Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2016 | May 31, 2016 | Oct. 31, 2015 | |
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 | $ 2,331.2 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2016 | ||
Common Stock Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 48,109,204 | ||
Common Stock Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,475,140 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 363,806 | $ 457,441 |
Accounts receivable | 167,638 | 147,183 |
Inventories | 57,779 | 63,779 |
Prepaid and other | 81,456 | 72,516 |
Total Current Assets | 670,679 | 740,919 |
Product Development Assets | 72,126 | 69,589 |
Technology, Property & Equipment | 214,770 | 193,010 |
Intangible Assets | 877,007 | 917,621 |
Goodwill | 951,663 | 962,367 |
Income Tax Deposits | 62,912 | 57,098 |
Other Assets | 71,939 | 63,639 |
Total Assets | 2,921,096 | 3,004,243 |
Current Liabilities | ||
Short-term debt | 0 | 100,000 |
Accounts and royalties payable | 166,222 | 161,465 |
Deferred revenue | 426,489 | 372,051 |
Accrued employment costs | 97,902 | 93,922 |
Accrued income taxes | 9,450 | 9,484 |
Accrued pension liability | 5,492 | 4,594 |
Other accrued liabilities | 76,252 | 62,167 |
Total Current Liabilities | 781,807 | 803,683 |
Long-Term Debt | 605,007 | 650,090 |
Accrued Pension Liability | 224,170 | 209,727 |
Deferred Income Tax Liabilities | 189,868 | 198,947 |
Other Long-Term Liabilities | 83,138 | 86,756 |
Shareholders' Equity | ||
Preferred Stock, $1 par value: Authorized - 2 million, Issued - zero | 0 | 0 |
Additional paid-in-capital | 368,698 | 353,018 |
Retained earnings | 1,673,325 | 1,597,439 |
Accumulated other comprehensive (loss): | ||
Foreign currency translation adjustment | (267,920) | (246,854) |
Unamortized retirement costs, net of tax | (179,405) | (159,434) |
Unrealized loss on interest rate swap, net of tax | (361) | (345) |
Accumulated other comprehensive (loss) | (447,686) | (406,633) |
Less Treasury Shares At Cost (Class A - 21,708,905 and 20,441,767; Class B - 3,917,128 and 3,910,264) | (640,421) | (571,974) |
Total Shareholders' Equity | 1,037,106 | 1,055,040 |
Total Liabilities and Shareholders' Equity | 2,921,096 | 3,004,243 |
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, 2016 | Apr. 30, 2015 |
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) | 21,708,905 | 20,441,767 |
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) | 3,917,128 | 3,910,264 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Revenue | $ 1,727,037 | $ 1,822,440 | $ 1,775,195 |
Costs and Expenses | |||
Cost of sales | 465,917 | 499,683 | 506,879 |
Operating and administrative expenses | 994,632 | 1,005,000 | 969,456 |
Restructuring charges | 28,611 | 28,804 | 42,722 |
Impairment charges | 0 | 0 | 4,786 |
Amortization of intangibles | 49,764 | 51,214 | 44,679 |
Total Costs and Expenses | 1,538,924 | 1,584,701 | 1,568,522 |
Operating Income | 188,113 | 237,739 | 206,673 |
Interest expense | (16,707) | (17,077) | (13,916) |
Foreign exchange transaction gains (losses) | 473 | 1,742 | (8) |
Interest income and other | 2,914 | 3,057 | 2,785 |
Income Before Taxes | 174,793 | 225,461 | 195,534 |
Provision for Income Taxes | 29,011 | 48,593 | 35,024 |
Net Income | $ 145,782 | $ 176,868 | $ 160,510 |
Earnings Per Share | |||
Diluted (in dollars per share) | $ 2.48 | $ 2.97 | $ 2.70 |
Basic (in dollars per share) | $ 2.51 | $ 3.01 | $ 2.73 |
Average Shares | |||
Diluted (in shares) | 58,734 | 59,594 | 59,514 |
Basic (in shares) | 57,998 | 58,733 | 58,635 |
Class A [Member] | |||
Cash Dividends Per Share | |||
Common stock (in dollars per share) | $ 1.20 | $ 1.16 | $ 1 |
Class B [Member] | |||
Cash Dividends Per Share | |||
Common stock (in dollars per share) | $ 1.20 | $ 1.16 | $ 1 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Net Income | $ 145,782 | $ 176,868 | $ 160,510 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustment | (21,066) | (180,190) | 67,875 |
Unrealized retirement costs net of tax benefit (provision) of $8,807; $15,779 and $(12,946), respectively | (19,971) | (36,409) | 20,099 |
Unrealized (loss) gain on interest rate swaps net of tax benefit (provision) of $10; $(157) and $(225), respectively | (16) | 257 | 367 |
Total Other Comprehensive Income (Loss) | (41,053) | (216,342) | 88,341 |
Comprehensive Income (Loss) | $ 104,729 | $ (39,474) | $ 248,851 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Other Comprehensive Income (Loss): | |||
Unrealized retirement costs, tax benefit (provision) | $ 8,807 | $ 15,779 | $ (12,946) |
Unrealized (loss) gain on interest rate swap, tax benefit (provision) | $ 10 | $ (157) | $ (225) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Operating Activities | |||
Net Income | $ 145,782 | $ 176,868 | $ 160,510 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Amortization of intangibles | 49,764 | 51,214 | 44,679 |
Amortization of composition costs | 39,658 | 40,639 | 45,097 |
Depreciation of technology, property and equipment | 66,427 | 62,072 | 58,321 |
Restructuring and impairment charges | 28,611 | 28,804 | 47,508 |
Deferred tax benefits on U.K. rate changes | (5,859) | 0 | (10,634) |
Share-based compensation | 16,105 | 13,617 | 12,851 |
(Excess) shortfalls in tax benefits from share-based compensation | (1,027) | (3,191) | 1,466 |
Employee retirement plan expense | 14,323 | 22,599 | 30,454 |
Royalty advances | (110,135) | (104,876) | (107,639) |
Earned royalty advances | 109,102 | 110,054 | 107,529 |
Other non-cash credits, net | 1,463 | (8,046) | (3,626) |
Income tax deposits | (1,151) | (5,280) | (11,968) |
Changes in Operating Assets and Liabilities Source (Use), excluding acquisitions | |||
Accounts receivable | (14,456) | 4,488 | 18,558 |
Inventories | 3,571 | 9,696 | 11,146 |
Accounts and royalties payable | 3,997 | 31,305 | 7,297 |
Deferred revenue | 66,983 | 3,913 | (750) |
Income taxes payable | (7,091) | 8,330 | (14,131) |
Restructuring payments | (29,864) | (32,341) | (28,276) |
Other accrued liabilities | 14,968 | (10,901) | 30,581 |
Employee retirement plan contributions | (34,214) | (28,503) | (33,889) |
Other | (7,000) | (15,339) | (16,860) |
Cash Provided by Operating Activities | 349,957 | 355,122 | 348,224 |
Investing Activities | |||
Composition spending | (37,272) | (39,421) | (40,568) |
Additions to technology, property and equipment | (93,705) | (69,121) | (57,564) |
Acquisitions, net of cash acquired | (20,418) | (172,229) | (54,515) |
Proceeds from sale of consumer publishing programs | 0 | 1,100 | 3,300 |
Cash Used for Investing Activities | (151,395) | (279,671) | (149,347) |
Financing Activities | |||
Repayment of long-term debt | (460,085) | (711,654) | (658,224) |
Repayment of short-term debt | (150,000) | 0 | 0 |
Borrowings of long-term debt | 415,000 | 659,369 | 685,324 |
Borrowing of short-term debt | 50,000 | 100,000 | 0 |
Purchase of treasury stock | (69,977) | (61,981) | (63,393) |
Change in book overdrafts | 1,725 | (6,711) | (12,354) |
Cash dividends | (69,896) | (68,498) | (58,953) |
Debt financing costs | (3,362) | 0 | 0 |
Net (payments)/proceeds from exercise of stock options and other | (95) | 25,326 | 55,532 |
Excess (shortfalls) in tax benefits from share-based compensation | 1,027 | 3,191 | (1,466) |
Cash Used for Financing Activities | (285,663) | (60,958) | (53,534) |
Effects of Exchange Rate Changes on Cash | (6,534) | (43,429) | 6,894 |
Cash and Cash Equivalents | |||
(Decrease) Increase for year | (93,635) | (28,936) | 152,237 |
Balance at beginning of year | 457,441 | 486,377 | 334,140 |
Balance at end of year | 363,806 | 457,441 | 486,377 |
Cash Paid During the Year for | |||
Interest | 15,050 | 14,875 | 12,511 |
Income taxes, net | $ 38,579 | $ 45,646 | $ 63,815 |
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 (Loss) [Member] | Total | Class A [Member] | Class B [Member] |
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 | ||||||||
Net (Payments)/Proceeds from Exercise of Stock Options and other | 31,403 | 24,417 | 55,820 | ||||||||
Shortfall in 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 | ||||||||
Net (Payments)/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) | |||||||
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 | ||||
Restricted Shares Issued under Share-based Compensation Plans | (3,152) | 3,325 | 173 | ||||||||
Net (Payments)/Proceeds from Exercise of Stock Options and other | 1,700 | (1,795) | (95) | ||||||||
Excess Tax Benefits from Share-based Compensation | 1,027 | 1,027 | |||||||||
Share-based compensation expense | 16,105 | 16,105 | |||||||||
Purchase of Treasury Shares | (69,977) | (69,977) | |||||||||
Common Stock Dividends | $ (58,658) | $ (11,238) | $ (58,658) | $ 11,238 | |||||||
Comprehensive Income (Loss) | 145,782 | (41,053) | 104,729 | ||||||||
Balance at Apr. 30, 2016 | $ 69,798 | $ 13,392 | $ 368,698 | $ 1,673,325 | $ (640,421) | $ (447,686) | $ 1,037,106 |
Description of Business
Description of Business | 12 Months Ended |
Apr. 30, 2016 | |
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, corporate learning solutions, employment 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 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, 2016 | |
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 transitioned from issue-based to time-based digital journal subscription agreements for calendar year 2016. Under this new contractual agreement, the Company provides access to all journal content published within a calendar year and recognizes revenue on a straight-line basis over the 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. The Company made these changes to simplify the contracting and administration of digital journal subscriptions. 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: 2016 2015 Accounts Receivable $(29,447) $(37,300) Inventories 4,924 6,555 Accounts and Royalties Payable (4,662) (5,405) Decrease in Net Assets $(19,861) $(25,340) 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. Costs related to the investment in the Company’s Enterprise Resource Planning and related systems are amortized over an expected useful life of 10 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred. Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed 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, 2016 are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 31 years; customer relationships – 20 years; brands and trademarks – 13 years; non-compete agreements – 4 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 March 2016, the FASB issued ASU 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” which simplifies the accounting for share-based payment transactions, including income taxes, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance also allows an entity to make an accounting policy election to account for forfeitures when they occur or to estimate the number of awards that are expected to vest with a subsequent true up to actual forfeitures (current GAAP). The standard is effective for the company on May 1, 2017, with early adoption permitted. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 "Leases (Topic 842)”. ASU 2016-02 requires lessees to recognize most leases on the balance sheet which will result in an increase in reported assets and liabilities. The recognition of expenses within the income statement is consistent with the existing lease accounting standards. There are no significant changes in the new standard for lessors under operating leases. The standard is effective for the Company on May 1, 2019 with early adoption permitted. Adoption requires application of the new guidance for all periods presented. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17 “Income Taxes- Balance Sheet Classification of Deferred Taxes”. To simplify the presentation of deferred income taxes, the amendments in this update require that all deferred tax liabilities and assets, including those previously classified as current, be classified as noncurrent in a classified statement of financial position. The amendments in this Update will align the presentation of deferred income tax assets and liabilities with IFRS. The standard is effective for the company May 1, 2017 with early adoption permitted. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. 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 includes software, platforms, infrastructure and other hosting arrangements. The ASU provides criteria to determine whether the cloud computing arrangement includes a software license. A software license can include customized development, maintenance, hosting and other related costs. 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. 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 or materially modified after the effective date or retrospectively. The Company intends to adopt the new guidance on a prospective basis as of May 1, 2016. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) (“ASU 2014-09”), and the International Accounting Standards Board (“IASB”) published its equivalent standard, International Financial Reporting Standard (“IFRS”) 15, “Revenue from Contracts with Customers”. These joint comprehensive new revenue recognition standards will supersede most existing revenue recognition guidance and are intended to improve and converge revenue recognition and related financial reporting requirements. The standard is effective for the Company on May 1, 2018 with early adoption permitted on May 1, 2017. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “cumulative effect” adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations (“ASU 2016-08”), ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing (“ASU 2016-10”), and issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients (“ASU 2016-12”), which provide clarification and additional guidance related to ASU 2014-09. The Company must adopt ASU 2016-08, ASU 2016-10, and ASU 2016-12 with ASU 2014-09. The Company is currently assessing whether the adoption of the new 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, 2016 | |
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): 2016 2015 2014 Weighted Average Shares Outstanding 58,253 59,004 58,925 Less: Unearned Restricted Shares (255) (271) (290) Shares Used for Basic Earnings Per Share 57,998 58,733 58,635 Dilutive Effect of Stock Options and Other Stock Awards 736 861 879 Shares Used for Diluted Earnings Per Share 58,734 59,594 59,514 Since their inclusion in the calculation of diluted earnings per share would have been anti-dilutive, options to purchase 336,803, 178,144 and 389,400 shares of Class A Common Stock have been excluded for fiscal years 2016, 2015 and 2014, respectively. In addition, for fiscal years 2016 and 2015 unearned restricted shares of 15,200 and 2,500, respectively, have been excluded as their inclusion would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Apr. 30, 2016 | |
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, 2016 and 2015 were as follows (in thousands): Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total 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) Other comprehensive income (loss) before reclassifications (21,066) (24,930) (569) (46,565) Reclassification of amounts to Consolidated Statements of Income - 4,959 553 5,512 Total other comprehensive income (loss) (21,066) (19,971) (16) (41,053) Balance at April 30, 2016 $(267,920) $(179,405) $(361) $(447,686) For the fiscal years ended April 30, 2016 and 2015, pre-tax actuarial losses included in Unamortized Retirement Costs of approximately $6.2 million and $7.8 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, 2016 | |
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 seven million end-users in 80 countries. For the fiscal years ended April 30, 2016 and 2015, CrossKnowledge’s revenue included in Wiley’s results was $50.7 million and $42.0 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. 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. Profiles contributed $20.3 million, $23.3 million and $1.9 million to the Company’s revenue for fiscal years 2016, 2015 and 2014, 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, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 6 – Restructuring Charges In fiscal years 2016, 2015 and 2014, the Company recorded pre-tax restructuring charges of $28.6 million ($0.32 per share), $28.8 million ($0.34 per share) and $42.7 million ($0.48 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: Beginning 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): 2016 2015 2014 Total Charges Incurred to Date Charges by Segment: Research $5,048 $4,555 $7,774 $20,273 Professional Development 2,277 4,385 11,860 24,806 Education 1,206 1,571 891 4,786 Shared Services 20,080 18,293 22,197 74,724 Total Restructuring Charges $28,611 $28,804 $42,722 $124,589 Charges by Activity: Severance $16,443 $17,093 $25,962 $79,204 Process reengineering consulting 7,191 301 8,556 18,666 Other activities 4,977 11,410 8,204 26,719 Total Restructuring Charges $28,611 $28,804 $42,722 $124,589 Other Activities reflects leased facility consolidations, contract termination costs and the curtailment of certain defined benefit pension plans. The following table summarizes the activity for the Restructuring and Reinvestment Program liability as of April 30 (in thousands): Foreign Translation & 2015 Charges Payments Reclassifications 2016 Severance $18,794 $16,443 $(18,485) $(95) $16,657 Process reengineering consulting - 7,191 (7,191) - - Other activities 11,859 4,977 (4,188) (796) 11,852 Total $30,653 $28,611 $(29,864) $(891) $28,509 The restructuring liability for accrued Severance costs is reflected in Accrued Employment Costs in the Consolidated Statements of Financial Position. Approximately $0.6 million and $11.3 million of the Other Activities are reflected in Other Accrued Liabilities and Other Long-Term Liabilities, respectively. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Apr. 30, 2016 | |
Impairment Charges [Abstract] | |
Impairment Charges | Note 7 – Impairment Charges 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 ($0.06 per share). |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2016 | |
Inventories [Abstract] | |
Inventories | Note 8 – Inventories Inventories at April 30 were as follows (in thousands): 2016 2015 Finished Goods $45,170 $52,705 Work-in-Process 7,592 6,552 Paper, Cloth, and Other 4,867 4,676 57,629 63,933 Inventory Value of Estimated Sales Returns 4,924 6,555 LIFO Reserve (4,774) (6,709) Total Inventories $57,779 $63,779 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, 2016 | |
Product Development Assets [Abstract] | |
Product Development Assets | Note 9 – Product Development Assets Product development assets consisted of the following at April 30 (in thousands): 2016 2015 Composition Costs $40,944 $41,280 Royalty Advances 31,182 28,309 Total $72,126 $69,589 Composition costs are net of accumulated amortization of $199.3 million and $198.2 million as of April 30, 2016 and 2015, respectively. |
Technology, Property and Equipm
Technology, Property and Equipment | 12 Months Ended |
Apr. 30, 2016 | |
Technology, Property and Equipment [Abstract] | |
Technology, Property and Equipment | Note 10 – Technology, Property and Equipment Technology, property and equipment consisted of the following at April 30 (in thousands): 2016 2015 Capitalized Software and Computer Hardware $539,968 $460,199 Buildings and Leasehold Improvements 84,923 86,225 Furniture, Fixtures and Warehouse Equipment 54,607 60,460 Land and Land Improvements 3,726 3,820 683,224 610,704 Accumulated Depreciation (468,454) (417,694) Total $214,770 $193,010 The net book value of capitalized software costs was $151.5 million and $121.9 million as of April 30, 2016 and 2015, respectively. Depreciation expense recognized in fiscal years 2016, 2015, and 2014 for capitalized software costs was approximately $49.6 million, $42.1 million and $36.5 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 30, 2016 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 11 - Goodwill and Intangible Assets The following table summarizes the activity in goodwill by segment as of April 30 (in thousands): 2015 Acquisitions Foreign Translation Adjustment 2016 Research $447,326 - $(14,025) $433,301 Professional Development 365,215 - 3,321 368,536 Education 149,826 - - 149,826 Total $962,367 - $(10,704) $951,663 Intangible assets as of April 30 were as follows (in thousands): 2016 2015 Cost Accumulated Amortization Cost Accumulated Amortization Intangible Assets with Determinable Lives Content and Publishing Rights $790,055 $(333,174) $781,618 $(299,022) Customer Relationships 224,839 (54,677) 225,239 (43,967) Brands & Trademarks 30,116 (15,713) 30,008 (13,225) Covenants not to Compete 1,687 (1,011) 1,343 (677) 1,046,697 (404,575) 1,038,208 (356,891) Intangible Assets with Indefinite Lives Brands & Trademarks 147,683 - 152,332 - Content and Publishing Rights 87,202 - 83,972 - $1,281,582 $(404,575) $1,274,512 $(356,891) 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: 2017 - $48 million; 2018 – $44 million; 2019 - $42 million; 2020 - $38 million and 2021 - $35 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | Note 12 - Income Taxes The provisions for income taxes for the years ended April 30 were as follows (in thousands): 2016 2015 2014 Current Provision US – Federal $(5,365) $27,137 $13,541 International 31,958 27,613 34,519 State and Local 1,657 1,007 (733) Total Current Provision $28,250 $55,757 $47,327 Deferred Provision (Benefit) US – Federal $6,625 $(7,554) $(1,748) International (6,459) 606 (10,008) State and Local 595 (216) (547) Total Deferred (Benefit) $761 $(7,164) $(12,303) Total Provision $29,011 $48,593 $35,024 International and United States pretax income for the years ended April 30, 2016 were as follows (in thousands): 2016 2015 2014 International $159,152 $165,085 $159,442 United States 15,641 60,376 36,092 Total $174,793 $225,461 $195,534 The Company’s effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: 2016 2015 2014 U.S. Federal Statutory Rate 35.0% 35.0% 35.0% Benefit from Lower Taxes on Non-U.S. Income (14.6) (11.9) (10.8) State Income Taxes, Net of U.S. Federal Tax Benefit 0.8 0.3 0.4 Deferred Tax Benefit From Statutory Tax Rate Change (3.4) - (5.4) Tax Adjustments and Other (1.2) (1.8) (1.3) Effective Income Tax Rate 16.6% 21.6% 17.9% Note: A substantial portion of the Company’s income is earned outside the U.S. in jurisdictions with lower statutory income tax rates than the U.S. including: U.K. (20%): Germany (27%): Australia (30%): Canada (28%). Deferred Tax Benefit from Statutory Tax Rate Change: Tax Adjustments and Other: Accounting for Uncertainty in Income Taxes: As of April 30, 2016 and April 30, 2015, the total amount of unrecognized tax benefits were $19.9 million and $19.3 million, respectively, of which $3.5 million and $3.0 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 both fiscal years 2016 and 2015, the Company recorded net interest expense on reserves for unrecognized and recognized tax benefits of $0.5 million in each year. As of April 30, 2016 and April 30, 2015, the total amount of unrecognized tax benefits that, would reduce the Company’s income tax provision, if recognized, were approximately $19.2 million and $18.8 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): 2016 2015 Balance at May 1st $19,349 $23,826 Additions for Current Year Tax Positions 1,077 503 Additions for Prior Year Tax Positions 533 519 Reductions for Prior Year Tax Positions (214) (595) Foreign Translation Adjustment 569 (4,207) Payments (132) - Reductions for Lapse of Statute of Limitations (1,319) (697) Balance at April 30th $19,863 $19,349 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. The Company filed an appeal with the local finance court in September 2014. Under German tax law, the Company must pay all contested taxes and the related interest to have the right to defend its position. The Company has made all required payments to date with total deposits paid of 48 million euros through April 30, 2016. The Company expects that it will be required to deposit additional amounts up to 10 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 up 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, 2016, the USD equivalent of the deposit and accrued interest was $62.9 million, which is recorded as Income Tax Deposits on the Consolidated Statements of Financial Position. The Company records the accrued interest at 6% within the Provision for Income Taxes in the Consolidated Statements of Income. 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): 2016 2015 Inventories $5,349 $5,230 Intangible and Fixed Assets 288,769 297,323 Total Deferred Tax Liabilities $294,118 $302,553 Net Operating Losses $3,148 $4,599 Reserve for Sales Returns and Doubtful Accounts 6,075 6,922 Accrued Employee Compensation 29,550 28,093 Other Accrued Expenses 14,842 14,583 Retirement and Post-Employment Benefits 64,438 62,385 Total Deferred Tax Assets $118,053 $116,582 Net Deferred Tax Liabilities $176,065 $185,971 Reported As Current Deferred Tax Assets $11,126 $9,981 Non-current Deferred Tax Assets 2,677 2,995 Non-current Deferred Tax Liabilities 189,868 198,947 Net Deferred Tax Liabilities $176,065 $185,971 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, 2016, the accumulated undistributed earnings of non-U.S. subsidiaries approximated $716 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, 2016 | |
Debt and Available Credit Facilities [Abstract] | |
Debt and Available Credit Facilities | Note 13 - Debt and Available Credit Facilities As of April 30, 2016 and 2015, the Company’s debt of approximately $605.0 million and $750.1 million, respectively consisted of amounts due under the following revolving credit facilities: On March 1, 2016, the Company amended and extended its existing revolving credit agreement (“RCA”) with a syndicated bank group led by Bank of America. The previous RCA consisted of a $940 million senior revolving credit facility due on November 2, 2016. The new agreement consists of a $1.1 billion five-year senior revolving credit facility payable March 1, 2021. The proceeds of the amended facility will be used for general corporate purposes including seasonal operating cash requirements investments in technology systems and new businesses, and strategic acquisitions. 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 0.98% to 1.50%, 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 0.45%, 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 0.15% to 0.25% depending on the Company’s consolidated leverage ratio. The Company also has the option to request an additional credit limit increase of up to $350 million in minimum increments of $50 million, subject to the approval of the lenders. The 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, 2016. Due to the fact that there are no principal payments due until the end of the agreement in fiscal year 2021, the Company has classified its entire debt obligation related to this facility as long-term which was approximately $605.0 million as of April 30, 2016. As of April 30, 2015, the entire debt obligation related to the previous facility of approximately $750.1 was classified as long-term. As part of the amendment, the Company paid $3.4 million in debt financing costs in fiscal year 2016 which were capitalized and included in the Other Assets line item in the Consolidated Statements of Financial Position. On October 31, 2015, the Company renewed its U.S. dollar facility with TD Bank, N.A. which was equally ranked with the Company’s previous agreement with Bank of America - Merrill Lynch and The Royal Bank of Scotland plc, and Santander Bank. The agreement consisted of a $50 million 364-day revolving credit facility which was drawn in fiscal year 2015. The facility was terminated and fully paid off with the proceeds of the RCA refinancing on March 1, 2016. On August 6, 2015, the Company amended its December 22, 2014 364-day U.S. dollar revolving credit facility reinstated every 30 days with Santander Bank, N.A. by increasing the facility to $100 million from $50 million. The additional $50 million was drawn during August and was used to repay a portion of the senior revolving credit facility. The facility was equally ranked with the Company’s previous agreement with Bank of America - Merrill Lynch and The Royal Bank of Scotland plc, and TD Bank, N.A. The facility was fully paid on April 29, 2016. This facility’s termination date was May 23, 2016 and was not renewed. The Company and its subsidiaries have other lines of credit aggregating $7.2 million at various interest rates. There were no outstanding borrowings under these credit lines at April 30, 2016. Outstanding borrowings under these credit lines were approximately $0.1 million as of April 30, 2015. The Company’s total available lines of credit as of April 30, 2016 were approximately $1.1 billion, of which approximately $0.5 billion was unused. The weighted average interest rates on total debt outstanding during fiscal years 2016 and 2015 were 1.88% and 1.93%, respectively. As of April 30, 2016 and 2015, the weighted average interest rates for the total debt were 2.12% and 1.77%, 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 Acti
Derivative Instruments and Activities | 12 Months Ended |
Apr. 30, 2016 | |
Derivative Instruments and Activities [Abstract] | |
Derivative Instruments and Activities | Note 14 – 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 $605.0 million of variable rate loans outstanding at April 30, 2016, which approximated fair value. As of April 30, 2016 and 2015, 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 April 4, 2016, the Company entered into a forward starting interest rate swap agreement which fixed a portion of the variable interest due on a variable rate debt renewal on May 16, 2016. Under the terms of the agreement, the Company will pay a fixed rate of 0.92% and receives a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which is reset every month for a three-year period starting May 16, 2016 ending May 15, 2019. As of April 30, 2016, the notional amount of the interest rate swap was $350.0 million. 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, 2016, the notional amount of the interest rate swap was $150.0 million. On January 15, 2014, the Company entered into a $150.0 million notional value 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 January 15, 2016, the Company paid a fixed rate of 0.47% and received a variable rate of interest based on one-month LIBOR (as defined) from the counterparty which was reset every month for a two-year period. 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, 2016 and 2015 was a deferred loss of $0.6 million. Based on the maturity dates of the contracts, approximately $0.1 million and $0.2 million of the deferred losses as of April 30, 2016 and 2015 were recorded in Other Accrued Liabilities, with the remaining deferred losses in each period of $0.5 million and $0.4 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 2016, 2015 and 2014 were $0.9 million, $1.7 million and $1.3 million, respectively. Based on the amount in Accumulated Other Comprehensive Loss at April 30, 2016, approximately $0.7 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 with gains reported in Prepaid and Other and losses reported in Other Accrued Liabilities. 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, 2016, there were two open forward exchange contracts with notional amounts of 31 million Euros and 274 million Pounds Sterling to hedge intercompany loans. As of April 30, 2015, the Company did not maintain any open forward contracts. During fiscal years 2014 through 2016, 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. The fair value of the open forward exchange contracts was measured on a recurring basis using Level 2 inputs. For fiscal years 2016, 2015 and 2014, the gains (losses) recognized on forward contracts were $1.3 million, $(11.2) million, and $(0.4) million, respectively. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Apr. 30, 2016 | |
Commitment and Contingencies [Abstract] | |
Commitments and Contingencies | Note 15 - Commitment and Contingencies The following schedule shows the composition of rent expense for operating leases (in thousands): 2016 2015 2014 Minimum Rental $37,206 $39,748 $40,929 Less: Sublease Rentals (597) (639) (642) Total $36,609 $39,109 $40,287 Future minimum payments under operating leases were $328.1 million at April 30, 2016. Annual minimum payments under these leases for fiscal years 2017 through 2021 are approximately $35.2 million, $20.2 million, $27.1 million, $25.0 million, and $21.4 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 2021. 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, 2016 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, 2016 | |
Retirement Plans [Abstract] | |
Retirement Plans | Note 16 - 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 In fiscal year 2013, 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. The Company’s Board of Directors approved plan amendments that froze the Retirement Plan for the Employees of John Wiley & Sons, Canada, effective December 31, 2015. Under the amendments, no new employees are permitted to enter this plan 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 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 are 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 in fiscal year 2015. 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): 2016 2015 2014 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service Cost $ - $1,455 $ - $5,942 $ - $8,066 Interest Cost 13,612 16,446 13,159 17,417 12,613 17,144 Expected Return on Plan Assets (14,756) (25,088) (13,782) (22,654) (14,838) (21,607) Net Amortization of Prior Service Cost and Transition Asset (154) 55 (115) 68 - 124 Recognized Net Actuarial Loss 2,240 2,475 1,470 6,299 5,681 7,490 Curtailment/Settlement Loss (Gain) 1,857 - - (428) - 79 Net Pension Charge (Credit) $2,799 $(4,657) $732 $6,644 $3,456 $11,296 Discount Rate 4.2% 3.5% 4.7% 4.2% 4.2% 4.2% Rate of Compensation Increase N/A 3.0% N/A 3.2% N/A 3.2% Expected Return on Plan Assets 6.8% 6.7% 6.8% 6.7% 8.0% 6.7% The curtailment/settlement loss in fiscal year 2016 of $1.9 million, noted above, relates to a disability payment made subject to terms of the Company’s Supplemental Executive Retirement Plan. 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 $797.4 million, $759.2 million and $567.8 million, respectively, as of April 30, 2016 and $813.3 million, $773.4 million and $589.9 million, respectively, as of April 30, 2015. The Recognized Net Actuarial Loss for each fiscal year is calculated using the “corridor method” which reflects the amortization of the net loss at the beginning of the fiscal year in excess of 10% of the greater of the market value of plan assets or the projected benefit obligation. The amortization period is based on the average expected life of plan participants. 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): U.S. Non-U.S. Total Actuarial Loss $2,712 $2,819 $5,531 Prior Service Cost (154) 56 (98) Total $2,558 $2,875 $5,433 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 2016 2015 CHANGE IN PLAN ASSETS U.S. Non-U.S. U.S. Non-U.S. Fair Value of Plan Assets, Beginning of Year $222,966 $376,576 $207,986 $351,092 Actual Return on Plan Assets 2,610 (2,789) 23,166 60,997 Employer Contributions 9,459 8,450 3,972 9,701 Employee Contributions - 68 - 1,566 Settlements (4,446) - - (2,353) Benefits Paid (14,666) (14,354) (12,158) (7,118) Foreign Currency Rate Changes - (15,467) - (37,309) Fair Value, End of Year $215,923 $352,484 $222,966 $376,576 CHANGE IN PROJECTED BENEFIT OBLIGATION Benefit Obligation, Beginning of Year $(329,388) $(484,458) $(285,659) $(442,703) Service Cost - (1,455) - (5,942) Interest Cost (13,612) (16,446) (13,159) (17,417) Employee Contributions - (68) - (1,566) Actuarial Gain (Loss) (13,020) 9,582 (45,868) (83,782) Benefits Paid 14,666 14,354 12,158 7,118 Foreign Currency Rate Changes - 17,330 - 52,513 Curtailment - - - 5,147 Settlements and Other 4,446 - 3,140 2,174 Benefit Obligation, End of Year $(336,908) $(461,161) $(329,388) $(484,458) Funded Status $(120,985) $(108,677) $(106,422) $(107,882) AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION: Other Noncurrent Assets - - - 17 Current Pension Liability (4,817) (675) (4,086) (508) Noncurrent Pension Liability (116,168) (108,002) (102,336) (107,391) Net Amount Recognized in Statement of Financial Position $(120,985) $(108,677) $(106,422) $(107,882) AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (before tax) CONSIST OF: Net Actuarial (Loss) $(124,087) $(139,307) $(103,017) $(128,280) Prior Service Cost Gain (Loss) 2,870 (521) 3,024 (555) Total Accumulated Other Comprehensive Loss $(121,217) $(139,828) $(99,993) $(128,835) Change in Accumulated Other Comprehensive Loss $(21,224) $(10,993) $(31,988) $(20,329) WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES: Discount Rate 4.0% 3.5% 4.2% 3.5% Rate of Compensation Increase N/A 3.0% N/A 3.0% Accumulated Benefit Obligations $(336,908) $(422,861) $(329,389) $(444,561) 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 49% equity securities, 50% 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 2016 and 2015. 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): 2016 2015 Level 1 Level 2 Total Level 1 Level 2 Total U.S. Plan Assets Equity Securities: U.S. Commingled Funds $ - $69,550 $69,550 $ - $68,671 $68,671 Non-U.S. Commingled Funds - 28,741 28,741 - 38,336 38,336 Fixed Income Commingled Funds - 105,841 105,841 - 105,363 105,363 Real Estate - 11,791 11,791 - 10,596 10,596 Total U.S. Plan Assets $ - $215,923 $215,923 $ - $222,966 $222,966 Non-U.S. Plan Assets Equity Securities: U.S. Equities $ - $24,688 $24,688 $ - $25,551 $25,551 Non-U.S. Equities - 72,892 72,892 - 80,014 80,014 Balanced Managed Funds 10,070 32,203 42,273 10,295 66,707 77,002 Fixed Income Funds: - 211,561 211,561 - 190,344 190,344 Other: Real Estate/Other - 508 508 - 489 489 Cash and Cash Equivalents 562 - 562 3,176 - 3,176 Total Non-U.S. Plan Assets $10,632 $341,852 $352,484 $13,471 $363,105 $376,576 Total Plan Assets $10,632 $557,775 $568,407 $13,471 $586,071 $599,542 Expected employer contributions to the defined benefit pension plans in fiscal year 2017 will be approximately $17.9 million, including $8.0 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 $22.8 million in fiscal year 2017, $24.0 million in fiscal year 2018, $23.9 million in fiscal year 2019, $25.4 million in fiscal year 2020, $25.2 million in fiscal year 2021 and $150.9 million for fiscal years 2022 through 2026. 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 retiree health benefit will no longer be available for any employee who retires after December 31, 2017. The cost of such benefits is expensed over the years the employee renders service and is not funded in advance. The accumulated post-retirement benefit obligation recognized in the Consolidated Statements of Financial Position as of April 30, 2016 and 2015 was $2.2 million and $6.7 million, respectively. Annual expenses for these plans for fiscal years 2016, 2015 and 2014 were $0.2 million, $0.7 million and $0.9 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 $16.3 million, $14.8 million and $13.9 million in fiscal years 2016, 2015, and 2014 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 $16.2 million, $15.2 million and $15.7 million in fiscal years 2016, 2015, and 2014 respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Apr. 30, 2016 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | Note 17 – 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, 2016, there were approximately 5,873,090 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. For fiscal years 2015 and prior, options generally vest 50% on the fourth and fifth anniversary date after the award is granted. Starting in fiscal year 2016, options vest 25% per year on April 30 th 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, 2016 2015 2014 Fair Value of Options on Grant Date $14.77 $16.97 $10.12 Weighted Average assumptions: Expected Life of Options (years) 7.2 7.2 7.4 Risk-Free Interest Rate 2.1% 2.2% 2.1% Expected Volatility 29.7% 30.9% 30.5% Expected Dividend Yield 2.1% 1.9% 2.5% Fair Value of Common Stock on Grant Date $55.99 $59.70 $39.53 A summary of the activity and status of the Company’s stock option plans follows: 2016 2015 2014 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 1,921 $45.50 2,508 $42.34 3,732 $42.85 Granted 166 $55.99 189 $59.70 322 $39.53 Exercised (103) $40.22 (747) $38.32 (1,421) $42.57 Expired or Forfeited (18) $51.02 (29) $49.32 (125) $47.65 Outstanding at End of Year 1,966 $46.62 4.3 $8.6 1,921 $45.50 2,508 $42.34 Exercisable at End of Year 1,140 $45.22 3.1 $5.3 815 $42.31 1,191 $39.16 Vested and Expected to Vest in the Future at April 30 1,925 $46.61 4.3 $8.5 1,872 $42.91 2,432 $42.38 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 2016, 2015 and 2014 was $1.5 million, $16.1 million and $12.4 million, respectively. The total grant date fair value of stock options vested during fiscal year 2016 was $5.7 million. As of April 30, 2016, there was $2.9 million of unrecognized share-based compensation expense related to stock options, which is expected to be recognized over a period up to 4 years, or 2.2 years on a weighted average basis. The following table summarizes information about stock options outstanding and exercisable at April 30, 2016: 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 $35.04 154 2.4 $34.88 154 $34.88 $39.53 to $40.02 560 4.4 $39.75 253 $40.02 $47.55 to $49.55 915 3.2 $48.65 692 $48.77 $55.99 to $59.70 337 7.9 $57.87 41 $55.99 Total/Average 1,966 4.3 $46.62 1,140 $45.22 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. For fiscal years 2015 and prior, restricted performance shares vest 50% on the first and second anniversary date after the award is earned. For three year periods beginning with fiscal year 2016, restricted performance shares vest 50% at the end of the three-year performance cycle and 50% on April 30 th The Company may also grant individual restricted awards of the Company’s Class A Common Stock to key employees in connection with their employment. For fiscal years 2015 and prior, the restricted shares generally vest 50% at the end of the fourth and fifth years following the date of the grant. Starting with fiscal year 2016 grants, restricted performance shares vest ratably 25% per year on the anniversary 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 2016, 2015 and 2014 was as follows (shares in thousands): 2016 2015 2014 Restricted Shares Weighted Average Grant Date Value Restricted Shares Restricted Shares Nonvested Shares at Beginning of Year 752 $50.64 745 837 Granted 289 $55.78 363 348 Change in shares due to performance 86 $47.27 (65) (92) Vested and Issued (154) $43.69 (159) (256) Forfeited (58) $47.61 (132) (92) Nonvested Shares at End of Year 915 $52.60 752 745 As of April 30, 2016, there was $21.2 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 3.2 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 2016, 2015 and 2014 was $7.2 million, $6.8 million and $9.7 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 19,559; 12,131 and 12,408 shares awarded under the Director Plan for fiscal years 2016, 2015 and 2014, respectively. |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Apr. 30, 2016 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | Note 18 - Capital Stock and Changes in Capital Accounts Each share of 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 2016, the Company repurchased 1,432,284 shares at an average price of $48.86 per share. As of April 30, 2016, the Company has authorization from its Board of Directors to purchase up to 746,836 additional shares. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 30, 2016 | |
Segment Information [Abstract] | |
Segment Information | Note 19 - 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, the Company consolidated its marketing services functions into a single global shared service function. This newly centralized service group enables significant cost reduction opportunities, including 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 Shared Services and Administrative Costs and are allocated to each business segment. In addition, the Company modified its product/service revenue categories for the Research segment. As a result, prior year amounts have been restated to reflect these same reporting methodologies. 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, 2016 2015 2014 RESEARCH : Revenue $965,254 $1,040,795 $1,044,349 Direct Contribution to Profit 440,301 487,285 479,189 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (39,348) (44,620) (45,773) Technology and Content Management (98,442) (96,486) (99,929) Occupancy and Other (29,516) (30,405) (28,491) Contribution to Profit $272,995 $315,774 $304,996 PROFESSIONAL DEVELOPMENT: Revenue $404,281 $407,023 $363,869 Direct Contribution to Profit $167,023 $143,157 130,427 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (28,364) (30,838) (37,673) Technology and Content Management (40,951) (48,002) (50,426) Occupancy and Other (23,160) (26,180) (19,712) Contribution to Profit $74,548 $38,137 22,616 EDUCATION: Revenue $357,502 $374,622 $366,977 Direct Contribution to Profit 118,375 127,729 124,145 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (15,207) (12,863) (15,685) Technology and Content Management (51,612) (54,272) (48,097) Occupancy and Other (15,688) (13,950) (11,769) Contribution to Profit $35,868 $46,644 48,594 Total Contribution to Profit $383,411 $400,555 $376,206 Unallocated Shared Services and Administrative Costs (195,298) (162,816) (169,533) Foreign Exchange Transaction Gains (Losses) 473 1,742 (8) Interest Expense & Other, Net (13,793) (14,020) (11,131) Income Before Taxes $174,793 $225,461 $195,534 The following table reflects total shared services and administrative costs by function, which are allocated to business segments based on the methodologies described above: For the years ended April 30, SHARED SERVICES AND ADMINISTRATIVE COSTS: 2016 2015 2014 Distribution and Operation Services $83,109 $89,024 $100,310 Technology and Content Management 257,822 244,850 240,797 Finance 49,798 52,796 54,191 Other Administration 126,777 115,469 104,807 Restructuring Charges (see Note 6) 20,080 18,293 22,197 Impairment Charges (see Note 7) - - 4,786 Total $537,586 $520,432 $527,088 In the 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 2016 2015 2014 Journal Revenue $815,614 $882,932 $870,194 Books and Custom Material 582,818 642,866 693,963 Online Program Management (Deltak) 96,469 81,593 70,179 Talent Solutions 108,061 99,052 33,047 Course Workflow Solutions (WileyPlus) 58,551 54,200 49,459 Other 65,524 61,797 58,353 Total $1,727,037 $1,822,440 $1,775,195 Total Assets Research $1,216,350 $1,246,673 $1,392,373 Professional Development 730,434 695,859 554,146 Education 426,077 430,733 455,848 Corporate/Shared Services 548,235 630,978 674,998 Total $2,921,096 $3,004,243 $3,077,365 Expenditures for Long Lived Assets Research $32,294 $18,288 $23,311 Professional Development 15,020 179,174 59,837 Education 10,376 14,188 11,935 Corporate/Shared Services 93,705 69,121 57,564 Total $151,395 $280,771 $152,647 Depreciation and Amortization Research $55,646 $57,992 $62,664 Professional Development 37,837 31,943 28,542 Education 35,536 38,928 40,023 Corporate/Shared Services 26,830 25,062 16,868 Total $155,849 $153,925 $148,097 Export sales from the United States to unaffiliated customers amounted to approximately $164.4 million, $168.0 million and $169.0 million in fiscal years 2016, 2015 and 2014, respectively. The pretax income for consolidated operations outside the United States was approximately $159.2 million, $165.1 million and $159.4 million in fiscal years 2016, 2015 and 2014, 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) 2016 2015 2014 2016 2015 2014 United States $884,185 $920,166 $937,106 $166,878 $143,786 $135,711 United Kingdom 153,442 142,680 127,716 23,246 24,711 32,286 Germany 69,676 83,714 89,107 9,629 9,781 12,877 Japan 76,930 84,420 80,074 35 21 40 China 52,815 45,159 41,581 244 307 516 India 38,208 39,494 39,953 234 180 172 Australia 78,786 80,380 79,453 1,041 1,696 2,712 France 49,970 57,492 25,376 9,517 6,720 - Canada 50,243 56,949 61,559 1,617 1,606 729 Other Countries 272,782 311,986 293,270 2,329 4,202 3,675 Total $1,727,037 $1,822,440 $1,775,195 $214,770 $193,010 $188,718 |
Schedule II-VALUATION AND QUALI
Schedule II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Apr. 30, 2016 | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS [Abstract] | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | Schedule II JOHN WILEY & SONS, INC., AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED APRIL 30, 2016, 2015, AND 2014 (Dollars in thousands) Additions/ (Deductions) Description Balance at Beginning of Period Charged to Expenses and Other Deductions From Reserves (2) Balance at End of Period Year Ended April 30, 2016 Allowance for Sales Returns (1) $25,340 $56,094 $61,573 $19,861 Allowance for Doubtful Accounts $8,290 $698 $1,734 $7,254 Allowance for Inventory Obsolescence $21,901 $15,167 $15,100 $21,968 Year Ended April 30, 2015 Allowance for Sales Returns (1) $28,633 $52,848 $56,141 $25,340 Allowance for Doubtful Accounts $7,946 $3,100 (3) $2,756 $8,290 Allowance for Inventory Obsolescence $25,087 $17,655 $20,841 $21,901 Year Ended April 30, 2014 Allowance for Sales Returns (1) $31,834 $52,770 $55,971 $28,633 Allowance for Doubtful Accounts $7,360 $2,441 $1,855 $7,946 Allowance for Inventory Obsolescence $28,243 $18,202 $21,358 $25,087 (1) Allowance for Sales Returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as a reduction of Accounts Receivable with a corresponding increase in Inventories and a reduction in Accounts and Royalties Payable (See Note 2). (2) Deductions from reserves include foreign exchange translation adjustments and accounts written off, less recoveries. (3) Additions to Allowance for Doubtful Accounts includes approximately $2 million related to the CrossKnowledge acquisition on May 1, 2014. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2016 | |
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 transitioned from issue-based to time-based digital journal subscription agreements for calendar year 2016. Under this new contractual agreement, the Company provides access to all journal content published within a calendar year and recognizes revenue on a straight-line basis over the 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. The Company made these changes to simplify the contracting and administration of digital journal subscriptions. 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: 2016 2015 Accounts Receivable $(29,447) $(37,300) Inventories 4,924 6,555 Accounts and Royalties Payable (4,662) (5,405) Decrease in Net Assets $(19,861) $(25,340) |
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. Costs related to the investment in the Company’s Enterprise Resource Planning and related systems are amortized over an expected useful life of 10 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred. |
Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed | Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed |
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, 2016 are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 31 years; customer relationships – 20 years; brands and trademarks – 13 years; non-compete agreements – 4 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 March 2016, the FASB issued ASU 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” which simplifies the accounting for share-based payment transactions, including income taxes, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance also allows an entity to make an accounting policy election to account for forfeitures when they occur or to estimate the number of awards that are expected to vest with a subsequent true up to actual forfeitures (current GAAP). The standard is effective for the company on May 1, 2017, with early adoption permitted. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 "Leases (Topic 842)”. ASU 2016-02 requires lessees to recognize most leases on the balance sheet which will result in an increase in reported assets and liabilities. The recognition of expenses within the income statement is consistent with the existing lease accounting standards. There are no significant changes in the new standard for lessors under operating leases. The standard is effective for the Company on May 1, 2019 with early adoption permitted. Adoption requires application of the new guidance for all periods presented. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17 “Income Taxes- Balance Sheet Classification of Deferred Taxes”. To simplify the presentation of deferred income taxes, the amendments in this update require that all deferred tax liabilities and assets, including those previously classified as current, be classified as noncurrent in a classified statement of financial position. The amendments in this Update will align the presentation of deferred income tax assets and liabilities with IFRS. The standard is effective for the company May 1, 2017 with early adoption permitted. The Company is currently assessing the impact the new guidance will have on its consolidated financial statements. 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 includes software, platforms, infrastructure and other hosting arrangements. The ASU provides criteria to determine whether the cloud computing arrangement includes a software license. A software license can include customized development, maintenance, hosting and other related costs. 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. 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 or materially modified after the effective date or retrospectively. The Company intends to adopt the new guidance on a prospective basis as of May 1, 2016. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) (“ASU 2014-09”), and the International Accounting Standards Board (“IASB”) published its equivalent standard, International Financial Reporting Standard (“IFRS”) 15, “Revenue from Contracts with Customers”. These joint comprehensive new revenue recognition standards will supersede most existing revenue recognition guidance and are intended to improve and converge revenue recognition and related financial reporting requirements. The standard is effective for the Company on May 1, 2018 with early adoption permitted on May 1, 2017. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all periods presented, or “cumulative effect” adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations (“ASU 2016-08”), ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing (“ASU 2016-10”), and issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients (“ASU 2016-12”), which provide clarification and additional guidance related to ASU 2014-09. The Company must adopt ASU 2016-08, ASU 2016-10, and ASU 2016-12 with ASU 2014-09. The Company is currently assessing whether the adoption of the new 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, 2016 | |
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: 2016 2015 Accounts Receivable $(29,447) $(37,300) Inventories 4,924 6,555 Accounts and Royalties Payable (4,662) (5,405) Decrease in Net Assets $(19,861) $(25,340) |
Reconciliation of Weighted Av31
Reconciliation of Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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): 2016 2015 2014 Weighted Average Shares Outstanding 58,253 59,004 58,925 Less: Unearned Restricted Shares (255) (271) (290) Shares Used for Basic Earnings Per Share 57,998 58,733 58,635 Dilutive Effect of Stock Options and Other Stock Awards 736 861 879 Shares Used for Diluted Earnings Per Share 58,734 59,594 59,514 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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, 2016 and 2015 were as follows (in thousands): Foreign Unamortized Interest Currency Retirement Rate Translation Costs Swaps Total 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) Other comprehensive income (loss) before reclassifications (21,066) (24,930) (569) (46,565) Reclassification of amounts to Consolidated Statements of Income - 4,959 553 5,512 Total other comprehensive income (loss) (21,066) (19,971) (16) (41,053) Balance at April 30, 2016 $(267,920) $(179,405) $(361) $(447,686) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Restructuring Charges [Abstract] | |
Pre-tax Restructuring Charges | The following table summarizes the pre-tax restructuring charges related to this program (in thousands): 2016 2015 2014 Total Charges Incurred to Date Charges by Segment: Research $5,048 $4,555 $7,774 $20,273 Professional Development 2,277 4,385 11,860 24,806 Education 1,206 1,571 891 4,786 Shared Services 20,080 18,293 22,197 74,724 Total Restructuring Charges $28,611 $28,804 $42,722 $124,589 Charges by Activity: Severance $16,443 $17,093 $25,962 $79,204 Process reengineering consulting 7,191 301 8,556 18,666 Other activities 4,977 11,410 8,204 26,719 Total Restructuring Charges $28,611 $28,804 $42,722 $124,589 |
Activity for Restructuring and Reinvestment Program Liability | The following table summarizes the activity for the Restructuring and Reinvestment Program liability as of April 30 (in thousands): Foreign Translation & 2015 Charges Payments Reclassifications 2016 Severance $18,794 $16,443 $(18,485) $(95) $16,657 Process reengineering consulting - 7,191 (7,191) - - Other activities 11,859 4,977 (4,188) (796) 11,852 Total $30,653 $28,611 $(29,864) $(891) $28,509 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Inventories [Abstract] | |
Schedule of Inventories | Inventories at April 30 were as follows (in thousands): 2016 2015 Finished Goods $45,170 $52,705 Work-in-Process 7,592 6,552 Paper, Cloth, and Other 4,867 4,676 57,629 63,933 Inventory Value of Estimated Sales Returns 4,924 6,555 LIFO Reserve (4,774) (6,709) Total Inventories $57,779 $63,779 |
Product Development Assets (Tab
Product Development Assets (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Product Development Assets [Abstract] | |
Components of Product Development Assets | Product development assets consisted of the following at April 30 (in thousands): 2016 2015 Composition Costs $40,944 $41,280 Royalty Advances 31,182 28,309 Total $72,126 $69,589 |
Technology, Property and Equi36
Technology, Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Technology, Property and Equipment [Abstract] | |
Components of Technology, Property and Equipment | Technology, property and equipment consisted of the following at April 30 (in thousands): 2016 2015 Capitalized Software and Computer Hardware $539,968 $460,199 Buildings and Leasehold Improvements 84,923 86,225 Furniture, Fixtures and Warehouse Equipment 54,607 60,460 Land and Land Improvements 3,726 3,820 683,224 610,704 Accumulated Depreciation (468,454) (417,694) Total $214,770 $193,010 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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): 2015 Acquisitions Foreign Translation Adjustment 2016 Research $447,326 - $(14,025) $433,301 Professional Development 365,215 - 3,321 368,536 Education 149,826 - - 149,826 Total $962,367 - $(10,704) $951,663 |
Schedule of Intangible Assets | Intangible assets as of April 30 were as follows (in thousands): 2016 2015 Cost Accumulated Amortization Cost Accumulated Amortization Intangible Assets with Determinable Lives Content and Publishing Rights $790,055 $(333,174) $781,618 $(299,022) Customer Relationships 224,839 (54,677) 225,239 (43,967) Brands & Trademarks 30,116 (15,713) 30,008 (13,225) Covenants not to Compete 1,687 (1,011) 1,343 (677) 1,046,697 (404,575) 1,038,208 (356,891) Intangible Assets with Indefinite Lives Brands & Trademarks 147,683 - 152,332 - Content and Publishing Rights 87,202 - 83,972 - $1,281,582 $(404,575) $1,274,512 $(356,891) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | The provisions for income taxes for the years ended April 30 were as follows (in thousands): 2016 2015 2014 Current Provision US – Federal $(5,365) $27,137 $13,541 International 31,958 27,613 34,519 State and Local 1,657 1,007 (733) Total Current Provision $28,250 $55,757 $47,327 Deferred Provision (Benefit) US – Federal $6,625 $(7,554) $(1,748) International (6,459) 606 (10,008) State and Local 595 (216) (547) Total Deferred (Benefit) $761 $(7,164) $(12,303) Total Provision $29,011 $48,593 $35,024 |
International and United States Pretax Income | International and United States pretax income for the years ended April 30, 2016 were as follows (in thousands): 2016 2015 2014 International $159,152 $165,085 $159,442 United States 15,641 60,376 36,092 Total $174,793 $225,461 $195,534 |
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: 2016 2015 2014 U.S. Federal Statutory Rate 35.0% 35.0% 35.0% Benefit from Lower Taxes on Non-U.S. Income (14.6) (11.9) (10.8) State Income Taxes, Net of U.S. Federal Tax Benefit 0.8 0.3 0.4 Deferred Tax Benefit From Statutory Tax Rate Change (3.4) - (5.4) Tax Adjustments and Other (1.2) (1.8) (1.3) Effective Income Tax Rate 16.6% 21.6% 17.9% |
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): 2016 2015 Balance at May 1st $19,349 $23,826 Additions for Current Year Tax Positions 1,077 503 Additions for Prior Year Tax Positions 533 519 Reductions for Prior Year Tax Positions (214) (595) Foreign Translation Adjustment 569 (4,207) Payments (132) - Reductions for Lapse of Statute of Limitations (1,319) (697) Balance at April 30th $19,863 $19,349 |
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): 2016 2015 Inventories $5,349 $5,230 Intangible and Fixed Assets 288,769 297,323 Total Deferred Tax Liabilities $294,118 $302,553 Net Operating Losses $3,148 $4,599 Reserve for Sales Returns and Doubtful Accounts 6,075 6,922 Accrued Employee Compensation 29,550 28,093 Other Accrued Expenses 14,842 14,583 Retirement and Post-Employment Benefits 64,438 62,385 Total Deferred Tax Assets $118,053 $116,582 Net Deferred Tax Liabilities $176,065 $185,971 Reported As Current Deferred Tax Assets $11,126 $9,981 Non-current Deferred Tax Assets 2,677 2,995 Non-current Deferred Tax Liabilities 189,868 198,947 Net Deferred Tax Liabilities $176,065 $185,971 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Commitment and Contingencies [Abstract] | |
Composition of Rent Expense for Operating Leases | The following schedule shows the composition of rent expense for operating leases (in thousands): 2016 2015 2014 Minimum Rental $37,206 $39,748 $40,929 Less: Sublease Rentals (597) (639) (642) Total $36,609 $39,109 $40,287 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Retirement Plans [Abstract] | |
Components of Net Periodic Pension Expense for Defined Benefit Plans and Weighted-Average Assumptions | The components of net pension expense for the defined benefit plans and the weighted-average assumptions were as follows (in thousands): 2016 2015 2014 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service Cost $ - $1,455 $ - $5,942 $ - $8,066 Interest Cost 13,612 16,446 13,159 17,417 12,613 17,144 Expected Return on Plan Assets (14,756) (25,088) (13,782) (22,654) (14,838) (21,607) Net Amortization of Prior Service Cost and Transition Asset (154) 55 (115) 68 - 124 Recognized Net Actuarial Loss 2,240 2,475 1,470 6,299 5,681 7,490 Curtailment/Settlement Loss (Gain) 1,857 - - (428) - 79 Net Pension Charge (Credit) $2,799 $(4,657) $732 $6,644 $3,456 $11,296 Discount Rate 4.2% 3.5% 4.7% 4.2% 4.2% 4.2% Rate of Compensation Increase N/A 3.0% N/A 3.2% N/A 3.2% Expected Return on Plan Assets 6.8% 6.7% 6.8% 6.7% 8.0% 6.7% |
Amounts in Accumulated Other Comprehensive Loss to Be Recognized as Components of Net Periodic Benefit Cost During Next Fiscal Year | The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in thousands): U.S. Non-U.S. Total Actuarial Loss $2,712 $2,819 $5,531 Prior Service Cost (154) 56 (98) Total $2,558 $2,875 $5,433 |
Changes in and Status of 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 2016 2015 CHANGE IN PLAN ASSETS U.S. Non-U.S. U.S. Non-U.S. Fair Value of Plan Assets, Beginning of Year $222,966 $376,576 $207,986 $351,092 Actual Return on Plan Assets 2,610 (2,789) 23,166 60,997 Employer Contributions 9,459 8,450 3,972 9,701 Employee Contributions - 68 - 1,566 Settlements (4,446) - - (2,353) Benefits Paid (14,666) (14,354) (12,158) (7,118) Foreign Currency Rate Changes - (15,467) - (37,309) Fair Value, End of Year $215,923 $352,484 $222,966 $376,576 CHANGE IN PROJECTED BENEFIT OBLIGATION Benefit Obligation, Beginning of Year $(329,388) $(484,458) $(285,659) $(442,703) Service Cost - (1,455) - (5,942) Interest Cost (13,612) (16,446) (13,159) (17,417) Employee Contributions - (68) - (1,566) Actuarial Gain (Loss) (13,020) 9,582 (45,868) (83,782) Benefits Paid 14,666 14,354 12,158 7,118 Foreign Currency Rate Changes - 17,330 - 52,513 Curtailment - - - 5,147 Settlements and Other 4,446 - 3,140 2,174 Benefit Obligation, End of Year $(336,908) $(461,161) $(329,388) $(484,458) Funded Status $(120,985) $(108,677) $(106,422) $(107,882) AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION: Other Noncurrent Assets - - - 17 Current Pension Liability (4,817) (675) (4,086) (508) Noncurrent Pension Liability (116,168) (108,002) (102,336) (107,391) Net Amount Recognized in Statement of Financial Position $(120,985) $(108,677) $(106,422) $(107,882) AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (before tax) CONSIST OF: Net Actuarial (Loss) $(124,087) $(139,307) $(103,017) $(128,280) Prior Service Cost Gain (Loss) 2,870 (521) 3,024 (555) Total Accumulated Other Comprehensive Loss $(121,217) $(139,828) $(99,993) $(128,835) Change in Accumulated Other Comprehensive Loss $(21,224) $(10,993) $(31,988) $(20,329) WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES: Discount Rate 4.0% 3.5% 4.2% 3.5% Rate of Compensation Increase N/A 3.0% N/A 3.0% Accumulated Benefit Obligations $(336,908) $(422,861) $(329,389) $(444,561) |
Pension Plan Assets at Fair Value by Level Within Fair Value Hierarchy | The Company did not maintain any level 3 assets during fiscal years 2016 and 2015. 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): 2016 2015 Level 1 Level 2 Total Level 1 Level 2 Total U.S. Plan Assets Equity Securities: U.S. Commingled Funds $ - $69,550 $69,550 $ - $68,671 $68,671 Non-U.S. Commingled Funds - 28,741 28,741 - 38,336 38,336 Fixed Income Commingled Funds - 105,841 105,841 - 105,363 105,363 Real Estate - 11,791 11,791 - 10,596 10,596 Total U.S. Plan Assets $ - $215,923 $215,923 $ - $222,966 $222,966 Non-U.S. Plan Assets Equity Securities: U.S. Equities $ - $24,688 $24,688 $ - $25,551 $25,551 Non-U.S. Equities - 72,892 72,892 - 80,014 80,014 Balanced Managed Funds 10,070 32,203 42,273 10,295 66,707 77,002 Fixed Income Funds: - 211,561 211,561 - 190,344 190,344 Other: Real Estate/Other - 508 508 - 489 489 Cash and Cash Equivalents 562 - 562 3,176 - 3,176 Total Non-U.S. Plan Assets $10,632 $341,852 $352,484 $13,471 $363,105 $376,576 Total Plan Assets $10,632 $557,775 $568,407 $13,471 $586,071 $599,542 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Share-Based Compensation [Abstract] | |
Estimated Weighted-Average Fair Value for Options Granted and Significant Weighted-Average Assumptions Used | The following table provides the estimated weighted average fair value for options granted 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, 2016 2015 2014 Fair Value of Options on Grant Date $14.77 $16.97 $10.12 Weighted Average assumptions: Expected Life of Options (years) 7.2 7.2 7.4 Risk-Free Interest Rate 2.1% 2.2% 2.1% Expected Volatility 29.7% 30.9% 30.5% Expected Dividend Yield 2.1% 1.9% 2.5% Fair Value of Common Stock on Grant Date $55.99 $59.70 $39.53 |
Summary of Activity and Status of Stock Option Plans | A summary of the activity and status of the Company’s stock option plans follows: 2016 2015 2014 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 1,921 $45.50 2,508 $42.34 3,732 $42.85 Granted 166 $55.99 189 $59.70 322 $39.53 Exercised (103) $40.22 (747) $38.32 (1,421) $42.57 Expired or Forfeited (18) $51.02 (29) $49.32 (125) $47.65 Outstanding at End of Year 1,966 $46.62 4.3 $8.6 1,921 $45.50 2,508 $42.34 Exercisable at End of Year 1,140 $45.22 3.1 $5.3 815 $42.31 1,191 $39.16 Vested and Expected to Vest in the Future at April 30 1,925 $46.61 4.3 $8.5 1,872 $42.91 2,432 $42.38 |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at April 30, 2016: 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 $35.04 154 2.4 $34.88 154 $34.88 $39.53 to $40.02 560 4.4 $39.75 253 $40.02 $47.55 to $49.55 915 3.2 $48.65 692 $48.77 $55.99 to $59.70 337 7.9 $57.87 41 $55.99 Total/Average 1,966 4.3 $46.62 1,140 $45.22 |
Activity for Performance-Based and Other Restricted Stock Awards | 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 2016, 2015 and 2014 was as follows (shares in thousands): 2016 2015 2014 Restricted Shares Weighted Average Grant Date Value Restricted Shares Restricted Shares Nonvested Shares at Beginning of Year 752 $50.64 745 837 Granted 289 $55.78 363 348 Change in shares due to performance 86 $47.27 (65) (92) Vested and Issued (154) $43.69 (159) (256) Forfeited (58) $47.61 (132) (92) Nonvested Shares at End of Year 915 $52.60 752 745 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Segment Information [Abstract] | |
Segment Information | Segment information is as follows (in thousands): For the years ended April 30, 2016 2015 2014 RESEARCH : Revenue $965,254 $1,040,795 $1,044,349 Direct Contribution to Profit 440,301 487,285 479,189 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (39,348) (44,620) (45,773) Technology and Content Management (98,442) (96,486) (99,929) Occupancy and Other (29,516) (30,405) (28,491) Contribution to Profit $272,995 $315,774 $304,996 PROFESSIONAL DEVELOPMENT: Revenue $404,281 $407,023 $363,869 Direct Contribution to Profit $167,023 $143,157 130,427 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (28,364) (30,838) (37,673) Technology and Content Management (40,951) (48,002) (50,426) Occupancy and Other (23,160) (26,180) (19,712) Contribution to Profit $74,548 $38,137 22,616 EDUCATION: Revenue $357,502 $374,622 $366,977 Direct Contribution to Profit 118,375 127,729 124,145 Allocated Shared Services and Administrative Costs: Distribution and Operation Services (15,207) (12,863) (15,685) Technology and Content Management (51,612) (54,272) (48,097) Occupancy and Other (15,688) (13,950) (11,769) Contribution to Profit $35,868 $46,644 48,594 Total Contribution to Profit $383,411 $400,555 $376,206 Unallocated Shared Services and Administrative Costs (195,298) (162,816) (169,533) Foreign Exchange Transaction Gains (Losses) 473 1,742 (8) Interest Expense & Other, Net (13,793) (14,020) (11,131) Income Before Taxes $174,793 $225,461 $195,534 |
Schedule of Shared Services and Administrative Costs by Function | The following table reflects total shared services and administrative costs by function, which are allocated to business segments based on the methodologies described above: For the years ended April 30, SHARED SERVICES AND ADMINISTRATIVE COSTS: 2016 2015 2014 Distribution and Operation Services $83,109 $89,024 $100,310 Technology and Content Management 257,822 244,850 240,797 Finance 49,798 52,796 54,191 Other Administration 126,777 115,469 104,807 Restructuring Charges (see Note 6) 20,080 18,293 22,197 Impairment Charges (see Note 7) - - 4,786 Total $537,586 $520,432 $527,088 |
Schedule of Total Revenue by Product/Service and Total Assets, Expenditure for Long-Lived Assets and Depreciation and Amortization by Segment | In the 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 2016 2015 2014 Journal Revenue $815,614 $882,932 $870,194 Books and Custom Material 582,818 642,866 693,963 Online Program Management (Deltak) 96,469 81,593 70,179 Talent Solutions 108,061 99,052 33,047 Course Workflow Solutions (WileyPlus) 58,551 54,200 49,459 Other 65,524 61,797 58,353 Total $1,727,037 $1,822,440 $1,775,195 Total Assets Research $1,216,350 $1,246,673 $1,392,373 Professional Development 730,434 695,859 554,146 Education 426,077 430,733 455,848 Corporate/Shared Services 548,235 630,978 674,998 Total $2,921,096 $3,004,243 $3,077,365 Expenditures for Long Lived Assets Research $32,294 $18,288 $23,311 Professional Development 15,020 179,174 59,837 Education 10,376 14,188 11,935 Corporate/Shared Services 93,705 69,121 57,564 Total $151,395 $280,771 $152,647 Depreciation and Amortization Research $55,646 $57,992 $62,664 Professional Development 37,837 31,943 28,542 Education 35,536 38,928 40,023 Corporate/Shared Services 26,830 25,062 16,868 Total $155,849 $153,925 $148,097 |
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) 2016 2015 2014 2016 2015 2014 United States $884,185 $920,166 $937,106 $166,878 $143,786 $135,711 United Kingdom 153,442 142,680 127,716 23,246 24,711 32,286 Germany 69,676 83,714 89,107 9,629 9,781 12,877 Japan 76,930 84,420 80,074 35 21 40 China 52,815 45,159 41,581 244 307 516 India 38,208 39,494 39,953 234 180 172 Australia 78,786 80,380 79,453 1,041 1,696 2,712 France 49,970 57,492 25,376 9,517 6,720 - Canada 50,243 56,949 61,559 1,617 1,606 729 Other Countries 272,782 311,986 293,270 2,329 4,202 3,675 Total $1,727,037 $1,822,440 $1,775,195 $214,770 $193,010 $188,718 |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Apr. 30, 2016Business | |
Description of Business [Abstract] | |
Number of businesses | 3 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Book Overdrafts [Abstract] | |||
Book overdrafts | $ 17,800 | $ 16,100 | |
Allowance for Doubtful Accounts [Abstract] | |||
Allowance for doubtful accounts | 7,300 | 8,300 | |
Inventories [Abstract] | |||
LIFO inventories | 31,000 | 35,700 | |
Reserve for Inventory Obsolescence [Abstract] | |||
Inventory obsolescence reserve | 22,000 | 21,900 | |
Shipping and Handling Costs [Abstract] | |||
Shipping and handling costs | 40,500 | 42,500 | $ 42,200 |
Advertising Expense [Abstract] | |||
Advertising costs | 54,100 | 40,800 | $ 35,200 |
Foreign Currency Gains/Losses [Abstract] | |||
Foreign currency translation losses | $ 21,100 | ||
Share-Based Compensation [Abstract] | |||
Target period for share based compensation expense in advance of actual financial results | 3 years | ||
Allowance for Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increase (Decrease) in net assets | $ (19,861) | (25,340) | |
Allowance for Sales Returns [Member] | Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increase (Decrease) in net assets | (29,447) | (37,300) | |
Allowance for Sales Returns [Member] | Inventories [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increase (Decrease) in net assets | 4,924 | 6,555 | |
Allowance for Sales Returns [Member] | Accounts and Royalties Payable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increase (Decrease) in net assets | $ (4,662) | $ (5,405) | |
Composition Costs [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 1 year | ||
Composition Costs [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Building and Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 40 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | ||
Computer Hardware and Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Computer Hardware and Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | ||
Software Development [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Software Development [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 6 years | ||
Enterprise Resource Planning and Related Systems [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | ||
Content and Publishing Rights [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 5 years | ||
Content and Publishing Rights [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 40 years | ||
Content and Publishing Rights [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 31 years | ||
Trademarks [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 5 years | ||
Trademarks [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 40 years | ||
Trademarks [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 13 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 5 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 40 years | ||
Customer Relationships [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 20 years | ||
Brands [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 5 years | ||
Brands [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 40 years | ||
Brands [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 13 years | ||
Non-compete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 5 years | ||
Non-compete Agreements [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 4 years |
Reconciliation of Weighted Av45
Reconciliation of Weighted Average Shares Outstanding (Details) - shares | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |||
Weighted Average Shares Outstanding (in shares) | 58,253,000 | 59,004,000 | 58,925,000 |
Less: Unearned Restricted Shares (in shares) | (255,000) | (271,000) | (290,000) |
Shares Used for Basic Earnings Per Share (in shares) | 57,998,000 | 58,733,000 | 58,635,000 |
Dilutive Effect of Stock Options and Other Stock Awards (in shares) | 736,000 | 861,000 | 879,000 |
Shares Used for Diluted Earnings Per Share (in shares) | 58,734,000 | 59,594,000 | 59,514,000 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from diluted EPS calculation (in shares) | 336,803 | 178,144 | 389,400 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from diluted EPS calculation (in shares) | 15,200 | 2,500 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | $ 1,055,040 | $ 1,182,248 |
Balance | 1,037,106 | 1,055,040 |
Accumulated Other Comprehensive Loss [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (406,633) | (190,291) |
Other comprehensive income (loss) before reclassifications | (46,565) | (223,320) |
Reclassification of amounts to Consolidated Statements of Income | 5,512 | 6,978 |
Total other comprehensive income (loss) | (41,053) | (216,342) |
Balance | (447,686) | (406,633) |
Foreign Currency Translation [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (246,854) | (66,664) |
Other comprehensive income (loss) before reclassifications | (21,066) | (180,190) |
Reclassification of amounts to Consolidated Statements of Income | 0 | 0 |
Total other comprehensive income (loss) | (21,066) | (180,190) |
Balance | (267,920) | (246,854) |
Unamortized Retirement Costs [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (159,434) | (123,025) |
Other comprehensive income (loss) before reclassifications | (24,930) | (42,347) |
Reclassification of amounts to Consolidated Statements of Income | 4,959 | 5,938 |
Total other comprehensive income (loss) | (19,971) | (36,409) |
Balance | (179,405) | (159,434) |
Interest Rate Swaps [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance | (345) | (602) |
Other comprehensive income (loss) before reclassifications | (569) | (783) |
Reclassification of amounts to Consolidated Statements of Income | 553 | 1,040 |
Total other comprehensive income (loss) | (16) | 257 |
Balance | $ (361) | $ (345) |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss, Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operating and administrative expenses | $ 994,632 | $ 1,005,000 | $ 969,456 |
Unamortized Retirement Costs [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operating and administrative expenses | $ 6,200 | $ 7,800 |
Acquisition (Details)
Acquisition (Details) $ in Thousands, EndUser in Millions | May 01, 2014USD ($)ObjectLanguageEndUserCountry | Apr. 01, 2014USD ($)LanguageCountryClient | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | May 02, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Cash, net of cash acquired | $ 20,418 | $ 172,229 | $ 54,515 | |||
Goodwill | 951,663 | 962,367 | ||||
Revenue | $ 1,727,037 | 1,822,440 | 1,775,195 | |||
CrossKnowledge [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 | 7 | |||||
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 | |||||
Goodwill | 122,500 | |||||
Negative working capital | $ 4,300 | |||||
Estimated useful life of intangible assets acquired | 15 years | |||||
Revenue | $ 50,700 | 42,000 | ||||
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 | $ 20,300 | $ 23,300 | $ 1,900 | |||
Number of enterprise clients served | Client | 4,000 | |||||
Number of languages in which enterprise clients are served | Language | 32 | |||||
Profiles International [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of countries where enterprise clients are served | Country | 120 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 48 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | $ 28,611 | $ 28,804 | $ 42,722 | |
Restructuring charge (in dollars per share) | $ 0.32 | $ 0.34 | $ 0.48 | |
Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | $ 28,611 | $ 28,804 | $ 42,722 | $ 124,589 |
Restructuring and Reinvestment Program [Member] | Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 16,443 | 17,093 | 25,962 | 79,204 |
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 7,191 | 301 | 8,556 | 18,666 |
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 4,977 | 11,410 | 8,204 | 26,719 |
Research [Member] | Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 5,048 | 4,555 | 7,774 | 20,273 |
Professional Development [Member] | Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 2,277 | 4,385 | 11,860 | 24,806 |
Education [Member] | Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 1,206 | 1,571 | 891 | 4,786 |
Shared Services [Member] | Restructuring and Reinvestment Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | $ 20,080 | $ 18,293 | $ 22,197 | $ 74,724 |
Restructuring Charges, Activity
Restructuring Charges, Activity for Restructuring and Reinvestment Program Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | 48 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2016 | |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Charges | $ 28,611 | $ 28,804 | $ 42,722 | |
Restructuring and Reinvestment Program [Member] | ||||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Beginning Balance | 30,653 | |||
Charges | 28,611 | 28,804 | 42,722 | $ 124,589 |
Payments | (29,864) | |||
Foreign Translation & Reclassifications | (891) | |||
Restructuring Liability, Ending Balance | 28,509 | 30,653 | 28,509 | |
Restructuring and Reinvestment Program [Member] | Severance [Member] | ||||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Beginning Balance | 18,794 | |||
Charges | 16,443 | 17,093 | 25,962 | 79,204 |
Payments | (18,485) | |||
Foreign Translation & Reclassifications | (95) | |||
Restructuring Liability, Ending Balance | 16,657 | 18,794 | 16,657 | |
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member] | ||||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Beginning Balance | 0 | |||
Charges | 7,191 | 301 | 8,556 | 18,666 |
Payments | (7,191) | |||
Foreign Translation & Reclassifications | 0 | |||
Restructuring Liability, Ending Balance | 0 | 0 | 0 | |
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | ||||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Beginning Balance | 11,859 | |||
Charges | 4,977 | 11,410 | $ 8,204 | 26,719 |
Payments | (4,188) | |||
Foreign Translation & Reclassifications | (796) | |||
Restructuring Liability, Ending Balance | 11,852 | $ 11,859 | 11,852 | |
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | Other Accrued Liabilities [Member] | ||||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Ending Balance | 600 | 600 | ||
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | Other Long-Term Liabilities [Member] | ||||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | ||||
Restructuring Liability, Ending Balance | $ 11,300 | $ 11,300 |
Impairment Charges (Details)
Impairment Charges (Details) - Technology Investments [Member] $ / shares in Units, $ in Millions | 12 Months Ended |
Apr. 30, 2014USD ($)$ / shares | |
Impairment Charges [Abstract] | |
Pretax impairment charge | $ | $ 4.8 |
Impairment of long lived assets to be disposed of, net of tax (in dollars per share) | $ / shares | $ 0.06 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Inventories [Abstract] | ||
Finished Goods | $ 45,170 | $ 52,705 |
Work-in-Process | 7,592 | 6,552 |
Paper, Cloth, and Other | 4,867 | 4,676 |
Gross Inventory | 57,629 | 63,933 |
Inventory Value of Estimated Sales Returns | 4,924 | 6,555 |
LIFO Reserve | (4,774) | (6,709) |
Total Inventories | $ 57,779 | $ 63,779 |
Product Development Assets (Det
Product Development Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Product development assets | $ 72,126 | $ 69,589 |
Composition Costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Product development assets | 40,944 | 41,280 |
Accumulated amortization | 199,300 | 198,200 |
Royalty Advances [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Product development assets | $ 31,182 | $ 28,309 |
Technology, Property and Equi54
Technology, Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | $ 683,224 | $ 610,704 | |
Accumulated depreciation | (468,454) | (417,694) | |
Total | 214,770 | 193,010 | |
Net book value of capitalized software costs | 151,500 | 121,900 | |
Depreciation expense for capitalized software costs | 49,600 | 42,100 | $ 36,500 |
Capitalized Software and Computer Hardware [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 539,968 | 460,199 | |
Buildings and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 84,923 | 86,225 | |
Furniture, Fixtures and Warehouse Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 54,607 | 60,460 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | $ 3,726 | $ 3,820 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) $ in Thousands | 12 Months Ended |
Apr. 30, 2016USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 962,367 |
Acquisitions | 0 |
Foreign translation adjustment | (10,704) |
Ending balance | 951,663 |
Research [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 447,326 |
Acquisitions | 0 |
Foreign translation adjustment | (14,025) |
Ending balance | 433,301 |
Professional Development [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 365,215 |
Acquisitions | 0 |
Foreign translation adjustment | 3,321 |
Ending balance | 368,536 |
Education [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 149,826 |
Acquisitions | 0 |
Foreign translation adjustment | 0 |
Ending balance | $ 149,826 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 |
Intangible assets with determinable lives [Abstract] | ||
Cost | $ 1,046,697 | $ 1,038,208 |
Accumulated amortization | (404,575) | (356,891) |
Intangible assets (excluding goodwill) [Abstract] | ||
Cost | 1,281,582 | 1,274,512 |
Accumulated amortization | (404,575) | (356,891) |
Estimated future amortization expense related to intangible assets [Abstract] | ||
2,017 | 48,000 | |
2,018 | 44,000 | |
2,019 | 42,000 | |
2,020 | 38,000 | |
2,021 | 35,000 | |
Brands and Trademarks [Member] | ||
Intangible assets with indefinite lives [Abstract] | ||
Cost | 147,683 | 152,332 |
Content and Publishing Rights [Member] | ||
Intangible assets with indefinite lives [Abstract] | ||
Cost | 87,202 | 83,972 |
Content and Publishing Rights [Member] | ||
Intangible assets with determinable lives [Abstract] | ||
Cost | 790,055 | 781,618 |
Accumulated amortization | (333,174) | (299,022) |
Intangible assets (excluding goodwill) [Abstract] | ||
Accumulated amortization | (333,174) | (299,022) |
Customer Relationships [Member] | ||
Intangible assets with determinable lives [Abstract] | ||
Cost | 224,839 | 225,239 |
Accumulated amortization | (54,677) | (43,967) |
Intangible assets (excluding goodwill) [Abstract] | ||
Accumulated amortization | (54,677) | (43,967) |
Brands and Trademarks [Member] | ||
Intangible assets with determinable lives [Abstract] | ||
Cost | 30,116 | 30,008 |
Accumulated amortization | (15,713) | (13,225) |
Intangible assets (excluding goodwill) [Abstract] | ||
Accumulated amortization | (15,713) | (13,225) |
Covenants Not to Compete [Member] | ||
Intangible assets with determinable lives [Abstract] | ||
Cost | 1,687 | 1,343 |
Accumulated amortization | (1,011) | (677) |
Intangible assets (excluding goodwill) [Abstract] | ||
Accumulated amortization | $ (1,011) | $ (677) |
Income Taxes (Details)
Income Taxes (Details) $ / shares in Units, $ in Thousands, € in Millions | 12 Months Ended | ||||
Apr. 30, 2016USD ($)$ / shares | Apr. 30, 2016EUR (€) | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($)$ / shares | Apr. 30, 2016EUR (€) | |
Current provision [Abstract] | |||||
US - Federal | $ (5,365) | $ 27,137 | $ 13,541 | ||
International | 31,958 | 27,613 | 34,519 | ||
State and local | 1,657 | 1,007 | (733) | ||
Total Current Provision | 28,250 | 55,757 | 47,327 | ||
Deferred provision (benefit) [Abstract] | |||||
US - Federal | 6,625 | (7,554) | (1,748) | ||
International | (6,459) | 606 | (10,008) | ||
State and local | 595 | (216) | (547) | ||
Total Deferred (Benefit) | 761 | (7,164) | (12,303) | ||
Total Provision | 29,011 | 48,593 | 35,024 | ||
Foreign and domestic pretax income [Abstract] | |||||
International | 159,152 | 165,085 | 159,442 | ||
United States | 15,641 | 60,376 | 36,092 | ||
Income Before Taxes | $ 174,793 | $ 225,461 | $ 195,534 | ||
Effective income tax rate reconciliation [Abstract] | |||||
U.S. Federal Statutory Rate | 35.00% | 35.00% | 35.00% | 35.00% | |
Benefit from Lower Taxes on Non-U.S. Income | (14.60%) | (14.60%) | (11.90%) | (10.80%) | |
State Income Taxes, Net of U.S. Federal Tax Benefit | 0.80% | 0.80% | 0.30% | 0.40% | |
Deferred Tax Benefit From Statutory Tax Rate Change | (3.40%) | (3.40%) | 0.00% | (5.40%) | |
Tax Adjustments and Other | (1.20%) | (1.20%) | (1.80%) | (1.30%) | |
Effective Income Tax Rate | 16.60% | 16.60% | 21.60% | 17.90% | |
Income Tax Contingency [Line Items] | |||||
Non-cash deferred tax benefit associated with new tax legislation enacted in the U.K. | $ (5,900) | $ (10,600) | |||
Deferred tax benefits associated with new tax legislation enacted in the U.K. (in dollars per share) | $ / shares | $ 0.10 | $ 0.18 | |||
Corporate income tax rate reduction in U.K. | 2.00% | 2.00% | 3.00% | ||
Recorded tax benefits due to expiration of statute of limitations and favorable resolutions of certain tax matters with tax authorities | $ (1,300) | $ (700) | $ (2,600) | ||
Non-recurring tax benefit related to tax deductions claimed on write-up of certain foreign tax assets to fair market value | (3,100) | ||||
Accounting for uncertainty in income taxes [Abstract] | |||||
Accruals for interest and penalties | 3,500 | 3,000 | |||
Net interest expense on reserves for unrecognized and recognized tax benefits | 500 | 500 | |||
Total amount of unrecognized tax benefits that, if recognized, would reduce the Company's income tax provision | 19,200 | 18,800 | |||
Reconciliation of unrecognized tax benefits [Roll Forward] | |||||
Balance, beginning of period | 19,349 | 23,826 | |||
Additions for current year tax positions | 1,077 | 503 | |||
Additions for prior year tax positions | 533 | 519 | |||
Reductions for prior year tax positions | (214) | (595) | |||
Foreign translation adjustment | 569 | ||||
Foreign translation adjustment | (4,207) | ||||
Payments | (132) | 0 | |||
Reductions for lapse of statute of limitations | (1,319) | (697) | |||
Balance, end of period | 19,863 | 19,349 | $ 23,826 | ||
Income Tax Examination [Line Items] | |||||
Deposits and accrued interest | 62,912 | 57,098 | |||
Significant components of deferred tax assets and liabilities [Abstract] | |||||
Inventory | 5,349 | 5,230 | |||
Intangible and Fixed Assets | 288,769 | 297,323 | |||
Total Deferred Tax Liabilities | 294,118 | 302,553 | |||
Net Operating Losses | 3,148 | 4,599 | |||
Reserve for Sales Returns and Doubtful Accounts | 6,075 | 6,922 | |||
Accrued Employee Compensation | 29,550 | 28,093 | |||
Other Accrued Expenses | 14,842 | 14,583 | |||
Retirement and Post-Employment Benefits | 64,438 | 62,385 | |||
Total Deferred Tax Assets | 118,053 | 116,582 | |||
Net Deferred Tax Liabilities | 176,065 | 185,971 | |||
Reported As [Abstract] | |||||
Current Deferred Tax Assets | 11,126 | 9,981 | |||
Non-current Deferred Tax Assets | 2,677 | 2,995 | |||
Non-current Deferred Tax Liabilities | 189,868 | 198,947 | |||
Net Deferred Tax Liabilities | 176,065 | $ 185,971 | |||
Earnings of non-U.S. subsidiaries [Abstract] | |||||
Accumulated undistributed earnings of non-U.S subsidiaries | $ 716,000 | ||||
Foreign Tax Authority [Member] | |||||
Income Tax Examination [Line Items] | |||||
Expected tax benefits derived from the step-up | € | € 50 | ||||
Expected tax benefits amortization period | 15 years | 15 years | |||
Deposits paid to date | € | € 48 | ||||
Additional amount of future deposits | € | € 10 | ||||
Expected interest rate on deposits | 6.00% | 6.00% | |||
Deposits and accrued interest | $ 62,912 | ||||
Foreign Tax Authority [Member] | Maximum [Member] | |||||
Income Tax Examination [Line Items] | |||||
Period for resolution of appeal in court | 24 months | 24 months | |||
U.K. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Foreign statutory tax rate | 20.00% | 20.00% | |||
Foreign statutory tax rate in 2017 | 19.00% | 19.00% | |||
Foreign statutory tax rate in 2020 | 18.00% | 18.00% | |||
Germany [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Foreign statutory tax rate | 27.00% | 27.00% | |||
Australia [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Foreign statutory tax rate | 30.00% | 30.00% | |||
Canada [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Foreign statutory tax rate | 28.00% | 28.00% |
Debt and Available Credit Fac58
Debt and Available Credit Facilities (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Aug. 06, 2015 | Dec. 22, 2014 | Aug. 31, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 |
Line of Credit Facility [Line Items] | |||||||
Amount of financing available under credit facilities | $ 1,100,000 | ||||||
Long term debt | 605,007 | $ 650,090 | |||||
Debt financing costs paid | 3,362 | $ 0 | $ 0 | ||||
Unused lines of credit | $ 500,000 | ||||||
Weighted average interest rate on total debt outstanding during the period | 1.88% | 1.93% | |||||
Weighted average interest rate on total debt at period end | 2.12% | 1.77% | |||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Outstanding borrowings under revolving credit facilities | $ 605,000 | $ 750,100 | |||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Amount of financing available under credit facilities | $ 1,100,000 | ||||||
Line of credit facility, due date | Mar. 1, 2021 | ||||||
Optional credit limit increase available on request | $ 350,000 | ||||||
Minimum increments in which optional credit limit increase may be requested | 50,000 | ||||||
Long term debt | 605,000 | ||||||
Debt financing costs paid | $ 3,400 | ||||||
Term of credit facility | 5 years | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility fee percentage | 0.15% | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility fee percentage | 0.25% | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Applicable margin | 0.98% | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Applicable margin | 1.50% | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Applicable margin | 0.00% | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Applicable margin | 0.45% | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Rate [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Margin rate over reference rate used in determining base rate | 0.50% | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Eurocurrency Rate [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Margin rate over reference rate used in determining base rate | 1.00% | ||||||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Previous Revolving Credit Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Amount of financing available under credit facilities | $ 940,000 | ||||||
Line of credit facility, due date | Nov. 2, 2016 | ||||||
Long term debt | 750,100 | ||||||
TD Bank, N.A. [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Amount of financing available under credit facilities | $ 50,000 | ||||||
Term of credit facility | 364 days | ||||||
Santander Bank, N.A. [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Amount of financing available under credit facilities | $ 100,000 | $ 50,000 | |||||
Line of credit facility, due date | May 23, 2016 | ||||||
Line of credit facility, amount drawn | $ 50,000 | ||||||
Term of credit facility | 364 days | ||||||
Period for reinstatement of revolving credit facility | 30 days | ||||||
Other Credit Facilities [Member] | Line of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Outstanding borrowings under revolving credit facilities | $ 0 | $ 100 | |||||
Amount of financing available under credit facilities | $ 7,200 |
Derivative Instruments and Ac59
Derivative Instruments and Activities (Details) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||
Apr. 30, 2016USD ($)Contract | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | Apr. 30, 2016EUR (€)Contract | Apr. 30, 2016GBP (£)Contract | |
Derivative [Line Items] | |||||
Variable rate loans outstanding | $ 605 | ||||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Unrecognized loss to be reclassified into net income in the next twelve months | 0.7 | ||||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Net losses reclassified from Accumulated Other Comprehensive Loss | 0.9 | $ 1.7 | $ 1.3 | ||
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instrument | 0.6 | 0.6 | |||
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Accrued Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instrument | 0.1 | 0.2 | |||
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Long-Term Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative instrument | $ 0.5 | 0.4 | |||
Interest Rate Swaps [Member] | April 2016 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member] | |||||
Derivative [Line Items] | |||||
Inception date | Apr. 4, 2016 | ||||
Fixed interest rate to be paid | 0.92% | 0.92% | 0.92% | ||
Description of variable rate basis | one-month LIBOR | ||||
Term of derivative instrument | 3 years | ||||
Expiration date | May 15, 2019 | ||||
Notional amount of derivative liability | $ 350 | ||||
Interest Rate Swaps [Member] | August 2014 Interest Rate Swap (Variable Rate Loans) [Member] | LIBOR [Member] | |||||
Derivative [Line Items] | |||||
Inception date | Aug. 15, 2014 | ||||
Fixed interest rate to be paid | 0.65% | 0.65% | 0.65% | ||
Description of variable rate basis | one-month LIBOR | ||||
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] | LIBOR [Member] | |||||
Derivative [Line Items] | |||||
Inception date | Jan. 15, 2014 | ||||
Fixed interest rate to be paid | 0.47% | 0.47% | 0.47% | ||
Description of variable rate basis | one-month LIBOR | ||||
Term of derivative instrument | 2 years | ||||
Expiration date | Jan. 15, 2016 | ||||
Notional amount of derivative liability | $ 150 | ||||
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivative liability | $ 0 | € 31 | £ 274 | ||
Number of open derivative contracts held | Contract | 2 | 2 | 2 | ||
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Transaction Gains (Losses) [Member] | |||||
Derivative [Line Items] | |||||
Gains (losses) recognized on derivative instruments | $ 1.3 | $ (11.2) | $ (0.4) |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Composition of rent expense [Abstract] | |||
Minimum Rental | $ 37,206 | $ 39,748 | $ 40,929 |
Less: Sublease Rentals | (597) | (639) | (642) |
Total | 36,609 | $ 39,109 | $ 40,287 |
Operating leases, future minimum payments due [Abstract] | |||
Future minimum payments under operating leases | 328,100 | ||
2,017 | 35,200 | ||
2,018 | 20,200 | ||
2,019 | 27,100 | ||
2,020 | 25,000 | ||
2,021 | 21,400 | ||
Renewed Lease [Member] | Corporate Headquarters in Hoboken, New Jersey [Member] | |||
Operating leases, future minimum payments due [Abstract] | |||
Future minimum payments under operating leases | 223,000 | ||
2,018 | 14,400 | ||
2,019 | 14,400 | ||
2,020 | 14,400 | ||
2,021 | $ 14,400 |
Retirement Plans, Recent Plan C
Retirement Plans, Recent Plan Curtailments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
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 | ||
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Additional contribution to defined contribution plan | $ 9,459 | $ 3,972 | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Additional contribution to defined contribution plan | $ 8,450 | 9,701 | |
Non-U.S. Plans [Member] | Canada [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan benefit as a result of plan amendment | $ 600 | ||
Non-U.S. Plans [Member] | United Kingdom [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Additional contribution to defined contribution plan | $ 800 | ||
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Term of supplemental retirement benefits | 10 years |
Retirement Plans, Components of
Retirement Plans, Components of Net Pension Expense and Weighted-Average Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
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 | $ 797,400 | $ 813,300 | |
Accumulated benefit obligation for plans with accumulated benefit obligations in excess of plan assets | 759,200 | 773,400 | |
Fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets | 567,800 | 598,900 | |
U.S. Plans [Member] | |||
Defined benefit plans, net periodic benefit cost [Abstract] | |||
Service Cost | 0 | 0 | $ 0 |
Interest Cost | 13,612 | 13,159 | 12,613 |
Expected Return on Plan Assets | (14,756) | (13,782) | (14,838) |
Net Amortization of Prior Service Cost and Transition Asset | (154) | (115) | 0 |
Recognized Net Actuarial Loss | 2,240 | 1,470 | 5,681 |
Curtailment/Settlement Loss (Gain) | 1,857 | 0 | 0 |
Net Pension Charge (Credit) | $ 2,799 | $ 732 | $ 3,456 |
Weighted-average assumptions [Abstract] | |||
Discount Rate | 4.20% | 4.70% | 4.20% |
Rate of Compensation Increase | |||
Expected Return on Plan Assets | 6.80% | 6.80% | 8.00% |
Non-U.S. Plans [Member] | |||
Defined benefit plans, net periodic benefit cost [Abstract] | |||
Service Cost | $ 1,455 | $ 5,942 | $ 8,066 |
Interest Cost | 16,446 | 17,417 | 17,144 |
Expected Return on Plan Assets | (25,088) | (22,654) | (21,607) |
Net Amortization of Prior Service Cost and Transition Asset | 55 | 68 | 124 |
Recognized Net Actuarial Loss | 2,475 | 6,299 | 7,490 |
Curtailment/Settlement Loss (Gain) | 0 | (428) | 79 |
Net Pension Charge (Credit) | $ (4,657) | $ 6,644 | $ 11,296 |
Weighted-average assumptions [Abstract] | |||
Discount Rate | 3.50% | 4.20% | 4.20% |
Rate of Compensation Increase | 3.00% | 3.20% | 3.20% |
Expected Return on Plan Assets | 6.70% | 6.70% | 6.70% |
Retirement Plans, Amounts in Ac
Retirement Plans, Amounts in Accumulated Other Comprehensive Loss to Be Recognized During Next Fiscal Year (Details) $ in Thousands | 12 Months Ended |
Apr. 30, 2016USD ($) | |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | $ 5,531 |
Prior Service Cost | (98) |
Total | 5,433 |
U.S. Plans [Member] | |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | 2,712 |
Prior Service Cost | (154) |
Total | 2,558 |
Non-U.S. Plans [Member] | |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | 2,819 |
Prior Service Cost | 56 |
Total | $ 2,875 |
Retirement Plans, Changes in an
Retirement Plans, Changes in and Status of Defined Benefit Plans' Assets and Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | $ 599,542 | ||
Fair Value, End of Year | 568,407 | $ 599,542 | |
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | |||
Current Pension Liability | (5,492) | (4,594) | |
U.S. Plans [Member] | |||
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | 222,966 | 207,986 | |
Actual Return on Plan Assets | 2,610 | 23,166 | |
Employer Contributions | 9,459 | 3,972 | |
Employee Contributions | 0 | 0 | |
Settlements | (4,446) | 0 | |
Benefits Paid | (14,666) | (12,158) | |
Foreign Currency Rate Changes | 0 | 0 | |
Fair Value, End of Year | 215,923 | 222,966 | $ 207,986 |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | |||
Benefit Obligation, Beginning of Year | (329,388) | (285,659) | |
Service Cost | 0 | 0 | 0 |
Interest Cost | (13,612) | (13,159) | (12,613) |
Employee Contributions | 0 | 0 | |
Actuarial Gain (Loss) | (13,020) | (45,868) | |
Benefits Paid | 14,666 | 12,158 | |
Foreign Currency Rate Changes | 0 | 0 | |
Curtailment | 0 | 0 | |
Settlements and Other | 4,446 | 3,140 | |
Benefit Obligation, End of Year | (336,908) | (329,388) | (285,659) |
Funded Status | (120,985) | (106,422) | |
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | |||
Other Noncurrent Assets | 0 | 0 | |
Current Pension Liability | (4,817) | (4,086) | |
Noncurrent Pension Liability | (116,168) | (102,336) | |
Net Amount Recognized in Statement of Financial Position | (120,985) | (106,422) | |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (before tax) CONSIST OF [Abstract] | |||
Net Actuarial (Loss) | (124,087) | (103,017) | |
Prior Service Cost Gain (Loss) | 2,870 | 3,024 | |
Total Accumulated Other Comprehensive Loss | (121,217) | (99,993) | |
Change in Accumulated Other Comprehensive Loss | $ (21,224) | $ (31,988) | |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | |||
Discount Rate | 4.00% | 4.20% | |
Rate of Compensation Increase | |||
Accumulated Benefit Obligations | $ (336,908) | $ (329,389) | |
Non-U.S. Plans [Member] | |||
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | 376,576 | 351,092 | |
Actual Return on Plan Assets | (2,789) | 60,997 | |
Employer Contributions | 8,450 | 9,701 | |
Employee Contributions | 68 | 1,566 | |
Settlements | 0 | (2,353) | |
Benefits Paid | (14,354) | (7,118) | |
Foreign Currency Rate Changes | (15,467) | (37,309) | |
Fair Value, End of Year | 352,484 | 376,576 | 351,092 |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | |||
Benefit Obligation, Beginning of Year | (484,458) | (442,703) | |
Service Cost | (1,455) | (5,942) | (8,066) |
Interest Cost | (16,446) | (17,417) | (17,144) |
Employee Contributions | (68) | (1,566) | |
Actuarial Gain (Loss) | 9,582 | (83,782) | |
Benefits Paid | 14,354 | 7,118 | |
Foreign Currency Rate Changes | 17,330 | 52,513 | |
Curtailment | 0 | 5,147 | |
Settlements and Other | 0 | 2,174 | |
Benefit Obligation, End of Year | (461,161) | (484,458) | $ (442,703) |
Funded Status | (108,677) | (107,882) | |
AMOUNTS RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION [Abstract] | |||
Other Noncurrent Assets | 0 | 17 | |
Current Pension Liability | (675) | (508) | |
Noncurrent Pension Liability | (108,002) | (107,391) | |
Net Amount Recognized in Statement of Financial Position | (108,677) | (107,882) | |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (before tax) CONSIST OF [Abstract] | |||
Net Actuarial (Loss) | (139,307) | (128,280) | |
Prior Service Cost Gain (Loss) | (521) | (555) | |
Total Accumulated Other Comprehensive Loss | (139,828) | (128,835) | |
Change in Accumulated Other Comprehensive Loss | $ (10,993) | $ (20,329) | |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | |||
Discount Rate | 3.50% | 3.50% | |
Rate of Compensation Increase | 3.00% | 3.00% | |
Accumulated Benefit Obligations | $ (422,861) | $ (444,561) |
Retirement Plans, Pension Plan
Retirement Plans, Pension Plan Assets/Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Pension plan assets/investments [Abstract] | |||
Acceptable ranges within which asset allocations will fluctuate | 5.00% | ||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 568,407 | $ 599,542 | |
Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 10,632 | 13,471 | |
Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 557,775 | 586,071 | |
Equity Securities [Member] | |||
Pension plan assets/investments [Abstract] | |||
Target allocation percentage | 49.00% | ||
Fixed Income Securities and Cash [Member] | |||
Pension plan assets/investments [Abstract] | |||
Target allocation percentage | 50.00% | ||
Real Estate [Member] | |||
Pension plan assets/investments [Abstract] | |||
Target allocation percentage | 1.00% | ||
U.S. Plans [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 215,923 | 222,966 | $ 207,986 |
U.S. Plans [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Plans [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 215,923 | 222,966 | |
U.S. Plans [Member] | U.S. Commingled Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 69,550 | 68,671 | |
U.S. Plans [Member] | U.S. Commingled Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Plans [Member] | U.S. Commingled Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 69,550 | 68,671 | |
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 28,741 | 38,336 | |
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Plans [Member] | Non-U.S. Commingled Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 28,741 | 38,336 | |
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 105,841 | 105,363 | |
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Plans [Member] | Fixed Income Commingled Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 105,841 | 105,363 | |
U.S. Plans [Member] | Real Estate [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 11,791 | 10,596 | |
U.S. Plans [Member] | Real Estate [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
U.S. Plans [Member] | Real Estate [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 11,791 | 10,596 | |
Non-U.S. Plans [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 352,484 | 376,576 | $ 351,092 |
Non-U.S. Plans [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 10,632 | 13,471 | |
Non-U.S. Plans [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 341,852 | 363,105 | |
Non-U.S. Plans [Member] | U.S. Equities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 24,688 | 25,551 | |
Non-U.S. Plans [Member] | U.S. Equities [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Plans [Member] | U.S. Equities [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 24,688 | 25,551 | |
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 72,892 | 80,014 | |
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Plans [Member] | Non-U.S. Equities [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 72,892 | 80,014 | |
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 42,273 | 77,002 | |
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 10,070 | 10,295 | |
Non-U.S. Plans [Member] | Balanced Managed Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 32,203 | 66,707 | |
Non-U.S. Plans [Member] | Fixed Income Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 211,561 | 190,344 | |
Non-U.S. Plans [Member] | Fixed Income Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Plans [Member] | Fixed Income Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 211,561 | 190,344 | |
Non-U.S. Plans [Member] | Real Estate/Other [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 508 | 489 | |
Non-U.S. Plans [Member] | Real Estate/Other [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. Plans [Member] | Real Estate/Other [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 508 | 489 | |
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 562 | 3,176 | |
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 562 | 3,176 | |
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Retirement Plans, Expected Empl
Retirement Plans, Expected Employer Contributions and Benefit Payments and Other Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions to the defined benefit pension plans | $ 17,900 | ||
Expected future benefit payments [Abstract] | |||
2,017 | 22,800 | ||
2,018 | 24,000 | ||
2,019 | 23,900 | ||
2,020 | 25,400 | ||
2,021 | 25,200 | ||
2022 through 2026 | 150,900 | ||
Defined Contribution Plan Disclosure [Line Items] | |||
Restructuring charges | 28,611 | $ 28,804 | $ 42,722 |
Defined Contribution Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer cash contributions | 16,300 | 14,800 | 13,900 |
Restructuring charges | 800 | ||
Expense recorded | 16,200 | 15,200 | 15,700 |
U.S. Plans [Member] | |||
Other postretirement benefits [Abstract] | |||
Annual expenses for benefit plans | 2,799 | 732 | 3,456 |
Non-U.S. Plans [Member] | |||
Other postretirement benefits [Abstract] | |||
Annual expenses for benefit plans | (4,657) | 6,644 | 11,296 |
Non-U.S. Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions to the defined benefit pension plans | 8,000 | ||
Postretirement Life Insurance and Health Care Benefits [Member] | |||
Other postretirement benefits [Abstract] | |||
Accumulated post-retirement benefit obligation | 2,200 | 6,700 | |
Annual expenses for benefit plans | $ 200 | $ 700 | $ 900 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - 2014 Key Employee Stock Plan [Member] - Class A Common Stock [Member] | Apr. 30, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized for issuance under the plan (in shares) | 8,000,000 |
Remaining shares available for future issuance under the plan (in shares) | 5,873,090 |
Share-Based Compensation, Stock
Share-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options Outstanding, Number of Options (in shares) | 1,966 | ||
Options Outstanding, Weighted Average Remaining Term | 4 years 3 months 18 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 46.62 | ||
Options Exercisable, Number of Options (in shares) | 1,140 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 45.22 | ||
$33.05 to $35.04 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, Lower Range Limit (in dollars per share) | 33.05 | ||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 35.04 | ||
Options Outstanding, Number of Options (in shares) | 154 | ||
Options Outstanding, Weighted Average Remaining Term | 2 years 4 months 24 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 34.88 | ||
Options Exercisable, Number of Options (in shares) | 154 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 34.88 | ||
$39.53 to $40.02 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, Lower Range Limit (in dollars per share) | 39.53 | ||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 40.02 | ||
Options Outstanding, Number of Options (in shares) | 560 | ||
Options Outstanding, Weighted Average Remaining Term | 4 years 4 months 24 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 39.75 | ||
Options Exercisable, Number of Options (in shares) | 253 | ||
Options Exercisable, Weighted Average Exercise Price (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] | |||
Range of Exercise Prices, Lower Range Limit (in dollars per share) | 47.55 | ||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 49.55 | ||
Options Outstanding, Number of Options (in shares) | 915 | ||
Options Outstanding, Weighted Average Remaining Term | 3 years 2 months 12 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 48.65 | ||
Options Exercisable, Number of Options (in shares) | 692 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 48.77 | ||
$55.99 to $59.70 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices, Lower Range Limit (in dollars per share) | 55.99 | ||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 59.70 | ||
Options Outstanding, Number of Options (in shares) | 337 | ||
Options Outstanding, Weighted Average Remaining Term | 7 years 10 months 24 days | ||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 57.87 | ||
Options Exercisable, Number of Options (in shares) | 41 | ||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 55.99 | ||
Stock Options [Member] | |||
Estimated weighted average fair value for options granted and significant weighted average assumptions used [Abstract] | |||
Fair Value of Options on Grant Date (in dollars per share) | $ 14.77 | $ 16.97 | $ 10.12 |
Weighted Average assumptions [Abstract] | |||
Expected Life of Options | 7 years 2 months 12 days | 7 years 2 months 12 days | 7 years 4 months 24 days |
Risk-Free Interest Rate | 2.10% | 2.20% | 2.10% |
Expected Volatility | 29.70% | 30.90% | 30.50% |
Expected Dividend Yield | 2.10% | 1.90% | 2.50% |
Fair Value of Common Stock on Grant Date (in dollars per share) | $ 55.99 | $ 59.70 | $ 39.53 |
Options [Roll Forward] | |||
Outstanding at Beginning of Year (in shares) | 1,921 | 2,508 | 3,732 |
Granted (in shares) | 166 | 189 | 322 |
Exercised (in shares) | (103) | (747) | (1,421) |
Expired or Forfeited (in shares) | (18) | (29) | (125) |
Outstanding at End of Year (in shares) | 1,966 | 1,921 | 2,508 |
Exercisable at End of Year (in shares) | 1,140 | 815 | 1,191 |
Vested and Expected to Vest in the Future at End of Year (in shares) | 1,925 | 1,872 | 2,432 |
Weighted Average Exercise Price [Abstract] | |||
Outstanding at Beginning of Year (in dollars per share) | $ 45.50 | $ 42.34 | $ 42.85 |
Granted (in dollars per share) | 55.99 | 59.70 | 39.53 |
Exercised (in dollars per share) | 40.22 | 38.32 | 42.57 |
Expired or Forfeited (in dollars per share) | 51.02 | 49.32 | 47.65 |
Outstanding at End of Year (in dollars per share) | 46.62 | 45.50 | 42.34 |
Exercisable at End of Year (in dollars per share) | 45.22 | 42.31 | 39.16 |
Vested and Expected to Vest in the Future at End of Year (in dollars per share) | $ 46.61 | $ 42.91 | $ 42.38 |
Weighted Average Remaining Term [Abstract] | |||
Outstanding at End of Year | 4 years 3 months 18 days | ||
Exercisable at End of Year | 3 years 1 month 6 days | ||
Vested and Expected to Vest in the Future at End of Year | 4 years 3 months 18 days | ||
Average Intrinsic Value [Abstract] | |||
Outstanding at End of Year | $ 8.6 | ||
Exercisable at End of Year | 5.3 | ||
Vested and Expected to Vest in the Future at End of Year | 8.5 | ||
Options, Additional Disclosure [Abstract] | |||
Total intrinsic value of options exercised | 1.5 | $ 16.1 | $ 12.4 |
Total grant date fair value of stock options vested | 5.7 | ||
Unrecognized share-based compensation expense | $ 2.9 | ||
Award vesting period | 4 years | ||
Weighted average recognition period for unrecognized share-based compensation | 2 years 2 months 12 days | ||
Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price of stock options granted as percentage of fair market value of stock at date of grant as required by the plan | 100.00% | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable period | 10 years | ||
Stock Options [Member] | Vesting on Fourth Anniversary Date Following Date of Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
Stock Options [Member] | Vesting on Fifth Anniversary Date Following Date of Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
Stock Options [Member] | Annual Vesting on April 30th [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 25.00% |
Share-Based Compensation, Perfo
Share-Based Compensation, Performance-Based and Other Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Restricted Stock Awards [Member] | |||
Restricted Shares [Roll Forward] | |||
Nonvested Shares at Beginning of Year (in shares) | 752 | 745 | 837 |
Granted (in shares) | 289 | 363 | 348 |
Change in shares due to performance (in shares) | 86 | (65) | (92) |
Vested and Issued (in shares) | (154) | (159) | (256) |
Forfeited (in shares) | (58) | (132) | (92) |
Nonvested Shares at End of Year (in shares) | 915 | 752 | 745 |
Weighted Average Grant Date Value [Abstract] | |||
Nonvested Shares at Beginning of Year (in dollars per share) | $ 50.64 | ||
Granted (in dollars per share) | 55.78 | ||
Change in shares due to performance (in dollars per share) | 47.27 | ||
Vested and Issued (in dollars per share) | 43.69 | ||
Forfeited (in dollars per share) | 47.61 | ||
Nonvested Shares at End of Year (in dollars per share) | $ 52.60 | $ 50.64 | |
Restricted Stock, Additional Disclosures [Abstract] | |||
Unrecognized share-based compensation expense | $ 21.2 | ||
Award vesting period | 5 years | ||
Weighted average recognition period for unrecognized share-based compensation | 3 years 2 months 12 days | ||
Total grant date fair value of restricted shares vested | $ 7.2 | $ 6.8 | $ 9.7 |
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on Fourth Anniversary Date Following Date of Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
Restricted Stock Awards [Member] | Key Employees [Member] | Vesting on Fifth Anniversary Date Following Date of Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
Restricted Stock Awards [Member] | Key Employees [Member] | Annual Vesting on Anniversary of Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 25.00% | ||
Performance-based Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period for achievement of performance-based targets | 3 years | ||
Performance-based Restricted Stock Awards [Member] | Vesting on First Anniversary Date after Award Is Earned [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
Performance-based Restricted Stock Awards [Member] | Vesting on Second Anniversary Date after Award Is Earned [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
Performance-based Restricted Stock Awards [Member] | Vesting at End of Performance Cycle [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
Performance-based Restricted Stock Awards [Member] | Vesting on April 30th of Year Following Performance Cycle [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% |
Share-Based Compensation, Direc
Share-Based Compensation, Director Stock Awards (Details) - Director Stock Plan [Member] - Class A Common Stock [Member] - Non-Employee Directors [Member] - shares | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Value of annual award as percentage of annual director retainer fee based on stock price on date of grant | 100.00% | ||
Shares awarded under the plan (in shares) | 19,559 | 12,131 | 12,408 |
Capital Stock and Changes in 71
Capital Stock and Changes in Capital Accounts (Details) | 12 Months Ended | |
Apr. 30, 2016Vote$ / sharesshares | Apr. 30, 2014shares | |
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares repurchased during the period (in shares) | 1,432,284 | |
Average price of shares repurchased during the period (in dollars per share) | $ / shares | $ 48.86 | |
Remaining number of shares authorized to be repurchased under the share repurchase program (in shares) | 746,836 | |
2014 Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Additional shares of common stock approved for repurchase under the share repurchase program (in shares) | 4,000,000 | |
Class A [Member] | ||
Common Stock [Abstract] | ||
Class A Common shares into which each share of Class B Common Stock is convertible (in shares) | 1 | |
Percentage of the Board of Directors elected by Class A common stockholders | 30.00% | |
Number of votes to which each share of common stock is entitled | Vote | 0.1 | |
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, 2016USD ($)Segment | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | |
Segment Information [Abstract] | |||
Number of operating segments | Segment | 3 | ||
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,727,037 | $ 1,822,440 | $ 1,775,195 |
Shared services and administration costs | (537,586) | (520,432) | (527,088) |
Foreign exchange transaction gains (losses) | 473 | 1,742 | (8) |
Interest expense & other, net | (13,793) | (14,020) | (11,131) |
Income before taxes | 174,793 | 225,461 | 195,534 |
Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (83,109) | (89,024) | (100,310) |
Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (257,822) | (244,850) | (240,797) |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Contribution to profit | 383,411 | 400,555 | 376,206 |
Operating Segments [Member] | Research [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 965,254 | 1,040,795 | 1,044,349 |
Direct contribution to profit | 440,301 | 487,285 | 479,189 |
Contribution to profit | 272,995 | 315,774 | 304,996 |
Operating Segments [Member] | Research [Member] | Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (39,348) | (44,620) | (45,773) |
Operating Segments [Member] | Research [Member] | Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (98,442) | (96,486) | (99,929) |
Operating Segments [Member] | Research [Member] | Occupancy and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (29,516) | (30,405) | (28,491) |
Operating Segments [Member] | Professional Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 404,281 | 407,023 | 363,869 |
Direct contribution to profit | 167,023 | 143,157 | 130,427 |
Contribution to profit | 74,548 | 38,137 | 22,616 |
Operating Segments [Member] | Professional Development [Member] | Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (28,364) | (30,838) | (37,673) |
Operating Segments [Member] | Professional Development [Member] | Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (40,951) | (48,002) | (50,426) |
Operating Segments [Member] | Professional Development [Member] | Occupancy and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (23,160) | (26,180) | (19,712) |
Operating Segments [Member] | Education [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 357,502 | 374,622 | 366,977 |
Direct contribution to profit | 118,375 | 127,729 | 124,145 |
Contribution to profit | 35,868 | 46,644 | 48,594 |
Operating Segments [Member] | Education [Member] | Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (15,207) | (12,863) | (15,685) |
Operating Segments [Member] | Education [Member] | Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (51,612) | (54,272) | (48,097) |
Operating Segments [Member] | Education [Member] | Occupancy and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | (15,688) | (13,950) | (11,769) |
Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | $ (195,298) | $ (162,816) | $ (169,533) |
Segment Information, Shared Ser
Segment Information, Shared Services and Administrative Costs by Function (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | $ 537,586 | $ 520,432 | $ 527,088 |
Distribution and Operation Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | 83,109 | 89,024 | 100,310 |
Technology and Content Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | 257,822 | 244,850 | 240,797 |
Finance [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | 49,798 | 52,796 | 54,191 |
Other Administration [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | 126,777 | 115,469 | 104,807 |
Restructuring Charges [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | 20,080 | 18,293 | 22,197 |
Impairment Charges [Member] | |||
Segment Reporting Information [Line Items] | |||
Shared services and administration costs | $ 0 | $ 0 | $ 4,786 |
Segment Information, Total Reve
Segment Information, Total Revenue by Product/Service (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Revenue from External Customer [Line Items] | |||
Revenue | $ 1,727,037 | $ 1,822,440 | $ 1,775,195 |
Journal Revenue [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 815,614 | 882,932 | 870,194 |
Books and Custom Material [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 582,818 | 642,866 | 693,963 |
Online Program Management (Deltak) [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 96,469 | 81,593 | 70,179 |
Talent Solutions [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 108,061 | 99,052 | 33,047 |
Course Workflow Solutions (WileyPlus) [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | 58,551 | 54,200 | 49,459 |
Other [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | $ 65,524 | $ 61,797 | $ 58,353 |
Segment Information, Total Asse
Segment Information, Total Assets by Segment (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 2,921,096 | $ 3,004,243 | $ 3,077,365 |
Operating Segments [Member] | Research [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 1,216,350 | 1,246,673 | 1,392,373 |
Operating Segments [Member] | Professional Development [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 730,434 | 695,859 | 554,146 |
Operating Segments [Member] | Education [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 426,077 | 430,733 | 455,848 |
Corporate/Shared Services [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 548,235 | $ 630,978 | $ 674,998 |
Segment Information, Other Sign
Segment Information, Other Significant Reconciling Items by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | $ 151,395 | $ 280,771 | $ 152,647 |
Depreciation and amortization | 155,849 | 153,925 | 148,097 |
Operating Segments [Member] | Research [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | 32,294 | 18,288 | 23,311 |
Depreciation and amortization | 55,646 | 57,992 | 62,664 |
Operating Segments [Member] | Professional Development [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | 15,020 | 179,174 | 59,837 |
Depreciation and amortization | 37,837 | 31,943 | 28,542 |
Operating Segments [Member] | Education [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | 10,376 | 14,188 | 11,935 |
Depreciation and amortization | 35,536 | 38,928 | 40,023 |
Corporate/Shared Services [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | 93,705 | 69,121 | 57,564 |
Depreciation and amortization | $ 26,830 | $ 25,062 | $ 16,868 |
Segment Information, Revenues f
Segment Information, Revenues from External Customers and Long-Lived Assets by Geography Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 1,727,037 | $ 1,822,440 | $ 1,775,195 |
Long-lived assets | 214,770 | 193,010 | 188,718 |
Pretax income for consolidated operations outside the United States | 159,152 | 165,085 | 159,442 |
Reportable Geographical Components [Member] | United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 884,185 | 920,166 | 937,106 |
Long-lived assets | 166,878 | 143,786 | 135,711 |
Reportable Geographical Components [Member] | United States [Member] | Export Sales [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 164,400 | 168,000 | 169,000 |
Reportable Geographical Components [Member] | United Kingdom [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 153,442 | 142,680 | 127,716 |
Long-lived assets | 23,246 | 24,711 | 32,286 |
Reportable Geographical Components [Member] | Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 69,676 | 83,714 | 89,107 |
Long-lived assets | 9,629 | 9,781 | 12,877 |
Reportable Geographical Components [Member] | Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 76,930 | 84,420 | 80,074 |
Long-lived assets | 35 | 21 | 40 |
Reportable Geographical Components [Member] | China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 52,815 | 45,159 | 41,581 |
Long-lived assets | 244 | 307 | 516 |
Reportable Geographical Components [Member] | India [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 38,208 | 39,494 | 39,953 |
Long-lived assets | 234 | 180 | 172 |
Reportable Geographical Components [Member] | Australia [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 78,786 | 80,380 | 79,453 |
Long-lived assets | 1,041 | 1,696 | 2,712 |
Reportable Geographical Components [Member] | France [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 49,970 | 57,492 | 25,376 |
Long-lived assets | 9,517 | 6,720 | 0 |
Reportable Geographical Components [Member] | Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 50,243 | 56,949 | 61,559 |
Long-lived assets | 1,617 | 1,606 | 729 |
Reportable Geographical Components [Member] | Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 272,782 | 311,986 | 293,270 |
Long-lived assets | $ 2,329 | $ 4,202 | $ 3,675 |
Schedule II-VALUATION AND QUA78
Schedule II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2014 | |||
Allowance for Sales Returns [Member] | |||||
Valuation allowances and reserves [Roll Forward] | |||||
Balance at beginning of period | [1] | $ 25,340 | $ 28,633 | $ 31,834 | |
Additions/(Deductions) charged to expenses and other | [1] | 56,094 | 52,848 | 52,770 | |
Deductions from reserves | [1],[2] | 61,573 | 56,141 | 55,971 | |
Balance at end of period | [1] | 19,861 | 25,340 | 28,633 | |
Allowance for Doubtful Accounts [Member] | |||||
Valuation allowances and reserves [Roll Forward] | |||||
Balance at beginning of period | 8,290 | 7,946 | 7,360 | ||
Additions/(Deductions) charged to expenses and other | 698 | 3,100 | [3] | 2,441 | |
Deductions from reserves | [2] | 1,734 | 2,756 | 1,855 | |
Balance at end of period | 7,254 | 8,290 | 7,946 | ||
Allowance for Doubtful Accounts [Member] | CrossKnowledge [Member] | |||||
Valuation allowances and reserves [Roll Forward] | |||||
Additions/(Deductions) charged to expenses and other | 2,000 | ||||
Allowance for Inventory Obsolescence [Member] | |||||
Valuation allowances and reserves [Roll Forward] | |||||
Balance at beginning of period | 21,901 | 25,087 | 28,243 | ||
Additions/(Deductions) charged to expenses and other | 15,167 | 17,655 | 18,202 | ||
Deductions from reserves | [2] | 15,100 | 20,841 | 21,358 | |
Balance at end of period | $ 21,968 | $ 21,901 | $ 25,087 | ||
[1] | Allowance for Sales Returns represents anticipated returns net of a recovery of inventory and royalty costs. The provision is reported as a reduction of gross sales to arrive at revenue and the reserve balance is reported as a reduction of Accounts Receivable with a corresponding increase in Inventories and a reduction in Accounts and Royalties Payable (See Note 2). | ||||
[2] | Deductions from reserves include foreign exchange translation adjustments and accounts written off, less recoveries. | ||||
[3] | Additions to Allowance for Doubtful Accounts includes approximately $2 million related to the CrossKnowledge acquisition on May 1, 2014. |