,410 8,204 2,128 21,742 Total Restructuring Charges $28,804 $42,722 $24,452 $95,978 |
Activity for restructuring and reinvestment program liability | The following table summarizes the activity for the Restructuring and Reinvestment Program liability in fiscal year 2015 (in thousands): Foreign April 30, Translation & April 30, 2014 Charges Payments Reclassifications 2015 Severance $29,255 $17,093 $(26,716) $(838) $18,794 Process reengineering consulting 722 301 (1,024) 1 - Other activities 4,995 11,410 (4,601) 55 11,859 Total $34,972 $28,804 $(32,341) $(782) $30,653 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Inventories [Abstract] | |
Inventories | Inventories at April 30 were as follows (in thousands): 2015 2014 Finished Goods $52,705 $62,071 Work-in-Process 6,552 6,041 Paper, Cloth, and Other 4,676 5,476 63,933 73,588 Inventory Value of Estimated Sales Returns 6,555 6,774 LIFO Reserve (6,709) (4,867) Total Inventories $63,779 $75,495 |
Product Development Assets (Tab
Product Development Assets (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Product Development Assets [Abstract] | |
Product development assets | Product development assets consisted of the following at April 30 (in thousands): 2015 2014 Composition Costs $41,280 $45,603 Royalty Advances 28,309 37,337 Total $69,589 $82,940 |
Technology, Property and Equi36
Technology, Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Technology, Property and Equipment [Abstract] | |
Technology, property and equipment | Technology, property and equipment consisted of the following at April 30 (in thousands): 2015 2014 Capitalized Software and Computer Hardware $460,199 $396,512 Buildings and Leasehold Improvements 86,225 94,018 Furniture, Fixtures and Warehouse Equipment 60,460 51,449 Land and Land Improvements 3,820 4,367 610,704 546,346 Accumulated Depreciation (417,694) (357,628) Total $193,010 $188,718 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Intangible Assets [Abstract] | |
Activity in goodwill by segment | The following table summarizes the activity in goodwill by segment as of April 30 (in thousands): 2014 Acquisitions Foreign Translation Adjustment 2015 Research $485,181 2,921 $(40,776) $447,326 Professional Development 268,658 124,036 (27,479) 365,215 Education 149,826 - - 149,826 Total $903,665 $126,957 $(68,255) $962,367 |
Schedule of intangible assets | Intangible assets as of April 30 were as follows (in thousands): 2015 2014 Cost Accumulated Amortization Cost Accumulated Amortization Intangible Assets with Determinable Lives Content and Publishing Rights $781,618 $(299,022) $834,932 $(299,105) Customer Relationships 225,239 (43,967) 195,085 (32,790) Brands & Trademarks 30,008 (13,225) 24,000 (9,284) Covenants not to Compete 1,343 (677) 1,490 (767) 1,038,208 (356,891) 1,055,507 (341,946) Intangible Assets with Indefinite Lives Brands & Trademarks 152,332 - 164,202 - Content and Publishing Rights 83,972 - 106,898 - $1,274,512 $(356,891) $1,326,607 $(341,946) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Income Taxes [Abstract] | |
Provision for income taxes | The provisions for income taxes for the years ended April 30 were as follows (in thousands): 2015 2014 2013 Current Provision US – Federal $27,137 $13,541 $23,835 International 27,613 34,519 34,019 State and Local 1,007 (733) 2,091 Total Current Provision $55,757 $47,327 $59,945 Deferred Provision (Benefit) US – Federal $(7,554) $(1,748) $(11,312) International 606 (10,008) (5,553) State and Local (216) (547) (383) Total Deferred (Benefit) $(7,164) $(12,303) $(17,248) Total Provision $48,593 $35,024 $42,697 |
International and United States pretax income | International and United States pretax income for the years ended April 30, 2015 were as follows (in thousands): 2015 2014 2013 International $165,085 $159,442 $156,114 United States 60,376 36,092 30,808 Total $225,461 $195,534 $186,922 |
Reconciliation of effective income tax rate | The Company’s effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: 2015 2014 2013 U.S. Federal Statutory Rate 35.0% 35.0% 35.0% Benefit from Lower Taxes on Non-U.S. Income (11.9) (10.8) (9.3) State Income Taxes, Net of U.S. Federal Tax Benefit 0.3 0.4 0.6 Deferred Tax Benefit From Statutory Tax Rate Change - (5.4) (4.5) Tax Adjustments and Other (1.8) (1.3) 1.0 Effective Income Tax Rate 21.6% 17.9% 22.8% |
Reconciliation of unrecognized tax benefits | A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item in the Consolidated Statements of Financial Position follows (in thousands): 2015 2014 Balance at May 1st $23,826 $25,501 Additions for Current Year Tax Positions 503 934 Additions for Prior Year Tax Positions 519 1,070 Reductions for Prior Year Tax Positions (595) (3,209) Foreign Translation Adjustment (4,207) 1,111 Payments - (496) Reductions for Lapse of Statute of Limitations (697) (1,085) Balance at April 30th $19,349 $23,826 |
Significant components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities at April 30 were as follows (in thousands): 2015 2014 Inventories $5,230 $5,494 Intangible and Fixed Assets 297,323 303,003 Total Deferred Tax Liabilities $302,553 $308,497 Net Operating Losses $4,599 $6,538 Reserve for Sales Returns and Doubtful Accounts 6,922 7,965 Accrued Employee Compensation 28,093 33,227 Other Accrued Expenses 14,583 9,981 Retirement and Post-Employment Benefits 62,385 46,902 Total Deferred Tax Assets $116,582 $104,613 Net Deferred Tax Liabilities $185,971 $203,884 Reported As Current Deferred Tax Assets $9,981 $11,836 Non-current Deferred Tax Assets 2,995 6,762 Non-current Deferred Tax Liabilities 198,947 222,482 Net Deferred Tax Liabilities $185,971 $203,884 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Composition of rent expense for operating leases | The following schedule shows the composition of rent expense for operating leases (in thousands): 2015 2014 2013 Minimum Rental $39,748 $40,929 $41,899 Less: Sublease Rentals (639) (642) (554) Total $39,109 $40,287 $41,345 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Retirement Plans [Abstract] | |
Components of net periodic pension expense for defined benefit plans and the weighted-average assumptions | The components of net pension expense for the defined benefit plans and the weighted-average assumptions were as follows (in thousands): 2015 2014 2013 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service Cost $ - $5,942 $ - $8,066 $12,701 $6,204 Interest Cost 13,159 17,417 12,613 17,144 12,032 15,784 Expected Return on Plan Assets (13,782) (22,654) (14,838) (21,607) (12,927) (17,975) Net Amortization of Prior Service Cost and Transition Asset (115) 68 - 124 854 127 Recognized Net Actuarial Loss 1,470 6,299 5,681 7,490 6,050 3,905 Curtailment/Settlement Loss - (428) - 79 2,681 - Net Pension Expense $732 $6,644 $3,456 $11,296 $21,391 $8,045 Discount Rate 4.7% 4.2% 4.2% 4.2% 4.7% 5.0% Rate of Compensation Increase N/A 3.2% N/A 3.2% 3.1% 3.4% Expected Return on Plan Assets 6.8% 6.7% 8.0% 6.7% 8.0% 6.8% |
Amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year | The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in thousands): United States Non-U.S. Total Actuarial Loss $2,152 $2,479 $4,631 Prior Service Cost (154) 54 (100) Total $1,998 $2,533 $4,531 |
Changes in and status of the plans' assets and benefit obligations | The following table sets forth the changes in and the status of the Company’s defined benefit plans’ assets and benefit obligations: Dollars in thousands 2015 2014 CHANGE IN PLAN ASSETS U.S. Non-U.S. U.S. Non-U.S. Fair Value of Plan Assets, Beginning of Year $207,986 $351,092 $186,527 $306,689 Actual Return on Plan Assets 23,166 60,997 22,101 15,459 Employer Contributions 3,972 9,701 9,608 10,396 Employee Contributions - 1,566 - 1,770 Settlements - (2,353) - (437) Benefits Paid (12,158) (7,118) (10,250) (10,005) Foreign Currency Rate Changes - (37,309) - 27,220 Fair Value, End of Year $222,966 $376,576 $207,986 $351,092 CHANGE IN PROJECTED BENEFIT OBLIGATION Benefit Obligation, Beginning of Year $(285,659) $(442,703) $(307,659) $(394,278) Service Cost - (5,942) - (8,066) Interest Cost (13,159) (17,417) (12,613) (17,144) Employee Contributions - (1,566) - (1,770) Actuarial Gain (Loss) (45,868) (83,782) 24,363 1,350 Benefits Paid 12,158 7,118 10,250 10,005 Foreign Currency Rate Changes - 52,513 - (33,237) Curtailment - 7,321 - - Amendments and Other 3,140 - - 437 Benefit Obligation, End of Year $(329,388) $(484,458) $(285,659) $(442,703) Funded Status $(106,422) $(107,882) $(77,673) $(91,611) AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION: Other Noncurrent Assets - 17 - 21 Current Pension Liability (4,086) (508) (4,091) (580) Noncurrent Pension Liability (102,336) (107,391) (73,582) (91,052) Net Amount Recognized in Statement of Financial Position $(106,422) $(107,882) $(77,673) $(91,611) AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (before tax) CONSIST OF: Net Actuarial Loss $(103,017) $(128,280) $(68,005) $(107,540) Prior Service Cost 3,024 (555) - (966) Total Accumulated Other Comprehensive Loss $(99,993) $(128,835) $(68,005) $(108,506) Change in Accumulated Other Comprehensive Loss $(31,988) $(20,329) $37,306 $(5,384) WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES: Discount Rate 4.2% 3.5% 4.7% 4.2% Rate of Compensation Increase N/A 3.0% N/A 3.2% Accumulated Benefit Obligations $(329,389) $(444,561) $(285,661) $(402,225) |
Pension plan assets at fair value by level within the 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 (in thousands): 2015 2014 Level 1 Level 2 Total Level 1 Level 2 Total U.S. Plan Assets Equity Securities: U.S. Commingled Funds $ - $68,671 $68,671 $ - $76,534 $76,534 Non-U.S. Commingled Funds - 38,336 38,336 - 32,815 32,815 Fixed Income Commingled Funds - 105,363 105,363 - 85,335 85,335 Real Estate - 10,596 10,596 - 13,302 13,302 Total U.S. Plan Assets $ - $222,966 $222,966 $ - $207,986 $207,986 Non-U.S. Plan Assets Equity Securities: U.S. Equities $ - $25,551 $25,551 $ - $24,384 $24,384 Non-U.S. Equities - 80,014 80,014 - 73,250 73,250 Balanced Managed Funds 10,295 66,707 77,002 11,284 66,966 78,250 Fixed Income Funds: - 190,344 190,344 - 164,948 164,948 Other: Real Estate/Other - 489 489 - 7,455 7,455 Cash and Cash Equivalents 3,176 - 3,176 2,805 - 2,805 Total Non-U.S. Plan Assets $13,471 $363,105 $376,576 $14,089 $337,003 $351,092 Total Plan Assets $13,471 $586,071 $599,542 $14,089 $544,989 $559,078 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Share-based Compensation [Abstract] | |
Weighted-average black-scholes fair value assumptions by stock option grants | The following table provides the estimated weighted average fair value for options granted each period using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of the Company’s Common Stock price over the estimated life of the option while, the dividend yield is based on the expected dividend payments to be made by the Company. For the Years Ended April 30, 2015 2014 2013 Fair Value of Options on Grant Date $16.97 $10.12 $12.26 Weighted Average assumptions: Expected Life of Options (years) 7.2 7.4 7.3 Risk-Free Interest Rate 2.2% 2.1% 1.2% Expected Volatility 30.9% 30.5% 30.2% Expected Dividend Yield 1.9% 2.5% 2.0% Fair Value of Common Stock on Grant Date $59.70 $39.53 $48.06 |
Summary of activity and status of stock option plans | A summary of the activity and status of the Company’s stock option plans follows: 2015 2014 2013 Options (in 000’s) Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in millions) Options (in 000’s) Weighted Average Exercise Price Options (in 000’s) Weighted Average Exercise Price Outstanding at Beginning of Year 2,508 $42.34 3,732 $42.85 4,130 $40.74 Granted 189 $59.70 322 $39.53 394 $48.06 Exercised (747) $38.32 (1,421) $42.57 (784) $34.44 Expired or Forfeited (29) $49.32 (125) $47.65 (8) $35.00 Outstanding at End of Year 1,921 $45.50 5.7 $22.4 2,508 $42.34 3,732 $42.85 Exercisable at End of Year 815 $42.31 4.0 $11.9 1,191 $39.16 2,166 $42.45 Vested and Expected to Vest in the Future at April 30 1,872 $42.91 5.7 $23.2 2,432 $42.38 3,603 $42.93 |
Summary of stock options outstanding and exercisable, by range of exercise prices | The following table summarizes information about stock options outstanding and exercisable at April 30, 2015: 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 $33.05 to $35.04 166 3.7 $34.74 166 $34.74 $38.55 to $40.02 639 5.9 $39.71 329 $39.88 $47.55 to $49.55 938 5.2 $48.67 320 $48.76 $59.70 178 9.2 $59.70 - - Total/Average 1,921 5.7 $45.50 815 $42.31 |
Summary of activity for performance-based and other restricted stock awards | Activity for performance-based and other restricted stock awards during fiscal years 2015, 2014 and 2013 was as follows (shares in thousands): 2015 2014 2013 Restricted Shares Weighted Average Grant Date Value Restricted Shares Restricted Shares Nonvested Shares at Beginning of Year 745 $43.40 837 1,042 Granted 363 $59.23 348 296 Change in shares due to performance (65) $39.18 (92) (227) Vested and Issued (159) $42.46 (256) (237) Forfeited (132) $48.85 (92) (37) Nonvested Shares at End of Year 752 $50.64 745 837 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Segment Information [Abstract] | |
Segment information | Segment information is as follows (in thousands): For the years ended April 30, 2015 2014 2013 RESEARCH : Revenue $1,040,795 $1,044,349 $1,009,825 Direct Contribution to Profit 483,413 479,419 452,004 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (44,602) (45,773) (45,699) Technology and Content Management (99,696) (101,922) (92,794) Occupancy and Other (23,326) (25,997) (25,666) Contribution to Profit $315,789 $305,727 $287,845 PROFESSIONAL DEVELOPMENT: Revenue $407,023 $363,869 $416,495 Direct Contribution to Profit 140,588 128,976 122,258 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (30,838) (37,673) (40,625) Technology and Content Management (47,574) (50,374) (55,505) Occupancy and Other (24,060) (18,762) (17,473) Contribution to Profit $38,116 $22,167 $8,655 EDUCATION: Revenue $374,622 $366,977 $334,458 Direct Contribution to Profit 125,870 121,978 115,244 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (12,863) (15,685) (15,068) Technology and Content Management (52,954) (46,787) (39,735) Occupancy and Other (13,878) (11,719) (8,471) Contribution to Profit $46,175 $47,787 $51,970 Total Contribution to Profit $400,080 $375,681 $348,470 Unallocated Shared Services and Administrative Costs (161,856) (169,008) (149,043) Foreign Exchange Transaction Gains(Losses) 1,742 (8) (2,041) Interest Expense & Other, Net (14,020) (11,131) (10,464) Income Before Taxes $225,946 $195,534 $186,922 The following table reflects total shared services and administrative costs by function, which are reported in Allocated and Unallocated Shared Services and Administrative Costs above. For the years ended April 30, SHARED SERVICES AND ADMINISTRATIVE COSTS: 2015 2014 2013 Distribution and Operation Services $88,224 $99,433 $103,831 Technology and Content Management 246,292 241,329 225,224 Finance 52,988 54,468 49,029 Other Administration 106,335 101,487 92,198 Restructuring Charges (see Note 6) 18,293 22,197 14,557 Impairment Charges (see Note 7) - 4,786 5,241 Total $512,132 $523,700 $490,080 In the first quarter of fiscal year 2015, the Company modified its segment product/service revenue categories to reflect recent changes to the business, including acquisitions and restructuring. All prior periods have been revised to reflect the new categorization as follows: For the years ended April 30, Total Revenue by Product/Service 2015 2014 2013 Research Communications $813,785 $798,903 $759,825 Books and Custom Print Products 635,802 684,421 719,290 Education Services (Deltak) 81,595 70,179 33,744 Talent Solutions 98,779 33,047 26,173 Course Workflow Solutions (Wiley Plus) 54,223 49,459 41,007 Other 138,256 139,186 180,739 Total Revenue By Product Service $1,822,440 $1,775,195 $1,760,778 Total Assets Research $1,246,673 $1,392,373 $1,371,082 Professional Development 695,859 554,146 520,703 Education 430,733 455,848 422,658 Corporate/Shared Services 630,978 674,998 491,932 Total $3,004,243 $3,077,365 $2,806,375 Expenditures for Long Lived Assets Research $18,288 $23,311 $33,817 Professional Development 179,174 59,837 43,587 Education 14,188 11,935 240,283 Corporate/Shared Services 69,121 57,564 54,723 Total $280,771 $152,647 $372,410 Depreciation and Amortization Research $57,992 $62,664 $60,049 Professional Development 31,943 28,542 35,434 Education 38,928 40,023 33,937 Corporate/Shared Services 25,062 16,868 20,096 Total $153,925 $148,097 $149,516 |
Revenue from external customers based on location of the customer and long-lived assets by geographical area | Revenue from external customers based on the location of the customer and long-lived assets by geographic area were as follows (in thousands): Revenue Long-Lived Assets (Technology, Property & Equipment) 2015 2014 2013 2015 2014 2013 United States $920,166 $937,106 $911,838 $143,786 $135,711 $134,107 United Kingdom 142,680 127,716 123,827 24,711 32,286 31,093 Germany 83,714 89,107 84,737 9,781 12,877 12,492 Japan 84,420 80,074 84,586 21 40 138 China 45,159 41,581 38,651 307 516 756 India 39,494 39,953 41,720 180 172 274 Australia 80,380 79,453 79,958 1,696 2,712 3,533 France 57,492 25,376 24,041 6,720 - - Canada 56,949 61,559 66,440 70 729 1,092 Other Countries 311,986 293,270 304,980 5,738 3,675 6,140 Total $1,822,440 $1,775,195 $1,760,778 $193,010 $188,718 $189,625 |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Apr. 30, 2015CoreBusinesses | |
Description of Business [Abstract] | |
Number of core businesses | 3 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Reclassifications [Line Items] | |||
Allowance for doubtful accounts | $ 8,300 | $ 7,900 | |
Net Sales Return Reserves by Balance Sheet Location [Abstract] | |||
Net sales return reserves | (25,340) | (28,633) | |
LIFO inventories | 35,700 | 41,300 | |
Inventory obsolescence reserve | 21,900 | 25,100 | |
Shipping and handling costs | 42,500 | 42,200 | $ 46,000 |
Advertising costs | 40,800 | 35,200 | $ 29,200 |
Finite-Lived Intangible Assets [Line Items] | |||
Foreign currency translation gains (losses) | $ (180,200) | ||
Share-based Compensation [Abstract] | |||
Actual financial results in advance for targets established for share based compensation expense | 3 years | ||
Recently Issued Accounting Standards [Abstract] | |||
Debt issuance costs | $ 1,400 | ||
Accounts Receivable [Member] | |||
Net Sales Return Reserves by Balance Sheet Location [Abstract] | |||
Net sales return reserves | (37,300) | (41,102) | |
Inventories [Member] | |||
Net Sales Return Reserves by Balance Sheet Location [Abstract] | |||
Net sales return reserves | 6,555 | 6,774 | |
Accounts and Royalties Payable [Member] | |||
Net Sales Return Reserves by Balance Sheet Location [Abstract] | |||
Net sales return reserves | (5,405) | (5,695) | |
From Accounts Receivable to Accounts and Royalties Payable [Member] | |||
Reclassifications [Line Items] | |||
Book overdrafts | $ 16,100 | $ 22,800 | |
Minimum [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Percentage of ownership interest accounted using equity method of accounting (in hundredths) | 20.00% | ||
Product Development [Abstract] | |||
Estimated useful life of composition costs | 1 year | ||
Maximum [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Percentage of ownership interest accounted using cost method of accounting (in hundredths) | 20.00% | ||
Product Development [Abstract] | |||
Estimated useful life of composition costs | 3 years | ||
Building and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 40 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 10 years | ||
Computer Hardware and Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Computer Hardware and Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 10 years | ||
Software Development [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Software Development [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 6 years | ||
Content and publication rights, trademarks, customer relationships and brands [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life, average | 5 years | ||
Content and publication rights, trademarks, customer relationships and brands [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life, average | 40 years | ||
Content and Publishing Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life, average | 32 years | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life, average | 19 years | ||
Brands and Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life, average | 11 years | ||
Covenants not to Compete [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life, average | 5 years |
Reconciliation of Weighted Av45
Reconciliation of Weighted Average Shares Outstanding (Details) - shares | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |||
Weighted Average Shares Outstanding (in shares) | 59,004,000 | 58,925,000 | 59,672,000 |
Less: Unearned Restricted Shares (in shares) | (271,000) | (290,000) | (225,000) |
Shares Used for Basic Earnings Per Share (in shares) | 58,733,000 | 58,635,000 | 59,447,000 |
Dilutive Effect of Stock Options and Other Stock Awards (in shares) | 861,000 | 879,000 | 777,000 |
Shares Used for Diluted Earnings Per Share (in shares) | 59,594,000 | 59,514,000 | 60,224,000 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded for diluted EPS calculation (in shares) | 178,144 | 389,400 | 2,716,244 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded for diluted EPS calculation (in shares) | 2,500 | 23,000 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ (190,291) | $ (278,632) |
Other comprehensive income (loss) before reclassifications | (223,320) | 77,908 |
Reclassification of amounts to Consolidated Statements of Income | 6,978 | 10,433 |
Total other comprehensive income (loss) | (216,342) | 88,341 |
Balance | (406,633) | (190,291) |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (66,664) | (134,539) |
Other comprehensive income (loss) before reclassifications | (180,190) | 67,875 |
Reclassification of amounts to Consolidated Statements of Income | 0 | 0 |
Total other comprehensive income (loss) | (180,190) | 67,875 |
Balance | (246,854) | (66,664) |
Unamortized Retirement Costs [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (123,025) | (143,124) |
Other comprehensive income (loss) before reclassifications | (42,347) | 10,464 |
Reclassification of amounts to Consolidated Statements of Income | (5,938) | 9,635 |
Total other comprehensive income (loss) | (36,409) | 20,099 |
Balance | (159,434) | (123,025) |
Pre-tax actuarial losses included in Unamortized Retirement Costs | 7,800 | 13,400 |
Interest Rate Swaps [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (602) | (969) |
Other comprehensive income (loss) before reclassifications | (783) | (431) |
Reclassification of amounts to Consolidated Statements of Income | 1,040 | 798 |
Total other comprehensive income (loss) | 257 | 367 |
Balance | $ (345) | $ (602) |
Acquisition (Details)
Acquisition (Details) $ in Thousands, EndUser in Millions | May. 01, 2014USD ($)ObjectLanguageEndUserCountry | Apr. 01, 2014USD ($)LanguageCountryClient | Oct. 31, 2012USD ($) | Oct. 25, 2012USD ($) | Apr. 30, 2015USD ($)Professional | Apr. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Apr. 30, 2013USD ($) | May. 02, 2014USD ($) |
Business Acquisition [Line Items] | |||||||||
Cash, net of cash acquired | $ 172,229 | $ 54,515 | $ 263,272 | ||||||
Goodwill | 962,367 | 903,665 | |||||||
Revenue | 1,822,440 | 1,775,195 | 1,760,778 | ||||||
Operating income (loss) | $ 1,005,000 | 969,456 | 933,148 | ||||||
Cross Knowledge [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash, net of cash acquired | $ 166,000 | ||||||||
Number of learning objects | Object | 19,000 | ||||||||
Number of languages in which training program provided | Language | 17 | ||||||||
Number of end-users served by enterprise | EndUser | 5 | ||||||||
Number of countries in which enterprise serves the end users | Country | 80 | ||||||||
Purchase price allocation, identifiable long-lived intangible assets | $ 63,000 | ||||||||
Purchase price allocation, long-term deferred tax liabilities | 21,500 | ||||||||
Purchase price allocation, technology | 6,300 | ||||||||
Negative working capital | (4,300) | ||||||||
Working capital | $ 122,500 | ||||||||
Estimated useful life of intangible assets acquired | 15 years | ||||||||
Revenue | $ 42,000 | $ 37,000 | |||||||
Operating income (loss) | $ 5,100 | $ 5,000 | |||||||
Profiles International [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash, net of cash acquired | $ 47,500 | ||||||||
Purchase price allocation, identifiable long-lived intangible assets | 22,900 | ||||||||
Purchase price allocation, long-term deferred tax liabilities | 9,700 | ||||||||
Purchase price allocation, short-term deferred tax assets | 2,900 | ||||||||
Purchase price allocation, technology | 2,700 | ||||||||
Goodwill | 40,400 | ||||||||
Negative working capital | $ (5,900) | ||||||||
Estimated useful life of intangible assets acquired | 13 years | ||||||||
Revenue | $ 23,300 | 1,900 | |||||||
Number of languages in which enterprise clients are served | Language | 32 | ||||||||
Profiles International [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of enterprise clients served | Client | 4,000 | ||||||||
Number of countries where enterprise clients are served | Country | 120 | ||||||||
Efficient Learning Systems [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash, net of cash acquired | $ 24,000 | ||||||||
Purchase price allocation, identifiable long-lived intangible assets | 6,500 | ||||||||
Purchase price allocation, long-term deferred tax liabilities | 2,900 | ||||||||
Purchase price allocation, technology | 3,600 | ||||||||
Goodwill | $ 17,000 | ||||||||
Estimated useful life of intangible assets acquired | 15 years | ||||||||
Revenue | $ 8,800 | 8,000 | 3,700 | ||||||
Number of professionals prepared for CPA exams | Professional | 65,000 | ||||||||
Deltak.edu, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash, net of cash acquired | $ 220,000 | ||||||||
Purchase price allocation, identifiable long-lived intangible assets | 99,400 | ||||||||
Purchase price allocation, long-term deferred tax liabilities | 34,400 | ||||||||
Goodwill | $ 150,000 | ||||||||
Estimated useful life of intangible assets acquired | 20 years | ||||||||
Revenue | $ 81,600 | $ 70,200 | $ 33,700 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 28,804 | $ 42,722 | $ 29,293 | |
After tax restructuring charge | $ 20,300 | $ 28,300 | $ 19,800 | |
Restructuring charge (in dollars per share) | $ 0.34 | $ 0.48 | $ 0.33 | |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Beginning Balance | $ 34,972 | |||
Charges | 28,804 | $ 42,722 | $ 29,293 | |
Payments | (32,341) | |||
Foreign Translation & Reclassifications | (782) | |||
Restructuring Liability, Ending Balance | 30,653 | 34,972 | $ 30,653 | |
Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 17,093 | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Beginning Balance | 29,255 | |||
Charges | 17,093 | |||
Payments | (26,716) | |||
Foreign Translation & Reclassifications | (838) | |||
Restructuring Liability, Ending Balance | 18,794 | 29,255 | 18,794 | |
Process Reengineering Consulting [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 301 | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Beginning Balance | 722 | |||
Charges | 301 | |||
Payments | (1,024) | |||
Foreign Translation & Reclassifications | 1 | |||
Restructuring Liability, Ending Balance | 0 | 722 | 0 | |
Other Activities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 11,410 | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Beginning Balance | 4,995 | |||
Charges | 11,410 | |||
Payments | (4,601) | |||
Foreign Translation & Reclassifications | 55 | |||
Restructuring Liability, Ending Balance | 11,859 | 4,995 | 11,859 | |
Other Activities [Member] | Other Accrued Liabilities [Member] | ||||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Ending Balance | 300 | 300 | ||
Other Activities [Member] | Other Long-Term Liabilities [Member] | ||||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Ending Balance | 11,600 | 11,600 | ||
Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 28,804 | 42,722 | 24,452 | 95,978 |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 28,804 | 42,722 | 24,452 | 95,978 |
Restructuring and Reinvestment Program [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 17,093 | 25,962 | 19,706 | 62,761 |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 17,093 | 25,962 | 19,706 | 62,761 |
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 301 | 8,556 | 2,618 | 11,475 |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 301 | 8,556 | 2,618 | 11,475 |
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 11,410 | 8,204 | 2,128 | 21,742 |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 11,410 | 8,204 | 2,128 | 21,742 |
Other Restructuring Programs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4,800 | |||
After tax restructuring charge | $ 3,500 | |||
Restructuring charge (in dollars per share) | $ 0.06 | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | $ 4,800 | |||
Research [Member] | Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4,555 | 7,774 | 2,896 | 15,225 |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 4,555 | 7,774 | 2,896 | 15,225 |
Research [Member] | Other Restructuring Programs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3,000 | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 3,000 | |||
Professional Development [Member] | Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 4,385 | 11,860 | 6,284 | 22,529 |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 4,385 | 11,860 | 6,284 | 22,529 |
Professional Development [Member] | Other Restructuring Programs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,300 | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 1,300 | |||
Education [Member] | Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 1,571 | 891 | 1,118 | 3,580 |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 1,571 | 891 | 1,118 | 3,580 |
Education [Member] | Other Restructuring Programs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 200 | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | 200 | |||
Shared Services [Member] | Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 18,293 | 22,197 | 14,154 | 54,644 |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | $ 18,293 | $ 22,197 | $ 14,154 | $ 54,644 |
Impairment Charges (Details)
Impairment Charges (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 05, 2012 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Impairment Charges [Abstract] | ||||
Proceeds from sale of key assets of business | $ 1,100 | $ 3,300 | $ 29,942 | |
Technology Investments [Member] | ||||
Impairment Charges [Abstract] | ||||
Pretax impairment charge | 4,800 | 5,300 | ||
Impairment of long lived assets to be disposed of, net of tax | $ 3,400 | $ 3,200 | ||
Impairment of long lived assets to be disposed of, per share (in dollars per share) | $ 0.06 | $ 0.05 | ||
Culinary, CliffsNotes, and Webster's New World and Publishing Programs [Member] | ||||
Impairment Charges [Abstract] | ||||
Pretax impairment charge | $ 12,100 | |||
Impairment of long lived assets to be disposed of, net of tax | $ 7,500 | |||
Impairment of long lived assets to be disposed of, per share (in dollars per share) | $ 0.12 | |||
Assets held-for-sale after impairment | $ 9,900 | |||
Proceeds from sale of key assets of business | $ 11,000 | |||
Inventory and Royalty Advances [Member] | ||||
Impairment Charges [Abstract] | ||||
Pretax impairment charge | 3,400 | |||
Impairment of long lived assets to be disposed of, net of tax | $ 2,100 | |||
Impairment of long lived assets to be disposed of, per share (in dollars per share) | $ 0.04 | |||
Controlled Circulation Publishing Assets [Member] | ||||
Impairment Charges [Abstract] | ||||
Pretax impairment charge | $ 9,900 | |||
Impairment of long lived assets to be disposed of, net of tax | $ 8,200 | |||
Impairment of long lived assets to be disposed of, per share (in dollars per share) | $ 0.14 |
Gain (Net of Losses) on Sale 50
Gain (Net of Losses) on Sale of Consumer Publishing Programs (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 05, 2012 | Aug. 31, 2012 | Apr. 30, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Gain (Net of Losses) on Sale of Consumer Publishing Programs [Abstract] | ||||||
Proceeds from sale of key assets of business | $ 1,100 | $ 3,300 | $ 29,942 | |||
Pre-tax gain (loss) on sale of key assets | $ 0 | $ 0 | 5,983 | |||
Travel Publishing Program [Member] | ||||||
Gain (Net of Losses) on Sale of Consumer Publishing Programs [Abstract] | ||||||
Proceeds from sale of key assets of business | $ 22,000 | |||||
Amount held in escrow | $ 3,300 | |||||
Pre-tax gain (loss) on sale of key assets | 9,800 | |||||
After tax gain (loss) on sale | $ 6,200 | $ 6,200 | ||||
After tax gain (loss) on sale of key assets of business (in dollars per share) | $ 0.10 | |||||
Fee earned in connection with the service agreement | $ 500 | |||||
Culinary, CliffsNotes, and Webster's New World and Publishing Programs [Member] | ||||||
Gain (Net of Losses) on Sale of Consumer Publishing Programs [Abstract] | ||||||
Proceeds from sale of key assets of business | $ 11,000 | |||||
Amount held in escrow | $ 1,100 | |||||
Fee earned in connection with the service agreement | 1,500 | |||||
Other Consumer Publishing Programs [Member] | ||||||
Gain (Net of Losses) on Sale of Consumer Publishing Programs [Abstract] | ||||||
Proceeds from sale of key assets of business | 1,000 | |||||
Pre-tax gain (loss) on sale of key assets | 3,800 | |||||
After tax gain (loss) on sale | $ 3,600 | $ 3,600 | ||||
After tax gain (loss) on sale of key assets of business (in dollars per share) | $ (0.06) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Inventories [Abstract] | ||
Finished Goods | $ 52,705 | $ 62,071 |
Work-in-Process | 6,552 | 6,041 |
Paper, Cloth, and Other | 4,676 | 5,476 |
Gross Inventory | 63,933 | 73,588 |
Inventory Value of Estimated Sales Returns | 6,555 | 6,774 |
LIFO Reserve | (6,709) | (4,867) |
Total Inventories | $ 63,779 | $ 75,495 |
Product Development Assets (Det
Product Development Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Schedule of Product Development Assets [Line Items] | ||
Product development assets | $ 69,589 | $ 82,940 |
Accumulated amortization of composition costs | 198,200 | 201,400 |
Composition Costs [Member] | ||
Schedule of Product Development Assets [Line Items] | ||
Product development assets | 41,280 | 45,603 |
Royalty Advances [Member] | ||
Schedule of Product Development Assets [Line Items] | ||
Product development assets | $ 28,309 | $ 37,337 |
Technology, Property and Equi53
Technology, Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | $ 610,704 | $ 546,346 | |
Accumulated Depreciation | (417,694) | (357,628) | |
Total | 193,010 | 188,718 | |
Net book value of capitalized software costs | 121,900 | 103,900 | |
Capitalized software amortization | 42,100 | 36,500 | $ 33,100 |
Capitalized Software and Computer Hardware [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 460,199 | 396,512 | |
Buildings and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 86,225 | 94,018 | |
Furniture, Fixtures and Warehouse Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 60,460 | 51,449 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | $ 3,820 | $ 4,367 |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 903,665 | |
Acquisitions | 126,957 | |
Foreign Translation Adjustment | (68,255) | |
Ending balance | 962,367 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with determinable lives, at cost | 1,038,208 | $ 1,055,507 |
Intangible assets with determinable lives, accumulated amortization | (356,891) | (341,946) |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives, at cost | 1,274,512 | 1,326,607 |
Intangible assets with indefinite lives, accumulated amortization | (356,891) | (341,946) |
Estimated future amortization expense related to intangible assets [Abstract] | ||
2,016 | 48,000 | |
2,017 | 47,000 | |
2,018 | 44,000 | |
2,019 | 41,000 | |
2,020 | 35,000 | |
Research [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 485,181 | |
Acquisitions | 2,921 | |
Foreign Translation Adjustment | (40,776) | |
Ending balance | 447,326 | |
Professional Development [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 268,658 | |
Acquisitions | 124,036 | |
Foreign Translation Adjustment | (27,479) | |
Ending balance | 365,215 | |
Education [Member] | ||
Goodwill [Roll Forward] | ||
Beginning balance | 149,826 | |
Acquisitions | 0 | |
Foreign Translation Adjustment | 0 | |
Ending balance | 149,826 | |
Content and Publishing Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives, at cost | 83,972 | 106,898 |
Intangible assets with indefinite lives, accumulated amortization | 0 | 0 |
Brands and Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives, at cost | 152,332 | 164,202 |
Intangible assets with indefinite lives, accumulated amortization | 0 | 0 |
Brands and Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with determinable lives, at cost | 30,008 | 24,000 |
Intangible assets with determinable lives, accumulated amortization | (13,225) | (9,284) |
Content and Publishing Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with determinable lives, at cost | 781,618 | 834,932 |
Intangible assets with determinable lives, accumulated amortization | (299,022) | (299,105) |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with determinable lives, at cost | 225,239 | 195,085 |
Intangible assets with determinable lives, accumulated amortization | (43,967) | (32,790) |
Covenants not to Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with determinable lives, at cost | 1,343 | 1,490 |
Intangible assets with determinable lives, accumulated amortization | $ (677) | $ (767) |
Income Taxes (Details)
Income Taxes (Details) $ / shares in Units, $ in Thousands, € in Millions | 12 Months Ended | ||||
Apr. 30, 2015USD ($)$ / shares | Apr. 30, 2015EUR (€) | Apr. 30, 2014USD ($)$ / shares | Apr. 30, 2014EUR (€) | Apr. 30, 2013USD ($) | |
Current provision [Abstract] | |||||
US - Federal | $ 27,137 | $ 13,541 | $ 23,835 | ||
International | 27,613 | 34,519 | 34,019 | ||
State and local | 1,007 | (733) | 2,091 | ||
Total Current Provision | 55,757 | 47,327 | 59,945 | ||
Deferred provision (benefit) [Abstract] | |||||
US - Federal | (7,554) | (1,748) | (11,312) | ||
International | 606 | (10,008) | (5,553) | ||
State and local | (216) | (547) | (383) | ||
Total Deferred (Benefit) | (7,164) | (12,303) | (17,248) | ||
Total Provision | 48,593 | 35,024 | 42,697 | ||
Foreign and domestic pretax income [Abstract] | |||||
International | 165,085 | 159,442 | 156,114 | ||
United States | 60,376 | 36,092 | 30,808 | ||
Income Before Taxes | $ 225,461 | $ 195,534 | $ 186,922 | ||
Effective income tax rate reconciliation [Abstract] | |||||
U.S. Federal Statutory Rate (in hundredths) | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% |
Benefit from Lower Taxes on Non-U.S. Income (in hundredths) | (11.90%) | (11.90%) | (10.80%) | (10.80%) | (9.30%) |
State Income Taxes, Net of U.S. Federal Tax Benefit (in hundredths) | 0.30% | 0.30% | 0.40% | 0.40% | 0.60% |
Deferred Tax Benefit From Statutory Tax Rate Change (in hundredths) | 0.00% | 0.00% | (5.40%) | (5.40%) | (4.50%) |
Tax Adjustments and Other (in hundredths) | (1.80%) | (1.80%) | (1.30%) | (1.30%) | 1.00% |
Effective Income Tax Rate (in hundredths) | 21.60% | 21.60% | 17.90% | 17.90% | 22.80% |
Non-cash deferred tax benefit associated with new tax legislation enacted in the U.K. | $ (10,600) | $ (8,400) | |||
Deferred tax benefits (in dollars per share) | $ / shares | $ 0.18 | $ 0.14 | |||
Corporate income tax rate reduction, U.K. (in hundredths) | 3.00% | 3.00% | 2.00% | 2.00% | |
Income tax statutory rate for UK in 2014 (in hundredths) | 21.00% | 21.00% | |||
Income tax statutory rate for UK in 2015 (in hundredths) | 20.00% | 20.00% | |||
Recorded tax benefits due to expiration of statute of limitations | $ (700) | $ (2,600) | $ (700) | ||
Non-recurring tax benefit | (3,100) | 2,100 | |||
Accounting for uncertainty in income taxes [Abstract] | |||||
Accruals for interest and penalties | 3,000 | 3,200 | |||
Net interest and penalties charged to tax expense on outstanding unrecognized tax benefit | 500 | 100 | |||
Total amount of unrecognized tax benefits that, if recognized, would reduce the Company's income tax provision | 18,800 | 23,200 | |||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||
Balance at May 1st | 23,826 | 25,501 | |||
Additions for Current Year Tax Positions | 503 | 934 | |||
Additions for Prior Year Tax Positions | 519 | 1,070 | |||
Reductions for Prior Year Tax Positions | (595) | (3,209) | |||
Foreign Translation Adjustment | (4,207) | 1,111 | |||
Payments | 0 | (496) | |||
Reductions for Lapse of Statute of Limitations | (697) | (1,085) | |||
Balance at April 30th | 19,349 | 23,826 | 25,501 | ||
Significant components of deferred tax assets and liabilities [Abstract] | |||||
Inventory | 5,230 | 5,494 | |||
Intangible and Fixed Assets | 297,323 | 303,003 | |||
Total Deferred Tax Liabilities | 302,553 | 308,497 | |||
Net Operating Losses | 4,599 | 6,538 | |||
Reserve for Sales Returns and Doubtful Accounts | 6,922 | 7,965 | |||
Accrued Employee Compensation | 28,093 | 33,227 | |||
Other Accrued Expenses | 14,583 | 9,981 | |||
Retirement and Post-Employment Benefits | 62,385 | 46,902 | |||
Total Deferred Tax Assets | 116,582 | 104,613 | |||
Net Deferred Tax Liabilities | 185,971 | 203,884 | |||
Reported As [Abstract] | |||||
Current Deferred Tax Assets | 9,981 | 11,836 | |||
Non-current Deferred Tax Assets | 2,995 | 6,762 | |||
Non-current Deferred Tax Liabilities | 198,947 | 222,482 | |||
Earnings of non-U.S. subsidiaries [Abstract] | |||||
Accumulated undistributed earnings of non-U.S subsidiaries | $ 732,000 | ||||
Foreign Tax Authority [Member] | |||||
Income Tax Examination [Line Items] | |||||
Expected tax benefits derived from the step-up | € | € 50 | ||||
Expected tax benefits amortization | 15 years | 15 years | |||
Deposits related to amortization claimed on certain stepped up assets | € | € 5 | € 9 | |||
Total deposits | € | 48 | ||||
Additional deposits for future deposits | € | € 10 | ||||
Expected interest rate on deposits (in hundredths) | 6.00% | 6.00% | |||
Deposits and accrued interest income | $ 57,100 | ||||
Benefits from income tax provision for accrued interest income | $ 1,800 | $ 1,700 | $ 900 |
Debt and Available Credit Fac56
Debt and Available Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 22, 2014 | Oct. 31, 2014 | Apr. 30, 2015 | Apr. 30, 2014 |
Revolving Credit Facilities [Abstract] | ||||
Revolving Credit Facility | $ 750,100 | $ 700,100 | ||
Amount of financing available under credit facilities | $ 1,053,000 | |||
Margin over federal funds effective rate used to calculate lenders base rate | 0.50% | |||
Margin over Eurocurrency rate used to calculate lenders base rate | 1.00% | |||
Long term debt | $ 650,090 | 700,100 | ||
Amount outstanding for line of credit facility | 100 | $ 0 | ||
Unused lines of credit | $ 302,900 | |||
Weighted average interest rate on long-term debt outstanding during the period (in hundredths) | 1.93% | 1.82% | ||
Weighted average interest rate on long-term debt at period end (in hundredths) | 1.77% | 1.99% | ||
Minimum [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Interest rate, option 2, minimum applicable margin over basis (in hundredths) | 1.05% | |||
Interest rate, option 2, maximum applicable margin over basis (in hundredths) | 0.00% | |||
Maximum [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Interest rate, option 2, minimum applicable margin over basis (in hundredths) | 1.65% | |||
Interest rate, option 2, maximum applicable margin over basis (in hundredths) | 0.65% | |||
Senior Revolving Credit Facility [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Amount of financing available under credit facilities | $ 940,000 | |||
Optional credit limit increase available on request | 160,000 | |||
Minimum increments in which optional credit limit increase may be requested | $ 50,000 | |||
Senior Revolving Credit Facility [Member] | Minimum [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Facility fee (in hundredths) | 0.20% | |||
Senior Revolving Credit Facility [Member] | Maximum [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Facility fee (in hundredths) | 0.35% | |||
Other Credit Facilities [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Amount of financing available under credit facilities | $ 13,000 | |||
Revolving Credit Facility [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Amount of financing available under credit facilities | $ 50,000 | $ 50,000 | ||
Term of credit facility | 364 days | 364 days | ||
Period of reinstatement of credit facility | 30 days | |||
Borrowing rate description | LIBOR plus an initial applicable margin of 1.00% | LIBOR plus an applicable margin ranging from 0.80% to 1.40% | ||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Facility fee (in hundredths) | 0.125% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Facility fee (in hundredths) | 0.30% | |||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Variable rate (in hundredths) | 1.00% | |||
Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Variable rate (in hundredths) | 0.80% | |||
Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | ||||
Revolving Credit Facilities [Abstract] | ||||
Variable rate (in hundredths) | 1.40% |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net losses reclassified from Accumulated Other Comprehensive Loss | $ 1.7 | $ 1.3 | $ 1.6 |
Unrecognized loss to be reclassified into net income in the next twelve months | 0.4 | ||
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Variable rate loans outstanding | 750 | ||
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Fair value of derivative instrument | (0.6) | (1) | |
Deferred loss on interest rate swap recorded as Other Accrued Liabilities | (0.2) | (0.7) | |
Deferred loss on interest rate swap recorded as Other Long Term Liabilities | $ (0.4) | (0.3) | |
Interest Rate Swaps [Member] | August 2014 Interest Rate Swap Variable Rate Loans [Member] | |||
Derivative [Line Items] | |||
Inception date | Aug. 15, 2014 | ||
Fixed interest rate (in hundredths) | 0.65% | ||
Description of variable rate basis | one-month LIBOR | ||
Basis of variable interest rate, reference rate reset period (in months) | 1 month | ||
Term of derivative instrument | 2 years | ||
Expiration date | Aug. 15, 2016 | ||
Notional amount of derivative liability | $ 150 | ||
Interest Rate Swaps [Member] | January 2014 Interest Rate Swap (Variable Rate Loans) [Member] | |||
Derivative [Line Items] | |||
Inception date | Jan. 15, 2014 | ||
Fixed interest rate (in hundredths) | 0.47% | ||
Description of variable rate basis | one-month LIBOR | ||
Basis of variable interest rate, reference rate reset period (in months) | 1 month | ||
Term of derivative instrument | 2 years | ||
Expiration date | Jan. 15, 2016 | ||
Notional amount of derivative liability | $ 150 | ||
Interest Rate Swaps [Member] | March 2012 Interest Rate Swap (Variable Rate Loans) [Member] | |||
Derivative [Line Items] | |||
Inception date | Mar. 30, 2012 | ||
Fixed interest rate (in hundredths) | 0.645% | ||
Description of variable rate basis | one-month LIBOR | ||
Basis of variable interest rate, reference rate reset period (in months) | 1 month | ||
Term of derivative instrument | 3 years | ||
Expiration date | Mar. 31, 2015 | ||
Notional amount of derivative liability | $ 150 | 150 | |
Forward Exchange Contracts [Member] | Foreign Exchange Transaction Losses [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses)/gains recognized on derivative instruments | $ (11.2) | (0.4) | $ (0.6) |
Gain on fair value of derivative instruments | $ 0.1 |
Commitments and Contingencies58
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Composition of rent expense [Abstract] | |||
Minimum Rental | $ 39,748 | $ 40,929 | $ 41,899 |
Less: Sublease Rentals | (639) | (642) | (554) |
Total | 39,109 | $ 40,287 | $ 41,345 |
Operating leases, future minimum payments due [Abstract] | |||
Future minimum payments under operating leases | 341,700 | ||
Annual minimum payments, 2016 | 38,100 | ||
Annual minimum payments, 2017 | 35,600 | ||
Annual minimum payments, 2018 | 31,400 | ||
Annual minimum payments, 2019 | 27,600 | ||
Annual minimum payments, 2020 | 25,600 | ||
New Lease [Member] | |||
Operating leases, future minimum payments due [Abstract] | |||
Future minimum payments under operating leases | 223,000 | ||
Annual minimum payments, 2018 | 14,400 | ||
Annual minimum payments, 2019 | 14,400 | ||
Annual minimum payments, 2020 | $ 14,400 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | |
Supplemental retirement benefits [Abstract] | ||||||
Term of supplemental retirement benefits | 10 years | |||||
Decrease in pension benefit liabilities | $ 18,200 | |||||
Decrease in accumulated other comprehensive loss after-tax due to decrease in pension benefit liabilities | 11,300 | |||||
Curtailment expense | 2,700 | |||||
Defined contribution plan | $ 800 | |||||
Pension plan benefit | $ 600 | |||||
Retirement plans with accumulated benefit obligations in excess of plan assets [Abstract] | ||||||
Projected benefit obligation for plans with accumulated benefit obligations in excess of plan assets | $ 813,300 | $ 711,000 | ||||
Accumulated benefit obligation for plans with accumulated benefit obligations in excess of plan assets | 773,400 | 676,900 | ||||
Fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets | 598,900 | 546,300 | ||||
Minimum percentage of market value of plan assets for calculating corridor method (in hundredths) | 10.00% | |||||
Reduction of pension expense | $ 1,200 | |||||
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | ||||||
Actuarial Loss | 4,631 | |||||
Prior Service Cost | (100) | |||||
Total | 4,531 | |||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 559,078 | |||||
Employer Contributions | 800 | |||||
Fair Value, End of Year | $ 599,542 | $ 559,078 | ||||
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | ||||||
Curtailment | 2,700 | |||||
Amendments and Other | $ 600 | |||||
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | ||||||
Current Pension Liability | (4,594) | (4,671) | ||||
Pension plan assets/investments [Abstract] | ||||||
Equity securities, target allocation percentage (in hundredths) | 50.00% | |||||
Fixed income securities and cash, target allocation percentage (in hundredths) | 49.00% | |||||
Real estate, target allocation percentage (in hundredths) | 1.00% | |||||
Acceptable ranges within which asset allocations will fluctuate (in hundredths) | 5.00% | |||||
Future employer contributions [Abstract] | ||||||
Expected employer contributions to the defined benefit pension plans | $ 12,500 | |||||
Minimum amounts required for the Company's non-U.S. plans | 8,300 | |||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 559,078 | 559,078 | 599,542 | 559,078 | ||
Expected future benefit payments [Abstract] | ||||||
2,016 | 20,700 | |||||
2,017 | 22,100 | |||||
2,018 | 23,500 | |||||
2,019 | 23,700 | |||||
2,020 | 25,500 | |||||
2021 through 2025 | 149,200 | |||||
Other postretirement benefits [Abstract] | ||||||
Accumulated post-retirement benefit obligation for contributory life insurance and health care benefits | 6,700 | 6,200 | ||||
Defined contribution savings plan expense | 700 | 900 | 800 | |||
Employer cash contributions in defined contribution savings plans | 14,800 | 13,900 | 9,200 | |||
Expense recorded in defined contribution savings plans | 15,200 | 15,700 | 9,200 | |||
Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 14,089 | |||||
Fair Value, End of Year | 13,471 | 14,089 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 14,089 | 14,089 | 13,471 | 14,089 | ||
Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 544,989 | |||||
Fair Value, End of Year | 586,071 | 544,989 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 544,989 | 544,989 | 586,071 | 544,989 | ||
U.S. Plans [Member] | ||||||
Supplemental retirement benefits [Abstract] | ||||||
Curtailment expense | 0 | 0 | ||||
Defined contribution plan | 3,972 | 9,608 | ||||
Pension plan benefit | 3,140 | 0 | ||||
Defined benefit plans, net periodic benefit cost [Abstract] | ||||||
Service Cost | 0 | 0 | 12,701 | |||
Interest Cost | 13,159 | 12,613 | 12,032 | |||
Expected Return on Plan Assets | (13,782) | (14,838) | (12,927) | |||
Net Amortization of Prior Service Cost and Transition Asset | (115) | 0 | 854 | |||
Recognized Net Actuarial Loss | 1,470 | 5,681 | 6,050 | |||
Curtailment/Settlement Loss | 0 | 0 | 2,681 | |||
Net Pension Expense | $ 732 | $ 3,456 | $ 21,391 | |||
Weighted-average assumptions [Abstract] | ||||||
Discount Rate (in hundredths) | 4.70% | 4.20% | 4.70% | |||
Rate of Compensation Increase (in hundredths) | 3.10% | |||||
Expected Return on Plan Assets (in hundredths) | 6.80% | 8.00% | 8.00% | |||
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | ||||||
Actuarial Loss | $ 2,152 | |||||
Prior Service Cost | (154) | |||||
Total | 1,998 | |||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 207,986 | $ 186,527 | ||||
Actual Return on Plan Assets | 23,166 | 22,101 | ||||
Employer Contributions | 3,972 | 9,608 | ||||
Employee Contributions | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Benefits Paid | (12,158) | (10,250) | ||||
Foreign Currency Rate Changes | 0 | 0 | ||||
Fair Value, End of Year | 222,966 | 207,986 | $ 186,527 | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | ||||||
Benefit Obligation, Beginning of Year | (285,659) | (307,659) | ||||
Service Cost | 0 | 0 | (12,701) | |||
Interest Cost | (13,159) | (12,613) | (12,032) | |||
Employee Contributions | 0 | 0 | ||||
Actuarial Gain (Loss) | (45,868) | 24,363 | ||||
Benefits Paid | 12,158 | 10,250 | ||||
Foreign Currency Rate Changes | 0 | 0 | ||||
Curtailment | 0 | 0 | ||||
Amendments and Other | 3,140 | 0 | ||||
Benefit Obligation, End of Year | (329,388) | (285,659) | (307,659) | |||
Funded Status | (106,422) | (77,673) | ||||
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | ||||||
Other Noncurrent Assets | 0 | 0 | ||||
Current Pension Liability | (4,086) | (4,091) | ||||
Noncurrent Pension Liability | (102,336) | (73,582) | ||||
Net Amount Recognized in Statement of Financial Position | (106,422) | (77,673) | ||||
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (before tax) CONSIST OF [Abstract] | ||||||
Net Actuarial Loss | (103,017) | (68,005) | ||||
Prior Service Cost | 3,024 | 0 | ||||
Total Accumulated Other Comprehensive Loss | $ (99,993) | $ (68,005) | ||||
Change in Accumulated Other Comprehensive Loss | (31,988) | 37,306 | ||||
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | ||||||
Discount Rate (in hundredths) | 4.20% | 4.70% | ||||
Rate of Compensation Increase (in hundredths) | ||||||
Accumulated Benefit Obligations | $ (329,389) | $ (285,661) | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 207,986 | 186,527 | 186,527 | 222,966 | 207,986 | |
U.S. Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
U.S. Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 207,986 | |||||
Fair Value, End of Year | 222,966 | 207,986 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 222,966 | 207,986 | 222,966 | 207,986 | ||
U.S. Plans [Member] | U.S. Commingled Funds [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 76,534 | |||||
Fair Value, End of Year | 68,671 | 76,534 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 76,534 | 76,534 | 68,671 | 76,534 | ||
U.S. Plans [Member] | U.S. Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
U.S. Plans [Member] | U.S. Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 76,534 | |||||
Fair Value, End of Year | 68,671 | 76,534 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 76,534 | 76,534 | 68,671 | 76,534 | ||
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 32,815 | |||||
Fair Value, End of Year | 38,336 | 32,815 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 32,815 | 32,815 | 38,336 | 32,815 | ||
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 32,815 | |||||
Fair Value, End of Year | 38,336 | 32,815 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 38,336 | 32,815 | 38,336 | 32,815 | ||
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 85,335 | |||||
Fair Value, End of Year | 105,363 | 85,335 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 105,363 | 85,335 | 105,363 | 85,335 | ||
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 85,335 | |||||
Fair Value, End of Year | 105,363 | 85,335 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 105,363 | 85,335 | 105,363 | 85,335 | ||
U.S. Plans [Member] | Real Estate [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 13,302 | |||||
Fair Value, End of Year | 10,596 | 13,302 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 13,302 | 13,302 | 10,596 | 13,302 | ||
U.S. Plans [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
U.S. Plans [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 13,302 | |||||
Fair Value, End of Year | 10,596 | 13,302 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 10,596 | 13,302 | 10,596 | 13,302 | ||
Non-U.S. Plans [Member] | ||||||
Supplemental retirement benefits [Abstract] | ||||||
Curtailment expense | 7,321 | 0 | ||||
Defined contribution plan | 9,701 | 10,396 | ||||
Pension plan benefit | 0 | 437 | ||||
Defined benefit plans, net periodic benefit cost [Abstract] | ||||||
Service Cost | 5,942 | 8,066 | 6,204 | |||
Interest Cost | 17,417 | 17,144 | 15,784 | |||
Expected Return on Plan Assets | (22,654) | (21,607) | (17,975) | |||
Net Amortization of Prior Service Cost and Transition Asset | 68 | 124 | 127 | |||
Recognized Net Actuarial Loss | 6,299 | 7,490 | 3,905 | |||
Curtailment/Settlement Loss | (428) | 79 | 0 | |||
Net Pension Expense | $ 6,644 | $ 11,296 | $ 8,045 | |||
Weighted-average assumptions [Abstract] | ||||||
Discount Rate (in hundredths) | 4.20% | 4.20% | 5.00% | |||
Rate of Compensation Increase (in hundredths) | 3.20% | 3.20% | 3.40% | |||
Expected Return on Plan Assets (in hundredths) | 6.70% | 6.70% | 6.80% | |||
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | ||||||
Actuarial Loss | $ 2,479 | |||||
Prior Service Cost | 54 | |||||
Total | 2,533 | |||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 351,092 | $ 306,689 | ||||
Actual Return on Plan Assets | 60,997 | 15,459 | ||||
Employer Contributions | 9,701 | 10,396 | ||||
Employee Contributions | 1,566 | 1,770 | ||||
Settlements | (2,353) | (437) | ||||
Benefits Paid | (7,118) | (10,005) | ||||
Foreign Currency Rate Changes | (37,309) | 27,220 | ||||
Fair Value, End of Year | 376,576 | 351,092 | $ 306,689 | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | ||||||
Benefit Obligation, Beginning of Year | (442,703) | (394,278) | ||||
Service Cost | (5,942) | (8,066) | (6,204) | |||
Interest Cost | (17,417) | (17,144) | (15,784) | |||
Employee Contributions | (1,566) | (1,770) | ||||
Actuarial Gain (Loss) | (83,782) | 1,350 | ||||
Benefits Paid | 7,118 | 10,005 | ||||
Foreign Currency Rate Changes | 52,513 | (33,237) | ||||
Curtailment | 7,321 | 0 | ||||
Amendments and Other | 0 | 437 | ||||
Benefit Obligation, End of Year | (484,458) | (442,703) | (394,278) | |||
Funded Status | (107,882) | (91,611) | ||||
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | ||||||
Other Noncurrent Assets | 17 | 21 | ||||
Current Pension Liability | (508) | (580) | ||||
Noncurrent Pension Liability | (107,391) | (91,052) | ||||
Net Amount Recognized in Statement of Financial Position | (107,882) | (91,611) | ||||
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (before tax) CONSIST OF [Abstract] | ||||||
Net Actuarial Loss | (128,280) | (107,540) | ||||
Prior Service Cost | (555) | (966) | ||||
Total Accumulated Other Comprehensive Loss | $ (128,835) | $ (108,506) | ||||
Change in Accumulated Other Comprehensive Loss | (20,329) | (5,384) | ||||
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | ||||||
Discount Rate (in hundredths) | 3.50% | 4.20% | ||||
Rate of Compensation Increase (in hundredths) | 3.00% | 3.20% | ||||
Accumulated Benefit Obligations | $ (444,561) | $ (402,225) | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 351,092 | 306,689 | $ 306,689 | 376,576 | 351,092 | |
Non-U.S. Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 14,089 | |||||
Fair Value, End of Year | 13,471 | 14,089 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 14,089 | 14,089 | 13,471 | 14,089 | ||
Non-U.S. Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 337,003 | |||||
Fair Value, End of Year | 363,105 | 337,003 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 363,105 | 337,003 | 363,105 | 337,003 | ||
Non-U.S. Plans [Member] | U.S. Equities [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 24,384 | |||||
Fair Value, End of Year | 25,551 | 24,384 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 24,384 | 24,384 | 25,551 | 24,384 | ||
Non-U.S. Plans [Member] | U.S. Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
Non-U.S. Plans [Member] | U.S. Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 24,384 | |||||
Fair Value, End of Year | 25,551 | 24,384 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 25,551 | 24,384 | 25,551 | 24,384 | ||
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 73,250 | |||||
Fair Value, End of Year | 80,014 | 73,250 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 80,014 | 73,250 | 80,014 | 73,250 | ||
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 73,250 | |||||
Fair Value, End of Year | 80,014 | 73,250 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 80,014 | 73,250 | 80,014 | 73,250 | ||
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 78,250 | |||||
Fair Value, End of Year | 77,002 | 78,250 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 77,002 | 78,250 | 77,002 | 78,250 | ||
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 11,284 | |||||
Fair Value, End of Year | 10,295 | 11,284 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 11,284 | 11,284 | 10,295 | 11,284 | ||
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 66,966 | |||||
Fair Value, End of Year | 66,707 | 66,966 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 66,966 | 66,966 | 66,707 | 66,966 | ||
Non-U.S. Plans [Member] | Fixed Income Funds: [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 164,948 | |||||
Fair Value, End of Year | 190,344 | 164,948 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 190,344 | 164,948 | 190,344 | 164,948 | ||
Non-U.S. Plans [Member] | Fixed Income Funds: [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
Non-U.S. Plans [Member] | Fixed Income Funds: [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 164,948 | |||||
Fair Value, End of Year | 190,344 | 164,948 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 190,344 | 164,948 | 190,344 | 164,948 | ||
Non-U.S. Plans [Member] | Real Estate/Other [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 7,455 | |||||
Fair Value, End of Year | 489 | 7,455 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 7,455 | 7,455 | 489 | 7,455 | ||
Non-U.S. Plans [Member] | Real Estate/Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 0 | 0 | 0 | 0 | ||
Non-U.S. Plans [Member] | Real Estate/Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 7,455 | |||||
Fair Value, End of Year | 489 | 7,455 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 7,455 | 7,455 | 489 | 7,455 | ||
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 2,805 | |||||
Fair Value, End of Year | 3,176 | 2,805 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 2,805 | 2,805 | 3,176 | 2,805 | ||
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 2,805 | |||||
Fair Value, End of Year | 3,176 | 2,805 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | 2,805 | 2,805 | 3,176 | 2,805 | ||
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
CHANGE IN PLAN ASSETS [Roll Forward] | ||||||
Fair Value of Plan Assets, Beginning of Year | 0 | |||||
Fair Value, End of Year | 0 | 0 | ||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Fair Value of Plan Assets | $ 0 | $ 0 | $ 0 | $ 0 | ||
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 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Number of Options (in shares) | 1,921,000 | ||
Options Outstanding, Weighted Average Remaining Term | 5 years 8 months 12 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 45.50 | ||
Options Exercisable, Number of Options (in shares) | 815,000 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 42.31 | ||
$33.05 to $35.04 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Number of Options (in shares) | 166,000 | ||
Options Outstanding, Weighted Average Remaining Term | 3 years 8 months 12 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 34.74 | ||
Options Exercisable, Number of Options (in shares) | 166,000 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 34.74 | ||
$33.05 to $35.04 [Member] | Minimum [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, Lower Limit (in dollars per share) | 33.05 | ||
Range of Exercise Prices, Upper Limit (in dollars per share) | $ 35.04 | ||
$38.55 to $40.02 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Number of Options (in shares) | 639,000 | ||
Options Outstanding, Weighted Average Remaining Term | 5 years 10 months 24 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 39.71 | ||
Options Exercisable, Number of Options (in shares) | 329,000 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 39.88 | ||
$38.55 to $40.02 [Member] | Minimum [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, Lower Limit (in dollars per share) | 38.55 | ||
Range of Exercise Prices, Upper Limit (in dollars per share) | $ 40.02 | ||
$47.55 to $49.55 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Number of Options (in shares) | 938,000 | ||
Options Outstanding, Weighted Average Remaining Term | 5 years 2 months 12 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 48.67 | ||
Options Exercisable, Number of Options (in shares) | 320,000 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 48.76 | ||
$47.55 to $49.55 [Member] | Minimum [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, Lower Limit (in dollars per share) | 47.55 | ||
Range of Exercise Prices, Upper Limit (in dollars per share) | 49.55 | ||
$59.70 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, Upper Limit (in dollars per share) | $ 59.70 | ||
Options Outstanding, Number of Options (in shares) | 178,000 | ||
Options Outstanding, Weighted Average Remaining Term | 9 years 2 months 12 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 59.70 | ||
Options Exercisable, Number of Options (in shares) | 0 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 | ||
2014 Key Employee Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Class A common shares authorized for issuance under the plan (in shares) | 8,000,000 | ||
Remaining shares available for future issuance under the plan (in shares) | 6,166,816 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price of stock options granted as required by the plan (in hundredths) | 100.00% | ||
Maximum period for which options are exercisable | 10 years | ||
Vesting percentage on first vesting date (in hundredths) | 50.00% | ||
First vesting date | 4th | ||
Vesting percentage on second vesting date (in hundredths) | 50.00% | ||
Second vesting date | 5th | ||
Weighted-average Black Scholes fair value assumptions by stock option grants [Abstract] | |||
Fair Value of Options on Grant Date (in dollars per share) | $ 16.97 | $ 10.12 | $ 12.26 |
Expected Life of Options (years) | 7 years 2 months 12 days | 7 years 4 months 24 days | 7 years 3 months 18 days |
Risk-Free Interest Rate (in hundredths) | 2.20% | 2.10% | 1.20% |
Expected Volatility (in hundredths) | 30.90% | 30.50% | 30.20% |
Expected Dividend Yield (in hundredths) | 1.90% | 2.50% | 2.00% |
Fair Value of Common Stock on Grant Date (in dollars per share) | $ 59.70 | $ 39.53 | $ 48.06 |
Stock Options Outstanding and Exercisable [Roll Forward] | |||
Outstanding at Beginning of Year (in shares) | 2,508,000 | 3,732,000 | 4,130,000 |
Granted (in shares) | 189,000 | 322,000 | 394,000 |
Exercised (in shares) | (747,000) | (1,421,000) | (784,000) |
Expired or Forfeited (in shares) | (29,000) | (125,000) | (8,000) |
Outstanding at End of Year (in shares) | 1,921,000 | 2,508,000 | 3,732,000 |
Exercisable at End of Year (in shares) | 815,000 | 1,191,000 | 2,166,000 |
Vested and Expected to Vest in the Future at End of Year (in shares) | 1,872,000 | 2,432,000 | |
Weighted Average Exercise Price [Abstract] | |||
Outstanding at Beginning of Year (in dollars per share) | $ 42.34 | $ 42.85 | $ 40.74 |
Granted (in dollars per share) | 59.70 | 39.53 | 48.06 |
Exercised (in dollars per share) | 38.32 | 42.57 | 34.44 |
Expired or Forfeited (in dollars per share) | 49.32 | 47.65 | 35 |
Outstanding at End of Year (in dollars per share) | 45.50 | 42.34 | 42.85 |
Exercisable at End of Year (in dollars per share) | 42.31 | 39.16 | $ 42.45 |
Vested and Expected to Vest in the Future at End of Year (in dollars per share) | $ 42.91 | $ 42.38 | |
Weighted Average Remaining Term [Abstract] | |||
Outstanding at End of Year | 5 years 8 months 12 days | ||
Exercisable at End of Year | 4 years | ||
Vested and Expected to Vest in the Future at End of Year | 5 years 8 months 12 days | ||
Average Intrinsic Value [Abstract] | |||
Outstanding at End of Year | $ 22.4 | ||
Exercisable at End of Year | 11.9 | ||
Vested and Expected to Vest in the Future at End of Year | 23.2 | ||
Stock-based Compensation [Abstract] | |||
Total intrinsic value of options exercised | 16.1 | $ 12.4 | $ 10.6 |
Total grant date fair value of stock options vested | 4.8 | ||
Unrecognized share-based compensation expense | $ 4.1 | ||
Maximum recognition period for unrecognized share-based compensation | 5 years | ||
Weighted average recognition period for unrecognized share-based compensation | 2 years | ||
Performance-based Restricted Stock Awards [Member] | |||
Stock-based Compensation [Abstract] | |||
Unrecognized share-based compensation expense | $ 23 | ||
Maximum recognition period for unrecognized share-based compensation | 5 years | ||
Weighted average recognition period for unrecognized share-based compensation | 3 years 3 months 18 days | ||
Period for achievement of performance-based targets | 3 years | ||
Restricted shares vesting rate (in hundredths) | 50.00% | ||
Weighted Average Grant Date Value [Abstract] | |||
Total grant date fair value of restricted shares vested | $ 6.8 | $ 9.7 | $ 9 |
Restricted Shares [Member] | |||
Restricted Shares [Roll Forward] | |||
Nonvested Shares at Beginning of Year (in shares) | 745,000 | 837,000 | 1,042,000 |
Granted (in shares) | 363,000 | 348,000 | 296,000 |
Change in shares due to performance (in shares) | (65,000) | (92,000) | (227,000) |
Vested and Issued (in shares) | (159,000) | (256,000) | (237,000) |
Forfeited (in shares) | (132,000) | (92,000) | (37,000) |
Nonvested Shares at End of Year (in shares) | 752,000 | 745,000 | 837,000 |
Weighted Average Grant Date Value [Abstract] | |||
Nonvested Shares at Beginning of Year (in dollars per share) | $ 43.40 | ||
Granted (in dollars per share) | 59.23 | ||
Change in shares due to performance (in dollars per share) | 39.18 | ||
Vested and Issued (in dollars per share) | 42.46 | ||
Forfeited (in dollars per share) | 48.85 | ||
Nonvested Shares at End of Year (in dollars per share) | $ 50.64 | $ 43.40 | |
Director Stock Plan [Member] | |||
Weighted Average Grant Date Value [Abstract] | |||
Annual award value (in hundredths) | 100.00% | ||
Shares awarded under the plan (in shares) | 12,131 | 12,408 | 13,437 |
Capital Stock and Changes in 61
Capital Stock and Changes in Capital Accounts (Details) | 12 Months Ended | |
Apr. 30, 2015Vote$ / sharesshares | Apr. 30, 2014shares | |
Share Repurchase Program [Abstract] | ||
Additional shares of common stock approved for repurchase under the share repurchase program (in shares) | 4,000,000 | |
Number of shares repurchased during the period (in shares) | 1,082,502 | |
Average price of shares repurchased during the period (in dollars per share) | $ / shares | $ 57.26 | |
Remaining number of shares authorized to be repurchased under the share repurchase program (in shares) | 2,179,120 | |
Class A [Member] | ||
Common Stock [Abstract] | ||
Class A Common shares into which each share of Class B Common Stock is convertible (in shares) | 1 | |
Percentage of the Board of Directors elected by Class A common stockholders (in hundredths) | 30.00% | |
Number of votes to which each share of common stock is entitled | Vote | 0.1 | |
Class B [Member] | ||
Common Stock [Abstract] | ||
Number of votes to which each share of common stock is entitled | Vote | 1 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015USD ($)Segment | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Segment Information [Abstract] | |||
Number of operating segments | Segment | 3 | ||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,822,440 | $ 1,775,195 | $ 1,760,778 |
Allocated shared services and administration costs | 512,132 | 523,700 | 490,080 |
Restructuring Charges | 28,804 | 42,722 | 29,293 |
Foreign Exchange Transaction Gains(Losses) | 1,742 | (8) | (2,041) |
Income before taxes | 225,461 | 195,534 | 186,922 |
Total assets | 3,004,243 | 3,077,365 | 2,806,375 |
Expenditures for long lived assets | 280,771 | 152,647 | 372,410 |
Depreciation and amortization | 153,925 | 148,097 | 149,516 |
Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | 88,224 | 99,433 | 103,831 |
Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | 246,292 | 241,329 | 225,224 |
Finance [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | 52,988 | 54,468 | 49,029 |
Other Administration [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | 106,335 | 101,487 | 92,198 |
Restructuring Charges [Member] | |||
Segment Reporting Information [Line Items] | |||
Restructuring Charges | 18,293 | 22,197 | 14,557 |
Impairment Charge [Member] | |||
Segment Reporting Information [Line Items] | |||
Impairment Charges | 0 | 4,786 | 5,241 |
Research Communications [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 813,785 | 798,903 | 759,825 |
Books and Custom Print Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 635,802 | 684,421 | 719,290 |
Education Services (Deltak) [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 81,595 | 70,179 | 33,744 |
Talent Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 98,779 | 33,047 | 26,173 |
Course Workflow Solutions (Wiley Plus) [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 54,223 | 49,459 | 41,007 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 138,256 | 139,186 | 180,739 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Contribution to Profit | 400,080 | 375,681 | 348,470 |
Operating Segments [Member] | Research [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,040,795 | 1,044,349 | 1,009,825 |
Direct contribution to profit | 483,413 | 479,419 | 452,004 |
Contribution to Profit | 315,789 | 305,727 | 287,845 |
Total assets | 1,246,673 | 1,392,373 | 1,371,082 |
Expenditures for long lived assets | 18,288 | 23,311 | 33,817 |
Depreciation and amortization | 57,992 | 62,664 | 60,049 |
Operating Segments [Member] | Research [Member] | Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (44,602) | (45,773) | (45,699) |
Operating Segments [Member] | Research [Member] | Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (99,696) | (101,922) | (92,794) |
Operating Segments [Member] | Research [Member] | Occupancy and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (23,326) | (25,997) | (25,666) |
Operating Segments [Member] | Professional Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 407,023 | 363,869 | 416,495 |
Direct contribution to profit | 140,588 | 128,976 | 122,258 |
Contribution to Profit | 38,116 | 22,167 | 8,655 |
Total assets | 695,859 | 554,146 | 520,703 |
Expenditures for long lived assets | 179,174 | 59,837 | 43,587 |
Depreciation and amortization | 31,943 | 28,542 | 35,434 |
Operating Segments [Member] | Professional Development [Member] | Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (30,838) | (37,673) | (40,625) |
Operating Segments [Member] | Professional Development [Member] | Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (47,574) | (50,374) | (55,505) |
Operating Segments [Member] | Professional Development [Member] | Occupancy and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (24,060) | (18,762) | (17,473) |
Operating Segments [Member] | Education [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 374,622 | 366,977 | 334,458 |
Direct contribution to profit | 125,870 | 121,978 | 115,244 |
Contribution to Profit | 46,175 | 47,787 | 51,970 |
Total assets | 430,733 | 455,848 | 422,658 |
Expenditures for long lived assets | 14,188 | 11,935 | 240,283 |
Depreciation and amortization | 38,928 | 40,023 | 33,937 |
Operating Segments [Member] | Education [Member] | Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (12,863) | (15,685) | (15,068) |
Operating Segments [Member] | Education [Member] | Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (52,954) | (46,787) | (39,735) |
Operating Segments [Member] | Education [Member] | Occupancy and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocated shared services and administration costs | (13,878) | (11,719) | (8,471) |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Unallocated shared services and administrative costs | (161,856) | (169,008) | (149,043) |
Foreign Exchange Transaction Gains(Losses) | 1,742 | (8) | (2,041) |
Interest expense & other, net | (14,020) | (11,131) | (10,464) |
Income before taxes | 225,946 | 195,534 | 186,922 |
Total assets | 630,978 | 674,998 | 491,932 |
Expenditures for long lived assets | 69,121 | 57,564 | 54,723 |
Depreciation and amortization | $ 25,062 | $ 16,868 | $ 20,096 |
Segment Information, Revenues f
Segment Information, Revenues from External Customers and Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 1,822,440 | $ 1,775,195 | $ 1,760,778 |
Long-Lived Assets | 193,010 | 188,718 | 189,625 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 1,822,440 | 1,775,195 | 1,760,778 |
Pretax income for consolidated operations outside the United States | 165,100 | 159,400 | 156,100 |
Export Sales [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 168,000 | 169,000 | 150,300 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 168,000 | 169,000 | 150,300 |
Reportable Geographical Components [Member] | United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 920,166 | 937,106 | 911,838 |
Long-Lived Assets | 143,786 | 135,711 | 134,107 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 920,166 | 937,106 | 911,838 |
Reportable Geographical Components [Member] | United Kingdom [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 142,680 | 127,716 | 123,827 |
Long-Lived Assets | 24,711 | 32,286 | 31,093 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 142,680 | 127,716 | 123,827 |
Reportable Geographical Components [Member] | Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 83,714 | 89,107 | 84,737 |
Long-Lived Assets | 9,781 | 12,877 | 12,492 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 83,714 | 89,107 | 84,737 |
Reportable Geographical Components [Member] | Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 84,420 | 80,074 | 84,586 |
Long-Lived Assets | 21 | 40 | 138 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 84,420 | 80,074 | 84,586 |
Reportable Geographical Components [Member] | China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 45,159 | 41,581 | 38,651 |
Long-Lived Assets | 307 | 516 | 756 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 45,159 | 41,581 | 38,651 |
Reportable Geographical Components [Member] | India [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 39,494 | 39,953 | 41,720 |
Long-Lived Assets | 180 | 172 | 274 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 39,494 | 39,953 | 41,720 |
Reportable Geographical Components [Member] | Australia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 80,380 | 79,453 | 79,958 |
Long-Lived Assets | 1,696 | 2,712 | 3,533 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 80,380 | 79,453 | 79,958 |
Reportable Geographical Components [Member] | France [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 57,492 | 25,376 | 24,041 |
Long-Lived Assets | 6,720 | 0 | 0 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 57,492 | 25,376 | 24,041 |
Reportable Geographical Components [Member] | Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 56,949 | 61,559 | 66,440 |
Long-Lived Assets | 70 | 729 | 1,092 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | 56,949 | 61,559 | 66,440 |
Reportable Geographical Components [Member] | Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 311,986 | 293,270 | 304,980 |
Long-Lived Assets | 5,738 | 3,675 | 6,140 |
International Operations [Abstract] | |||
Export sales from the United States to unaffiliated customers | $ 311,986 | $ 293,270 | $ 304,980 |