Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2018 | May 31, 2018 | Oct. 31, 2017 | |
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 | $ 2,453 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 30, 2018 | ||
Common Stock Class A [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 48,346,657 | ||
Common Stock Class B [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,153,493 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Apr. 30, 2018 | Apr. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 169,773 | $ 58,516 |
Accounts receivable, net | 212,377 | 188,679 |
Inventories | 39,489 | 47,852 |
Prepaid and other current assets | 58,332 | 64,688 |
Total Current Assets | 479,971 | 359,735 |
Product Development Assets | 78,814 | 80,385 |
Royalty Advances | 37,058 | 28,320 |
Technology, Property & Equipment | 289,934 | 243,058 |
Intangible Assets | 848,071 | 828,099 |
Goodwill | 1,019,801 | 982,101 |
Other Non-Current Assets | 85,802 | 84,519 |
Total Assets | 2,839,451 | 2,606,217 |
Current Liabilities | ||
Accounts payable | 90,097 | 76,335 |
Royalties payable | 73,007 | 62,871 |
Deferred revenue | 486,353 | 436,235 |
Accrued employment costs | 116,179 | 98,185 |
Accrued income taxes | 13,927 | 22,222 |
Accrued pension liability | 5,598 | 5,776 |
Other accrued liabilities | 89,150 | 86,232 |
Total Current Liabilities | 874,311 | 787,856 |
Long-Term Debt | 360,000 | 365,000 |
Accrued Pension Liability | 190,301 | 214,597 |
Deferred Income Tax Liabilities | 143,518 | 160,491 |
Other Long-Term Liabilities | 80,764 | 75,136 |
Total Liabilities | 1,648,894 | 1,603,080 |
Shareholders' Equity | ||
Preferred Stock, $1 par value: Authorized - 2 million, Issued - 0 | 0 | 0 |
Additional paid-in capital | 407,120 | 387,896 |
Retained earnings | 1,834,057 | 1,715,423 |
Accumulated other comprehensive (loss): | ||
Foreign currency translation adjustment | (251,573) | (319,212) |
Unamortized retirement costs, net of tax | (191,026) | (190,502) |
Unrealized gain on interest rate swap, net of tax | 3,019 | 2,427 |
Accumulated other comprehensive (loss) | (439,580) | (507,287) |
Less: Treasury Shares At Cost (Class A - 21,853,257 in 2018 and 22,096,970 in 2017; Class B - 3,917,574 in 2018 and 3,917,574 in 2017) | (694,222) | (676,077) |
Total Shareholders' Equity | 1,190,557 | 1,003,137 |
Total Liabilities and Shareholders' Equity | 2,839,451 | 2,606,217 |
Class A [Member] | ||
Shareholders' Equity | ||
Common Stock | 70,111 | 70,086 |
Class B [Member] | ||
Shareholders' Equity | ||
Common Stock | $ 13,071 | $ 13,096 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares | Apr. 30, 2018 | Apr. 30, 2017 |
Shareholders' Equity | ||
Preferred Stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Class A [Member] | ||
Shareholders' Equity | ||
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common Stock, shares issued (in shares) | 70,110,603 | 70,086,003 |
Treasury stock (in shares) | 21,853,257 | 22,096,970 |
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) | 13,071,067 | 13,095,667 |
Treasury stock (in shares) | 3,917,574 | 3,917,574 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Revenue | $ 1,796,103 | $ 1,718,530 | $ 1,727,037 |
Costs and Expenses | |||
Cost of sales | 485,220 | 460,756 | 466,177 |
Operating and administrative expenses | 994,552 | 988,597 | 994,372 |
Restructuring and related charges | 28,566 | 13,355 | 28,611 |
Amortization of intangibles | 48,230 | 49,669 | 49,764 |
Total Costs and Expenses | 1,556,568 | 1,512,377 | 1,538,924 |
Operating Income | 239,535 | 206,153 | 188,113 |
Interest Expense | (13,274) | (16,938) | (16,707) |
Foreign Exchange Transaction (Losses) Gains | (12,819) | 421 | 473 |
Interest and Other Income | 489 | 1,480 | 2,914 |
Income Before Taxes | 213,931 | 191,116 | 174,793 |
Provision for Income Taxes | 21,745 | 77,473 | 29,011 |
Net Income | $ 192,186 | $ 113,643 | $ 145,782 |
Earnings Per Share | |||
Basic (in dollars per share) | $ 3.37 | $ 1.98 | $ 2.51 |
Diluted (in dollars per share) | $ 3.32 | $ 1.95 | $ 2.48 |
Weighted Average Number of Common Shares Outstanding | |||
Basic (in shares) | 57,043 | 57,337 | 57,998 |
Diluted (in shares) | 57,888 | 58,199 | 58,734 |
Class A [Member] | |||
Cash Dividends Per Share | |||
Common stock (in dollars per share) | $ 1.28 | $ 1.24 | $ 1.20 |
Class B [Member] | |||
Cash Dividends Per Share | |||
Common stock (in dollars per share) | $ 1.28 | $ 1.24 | $ 1.20 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Net Income | $ 192,186 | $ 113,643 | $ 145,782 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustment | 67,639 | (51,292) | (21,066) |
Unrealized retirement costs, net of tax benefit of $252, $3,286, and $8,807, respectively | (524) | (11,097) | (19,971) |
Unrealized gain (loss) on interest rate swaps, net of tax (provision) benefit of $(459), $(1,709), and $10, respectively | 592 | 2,788 | (16) |
Total Other Comprehensive Income (Loss) | 67,707 | (59,601) | (41,053) |
Comprehensive Income (Loss) | $ 259,893 | $ 54,042 | $ 104,729 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Other Comprehensive Income (Loss): | |||
Unrealized retirement costs, tax benefit | $ 252 | $ 3,286 | $ 8,807 |
Unrealized gain (loss) on interest rate swaps, tax (provision) benefit | $ (459) | $ (1,709) | $ 10 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Operating Activities | |||
Net Income | $ 192,186 | $ 113,643 | $ 145,782 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of intangibles | 48,230 | 49,669 | 49,764 |
Amortization of product development spending | 41,432 | 40,209 | 39,658 |
Depreciation of technology, property, and equipment | 64,327 | 66,683 | 66,427 |
Restructuring charges | 28,566 | 13,355 | 28,611 |
Deferred income tax benefit on U.K. rate changes | 0 | (2,575) | (5,859) |
Stock-based compensation expense | 11,244 | 17,552 | 16,105 |
Excess tax benefits from stock-based compensation | 0 | (414) | (1,027) |
Employee retirement plan expense | 7,388 | 13,169 | 14,323 |
Royalty advances | (122,602) | (112,370) | (110,135) |
Earned royalty advances | 116,620 | 114,647 | 109,102 |
Impairment of publishing brand | 3,600 | 0 | 0 |
Foreign currency gains (losses) | 12,819 | (421) | (473) |
Unfavorable tax litigation | 0 | 49,029 | 0 |
One-time pension settlement | 0 | 8,842 | 0 |
Other non-cash (credits) charges | (30,752) | (6,450) | 1,936 |
Income tax deposits | 0 | 0 | (1,151) |
Changes in Operating Assets and Liabilities | |||
Accounts receivable, net | (14,209) | (29,886) | (14,456) |
Inventories | 13,517 | 8,003 | 3,571 |
Accounts payable | 16,543 | (24,182) | 7,169 |
Royalties payable | 3,664 | 4,325 | (3,172) |
Deferred revenue | 36,243 | 22,692 | 66,983 |
Income taxes payable | (565) | 19,479 | (7,091) |
Restructuring payments | (30,595) | (22,854) | (29,864) |
Other accrued liabilities | 1,022 | 10,367 | 14,968 |
Employee retirement plan contributions | (27,550) | (39,687) | (34,214) |
Other | 10,710 | 2,078 | (7,000) |
Net Cash Provided by Operating Activities | 381,838 | 314,903 | 349,957 |
Investing Activities | |||
Product development spending | (36,503) | (43,603) | (44,578) |
Additions to technology, property, and equipment | (114,225) | (105,058) | (86,399) |
Acquisitions of publication rights and other | (26,683) | (28,842) | (20,418) |
Businesses acquired in purchase transactions, net of cash acquired | 0 | (125,924) | 0 |
Proceeds from settlement of foreign exchange forward contracts | 0 | 60,417 | 0 |
Net Cash Used In Investing Activities | (177,411) | (243,010) | (151,395) |
Financing Activities | |||
Repayment of long-term debt | (467,915) | (923,007) | (460,085) |
Repayment of short-term debt | 0 | 0 | (150,000) |
Borrowing of long-term debt | 459,304 | 683,000 | 415,000 |
Borrowing of short-term debt | 0 | 0 | 50,000 |
Purchase of treasury shares | (39,688) | (50,326) | (69,977) |
Change in book overdrafts | (4,191) | (214) | 1,725 |
Cash dividends | (73,542) | (71,545) | (69,896) |
Debt financing costs | 0 | 0 | (3,362) |
Net proceeds (payments) from exercise of stock options and other | 29,201 | 15,506 | (95) |
Excess tax benefits from stock-based compensation | 0 | 414 | 1,027 |
Net Cash Used in Financing Activities | (96,831) | (346,172) | (285,663) |
Effects of Exchange Rate Changes on Cash | 3,661 | (31,011) | (6,534) |
Cash and Cash Equivalents | |||
Increase/(Decrease) for year | 111,257 | (305,290) | (93,635) |
Balance at beginning of year | 58,516 | 363,806 | 457,441 |
Balance at end of year | 169,773 | 58,516 | 363,806 |
Cash Paid During the Year for | |||
Interest | 12,221 | 15,733 | 15,050 |
Income taxes, net | $ 48,709 | $ 33,674 | $ 38,579 |
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] | Additional Paid-in Capital [Member]Class A [Member] | Additional Paid-in Capital [Member]Class B [Member] | Retained Earnings [Member] | Retained Earnings [Member]Class A [Member] | Retained Earnings [Member]Class B [Member] | Treasury Stock [Member] | Treasury Stock [Member]Class A [Member] | Treasury Stock [Member]Class B [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Class A [Member] | Accumulated Other Comprehensive Loss [Member]Class B [Member] | Total | Class A [Member] | Class B [Member] |
Balance at Apr. 30, 2015 | $ 69,798 | $ 13,392 | $ 353,018 | $ 1,597,439 | $ (571,974) | $ (406,633) | $ 1,055,040 | ||||||||||
Restricted Shares Issued under Stock-based Compensation Plans | 0 | 0 | (3,152) | 0 | 3,325 | 0 | 173 | ||||||||||
Net (Payments)/Proceeds from Exercise of Stock Options and Other | 0 | 0 | 1,700 | 0 | (1,795) | 0 | (95) | ||||||||||
Excess Tax Benefits from Stock-based Compensation | 0 | 0 | 1,027 | 0 | 0 | 0 | 1,027 | ||||||||||
Stock-based Compensation Expense | 0 | 0 | 16,105 | 0 | 0 | 0 | 16,105 | ||||||||||
Purchase of Treasury Shares | 0 | 0 | 0 | 0 | (69,977) | 0 | (69,977) | ||||||||||
Common Stock Dividends | 0 | 0 | $ 0 | $ 0 | $ (58,658) | $ (11,238) | $ 0 | $ 0 | $ 0 | $ 0 | $ (58,658) | $ (11,238) | |||||
Comprehensive Income (Loss) | 0 | 0 | 0 | 145,782 | 0 | (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 | ||||||||||
Restricted Shares Issued under Stock-based Compensation Plans | 0 | 0 | (7,617) | 0 | 8,013 | 0 | 396 | ||||||||||
Net (Payments)/Proceeds from Exercise of Stock Options and Other | 0 | 0 | 8,849 | 0 | 6,657 | 0 | 15,506 | ||||||||||
Excess Tax Benefits from Stock-based Compensation | 0 | 0 | 414 | 0 | 0 | 0 | 414 | ||||||||||
Stock-based Compensation Expense | 0 | 0 | 17,552 | 0 | 0 | 0 | 17,552 | ||||||||||
Purchase of Treasury Shares | 0 | 0 | 0 | 0 | (50,326) | 0 | (50,326) | ||||||||||
Common Stock Dividends | 0 | 0 | 0 | 0 | (60,143) | (11,402) | 0 | 0 | 0 | 0 | (60,143) | (11,402) | |||||
Common Stock Class Conversions | 288 | (296) | 0 | 0 | 0 | 0 | (8) | ||||||||||
Comprehensive Income (Loss) | 0 | 0 | 0 | 113,643 | 0 | (59,601) | 54,042 | ||||||||||
Balance at Apr. 30, 2017 | 70,086 | 13,096 | 387,896 | 1,715,423 | (676,077) | (507,287) | 1,003,137 | ||||||||||
Restricted Shares Issued under Stock-based Compensation Plans | 0 | 0 | (7,646) | (10) | 7,968 | 0 | 312 | ||||||||||
Net (Payments)/Proceeds from Exercise of Stock Options and Other | 0 | 0 | 15,686 | 0 | 13,515 | 0 | 29,201 | ||||||||||
Stock-based Compensation Expense | 0 | 0 | 11,184 | 0 | 60 | 0 | 11,244 | ||||||||||
Purchase of Treasury Shares | 0 | 0 | 0 | 0 | (39,688) | 0 | (39,688) | ||||||||||
Common Stock Dividends | 0 | 0 | $ 0 | $ 0 | $ (61,813) | $ (11,729) | $ 0 | $ 0 | $ 0 | $ 0 | $ (61,813) | $ (11,729) | |||||
Common Stock Class Conversions | 25 | (25) | 0 | 0 | 0 | 0 | 0 | ||||||||||
Comprehensive Income (Loss) | 0 | 0 | 0 | 192,186 | 0 | 67,707 | 259,893 | ||||||||||
Balance at Apr. 30, 2018 | $ 70,111 | $ 13,071 | $ 407,120 | $ 1,834,057 | $ (694,222) | $ (439,580) | $ 1,190,557 |
Description of Business
Description of Business | 12 Months Ended |
Apr. 30, 2018 | |
Description of Business [Abstract] | |
Description of Business | The Company, founded in 1807, was incorporated in the state of New York on January 15, 1904. Throughout this report, when we refer to "Wiley," the "Company," "we," "our," or "us," we are referring to John Wiley & Sons, Inc. and all of our subsidiaries, except where the context indicates otherwise. We are a global research and learning company. Through our Research Publishing Solutions |
Summary of Significant Accounti
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards | 12 Months Ended |
Apr. 30, 2018 | |
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards [Abstract] | |
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards | Summary of Significant Accounting Policies Basis of Presentation: Our Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. All amounts are in thousands, except per share amounts, and approximate due to rounding. Reclassifications: Certain prior year amounts have been reclassified to conform to the current year's presentation. Use of Estimates: The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and revenue and expenses during the reporting period. These estimates include, among other items, assessing the collectability of receivables, the use and recoverability of inventory, assumptions used in the calculation of income taxes, useful lives and recoverability of tangible assets and goodwill and other intangible assets, assumptions used in our defined benefit pension plans and other post-employment benefit plans, costs for incentive compensation, and accruals for commitments and contingencies. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions on the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from those estimates. Book Overdrafts: Under our cash management system, a book overdraft balance exists for our primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. Our funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2018 and 2017, book overdrafts of $13.1 million and $17.6 million, respectively, were included in Accounts Payable on the Consolidated Statements of Financial Position. Revenue Recognition: We We transitioned from issue-based to time-based digital journal subscription agreements starting in calendar year 2016. Under this new model, we provide access to all journal content published within a calendar year and recognize revenue on a straight-line basis over the calendar year. Under our 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. We made these changes to simplify the contracting and administration of our digital journal subscriptions. When a product is sold with multiple deliverables, we account 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 us when it is sold separately. Our multiple deliverable arrangements principally include WileyPLUS Wiley Online Library Wiley Online Library Literatum We enter into contracts for the resale of our content through third parties where we are not the primary obligor of the arrangement because we are not responsible for fulfilling the customer's order, handling customer requests or claims, and/or maintaining credit risk. We recognize revenue for the sale of our content, net of any commission owed to the third-party seller, or taxes, which are remitted to government authorities. In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) ("ASU 2014-09"), which supersedes most existing revenue recognition guidance. We adopted ASU 2014-09 on May 1, 2018. See the caption below, "Recently Adopted Accounting Standards" for details of our adoption of ASU 2014-09. Cash Equivalents: Cash equivalents consist of highly liquid investments with an original maturity of three months or less at the time of purchase and are stated at cost, which approximates market value, because of the short-term maturity of the instruments. Allowance for Doubtful Accounts: The estimated allowance for doubtful accounts is based on a review of the aging of the accounts receivable balances, historical write-off experience, credit evaluations of customers, and current market conditions. A change in the evaluation of a customer's credit could affect the estimated allowance. The allowance for doubtful accounts is shown as a reduction of Accounts Receivable on the Consolidated Statements of Financial Position and amounted to $10.1 million and $7.2 million as of April 30, 2018 and 2017, respectively. Sales Return Reserves: The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related reduction in inventory and royalty costs as a result of the expected returns. Net print book sales return reserves amounted to $18.6 million and $24.3 million as of April 30, 2018 and 2017, respectively. The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – (decrease) increase as of April 30: 2018 2017 Accounts Receivable $ (28,302 ) $ (34,769 ) Inventories $ 4,626 $ 4,727 Royalties Payable $ (5,048 ) $ (5,741 ) Decrease in Net Assets $ (18,628 ) $ (24,300 ) Inventories: Inventories are carried at the lower of cost or market. U.S. book inventories aggregating $24.0 million and $31.5 million at April 30, 2018 and 2017, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method. Reserve for Inventory Obsolescence A reserve for inventory obsolescence is estimated based on a review of damaged, obsolete, or otherwise unsalable inventory. The review encompasses historical unit sales trends by title, current market conditions, including estimates of customer demand compared to the number of units currently on hand, and publication revision cycles. The inventory obsolescence reserve is reported as a reduction of the Inventories balance on the Consolidated Statements of Financial Position and amounted to $18.2 million and $21.1 million as of April 30, 2018 and 2017, respectively. Product Development Assets: Product development assets consist of book composition costs and other product development costs. Costs associated with developing a book publication are expensed until the product is determined to be commercially viable. Book composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Book composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Other product development costs represent the costs incurred in developing software, platforms, and digital content to be sold and licensed to third parties. Other product development costs are capitalized and generally amortized on a straight-line basis over their estimated useful lives. As of April 30, 2018, the weighted average estimated useful life of other product development costs was approximately 6 years. Royalty Advances: Royalty advances are capitalized and, upon publication, are expensed as royalties earned based on sales of the published works. Royalty advances are reviewed for recoverability and a reserve for loss is maintained, if appropriate. Shipping and Handling Costs: Costs incurred for third party shipping and handling are reflected in Operating and Administrative Expenses on the Consolidated Statements of Income. We incurred $33.7 million, $39.1 million, and $40.5 million in shipping and handling costs in fiscal years 2018, 2017, and 2016, respectively. Advertising Expense: Advertising costs are expensed as incurred. We incurred $68.3 million, $61.4 million and $54.1 million in advertising costs in fiscal years 2018, 2017, and 2016, respectively, and these costs are included in Operating and Administrative Expenses on the Consolidated Statements of Income. Technology, Property, and Equipment: Technology, property, and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed as incurred. Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: Computer Software – 3 to 10 years, Computer Hardware – 3 to 5 years; Buildings and Leasehold Improvements – the lesser of the estimated useful life of the asset up to 40 years or the duration of the lease; Furniture, Fixtures, and Warehouse Equipment – 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 our Enterprise Resource Planning and related systems are amortized over an expected useful life of 10 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred. Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed In connection with acquisitions, we allocate the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. Such estimates include discounted estimated cash flows to be generated by those assets and the expected useful lives based on historical experience, current market trends, and synergies to be achieved from the acquisition and the expected tax basis of assets acquired. We may use a third-party valuation consultant to assist in the determination of such estimates. Goodwill and Indefinite-lived Intangible Assets: Goodwill represents the excess of the aggregate of the following: (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree, and (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Indefinite-lived intangible assets primarily consist of brands, trademarks, content, and publishing rights and are typically characterized by intellectual property with a long and well-established revenue stream resulting from strong and well-established imprint/brand recognition in the market. We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Intangible Assets with Finite Lives and Other Long-Lived Assets: Finite-lived intangible assets principally consist of brands, trademarks, content and publication rights, customer relationships, and non-compete agreements and are amortized over their estimated useful lives. The most significant factors in determining the estimated lives of these intangibles are the history and longevity of the brands, trademarks, and content and publication rights acquired combined with the strength of cash flows. Content and publication rights, trademarks, customer relationships, and brands with finite lives are amortized on a straight-line basis over periods ranging from 2 to 40 years. Non-compete agreements are amortized over the terms of the individual agreement, generally up to 5 years. Intangible assets with finite lives as of April 30, 2018, are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 30 years, customer relationships – 20 years, brands and trademarks – 15 years, non-compete agreements – 5 years. Assets with finite lives are evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the projected undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value based on the discounted future cash flows. Derivative Financial Instruments: From time to time, we enter into foreign exchange forward and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates, and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. We do not use financial instruments for trading or speculative purposes. Foreign Currency Gains/Losses: We maintain operations in many non-U.S. locations. Assets and liabilities are translated into U.S. dollars using end-of-period exchange rates and revenues and expenses are translated into U.S. dollars using weighted average rates. Our significant investments in non-U.S. businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders' Equity. During fiscal year 2018, we recorded $67.6 million of foreign currency translation gains primarily due to the strengthening of the British pound sterling relative to the U.S. dollar . Foreign currency transaction gains or losses are recognized on the Consolidated Statements of Income as incurred. Stock-Based Compensation: We recognize stock-based compensation expense based on the fair value of the stock-based awards on the grant date, reduced by an estimate for future forfeited awards. As such, stock-based compensation expense is only recognized for those awards that are expected to ultimately vest. The fair value of stock-based awards is recognized in net income on a straight-line basis over the requisite service period. The grant date fair value for stock options is estimated using the Black-Scholes option-pricing model. The determination of the assumptions used in the Black-Scholes model required us to make significant judgments and estimates, which include the expected life of an option, the expected volatility of our Common Stock over the estimated life of the option, a risk-free interest rate, and the expected dividend yield. Judgment was also required in estimating the amount of stock-based awards that may be forfeited. Stock-based compensation expense associated with performance-based stock awards is based on actual financial results for targets established three years in advance. The cumulative effect on current and prior periods of a change in the estimated number of performance share awards, or estimated forfeiture rate, is recognized as an adjustment to earnings in the period of the revision. If actual results differ significantly from estimates, our stock-based compensation expense and consolidated results of operations could be impacted. Recently Adopted Accounting Standards In May 2017, the FASB issued ASU 2017-09, "Compensation— Stock Compensation (Topic 718): Scope of Modification Accounting," which clarifies when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is only required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. We adopted ASU 2017-09 on May 1, 2018. The new guidance must be applied prospectively to awards modified on or after the adoption date. The future impact of ASU 2017-09 will be dependent on the nature of future stock award modifications. In March 2017, the FASB issued ASU 2017-07, "Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The guidance requires that the service cost component of net pension and postretirement benefit costs be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, while the other components of net benefit costs must be reported separately from the service cost component and below operating income. The guidance also allows only the service cost component to be eligible for capitalization when applicable. We adopted ASU 2017-07 on May 1, 2018. The new guidance must be applied retrospectively for the presentation of net benefit costs in the income statement and prospectively for the capitalization of the service cost component of net benefit costs. Our net pension and postretirement costs for the fiscal year ended April 30, 2018, includes approximately $8.1 million of net benefits that, upon adoption will be reclassified from operating income to a line item below operating income. Our net pension and retirement costs for the fiscal year ended April 30, 2017, includes $5.3 million of net charges that will be reclassified from operating income to a line item below operating income upon adoption. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business", which clarifies the definition of a business in order to allow for the evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or business. We adopted ASU 2017-01 on May 1, 2018. The future impact of ASU 2017-01 will be dependent upon the nature of future acquisitions or dispositions made by us. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. ASU 2016-18 requires that entities include restricted cash and restricted cash equivalents with cash and cash equivalents in the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. We adopted ASU 2016-18 on May 1, 2018. Retrospective transition method is to be applied to each period presented. The adoption of ASU 2016-18 did not have a material impact to our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory", which simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this Standard eliminate the exception for an intra-entity transfer of an asset other than inventory. We adopted ASU 2016-16 on May 1, 2018. The adoption of ASU 2016-16 did not have a material impact to our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which provides clarification on classifying a variety of activities within the Statement of Cash Flows. We adopted ASU 2016-15 on May 1, 2018. The adoption of ASU 2016-15 did not have a material impact to our consolidated statements of cash flows. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." Subsequently, the FASB issued ASU 2018-03, "Technical Corrections and Improvements to Financial Instruments-Overall." ASU 2016-01 requires equity investments except those under the equity method of accounting to be measured at fair value with the changes in fair value recognized in net income. The amendment simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. In addition, it also requires enhanced disclosures about investments. We adopted ASU 2016-01 on May 1, 2018. The adoption of ASU 2016- 01 did not have a material impact to our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (Topic 606) which superseded most existing revenue recognition guidance. We adopted ASU 2014-09 on May 1, 2018. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations", ASU 2016-10, "Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing", ASU 2016-12, "Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients", and ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which provide clarification and additional guidance related to ASU 2014-09. We also adopted ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 with ASU 2014-09 on May 1, 2018. We utilized a comprehensive approach to assess the impact of the standard on our contract portfolio by reviewing our current accounting policies and practices to identify differences that would result from applying the new standard to our revenue contracts. We adopted the new revenue standard as of May 1, 2018, using the modified retrospective method. The adoption of the standard did not have a material impact to our consolidated revenues, financial position, or results of operations. Accordingly, we will record an immaterial net increase to opening retained earnings upon adoption resulting from the acceleration of revenue recognized under the standard. Although the adoption of the new revenue standard is not material to our consolidated financial position, or results of operations, there are certain components of our revenue where the standard changes the timing of when revenue is recognized compared to our historical policies due to: (i) perpetual licenses granted in connection with other deliverables, previously recognized over the life of the associated subscription for future content, which we will now recognize the revenue at a point in time, which is when access is granted, (ii) customers' unexercised rights, which was previously recognized at the end of a pre-determined period for situations where we have received a nonrefundable payment for a customer to receive a good or service and the customer has not exercised such right, which we will now recognize such breakage amounts as revenue in proportion to the pattern of rights exercised by the customer, (iii) recognition of royalties in the period of usage, and (iv) recognition of certain arrangements with minimum guarantees on a time-based (straight-line) basis due to a stand-ready obligation to provide additional rights to content. In addition, the adoption of the standard results in the discontinuance of the historical practice of presenting accounts receivable and deferred revenue balances on a net basis for some of our subscription licensing agreements where we have invoiced a customer in advance of the related revenue being recognized and payment has not yet been received. As of April 30, 2018, the amounts that were netted down from accounts receivable and deferred revenue were $59.5 million. Effective April 30, 2017, we adopted ASU 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. We elected to adopt this standard prospectively and thus prior period balances were not adjusted. As of April 30, 2017, there were $0.8 million of current deferred tax assets reported within Prepaid and Other Current Assets on the Consolidated Statements of Financial Position. 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 U.S. GAAP). We adopted ASU 2016-09 on a prospective basis on May 1, 2017. As a result of the adoption: · Excess income tax benefits and deficiencies from stock-based compensation are now recognized as a discrete item within the Provision for Income Taxes in the Consolidated Statements of Income, rather than Additional Paid-In-Capital on the Consolidated Statements of Financial Position, and amounted to $1.6 million for fiscal year 2018. · Excess income tax benefits and deficiencies are no longer considered when applying the treasury stock method for computing diluted shares outstanding, which resulted in an increase in diluted shares outstanding of less than 0.1 million. · Excess income tax benefits and deficiencies are now classified as an Operating Activity on the Consolidated Statements of Cash Flows. There were no excess tax benefits recorded in operating activities for fiscal year 2018, while $0.4 million were recorded in Financing Activities for fiscal year 2017. · We have elected to continue estimating expected forfeitures in determining stock compensation expense each period. Recently Issued Accounting Standards In February 2018, the FASB issued ASU 2018-02 "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The standard is effective for us on May 1, 2019, and interim periods within that fiscal year, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," to simplify and improve the application and financial reporting of hedge accounting. The guidance eases the requirements for measuring and reporting hedge ineffectiveness, and clarifies that changes in the fair value of hedging instruments for cash flow, net investment, and fair value hedges should be reflected in the same income statement line item as the earnings effect of the hedged item. The guidance also permits entities to designate specific components in cash flow and interest rate hedges as the hedged risk, instead of using total cash flows. The standard is effective for us on May 1, 2019, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles–Goodwill and Other (Topic 350): "Simplifying the Test for Goodwill Impairment", which simplifies the measurement of a potential goodwill impairment charge by eliminating the requirement to calculate an implied fair value of the goodwill based on the fair value of a reporting unit's other assets and liabilities. The new guidance eliminates the implied fair value method and instead measures a potential impairment charge based on the excess of a reporting unit's carrying value compared to its fair value. The impairment charge cannot exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for us on May 1, 2020, with early adoption permitted. Based on our most recent annual goodwill impairment test completed in fiscal year 2018, we expect no initial impact on adoption. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity's portfolio. ASU 2016-13 is effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". ASU 2016-02 requires The standard is effective for us on May 1, 2019, with early adoption permitted. Adoption requires application of the new guidance to the beginning of the earliest period presented using a modified retrospective approach. We are currently assessing the impact the new guidance will have on our consolidated financial statements. |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Shares Outstanding | 12 Months Ended |
Apr. 30, 2018 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |
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: 2018 2017 2016 Weighted Average Shares Outstanding 57,181 57,531 58,253 Less: Unvested Restricted Shares (138 ) (194 ) (255 ) Shares Used for Basic Earnings Per Share 57,043 57,337 57,998 Dilutive Effect of Stock Options and Other Stock Awards 845 862 736 Shares Used for Diluted Earnings Per Share 57,888 58,199 58,734 Since their inclusion in the calculation of diluted earnings per share would have been anti-dilutive, options to purchase 244,590, 301,527 and 336,803 shares of Class A Common Stock have been excluded for fiscal years 2018, 2017 and 2016, respectively. In addition, for fiscal years 2018, 2017 and 2016 unvested restricted shares of 26,740, none and 15,200 respectively, have been excluded as their inclusion would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Apr. 30, 2018 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the fiscal years ended April 30, 2018 and 2017, were as follows: Foreign Currency Translation Adjustment Unamortized Retirement Costs Interest Rate Swaps Total Balance at April 30, 2016 $ (267,920 ) $ (179,405 ) $ (361 ) $ (447,686 ) Other comprehensive (loss) income before reclassifications (51,292 ) (18,458 ) 2,735 (67,015 ) Amounts reclassified from Accumulated Other Comprehensive Loss — 7,361 53 7,414 Total other comprehensive (loss) income (51,292 ) (11,097 ) 2,788 (59,601 ) Balance at April 30, 2017 $ (319,212 ) $ (190,502 ) $ 2,427 $ (507,287 ) Other comprehensive income (loss) before reclassifications 67,639 (4,979 ) 1,739 64,399 Amounts reclassified from Accumulated Other Comprehensive Loss — 4,455 (1,147 ) 3,308 Total other comprehensive income (loss) 67,639 (524 ) 592 67,707 Balance at April 30, 2018 $ (251,573 ) $ (191,026 ) $ 3,019 $ (439,580 ) For the fiscal years ended April 30, 2018 and 2017, pre-tax actuarial losses included in Unamortized Retirement Costs of approximately $5.9 million and $11.1 million, respectively, were amortized from Accumulated Other Comprehensive Loss and recognized as pension expense in Operating and Administrative Expenses on the Consolidated Statements of Income. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2018 | |
Acquisitions [Abstract] | |
Acquisitions | Atypon: On September 30, 2016, we acquired the net assets of Atypon Systems, Inc. ("Atypon"), a Silicon Valley-based publishing-software company, for approximately $121 million in cash, net of cash acquired. We finalized our purchase accounting for Atypon on July 31, 2017, and there were no material changes in the purchase accounting allocation compared to April 30, 2017. We recorded the fair value of the assets acquired and liabilities assumed on the acquisition date, which included $48 million of intangible assets. Goodwill of $70 million was recorded, which is deductible for tax purposes. Atypon's revenue and operating loss included in our results for fiscal year 2018 were $32.9 million and $2.7 million, respectively. Atypon's revenue and operating loss included in our results for fiscal year 2017 were $19.1 million and $3.5 million, respectively. |
Restructuring and Related Charg
Restructuring and Related Charges | 12 Months Ended |
Apr. 30, 2018 | |
Restructuring and Related Charges [Abstract] | |
Restructuring and Related Charges | In fiscal years 2018, 2017 and 2016, we recorded pre-tax restructuring and related charges of $28.6 million, $13.4 million, and $28.6 million, respectively, which are reflected in the Restructuring and Related Charges line item on the Consolidated Statements of Income and described in more detail below: Restructuring and Reinvestment Program: Beginning in fiscal year 2013, we initiated a global program (the "Restructuring and Reinvestment Program") to restructure and realign our cost base with current and anticipated future market conditions. We are targeting a majority of the expected cost savings achieved to improve margins and earnings, while the remainder will be reinvested in high-growth digital business opportunities. The following tables summarize the pre-tax restructuring charges related to this program: 2018 2017 2016 Total Charges Incurred to Date Charges by Segment: Research $ 5,257 $ 1,949 $ 2,982 $ 25,413 Publishing 6,443 1,596 4,507 38,931 Solutions 3,695 1,787 1,042 6,247 Corporate Expenses 13,171 8,023 20,080 95,919 Total Restructuring and Related Charges $ 28,566 $ 13,355 $ 28,611 $ 166,510 Charges (Credits) by Activity: Severance $ 27,213 $ 8,386 $ 16,443 $ 114,803 Process Reengineering Consulting 1,815 148 7,191 20,629 Other Activities (462 ) 4,821 4,977 31,078 Total Restructuring and Related Charges $ 28,566 $ 13,355 $ 28,611 $ 166,510 Other Activities in 2017 and 2016 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 for fiscal year 2018: April 30, 2017 Charges Payments Foreign Translation and Reclassification April 30, 2018 Severance $ 10,082 $ 27,213 $ (21,197 ) $ 1,181 $ 17,279 Process Reengineering Consulting — 1,815 (1,815 ) — — Other Activities 12,708 (462 ) (7,583 ) (1,891 ) 2,772 Total $ 22,790 $ 28,566 $ (30,595 ) $ (710 ) $ 20,051 The restructuring liability for accrued severance costs of $17.3 million is reflected in Accrued Employment Costs on the Consolidated Statements of Financial Position. Approximately $0.9 million and $1.9 million of the Other Activities are included in Other Accrued Liabilities and Other Long-Term Liabilities, respectively on the Consolidated Statements of Financial Position. |
Inventories
Inventories | 12 Months Ended |
Apr. 30, 2018 | |
Inventories [Abstract] | |
Inventories | Inventories at April 30 were as follows: 2018 2017 Finished Goods $ 36,503 $ 38,329 Work-in-Process 2,139 7,078 Paper and Other Materials 550 650 39,192 46,057 Inventory Value of Estimated Sales Returns 4,626 4,727 LIFO Reserve (4,329 ) (2,932 ) Total Inventories $ 39,489 $ 47,852 See Note 2, "Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards," under the caption "Sales Return Reserves," for a discussion of the Inventory Value of Estimated Sales Returns. Finished Goods are net of a reserve for inventory obsolescence of $18.2 million and $21.1 million as of April 30, 2018 and 2017, respectively. |
Product Development Assets
Product Development Assets | 12 Months Ended |
Apr. 30, 2018 | |
Product Development Assets [Abstract] | |
Product Development Assets | Product development assets consisted of the following at April 30: 2018 2017 Book Composition Costs $ 24,887 $ 28,884 Other Product Development Costs 53,927 51,501 Total $ 78,814 $ 80,385 Book composition costs are net of accumulated amortization of $188.7 million and $172.6 million as of April 30, 2018 and 2017, respectively. Other Product Development Costs are net of accumulated amortization of $49.4 million and $33.5 million as of April 30, 2018 and 2017, respectively. |
Technology, Property and Equipm
Technology, Property and Equipment | 12 Months Ended |
Apr. 30, 2018 | |
Technology, Property and Equipment [Abstract] | |
Technology, Property and Equipment | Technology, property and equipment consisted of the following at April 30: 2018 2017 Capitalized Software $ 390,774 $ 356,907 Computer Hardware 57,493 60,467 Buildings and Leasehold Improvements 121,381 103,774 Furniture, Fixtures, and Warehouse Equipment 60,869 55,106 Land and Land Improvements 3,678 3,354 634,195 579,608 Accumulated Depreciation and Amortization (344,261 ) (336,550 ) Total $ 289,934 $ 243,058 The following table details our depreciation and amortization expense for technology, property and equipment for the fiscal years ended April 30: 2018 2017 2016 Capitalized Software Amortization Expense $ 45,449 $ 48,343 $ 49,642 Depreciation and Amortization Expense, Excluding Capitalized Software 18,878 18,340 16,785 Total Depreciation and Amortization Expense for Technology, Property, and Equipment $ 64,327 $ 66,683 $ 66,427 The net book value of capitalized software costs was $198.0 million and $192.7 million as of April 30, 2018 and 2017, respectively. In fiscal year 2018, we wrote off approximately $51.8 million of fully depreciated capitalized software and computer hardware that were no longer in use. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Apr. 30, 2018 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Goodwill The following table summarizes the activity in goodwill by segment as of April 30: 2017 Foreign Translation Adjustment 2018 Research $ 437,928 $ 25,491 $ 463,419 Publishing 283,192 12,209 295,401 Solutions 260,981 — 260,981 Total $ 982,101 $ 37,700 $ 1,019,801 We review goodwill for impairment on a reporting unit basis annually during the third quarter of each year, using a measurement date of January 31, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. While we are permitted to conduct a qualitative assessment to determine whether it is necessary to perform a two-step quantitative goodwill impairment test, for our annual goodwill impairment test in the third quarter of 2018, 2017, and 2016, we performed a quantitative test for all of our reporting units. The goodwill impairment test involves a two-step process. In step one, we compare the fair value of each of our reporting units to its carrying value, including the goodwill allocated to the reporting unit. If the fair value of the reporting unit exceeds its carrying value, there is no indication of impairment and no further testing is required. If the fair value of the reporting unit is less than the carrying value, we must perform step two of the impairment test to measure the amount of impairment loss, if any. In step two, the reporting unit's fair value is allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit's goodwill is less than the carrying value, the difference is recorded as an impairment loss. 2018 Annual Impairment Test as of January 31, 2018 During the third quarter of 2018, we completed step one of our annual goodwill impairment test for our reporting units. We concluded that the fair values of these reporting units were above their carrying values and, therefore, there was no indication of impairment. We estimated the fair value of these reporting units using a weighting of fair values derived from an income and a market approach. Under the income approach, we determined the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected cash flows. The market approach estimates fair value based on market multiples of current and forward 12-month operating performance results, as applicable, derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit. As noted above, the fair value determined under step one of the goodwill impairment test completed in the third quarter of 2018 exceeded the carrying value for each reporting unit. Therefore, there was no impairment of goodwill. However, if the fair value decreases in future periods, we may fail step one of the goodwill impairment test and be required to perform step two. In performing step two, the fair value would have to be allocated to all of the assets and liabilities of the reporting unit. Therefore, any potential goodwill impairment charge would be dependent upon the estimated fair value of the reporting unit at that time and the outcome of step two of the impairment test. The fair values of the assets and liabilities of the reporting unit, including the intangible assets, could vary depending on various factors. The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment. In the event of significant adverse changes of the nature described above, we might have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition. We also review our indefinite-lived intangible assets for impairment annually, which consists of brands and trademarks and certain acquired publishing rights. During the third quarter of 2018, we completed our annual impairment test related to the indefinite lived intangible assets. We concluded that the fair values of these indefinite-lived intangible assets were above their carrying values and, therefore, there was no indication of impairment. Change in Annual Impairment Assessment Date During the fourth quarter of 2018, we voluntarily changed our annual impairment assessment date from January 31 to February 1 for all of our reporting units and our indefinite-lived intangible assets. This change was made to improve alignment of impairment testing procedures with year-end financial reporting, our annual business planning and budgeting process and the multi-year strategic forecast, which begins in the fourth quarter of each year. As a result, the goodwill and indefinite-lived intangible asset impairment testing will reflect the result of inputs from each of the businesses in the development of the budget and forecast process, including the impact of seasonality of our financial results. Accordingly, management considers this accounting change preferable. This change does not accelerate, delay, avoid, or cause an impairment charge, nor does this change result in adjustments to previously issued financial statements. In connection with the change in the date of the annual goodwill impairment test, we completed a qualitative assessment of the goodwill by reporting unit as of February 1, 2018, and concluded that it was more likely than not that the fair value of each of the reporting units exceeded its carrying amount. In addition, we also completed a qualitative assessment of our indefinite-lived intangible assets as of February 1, 2018, and concluded that it was more likely than not that the fair value of each of the indefinite-lived intangible assets exceeded its carrying amount. Intangibles Intangible assets as of April 30 were as follows: 2018 2017 Cost Accumulated Amortization Accumulated Impairment Net Cost Accumulated Amortization Net Intangible Assets with Determinable Lives Content and Publishing Rights $ 824,146 $ (387,386 ) $ — $ 436,760 $ 775,520 $ (353,923 ) $ 421,597 Customer Relationships 212,020 (50,291 ) — 161,729 233,872 (64,756 ) 169,116 Brands and Trademarks 32,111 (16,011 ) — 16,100 35,554 (18,359 ) 17,195 Covenants not to Compete 1,499 (844 ) — 655 2,377 (1,420 ) 957 1,069,776 (454,532 ) — 615,244 1,047,323 (438,458 ) 608,865 Intangible Assets with Indefinite Lives Brands and Trademarks 142,189 — (3,600 ) 138,589 135,061 — 135,061 Content and Publishing Rights 94,238 — — 94,238 84,173 — 84,173 $ 1,306,203 $ (454,532 ) $ (3,600 ) $ 848,071 $ 1,266,557 $ (438,458 ) $ 828,099 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: 2019 – $48.2 million, 2020 – $43.6 million, 2021 – $41.4 million, 2022 – $36.4 million, and 2023 – $32.7 million. In conjunction with a business review performed in the Publishing segment associated with the restructuring activities in the first quarter of fiscal year 2018, we identified an indefinite-lived brand with forecasted cash flows that did not exceed its carrying value. As a result, an impairment charge of $3.6 million was recorded in the first quarter of fiscal year 2018 to reduce the carrying value of the brand to its fair value of $1.2 million, which will now be amortized over an estimated useful life of 5 years. This impairment charge was included in Operating and Administrative Expenses on the Consolidated Statements of Income. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | The provisions for income taxes for the years ended April 30 were as follows: 2018 2017 2016 Current Provision U.S. – Federal $ (2,216 ) $ 912 $ (5,365 ) International 46,112 105,228 31,958 State and Local 961 100 1,657 Total Current Provision $ 44,857 $ 106,240 $ 28,250 Deferred Provision (Benefit) U.S. – Federal $ (26,062 ) $ (13,852 ) $ 6,625 International 2,420 (15,330 ) (6,459 ) State and Local 530 415 595 Total Deferred (Benefit) Provision $ (23,112 ) $ (28,767 ) $ 761 Total Provision $ 21,745 $ 77,473 $ 29,011 International and United States pretax income for the years ended April 30 were as follows: 2018 2017 2016 International $ 219,178 $ 192,910 $ 159,152 United States (5,247 ) (1,794 ) 15,641 Total $ 213,931 $ 191,116 $ 174,793 Our effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: 2018 2017 2016 U.S. Federal Statutory Rate 30.4 % 35.0 % 35.0 % German Tax Litigation Expense — 25.7 — Benefit from Lower Taxes on Non-U.S. Income (8.4 ) (12.7 ) (14.6 ) State Income Taxes, Net of U.S. Federal Tax Benefit 0.4 0.1 0.8 U.S. Tax Reform (11.7 ) — — Deferred Tax Benefit From U.K. Statutory Tax Rate Change — (1.3 ) (3.4 ) Tax Credits and Related Benefits (1.7 ) (6.2 ) (1.6 ) Tax Adjustments and Other 1.2 (0.1 ) 0.4 Effective Income Tax Rate 10.2 % 40.5 % 16.6 % Note: A substantial portion of our income is earned outside the U.S. in jurisdictions with lower statutory income tax rates than our U.S. statutory rate in 2018 including: U.K. (63%), Germany (25%), and Australia (7%). On December 22, 2017, the U.S. government enacted comprehensive Federal tax legislation originally known as the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118"), which allows us to record provisional amounts related to the effect of the Tax Act during a measurement period not to extend beyond one year of the enactment date. As the Tax Act was passed late in December 2017, and ongoing guidance and accounting interpretation are expected over the 12 months following enactment, we consider the accounting of the transition tax, deferred tax re-measurements and other items to be provisional due to the forthcoming guidance and our ongoing analysis of final data and tax positions. We expect to complete our analysis within the measurement period in accordance with SAB 118. The effective tax rate for fiscal year 2018 was lower than fiscal 2017 due to the estimated net tax benefit from non-recurring items in the Tax Act and the effect of the German Tax litigation in fiscal year 2017 as described below. Estimated non-recurring items in the Tax Act reduced our income tax expense by $25.1 million ($0.43/share) or a reduction in our effective tax rate of 11.7 percentage points for fiscal year 2018. Excluding the effect of the Tax Act, the rate was 21.9% for fiscal year 2018. The rate excluding the benefit from the non-recurring items in the Tax Act was lower than the U.S. statutory rate for the year ended April 30, 2018, primarily due to lower rates applicable to non-U.S. earnings. German Tax Litigation Expense: Deferred Tax Benefit from U.K. Statutory Tax Rate Change: Tax Adjustments and Other: The Tax Act On December 22, 2017, the U.S. government enacted comprehensive tax legislation. The Tax Act significantly revises the future ongoing U.S. corporate income tax system by, among other changes, the following: · lowering the U.S. federal corporate income tax rate to 21% with a potentially lower rate for certain foreign derived income; · accelerating deductions for certain business assets; · changing the U.S. system from a worldwide tax system; · requiring companies to pay a one-time transition tax on post-1986 unrepatriated cumulative non-U.S. earnings and profits ("E&P") of foreign subsidiaries; · eliminating certain deductions such as the domestic production deduction; · establishing limitations on the deductibility of certain expenses including interest and executive compensation; and · creating new taxes on certain foreign earnings. The key impacts for the period were the re-measurement of U.S. deferred tax balances to the new U.S. corporate tax rate and the accrual for the one-time transition tax liability. While we have not yet completed our assessment of the effects of the Tax Act, we are able to determine reasonable estimates for the impacts of these key items and reported provisional amounts for these items. In accordance with SAB 118, we are providing additional disclosures related to these provisional amounts. Deferred tax balances – We remeasured our U.S. deferred tax assets and liabilities based on the federal rate at which they are expected to reverse in the future, generally 21% for reversals anticipated to occur after April 30, 2018. We are still analyzing certain aspects of the Tax Act and refining our calculations, including our estimates of expected reversals, which could affect the measurement of these balances and give rise to new deferred tax amounts. The provisional amount recorded related to the re-measurement of our net deferred tax liability was an estimated benefit of $47 million. Foreign tax effects – In connection with the transition from a global tax system, the Tax Act establishes a mandatory deemed repatriation tax. The tax is computed using our post-1986 E&P that was previously deferred from U.S. income taxes. The tax is based on the amount of foreign earnings held in cash equivalents and certain net assets, which are taxed at 15.5%, and those held in other assets, which are taxed at 8%. We recorded a provisional amount of $14.2 million. We also established an estimated valuation allowance of $6.5 million. This resulted in a corresponding decrease in deferred tax assets due to the utilization of foreign tax credit carryforwards. The determination of the transition tax requires further guidance as to its applicability to non-calendar year end taxpayers and analysis regarding the amount and composition of our historical foreign earnings. We no longer assert that we intend to permanently reinvest earnings outside the U.S. and accrued a provisional $2.0 million related to our estimated taxes from repatriating earnings with available cash. In addition, we accrued a $0.1 million provisional state tax liability, pending further guidance and legislative action from various states regarding conformity with the Tax Act. The Tax Act reduces the Federal statutory tax rate from 35% to 21% effective January 1, 2018. As a result, our U.S. federal statutory tax rate for our fiscal year ended April 30, 2018, is a blended rate of 30.4%. Other than the benefit from remeasuring our U.S. deferred tax assets and liabilities, the reduced rate did not have a significant impact on our effective tax rate for fiscal year 2018 We have not determined a reasonable estimate of the tax liability, if any, under the Tax Act for our remaining outside basis difference. We will continue to evaluate our position for this matter as we finalize our Tax Act calculations. The Tax Act creates new taxes, effective for us on May 1, 2018, including a provision designed to tax global low taxed income ("GILTI") and a provision establishing new minimum taxes, such as the base erosion anti-abuse tax ("BEAT"). We continue to evaluate the Tax Act, but due to the complexity and incomplete guidance of various provisions, we have not completed our accounting for the income tax effects of certain elements of the Tax Act, including the new GILTI and BEAT taxes. We have not yet determined whether such taxes should be recorded as a current-period expense when incurred or factored into the measurement of our deferred taxes. As a result, we have not included an estimate of any tax expense or benefit related to these items for the year ended April 30, 2018. Accounting for Uncertainty in Income Taxes: As of April 30, 2018 and April 30, 2017, the total amount of unrecognized tax benefits were $6.8 million and $6.1 million, respectively, of which $0.6 million and $0.4 million represented accruals for interest and penalties recorded as additional tax expense in accordance with our accounting policy. Within the income tax provision for both fiscal years 2018 and 2017, we recorded net interest expense on reserves for unrecognized and recognized tax benefits of $0.2 million and $0.3 million respectively. As of April 30, 2018, and April 30, 2017, the total amount of unrecognized tax benefits that would reduce our income tax provision, if recognized, were approximately $6.8 million and $6.1 million, respectively. During the year ended April 30, 2017, our tax position with respect to certain assets in Germany was finally rejected by the German Federal Fiscal Court. Substantially, all of the reduction for prior year tax positions in the table below relates to the resolution of that matter. We do not expect any significant changes to the unrecognized tax benefits within the next twelve months. A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item on the Consolidated Statements of Financial Position follows: 2018 2017 Balance at May 1st $ 6,124 $ 19,863 Additions for Current Year Tax Positions 1,372 2,566 Additions for Prior Year Tax Positions 69 31,802 Reductions for Prior Year Tax Positions (38 ) — Foreign Translation Adjustment 45 (419 ) Payments and Settlements (124 ) (47,688 ) Reductions for Lapse of Statute of Limitations (615 ) — Balance at April 30th $ 6,833 $ 6,124 Tax Audits: We file income tax returns in the U.S. and various states and non-U.S. tax jurisdictions. Our major taxing jurisdictions include the United States, the United Kingdom, and Germany. Except for one immaterial item, we are no longer subject to income tax examinations for years prior to fiscal year (2013) in the major jurisdictions in which we are subject to tax. Our last completed U.S. federal tax audit was for fiscal years 2011 through 2013, which resulted in minimal adjustments related to temporary differences. Deferred Taxes: Deferred taxes result from temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. It is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows: 2018 2017 Net Operating Losses $ 8,976 $ 5,453 Reserve for Sales Returns and Doubtful Accounts 2,506 8,331 Accrued Employee Compensation 20,096 34,305 Foreign and Federal Credits 31,109 15,472 Other Accrued Expenses 4,632 14,303 Retirement and Post-Employment Benefits 39,160 56,633 Total Gross Deferred Tax Assets $ 106,479 $ 134,497 Less Valuation Allowance (8,811 ) (1,300 ) Total Deferred Tax Assets $ 97,668 $ 133,197 Prepaid Expenses and Other Current Assets $ (3,203 ) $ (16,385 ) Unremitted Foreign Earnings (1,985 ) — Intangible and Fixed Assets (231,869 ) (272,008 ) Total Deferred Tax Liabilities $ (237,057 ) $ (288,393 ) Net Deferred Tax Liabilities $ (139,389 ) $ (155,196 ) Reported As Non-current Deferred Tax Assets $ 4,129 $ 5,295 Non-current Deferred Tax Liabilities (143,518 ) (160,491 ) Net Deferred Tax Liabilities $ (139,389 ) $ (155,196 ) The decrease in net deferred tax liabilities is primarily attributable to the re-measurement of our U.S. deferred tax liabilities related to the Tax Act as well as foreign and federal credit carryforwards, net of an estimated $6.5 million valuation allowance related to the Tax Act, for fiscal year ended April 30, 2018. We have concluded that after valuation allowances, it is more likely than not that we will realize substantially all of the net deferred tax assets at April 30, 2018. In assessing the need for a valuation allowance, we take into account related deferred tax liabilities and estimated future reversals of existing temporary differences, future taxable earnings and tax planning strategies to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on our valuation allowances. A $2.3 million valuation allowance has also been provided based on the uncertainty of utilizing the tax benefits related to our deferred tax assets for state and, to a small extent, Federal net operating loss carry forwards. As of April 30, 2018, we have apportioned state net operating loss carryforwards totaling $81 million, with a tax effected value of $4.8 million net of federal benefits, expiring in various amounts over one to 20 years. We no longer intend to permanently reinvest earnings outside the U.S., As such, we established a $2.0 million permanent reinvestment assertion related to the estimated taxes that would be incurred upon repatriating our non-U.S. earnings. |
Debt and Available Credit Facil
Debt and Available Credit Facilities | 12 Months Ended |
Apr. 30, 2018 | |
Debt and Available Credit Facilities [Abstract] | |
Debt and Available Credit Facilities | As of April 30, 2018 and 2017, our debt of approximately $360.0 million and $365.0 million, respectively, consisted of amounts due under our revolving credit facilities. We have a revolving credit agreement ("RCA") with a syndicated bank group led by Bank of America. The RCA consists of a $1.1 billion five-year senior revolving credit facility payable March 1, 2021. Under the RCA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates: (i) at a rate based on the London Interbank Offered Rate ("LIBOR") plus an applicable margin ranging from 0.98% to 1.50%, depending on our consolidated leverage ratio, as defined, or (ii) for U.S. dollar-denominated loans only, at the lender's base rate plus an applicable margin ranging from zero to 0.45%, depending on our consolidated leverage ratio. The lender's base rate is defined as the highest of (i) the U.S. federal funds effective rate plus a 0.50% margin, (ii) the Eurocurrency rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, we pay a facility fee ranging from 0.15% to 0.25% depending on our consolidated leverage ratio. We also have the option to request an additional credit limit increase of up to $350 million in minimum increments of $50 million, subject to the approval of the lenders. The RCA contains certain restrictive covenants related to our consolidated leverage ratio and interest coverage ratio, which we were in compliance with as of April 30, 2018 and 2017. Due to the fact that there are no principal payments due until the end of the agreement in fiscal year 2021, we have classified our entire debt obligation as long-term as of April 30, 2018 and 2017. We have other lines of credit aggregating $2.8 million at various interest rates. There were no outstanding borrowings under these credit lines at April 30, 2018 and 2017. Our total available lines of credit as of April 30, 2018, were approximately $1.1 billion, of which approximately $0.7 billion was unused. The weighted average interest rates on total debt outstanding during fiscal years 2018 and 2017 were 2.44% and 2.19%, respectively. As of April 30, 2018 and 2017, the weighted average interest rates for total debt were 2.58% and 2.74%, respectively. Based on estimates of interest rates currently available to us for loans with similar terms and maturities, the fair value of our debt approximates its carrying value. |
Derivative Instruments and Acti
Derivative Instruments and Activities | 12 Months Ended |
Apr. 30, 2018 | |
Derivative Instruments and Activities [Abstract] | |
Derivative Instruments and Activities | From time-to-time, we enter into forward exchange and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates, and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. We do not use financial instruments for trading or speculative purposes. Interest Rate Contracts: We had $360.0 million of variable rate loans outstanding at April 30, 2018, which approximated fair value. As of April 30, 2018 and 2017, the interest rate swap agreements we maintained were designated as fully effective cash flow hedges as defined under Accounting Standards Codification 815 "Derivatives and Hedging" ("ASC 815"). As a result, there was no impact on our Consolidated Statements of Income from changes in the fair value of the interest rate swaps, as they were fully offset by changes in the interest expense on the underlying variable rate debt instruments. Under ASC 815, derivative instruments that are designated as cash flow hedges have changes in their fair value recorded initially within Accumulated Other Comprehensive Loss on the Consolidated Statements of Financial Position. As interest expense is recognized based on the variable rate loan agreements, the corresponding deferred gain or loss on the interest rate swaps is reclassified from Accumulated Other Comprehensive Loss to Interest Expense on the Consolidated Statements of Income. It is management's intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives. On April 4, 2016, we entered into a forward starting interest rate swap agreement, which fixed a portion of the variable interest due on a variable rate debt renewal on May 16, 2016. Under the terms of the agreement, we will pay a fixed rate of 0.92% and 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, 2018, the notional amount of the interest rate swap was $350.0 million. On August 15, 2014, we entered into an interest rate swap agreement, which fixed a portion of the variable interest due on our variable rate loans outstanding. Under the terms of the agreement, which expired on August 15, 2016, we paid a fixed rate of 0.65% 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 ending August 15, 2016. Prior to expiration the notional amount of the interest rate swap was $150.0 million. We record the fair value of our interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. The fair value of the interest rate swaps as of April 30, 2018 and 2017, was a deferred gain of $5.1 million and $3.9 million, respectively. Based on the maturity dates of the contracts, the entire deferred gain as of April 30, 2018 and 2017, was recorded within Other Non-Current Assets. The pre-tax (gains) losses that were reclassified from Accumulated Other Comprehensive Loss to Interest Expense for fiscal years 2018, 2017, and 2016 were $(1.5) million, $1.1 million, and $0.9 million, respectively. Based on the amount in Accumulated Other Comprehensive Loss at April 30, 2018, approximately $3.7 million, net of tax, of unrecognized gains would be reclassified into net income in the next twelve months. Foreign Currency Contracts: We may enter into forward exchange contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The forward exchange contracts are marked to market through Foreign Exchange Transaction (Losses) Gains on the Consolidated Statements of Income, and carried at their fair value on the Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Foreign Exchange Transaction (Losses) Gains on the Consolidated Statements of Income. As of April 30, 2018 and 2017, we did not maintain any open forward contracts. 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 manage foreign currency exposures on intercompany loans. These contracts matured in May 2016 and February 2017, respectively. As of April 30, 2016, the fair value of the open forward exchange contracts was a gain of approximately $1.3 million and recorded within Prepaid and other current assets. The fair value of the open forward exchange contracts was measured on a recurring basis using Level 2 inputs. For fiscal years 2017 and 2016, the gains recognized on forward contracts were $59.0 million and $1.3 million, respectively. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Apr. 30, 2018 | |
Commitment and Contingencies [Abstract] | |
Commitment and Contingencies | The following schedule shows the composition of net rent expense for operating leases: 2018 2017 2016 Minimum Rental $ 31,451 $ 35,464 $ 37,206 Less: Sublease Rentals (708 ) (626 ) (597 ) Total $ 30,743 $ 34,838 $ 36,609 At April 30, 2018, estimated future minimum annual rental commitments under non-cancelable real and personal property leases, were as follows: Fiscal Year Amount (in millions) 2019 $ 31.2 2020 28.9 2021 25.5 2022 21.0 2023 16.2 Thereafter 136.5 Total $ 259.3 Rent expense associated with operating leases that include scheduled rent increases and tenant incentives, such as rent holidays or leasehold improvement allowances, are recorded on a straight-line basis over the term of the lease. We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, we do not record a liability, but disclose facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of April 30, 2018, will not have a material effect upon our consolidated financial condition or results of operations. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Apr. 30, 2018 | |
Retirement Plans [Abstract] | |
Retirement Plans | We have retirement plans that cover substantially all employees. The plans generally provide for employee retirement between the ages 60 and 65, and benefits based on length of service and compensation, as defined. Our Board of Directors approved plan amendments that froze the following retirement plans: · Retirement Plan for the Employees of John Wiley & Sons, Canada was frozen effective December 31, 2015; · Retirement Plan for the Employees of John Wiley & Sons, Ltd., a U.K. plan was frozen effective April 30, 2015 and; · U.S. Employees' Retirement Plan, Supplemental Benefit Plan, and Supplemental Executive Retirement Plan, were frozen effective June 30, 2013. We maintain the Supplemental Executive Retirement Plan for certain officers and senior management which provides for the payment of supplemental retirement benefits after the termination of employment for 10 years or in a lifetime annuity. Under certain circumstances, including a change of control as defined, the payment of such amounts could be accelerated on a present value basis. Future accrued benefits to the Plan have been discontinued as noted above. The components of net pension expense (income) for the defined benefit plans and the weighted average assumptions were as follows: 2018 2017 2016 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service Cost $ — $ 960 $ — $ 967 $ — $ 1,455 Interest Cost 11,666 13,876 12,398 14,449 13,612 16,446 Expected Return on Plan Assets (13,154 ) (26,385 ) (14,053 ) (21,173 ) (14,756 ) (25,088 ) Net Amortization of Prior Service Cost (154 ) 57 (154 ) 54 (154 ) 55 Recognized Net Actuarial Loss 2,289 3,832 2,622 2,553 2,240 2,475 Curtailment/Settlement Loss - 19 8,842 — 1,857 — Net Pension Expense (Income) $ 647 $ (7,641 ) $ 9,655 $ (3,150 ) $ 2,799 $ (4,657 ) Discount Rate 4.1 % 2.6 % 4.0 % 3.5 % 4.2 % 3.5 % Rate of Compensation Increase N/A 3.0 % N/A 3.0 % N/A 3.0 % Expected Return on Plan Assets 6.8 % 6.5 % 6.8 % 6.7 % 6.8 % 6.7 % We announced a voluntary, limited-time opportunity for terminated vested employees who are participants in the U.S. Employees' Retirement Plan of John Wiley & Sons, Inc. (the "Pension Plan") to request early payment of their entire Pension Plan benefit in the form of a single lump sum payment. Eligible participants who wished to receive the lump sum payment were required to make an election by August 29, 2016. Approximately 780 eligible participants made the election to receive the lump sum totaling $28.3 million which was paid from pension plan assets in October 2016. Settlement accounting rules were applied, which resulted in a plan remeasurement and recognition of a pro-rata portion of unamortized net actuarial loss of $8.8 million which was recorded in Operating and Administrative Expenses on the Consolidated Statements of Income in fiscal year 2017. The curtailment/settlement loss in fiscal year 2016 of $1.9 million, noted above, related to a disability payment made subject to terms of the our 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 $820.4 million, $787.6 million and $624.4 million, respectively, as of April 30, 2018, and $800.1 million, $753.3 million, and $579.7 million, respectively, as of April 30, 2017. The Recognized Net Actuarial Loss for each fiscal year is calculated using the "corridor method," which reflects the amortization of the net loss at the beginning of the fiscal year in excess of 10% of the greater of the market value of plan assets or the projected benefit obligation. The amortization period is based on the average expected life of plan participants. We recognize the overfunded or underfunded status of defined benefit postretirement plans, measured as the difference between the fair value of plan assets and the projected benefit obligation, on the Consolidated Statements of Financial Position. The change in the funded status of the plan is recognized in Accumulated Other Comprehensive Loss on the Consolidated Statements of Financial Position. Plan assets and obligations are measured at fair value as of our balance sheet date. The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows: U.S. Non-U.S. Total Actuarial Loss $ 1,905 $ 3,998 $ 5,903 Prior Service Cost (154 ) 61 (93 ) Total $ 1,751 $ 4,059 $ 5,810 The following table sets forth the changes in and the status of our defined benefit plans' assets and benefit obligations: 2018 2017 U.S. Non-U.S. U.S. Non-U.S. CHANGE IN PLAN ASSETS Fair Value of Plan Assets, Beginning of Year $ 200,001 $ 390,133 $ 215,923 $ 352,484 Actual Return on Plan Assets 15,352 2,780 17,345 75,432 Employer Contributions 5,020 8,385 10,463 14,041 Employee Contributions — — — — Settlements — (239 ) (28,258 ) — Benefits Paid (15,390 ) (15,909 ) (15,472 ) (9,487 ) Foreign Currency Rate Changes — 34,298 — (42,337 ) Fair Value, End of Year $ 204,983 $ 419,448 $ 200,001 $ 390,133 CHANGE IN PROJECTED BENEFIT OBLIGATION Benefit Obligation, Beginning of Year $ (290,785 ) $ (519,588 ) $ (336,908 ) $ (461,161 ) Service Cost — (960 ) — (967 ) Interest Cost (11,666 ) (13,876 ) (12,398 ) (14,449 ) Actuarial Gains (Losses) 7,417 23,528 14,791 (105,151 ) Benefits Paid 15,390 15,909 15,472 9,487 Foreign Currency Rate Changes — (45,938 ) — 52,653 Settlements and Other — 239 28,258 — Benefit Obligation, End of Year $ (279,644 ) $ (540,686 ) $ (290,785 ) $ (519,588 ) Underfunded Status, End of Year $ (74,661 ) $ (121,238 ) $ (90,784 ) $ (129,455 ) AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION Other Noncurrent Assets — — — 134 Current Pension Liability (4,818 ) (780 ) (4,977 ) (799 ) Noncurrent Pension Liability (69,843 ) (120,458 ) (85,807 ) (128,790 ) Net Amount Recognized in Statement of Financial Position $ (74,661 ) $ (121,238 ) $ (90,784 ) $ (129,455 ) AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF Net Actuarial (Losses) $ (82,636 ) $ (183,316 ) $ (94,539 ) $ (171,601 ) Prior Service Cost Gains (Losses) 2,562 (441 ) 2,716 (448 ) Total Accumulated Other Comprehensive Loss $ (80,074 ) $ (183,757 ) $ (91,823 ) $ (172,049 ) Change in Accumulated Other Comprehensive Loss $ 11,749 $ (11,708 ) $ 29,394 $ (32,221 ) WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES Discount Rate 4.3 % 2.6 % 4.1 % 2.6 % Rate of Compensation Increase N/A 3.0 % N/A 3.0 % Accumulated Benefit Obligations $ (279,644 ) $ (507,932 ) $ (290,785 ) $ (472,841 ) Pension plan assets/investments: The investment guidelines for the defined benefit pension plans are established based upon an evaluation of market conditions, plan liabilities, cash requirements for benefit payments, and tolerance for risk. Investment guidelines include the use of actively and passively managed securities. The investment objective is to ensure that funds are available to meet the plans benefit obligations when they are due. The investment strategy is to invest in high quality and diversified equity and debt securities to achieve our long-term expectation. The plans' risk management practices provide guidance to the investment managers, including guidelines for asset concentration, credit rating and liquidity. Asset allocation favors a balanced portfolio, with a global aggregated target allocation of approximately 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%. We regularly review the investment allocations and periodically rebalance investments to the target allocations. We categorize our pension assets into three levels based upon the assumptions (inputs) used to price the assets. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:  Level 1: Unadjusted quoted prices in active markets for identical assets.  Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets in active markets or quoted prices for identical assets in inactive markets.  Level 3: Unobservable inputs reflecting assumptions about the inputs used in pricing the asset. We did not maintain any level 3 assets during fiscal years 2018 and 2017. In accordance with ASU 2015-07, "Fair Value Measurement ("Topic 820"), certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient do not have to be classified in the fair value hierarchy. We adopted ASU 2015-07 in fiscal year 2018 and it was applied retrospectively to all periods presented. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefit plan assets. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30: 2018 2017 Level 1 Level 2 Total Level 1 Level 2 Total U.S. Plan Assets Investments measured at NAV: Global Equity Securities: Limited Partnership $ 95,933 $ 91,397 Fixed Income Securities: Commingled Trust Funds 100,295 95,922 Other: Real Estate Commingled Trust Fund 8,755 12,682 Total Assets at NAV $ 204,983 $ 200,001 Non-U.S. Plan Assets Equity Securities: U.S. Equities $ — $ 31,203 $ 31,203 $ — $ 28,598 $ 28,598 Non-U.S. Equities — 96,387 96,387 — 85,961 85,961 Balanced Managed Funds — 91,743 91,743 10,196 69,453 79,649 Fixed Income Securities: Commingled Funds — 197,804 197,804 — 187,797 187,797 Other: Real Estate/Other — 549 549 — 489 489 Cash and Cash Equivalents 1,762 — 1,762 7,639 — 7,639 Total Non-U.S. Plan Assets $ 1,762 $ 417,686 $ 419,448 $ 17,835 $ 372,298 $ 390,133 Total Plan Assets $ 1,762 $ 417,686 $ 624,431 $ 17,835 $ 372,298 $ 590,134 Expected employer contributions to the defined benefit pension plans in fiscal year 2019 will be approximately $15.6 million, including $10.7 million of minimum amounts required for our non-U.S. plans. From time to time, we may elect to make voluntary contributions to our defined benefit plans to improve their funded status. Benefit payments to retirees from all defined benefit plans are expected to be the following in the year indicated: Fiscal Year U.S. Non-U.S. Total 2019 $ 15,435 $ 8,489 $ 23,924 2020 15,589 9,657 25,246 2021 14,322 10,535 24,857 2022 14,550 12,109 26,659 2023 14,947 12,619 27,566 2024-2028 75,428 75,332 150,760 Total $ 150,271 $ 128,741 $ 279,012 We provide contributory life insurance and health care benefits, subject to certain dollar limitations, for substantially all of our eligible retired U.S. employees. The retiree health benefit is no longer available for any employee who retires after December 31, 2017. This resulted in a curtailment gain of $2.5 million which was recognized in the Operating and Administrative Expenses line item in our Consolidated Statement of Income in fiscal year 2017. The cost of such benefits is expensed over the years the employee renders service and is not funded in advance. The accumulated post-retirement benefit obligation recognized on the Consolidated Statements of Financial Position as of April 30, 2018 and 2017, was $1.8 million and $1.7 million, respectively. Annual (credits) expenses for these plans for fiscal years 2018, 2017, and 2016 were $(0.1) million, $(0.2) million and $0.2 million, respectively. We have defined contribution savings plans. Our contribution is based on employee contributions and the level of our match. We may make discretionary contributions to all employees as a group. The expense recorded for these plans was approximately $14.4 million, $15.5 million, and $16.2 million in fiscal years 2018, 2017, and 2016 respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Apr. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | All equity compensation plans have been approved by shareholders. Under the 2014 Key Employee Stock Plan, ("the Plan"), qualified employees are eligible to receive awards that may include stock options, performance-based stock awards, and other restricted stock awards. Under the Plan, a maximum number of 6.5 million shares of our Class A stock may be issued. As of April 30, 2018, there were approximately 4,791,733 securities remaining available for future issuance under the Plan. We issue treasury shares to fund awards issued under the Plan. Stock Option Activity: Under the terms of our stock option plan, the exercise price of stock options granted may not be less than 100% of the fair market value of the stock at the date of grant. Options are exercisable over a maximum period of 10 years from the date of grant. For fiscal years 2015 and prior, options generally vest 50% on the fourth and fifth anniversary date after the award is granted. For fiscal year 2016, options vest 25% per year on April 30. We did not grant any stock option awards in fiscal year 2018 and 2017. Under certain circumstances relating to a change of control, as defined, the right to exercise options outstanding may be accelerated. The following table provides the estimated weighted average fair value for options granted in fiscal year 2016 using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of our Common Stock price over the estimated life of the option, while the dividend yield is based on the expected dividend payments to be made by us. 2016 Fair Value of Options on Grant Date $ 14.77 Weighted Average assumptions: Expected Life of Options (years) 7.2 Risk-Free Interest Rate 2.1 % Expected Volatility 29.7 % Expected Dividend Yield 2.1 % Fair Value of Common Stock on Grant Date $ 55.99 A summary of the activity and status of our stock option plans follows: 2018 2017 2016 Number of Options (in 000's) Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in millions) Number of Options (in 000's) Weighted Average Exercise Price Number of Options (in 000's) Weighted Average Exercise Price Outstanding at Beginning of Year 1,429 $ 47.39 1,966 $ 46.62 1,921 $ 45.50 Granted — $ — — $ — 166 $ 55.99 Exercised (788 ) $ 45.97 (469 ) $ 43.74 (103 ) $ 40.22 Expired or Forfeited (30 ) $ 54.24 (68 ) $ 49.91 (18 ) $ 51.02 Outstanding at End of Year 611 $ 48.88 3.3 $ 10.4 1,429 $ 47.39 1,966 $ 46.62 Exercisable at End of Year 530 $ 47.43 4.2 $ 9.8 1,064 $ 46.04 1,140 $ 45.22 Vested and Expected to Vest in the Future at April 30 599 $ 48.90 3.3 $ 10.2 1,249 $ 45.88 1,925 $ 46.61 The intrinsic value is the difference between our common stock price and the option grant price. The total intrinsic value of options exercised during fiscal years 2018, 2017, and 2016 was $10.4 million, $20.5 million, and $1.5 million, respectively. The total grant date fair value of stock options vested during fiscal year 2018 and 2017 was $13.4 and $19.3 million, respectively. As of April 30, 2018, there was $0.5 million of unrecognized share-based compensation expense related to stock options, which is expected to be recognized over a period up to 1 year and on a weighted average basis. The following table summarizes information about stock options outstanding and exercisable at April 30, 2018: Options Outstanding Options Exercisable Range of Exercise Prices Number of Options (in 000's) Weighted Average Remaining Term (in years) Weighted Average Exercise Price Number of Options (in 000's) Weighted Average Exercise Price $ 35.04 11 1.2 $ 35.04 11 $ 35.04 $ 39.53 to $40.02 226 3.1 $ 39.62 226 $ 39.62 $ 47.55 to $49.55 130 3.0 $ 48.71 130 $ 48.71 $ 55.99 to $59.70 244 3.8 $ 58.12 163 $ 58.05 Total/Average 611 3.3 $ 48.88 530 $ 47.43 Performance-Based and Other Restricted Stock Activity: Under the terms of our long-term incentive plans, performance-based restricted unit awards are payable in restricted shares of our Class A Common Stock upon the achievement of certain three-year financial performance-based targets. During each three-year period, we adjust compensation expense based upon our best estimate of expected performance. For fiscal years 2015 and prior, restricted performance shares vest 50% on the first and second anniversary date after the award is earned. For fiscal years 2016 and 2017, restricted performance shares vest 50% on June 30 following the end of the three-year performance cycle and 50% on April 30 of the following year. Beginning in fiscal year 2018, restricted performance share units vest 100% on June 30 following the end of the three-year performance cycle. We may also grant individual restricted unit awards payable in restricted shares of our Class A Common Stock to key employees in connection with their employment. For 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 shares vest ratably 25% per year. Under certain circumstances relating to a change of control or termination, as defined, the restrictions would lapse and shares would vest earlier. Activity for performance-based and other restricted stock awards during fiscal years 2018, 2017, and 2016 was as follows (shares in thousands): 2018 2017 2016 Restricted Shares Weighted Average Grant Date Value Restricted Shares Restricted Shares Nonvested Shares at Beginning of Year 913 $ 51.85 915 752 Granted 525 $ 53.59 509 289 Change in Shares Due to Performance (107 ) $ 55.70 (67 ) 86 Vested and Issued (318 ) $ 49.47 (267 ) (154 ) Forfeited (152 ) $ 52.40 (177 ) (58 ) Nonvested Shares at End of Year 861 $ 53.22 913 915 As of April 30, 2018, there was $31.1 million of unrecognized share-based compensation cost related to performance-based and other restricted stock awards, which is expected to be recognized over a period up to 4 years, or 2.2 years on a weighted average basis. Compensation expense for restricted stock awards is measured using the closing market price of our Class A Common Stock at the date of grant. The total grant date value of shares vested during fiscal years 2018, 2017, and 2016 was $15.7 million, $12.1 million, and $7.2 million, respectively. President and CEO New Hire Equity Awards On October 17, 2017, we announced Brian A. Napack as the new President and Chief Executive Officer of Wiley effective December 4, 2017 (the "Commencement Date"). Upon the Commencement Date, Mr. Napack also became a member of our Board of Directors (the "Board"). In connection with his appointment, Wiley and Mr. Napack entered into an employment offer letter (the "Employment Agreement"). The Employment Agreement provides that beginning with the fiscal year 2018–2020 performance cycle, eligibility to participate in annual grants under our Executive Long-Term Incentive Program (ELTIP). Targeted long-term incentive for this cycle is equal to 300% of base salary, or $2.7 million. Sixty percent of the ELTIP value will be delivered in the form of target performance share units and forty percent in restricted share units. The grant date fair value for restricted share units was $59.15 per share and included 20,611 restricted share units, which vest 25% each year starting on April 30, 2018 to April 30, 2021. In addition, there was a performance share unit award with a target of 30,916 units and a grant date fair value of $59.15. The performance metrics are based on cumulative EBITDA for fiscal year 2018-2020 and cumulative normalized free cash flow for fiscal year 2018–2020. The awards are described in further detail in Mr. Napack's Employment Agreement filed with the SEC as Exhibit 10.1 to our Current Report on Form 8-K filed on October 17, 2017. In addition, the Employment Agreement provides for a sign-on grant of restricted share units, with a grant value of $4.0 million, converted to shares using our Class A closing stock price as of the Commencement Date, and vesting in two equal installments on the first and second anniversaries of the employment date. The grant date fair value for this award was $59.15 per share and included 67,625 units at the date of grant. Grants are subject to forfeiture in the case of voluntary termination prior to vesting and accelerated vesting in the case of earlier termination of employment without Cause, due to death or Disability or Constructive Discharge, or upon a Change in Control (as such terms are defined in the Employment Agreement). The awards are described in further detail in Mr. Napack's Employment Agreement filed with the SEC as Exhibit 10.1 to our Current Report on Form 8-K filed on October 17, 2017. Director Stock Awards: Under the terms of our 2014 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 and Chairman of the Board), based on the stock price at the close of the New York Stock Exchange 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 19,900, 20,243, and 19,559 shares awarded under the Director Plan for fiscal years 2018, 2017, and 2016, respectively. |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 12 Months Ended |
Apr. 30, 2018 | |
Capital Stock and Changes in Capital Accounts [Abstract] | |
Capital Stock and Changes in Capital Accounts | Each share of our Class B Common Stock is convertible into one share of Class A Common Stock. The holders of Class A stock are entitled to elect 30% of the entire Board of Directors and the holders of Class B stock are entitled to elect the remainder. On all other matters, each share of Class A stock is entitled to one tenth of one vote and each share of Class B stock is entitled to one vote. During fiscal year 2017, our Board of Directors approved an additional share repurchase program of four million shares of Class A or B Common Stock. We repurchased in fiscal year 2018 713,177 Class A shares at an average price of $55.65 per share. In fiscal year 2017 we repurchased 953,188 shares, which included 952,667 Class A shares and 521 Class B shares at an average price of $52.80 per share. As of April 30, 2018, we had authorization from our Board of Directors to purchase up to 3,080,471 additional shares. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 30, 2018 | |
Segment Information [Abstract] | |
Segment Information | Our segment reporting structure consists of three reportable segments, which are listed below and a Corporate category as follows:  Research;  Publishing; and  Solutions Segment information is as follows: For the Years Ended April 30, 2018 2017 2016 Revenue: Research $ 934,395 $ 853,489 $ 826,778 Publishing 617,648 633,449 695,728 Solutions 244,060 231,592 204,531 Total Revenue $ 1,796,103 $ 1,718,530 $ 1,727,037 Contribution to Profit: Research $ 275,480 $ 252,228 $ 252,110 Publishing 123,917 125,703 126,058 Solutions 22,099 14,822 3,992 Total Contribution to Profit $ 421,496 $ 392,753 $ 382,160 Corporate Expenses (181,961 ) (186,600 ) (194,047 ) Operating Income $ 239,535 $ 206,153 $ 188,113 For the Years Ended April 30, Total Revenue by Product/Service 2018 2017 2016 Journals Subscriptions $ 677,685 $ 639,720 $ 622,305 Open Access 41,997 30,633 25,671 Licensing, Reprints, Backfiles, and Other (Research segment) 181,806 164,070 178,802 Publishing Technology Services (Atypon) 32,907 19,066 — STM and Professional Publishing 287,315 291,255 330,984 Education Publishing 187,178 196,343 229,989 Course Workflow (WileyPLUS) 59,475 62,348 58,519 Test Preparation and Certification 35,534 35,609 28,115 Licensing, Distribution, Advertising, and Other (Publishing segment) 48,146 47,894 48,121 Education Services (OPM) 119,131 111,638 96,469 Professional Assessment 61,094 59,868 57,370 Corporate Learning 63,835 60,086 50,692 Total $ 1,796,103 $ 1,718,530 $ 1,727,037 Total Assets Research $ 1,238,178 $ 1,133,846 $ 1,235,609 Publishing 575,033 582,339 672,987 Solutions 563,489 575,068 439,554 Corporate 462,751 314,964 572,946 Total $ 2,839,451 $ 2,606,217 $ 2,921,096 Expenditures for Long Lived Assets Research $ (7,538 ) $ (154,189 ) $ (20,418 ) Publishing (23,666 ) (29,420 ) (35,966 ) Solutions (16,786 ) (21,210 ) (23,344 ) Corporate (102,738 ) (98,608 ) (71,667 ) Total $ (150,728 ) $ (303,427 ) $ (151,395 ) Depreciation and Amortization Research $ 33,655 $ 29,330 $ 26,410 Publishing 39,495 43,831 47,108 Solutions 27,703 26,792 22,927 Corporate 53,136 56,608 59,404 Total $ 153,989 $ 156,561 $ 155,849 Revenue from external customers based on the location of the customer and long-lived assets by geographic area were as follows: Revenue Long-Lived Assets (Technology, Property and Equipment) 2018 2017 2016 2018 2017 2016 United States $ 913,852 $ 786,574 $ 884,185 $ 249,542 $ 208,572 $ 166,878 United Kingdom 147,406 189,479 153,442 20,955 21,368 23,246 Germany 98,404 75,090 69,676 9,259 8,770 9,629 Japan 81,572 62,674 76,930 72 75 35 Australia 78,270 66,309 78,786 1,454 591 1,041 China 53,076 39,653 52,815 229 270 244 Canada 55,568 50,740 50,243 3,635 1,232 1,617 France 51,826 44,760 49,970 635 335 2,211 India 41,637 34,306 38,208 1,437 245 234 Other Countries 274,492 368,945 272,782 2,716 1,600 2,329 Total $ 1,796,103 $ 1,718,530 $ 1,727,037 $ 289,934 $ 243,058 $ 207,464 |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) | 12 Months Ended |
Apr. 30, 2018 | |
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract] | |
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) | Amounts in millions, except per share data 2018 2017 Revenue First Quarter $ 411.4 $ 404.3 Second Quarter 451.7 425.6 Third Quarter 455.7 436.4 Fourth Quarter 477.3 452.2 Fiscal Year $ 1,796.1 $ 1,718.5 Gross Profit First Quarter $ 296.7 $ 290.8 Second Quarter 331.9 314.0 Third Quarter 330.5 320.1 Fourth Quarter 351.8 332.9 Fiscal Year $ 1,310.9 $ 1,257.8 Operating Income First Quarter $ 14.5 $ 43.8 Second Quarter 82.8 47.7 Third Quarter 67.4 51.2 Fourth Quarter 74.8 63.5 Fiscal Year $ 239.5 $ 206.2 Net Income First Quarter $ 9.2 $ 31.0 Second Quarter 60.0 (11.5 ) Third Quarter 68.8 47.4 Fourth Quarter 54.2 46.7 Fiscal Year $ 192.2 $ 113.6 2018 2017 Basic Diluted Basic Diluted Earnings Per Share (1) First Quarter $ 0.16 $ 0.16 $ 0.54 $ 0.53 Second Quarter 1.06 1.04 (0.20 ) (0.20 ) Third Quarter 1.21 1.19 0.83 0.82 Fourth Quarter 0.95 0.93 0.82 0.81 Fiscal Year $ 3.37 $ 3.32 $ 1.98 $ 1.95 (1) The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding. |
Schedule II-VALUATION AND QUALI
Schedule II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Apr. 30, 2018 | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS [Abstract] | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | JOHN WILEY & SONS, INC. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED APRIL 30, 2018, 2017, AND 2016 (Dollars in thousands) Description Balance at Beginning of Period Charged to Expenses and Other Deductions From Reserves (2) Balance at End of Period Year Ended April 30, 2018 Allowance for Sales Returns (1) $ 24,300 $ (3,486 ) $ 2,186 $ 18,628 Allowance for Doubtful Accounts $ 7,186 $ 5,439 $ 2,518 $ 10,107 Allowance for Inventory Obsolescence $ 21,096 $ 9,182 $ 12,085 $ 18,193 Year Ended April 30, 2017 Allowance for Sales Returns (1) $ 19,861 $ 53,482 $ 49,043 $ 24,300 Allowance for Doubtful Accounts $ 7,254 $ 2,913 $ 2,981 $ 7,186 Allowance for Inventory Obsolescence $ 21,968 $ 9,538 $ 10,410 $ 21,096 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 (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 Royalties Payable (See Note 2). (2) Deductions from reserves include foreign exchange translation adjustments, accounts written off, less recoveries and items removed from inventory. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards [Abstract] | |
Basis of Presentation | Basis of Presentation: Our Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. All amounts are in thousands, except per share amounts, and approximate due to rounding. |
Reclassifications | Reclassifications: Certain prior year amounts have been reclassified to conform to the current year's presentation. |
Use of Estimates | Use of Estimates: The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and revenue and expenses during the reporting period. These estimates include, among other items, assessing the collectability of receivables, the use and recoverability of inventory, assumptions used in the calculation of income taxes, useful lives and recoverability of tangible assets and goodwill and other intangible assets, assumptions used in our defined benefit pension plans and other post-employment benefit plans, costs for incentive compensation, and accruals for commitments and contingencies. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions on the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from those estimates. |
Book Overdrafts | Book Overdrafts: Under our cash management system, a book overdraft balance exists for our primary disbursement accounts. This overdraft represents uncleared checks in excess of cash balances in individual bank accounts. Our funds are transferred from other existing bank account balances or from lines of credit as needed to fund checks presented for payment. As of April 30, 2018 and 2017, book overdrafts of $13.1 million and $17.6 million, respectively, were included in Accounts Payable on the Consolidated Statements of Financial Position. |
Revenue Recognition | Revenue Recognition: We We transitioned from issue-based to time-based digital journal subscription agreements starting in calendar year 2016. Under this new model, we provide access to all journal content published within a calendar year and recognize revenue on a straight-line basis over the calendar year. Under our 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. We made these changes to simplify the contracting and administration of our digital journal subscriptions. When a product is sold with multiple deliverables, we account 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 us when it is sold separately. Our multiple deliverable arrangements principally include WileyPLUS Wiley Online Library Wiley Online Library Literatum We enter into contracts for the resale of our content through third parties where we are not the primary obligor of the arrangement because we are not responsible for fulfilling the customer's order, handling customer requests or claims, and/or maintaining credit risk. We recognize revenue for the sale of our content, net of any commission owed to the third-party seller, or taxes, which are remitted to government authorities. In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606) ("ASU 2014-09"), which supersedes most existing revenue recognition guidance. We adopted ASU 2014-09 on May 1, 2018. See the caption below, "Recently Adopted Accounting Standards" for details of our adoption of ASU 2014-09. |
Cash Equivalents | Cash Equivalents: Cash equivalents consist of highly liquid investments with an original maturity of three months or less at the time of purchase and are stated at cost, which approximates market value, because of the short-term maturity of the instruments. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts: The estimated allowance for doubtful accounts is based on a review of the aging of the accounts receivable balances, historical write-off experience, credit evaluations of customers, and current market conditions. A change in the evaluation of a customer's credit could affect the estimated allowance. The allowance for doubtful accounts is shown as a reduction of Accounts Receivable on the Consolidated Statements of Financial Position and amounted to $10.1 million and $7.2 million as of April 30, 2018 and 2017, respectively. |
Sales Return Reserves | Sales Return Reserves: The process that we use to determine our sales returns and the related reserve provision charged against revenue is based on applying an estimated return rate to current year returnable print book sales. This rate is based upon an analysis of actual historical return experience in the various markets and geographic regions in which we do business. We collect, maintain and analyze significant amounts of sales returns data for large volumes of homogeneous transactions. This allows us to make reasonable estimates of the amount of future returns. All available data is utilized to identify the returns by market and to which fiscal year the sales returns apply. This enables management to track the returns in detail and identify and react to trends occurring in the marketplace, with the objective of being able to make the most informed judgments possible in setting reserve rates. Associated with the estimated sales return reserves, we also include a related reduction in inventory and royalty costs as a result of the expected returns. Net print book sales return reserves amounted to $18.6 million and $24.3 million as of April 30, 2018 and 2017, respectively. The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – (decrease) increase as of April 30: 2018 2017 Accounts Receivable $ (28,302 ) $ (34,769 ) Inventories $ 4,626 $ 4,727 Royalties Payable $ (5,048 ) $ (5,741 ) Decrease in Net Assets $ (18,628 ) $ (24,300 ) |
Inventories | Inventories: Inventories are carried at the lower of cost or market. U.S. book inventories aggregating $24.0 million and $31.5 million at April 30, 2018 and 2017, respectively, are valued using the last-in, first-out (LIFO) method. All other inventories are valued using the first-in, first-out (FIFO) method. |
Reserve for Inventory Obsolescence | Reserve for Inventory Obsolescence A reserve for inventory obsolescence is estimated based on a review of damaged, obsolete, or otherwise unsalable inventory. The review encompasses historical unit sales trends by title, current market conditions, including estimates of customer demand compared to the number of units currently on hand, and publication revision cycles. The inventory obsolescence reserve is reported as a reduction of the Inventories balance on the Consolidated Statements of Financial Position and amounted to $18.2 million and $21.1 million as of April 30, 2018 and 2017, respectively. |
Product Development Assets | Product Development Assets: Product development assets consist of book composition costs and other product development costs. Costs associated with developing a book publication are expensed until the product is determined to be commercially viable. Book composition costs represent the costs incurred to bring an edited commercial manuscript to publication, which include typesetting, proofreading, design, illustration costs, and digital formatting. Book composition costs are capitalized and are generally amortized on a double-declining basis over their estimated useful lives, ranging from 1 to 3 years. Other product development costs represent the costs incurred in developing software, platforms, and digital content to be sold and licensed to third parties. Other product development costs are capitalized and generally amortized on a straight-line basis over their estimated useful lives. As of April 30, 2018, the weighted average estimated useful life of other product development costs was approximately 6 years. |
Royalty Advances | Royalty Advances: Royalty advances are capitalized and, upon publication, are expensed as royalties earned based on sales of the published works. Royalty advances are reviewed for recoverability and a reserve for loss is maintained, if appropriate. |
Shipping and Handling Costs | Shipping and Handling Costs: Costs incurred for third party shipping and handling are reflected in Operating and Administrative Expenses on the Consolidated Statements of Income. We incurred $33.7 million, $39.1 million, and $40.5 million in shipping and handling costs in fiscal years 2018, 2017, and 2016, respectively. |
Advertising Expense | Advertising Expense: Advertising costs are expensed as incurred. We incurred $68.3 million, $61.4 million and $54.1 million in advertising costs in fiscal years 2018, 2017, and 2016, respectively, and these costs are included in Operating and Administrative Expenses on the Consolidated Statements of Income. |
Technology, Property and Equipment | Technology, Property, and Equipment: Technology, property, and equipment is recorded at cost. Major renewals and improvements are capitalized, while maintenance and repairs are expensed as incurred. Technology, property and equipment is depreciated using the straight-line method based upon the following estimated useful lives: Computer Software – 3 to 10 years, Computer Hardware – 3 to 5 years; Buildings and Leasehold Improvements – the lesser of the estimated useful life of the asset up to 40 years or the duration of the lease; Furniture, Fixtures, and Warehouse Equipment – 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 our Enterprise Resource Planning and related systems are amortized over an expected useful life of 10 years. Maintenance, training, and upgrade costs that do not result in additional functionality are expensed as incurred. |
Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed | Allocation of Acquisition Purchase Price to Assets Acquired and Liabilities Assumed In connection with acquisitions, we allocate the cost of the acquisition to the assets acquired and the liabilities assumed based on the estimates of fair value for such items, including intangible assets and technology acquired. Such estimates include discounted estimated cash flows to be generated by those assets and the expected useful lives based on historical experience, current market trends, and synergies to be achieved from the acquisition and the expected tax basis of assets acquired. We may use a third-party valuation consultant to assist in the determination of such estimates. |
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-lived Intangible Assets: Goodwill represents the excess of the aggregate of the following: (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree, and (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Indefinite-lived intangible assets primarily consist of brands, trademarks, content, and publishing rights and are typically characterized by intellectual property with a long and well-established revenue stream resulting from strong and well-established imprint/brand recognition in the market. We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. |
Intangible Assets with Finite Lives and Other Long-Lived Assets | Intangible Assets with Finite Lives and Other Long-Lived Assets: Finite-lived intangible assets principally consist of brands, trademarks, content and publication rights, customer relationships, and non-compete agreements and are amortized over their estimated useful lives. The most significant factors in determining the estimated lives of these intangibles are the history and longevity of the brands, trademarks, and content and publication rights acquired combined with the strength of cash flows. Content and publication rights, trademarks, customer relationships, and brands with finite lives are amortized on a straight-line basis over periods ranging from 2 to 40 years. Non-compete agreements are amortized over the terms of the individual agreement, generally up to 5 years. Intangible assets with finite lives as of April 30, 2018, are amortized on a straight line basis over the following weighted average estimated useful lives: content and publishing rights – 30 years, customer relationships – 20 years, brands and trademarks – 15 years, non-compete agreements – 5 years. Assets with finite lives are evaluated for impairment upon a significant change in the operating or macroeconomic environment. In these circumstances, if an evaluation of the projected undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value based on the discounted future cash flows. |
Derivative Financial Instruments | Derivative Financial Instruments: From time to time, we enter into foreign exchange forward and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates, and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. We do not use financial instruments for trading or speculative purposes. |
Foreign Currency Gains/Losses | Foreign Currency Gains/Losses: We maintain operations in many non-U.S. locations. Assets and liabilities are translated into U.S. dollars using end-of-period exchange rates and revenues and expenses are translated into U.S. dollars using weighted average rates. Our significant investments in non-U.S. businesses are exposed to foreign currency risk. Foreign currency translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss within Shareholders' Equity. During fiscal year 2018, we recorded $67.6 million of foreign currency translation gains primarily due to the strengthening of the British pound sterling relative to the U.S. dollar . Foreign currency transaction gains or losses are recognized on the Consolidated Statements of Income as incurred. |
Share-Based Compensation | Stock-Based Compensation: We recognize stock-based compensation expense based on the fair value of the stock-based awards on the grant date, reduced by an estimate for future forfeited awards. As such, stock-based compensation expense is only recognized for those awards that are expected to ultimately vest. The fair value of stock-based awards is recognized in net income on a straight-line basis over the requisite service period. The grant date fair value for stock options is estimated using the Black-Scholes option-pricing model. The determination of the assumptions used in the Black-Scholes model required us to make significant judgments and estimates, which include the expected life of an option, the expected volatility of our Common Stock over the estimated life of the option, a risk-free interest rate, and the expected dividend yield. Judgment was also required in estimating the amount of stock-based awards that may be forfeited. Stock-based compensation expense associated with performance-based stock awards is based on actual financial results for targets established three years in advance. The cumulative effect on current and prior periods of a change in the estimated number of performance share awards, or estimated forfeiture rate, is recognized as an adjustment to earnings in the period of the revision. If actual results differ significantly from estimates, our stock-based compensation expense and consolidated results of operations could be impacted. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In May 2017, the FASB issued ASU 2017-09, "Compensation— Stock Compensation (Topic 718): Scope of Modification Accounting," which clarifies when changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Under the new guidance, modification accounting is only required if the fair value, vesting conditions or classification (equity or liability) of the new award are different from the original award immediately before the original award is modified. We adopted ASU 2017-09 on May 1, 2018. The new guidance must be applied prospectively to awards modified on or after the adoption date. The future impact of ASU 2017-09 will be dependent on the nature of future stock award modifications. In March 2017, the FASB issued ASU 2017-07, "Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The guidance requires that the service cost component of net pension and postretirement benefit costs be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, while the other components of net benefit costs must be reported separately from the service cost component and below operating income. The guidance also allows only the service cost component to be eligible for capitalization when applicable. We adopted ASU 2017-07 on May 1, 2018. The new guidance must be applied retrospectively for the presentation of net benefit costs in the income statement and prospectively for the capitalization of the service cost component of net benefit costs. Our net pension and postretirement costs for the fiscal year ended April 30, 2018, includes approximately $8.1 million of net benefits that, upon adoption will be reclassified from operating income to a line item below operating income. Our net pension and retirement costs for the fiscal year ended April 30, 2017, includes $5.3 million of net charges that will be reclassified from operating income to a line item below operating income upon adoption. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business", which clarifies the definition of a business in order to allow for the evaluation of whether transactions should be accounted for as acquisitions or disposals of assets or business. We adopted ASU 2017-01 on May 1, 2018. The future impact of ASU 2017-01 will be dependent upon the nature of future acquisitions or dispositions made by us. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. ASU 2016-18 requires that entities include restricted cash and restricted cash equivalents with cash and cash equivalents in the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. We adopted ASU 2016-18 on May 1, 2018. Retrospective transition method is to be applied to each period presented. The adoption of ASU 2016-18 did not have a material impact to our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory", which simplifies the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this Standard eliminate the exception for an intra-entity transfer of an asset other than inventory. We adopted ASU 2016-16 on May 1, 2018. The adoption of ASU 2016-16 did not have a material impact to our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which provides clarification on classifying a variety of activities within the Statement of Cash Flows. We adopted ASU 2016-15 on May 1, 2018. The adoption of ASU 2016-15 did not have a material impact to our consolidated statements of cash flows. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." Subsequently, the FASB issued ASU 2018-03, "Technical Corrections and Improvements to Financial Instruments-Overall." ASU 2016-01 requires equity investments except those under the equity method of accounting to be measured at fair value with the changes in fair value recognized in net income. The amendment simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. In addition, it also requires enhanced disclosures about investments. We adopted ASU 2016-01 on May 1, 2018. The adoption of ASU 2016- 01 did not have a material impact to our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (Topic 606) which superseded most existing revenue recognition guidance. We adopted ASU 2014-09 on May 1, 2018. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606) – Principal versus Agent Considerations", ASU 2016-10, "Revenue from Contracts with Customers (Topic 606) – Identifying Performance Obligations and Licensing", ASU 2016-12, "Revenue from Contracts with Customers (Topic 606) – Narrow Scope Improvements and Practical Expedients", and ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which provide clarification and additional guidance related to ASU 2014-09. We also adopted ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 with ASU 2014-09 on May 1, 2018. We utilized a comprehensive approach to assess the impact of the standard on our contract portfolio by reviewing our current accounting policies and practices to identify differences that would result from applying the new standard to our revenue contracts. We adopted the new revenue standard as of May 1, 2018, using the modified retrospective method. The adoption of the standard did not have a material impact to our consolidated revenues, financial position, or results of operations. Accordingly, we will record an immaterial net increase to opening retained earnings upon adoption resulting from the acceleration of revenue recognized under the standard. Although the adoption of the new revenue standard is not material to our consolidated financial position, or results of operations, there are certain components of our revenue where the standard changes the timing of when revenue is recognized compared to our historical policies due to: (i) perpetual licenses granted in connection with other deliverables, previously recognized over the life of the associated subscription for future content, which we will now recognize the revenue at a point in time, which is when access is granted, (ii) customers' unexercised rights, which was previously recognized at the end of a pre-determined period for situations where we have received a nonrefundable payment for a customer to receive a good or service and the customer has not exercised such right, which we will now recognize such breakage amounts as revenue in proportion to the pattern of rights exercised by the customer, (iii) recognition of royalties in the period of usage, and (iv) recognition of certain arrangements with minimum guarantees on a time-based (straight-line) basis due to a stand-ready obligation to provide additional rights to content. In addition, the adoption of the standard results in the discontinuance of the historical practice of presenting accounts receivable and deferred revenue balances on a net basis for some of our subscription licensing agreements where we have invoiced a customer in advance of the related revenue being recognized and payment has not yet been received. As of April 30, 2018, the amounts that were netted down from accounts receivable and deferred revenue were $59.5 million. Effective April 30, 2017, we adopted ASU 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. We elected to adopt this standard prospectively and thus prior period balances were not adjusted. As of April 30, 2017, there were $0.8 million of current deferred tax assets reported within Prepaid and Other Current Assets on the Consolidated Statements of Financial Position. 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 U.S. GAAP). We adopted ASU 2016-09 on a prospective basis on May 1, 2017. As a result of the adoption: · Excess income tax benefits and deficiencies from stock-based compensation are now recognized as a discrete item within the Provision for Income Taxes in the Consolidated Statements of Income, rather than Additional Paid-In-Capital on the Consolidated Statements of Financial Position, and amounted to $1.6 million for fiscal year 2018. · Excess income tax benefits and deficiencies are no longer considered when applying the treasury stock method for computing diluted shares outstanding, which resulted in an increase in diluted shares outstanding of less than 0.1 million. · Excess income tax benefits and deficiencies are now classified as an Operating Activity on the Consolidated Statements of Cash Flows. There were no excess tax benefits recorded in operating activities for fiscal year 2018, while $0.4 million were recorded in Financing Activities for fiscal year 2017. · We have elected to continue estimating expected forfeitures in determining stock compensation expense each period. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2018, the FASB issued ASU 2018-02 "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The standard is effective for us on May 1, 2019, and interim periods within that fiscal year, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities," to simplify and improve the application and financial reporting of hedge accounting. The guidance eases the requirements for measuring and reporting hedge ineffectiveness, and clarifies that changes in the fair value of hedging instruments for cash flow, net investment, and fair value hedges should be reflected in the same income statement line item as the earnings effect of the hedged item. The guidance also permits entities to designate specific components in cash flow and interest rate hedges as the hedged risk, instead of using total cash flows. The standard is effective for us on May 1, 2019, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles–Goodwill and Other (Topic 350): "Simplifying the Test for Goodwill Impairment", which simplifies the measurement of a potential goodwill impairment charge by eliminating the requirement to calculate an implied fair value of the goodwill based on the fair value of a reporting unit's other assets and liabilities. The new guidance eliminates the implied fair value method and instead measures a potential impairment charge based on the excess of a reporting unit's carrying value compared to its fair value. The impairment charge cannot exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for us on May 1, 2020, with early adoption permitted. Based on our most recent annual goodwill impairment test completed in fiscal year 2018, we expect no initial impact on adoption. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity's portfolio. ASU 2016-13 is effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted. We are currently assessing the impact the new guidance will have on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". ASU 2016-02 requires The standard is effective for us on May 1, 2019, with early adoption permitted. Adoption requires application of the new guidance to the beginning of the earliest period presented using a modified retrospective approach. We are currently assessing the impact the new guidance will have on our consolidated financial statements. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards [Abstract] | |
Net Sales Return Reserves by Balance Sheet Account | The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position – (decrease) increase as of April 30: 2018 2017 Accounts Receivable $ (28,302 ) $ (34,769 ) Inventories $ 4,626 $ 4,727 Royalties Payable $ (5,048 ) $ (5,741 ) Decrease in Net Assets $ (18,628 ) $ (24,300 ) |
Reconciliation of Weighted Av31
Reconciliation of Weighted Average Shares Outstanding (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
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: 2018 2017 2016 Weighted Average Shares Outstanding 57,181 57,531 58,253 Less: Unvested Restricted Shares (138 ) (194 ) (255 ) Shares Used for Basic Earnings Per Share 57,043 57,337 57,998 Dilutive Effect of Stock Options and Other Stock Awards 845 862 736 Shares Used for Diluted Earnings Per Share 57,888 58,199 58,734 |
Accumulated Other Comprehensi32
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | Changes in Accumulated Other Comprehensive Loss by component, net of tax, for the fiscal years ended April 30, 2018 and 2017, were as follows: Foreign Currency Translation Adjustment Unamortized Retirement Costs Interest Rate Swaps Total Balance at April 30, 2016 $ (267,920 ) $ (179,405 ) $ (361 ) $ (447,686 ) Other comprehensive (loss) income before reclassifications (51,292 ) (18,458 ) 2,735 (67,015 ) Amounts reclassified from Accumulated Other Comprehensive Loss — 7,361 53 7,414 Total other comprehensive (loss) income (51,292 ) (11,097 ) 2,788 (59,601 ) Balance at April 30, 2017 $ (319,212 ) $ (190,502 ) $ 2,427 $ (507,287 ) Other comprehensive income (loss) before reclassifications 67,639 (4,979 ) 1,739 64,399 Amounts reclassified from Accumulated Other Comprehensive Loss — 4,455 (1,147 ) 3,308 Total other comprehensive income (loss) 67,639 (524 ) 592 67,707 Balance at April 30, 2018 $ (251,573 ) $ (191,026 ) $ 3,019 $ (439,580 ) |
Restructuring and Related Cha33
Restructuring and Related Charges (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Restructuring and Related Charges [Abstract] | |
Pre-tax Restructuring Charges | The following tables summarize the pre-tax restructuring charges related to this program: 2018 2017 2016 Total Charges Incurred to Date Charges by Segment: Research $ 5,257 $ 1,949 $ 2,982 $ 25,413 Publishing 6,443 1,596 4,507 38,931 Solutions 3,695 1,787 1,042 6,247 Corporate Expenses 13,171 8,023 20,080 95,919 Total Restructuring and Related Charges $ 28,566 $ 13,355 $ 28,611 $ 166,510 Charges (Credits) by Activity: Severance $ 27,213 $ 8,386 $ 16,443 $ 114,803 Process Reengineering Consulting 1,815 148 7,191 20,629 Other Activities (462 ) 4,821 4,977 31,078 Total Restructuring and Related Charges $ 28,566 $ 13,355 $ 28,611 $ 166,510 |
Activity for Restructuring and Reinvestment Program Liability | The following table summarizes the activity for the Restructuring and Reinvestment Program liability for fiscal year 2018: April 30, 2017 Charges Payments Foreign Translation and Reclassification April 30, 2018 Severance $ 10,082 $ 27,213 $ (21,197 ) $ 1,181 $ 17,279 Process Reengineering Consulting — 1,815 (1,815 ) — — Other Activities 12,708 (462 ) (7,583 ) (1,891 ) 2,772 Total $ 22,790 $ 28,566 $ (30,595 ) $ (710 ) $ 20,051 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Inventories [Abstract] | |
Inventories | Inventories at April 30 were as follows: 2018 2017 Finished Goods $ 36,503 $ 38,329 Work-in-Process 2,139 7,078 Paper and Other Materials 550 650 39,192 46,057 Inventory Value of Estimated Sales Returns 4,626 4,727 LIFO Reserve (4,329 ) (2,932 ) Total Inventories $ 39,489 $ 47,852 |
Product Development Assets (Tab
Product Development Assets (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Product Development Assets [Abstract] | |
Product Development Assets | Product development assets consisted of the following at April 30: 2018 2017 Book Composition Costs $ 24,887 $ 28,884 Other Product Development Costs 53,927 51,501 Total $ 78,814 $ 80,385 |
Technology, Property and Equi36
Technology, Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Technology, Property and Equipment [Abstract] | |
Technology, Property and Equipment | Technology, property and equipment consisted of the following at April 30: 2018 2017 Capitalized Software $ 390,774 $ 356,907 Computer Hardware 57,493 60,467 Buildings and Leasehold Improvements 121,381 103,774 Furniture, Fixtures, and Warehouse Equipment 60,869 55,106 Land and Land Improvements 3,678 3,354 634,195 579,608 Accumulated Depreciation and Amortization (344,261 ) (336,550 ) Total $ 289,934 $ 243,058 The following table details our depreciation and amortization expense for technology, property and equipment for the fiscal years ended April 30: 2018 2017 2016 Capitalized Software Amortization Expense $ 45,449 $ 48,343 $ 49,642 Depreciation and Amortization Expense, Excluding Capitalized Software 18,878 18,340 16,785 Total Depreciation and Amortization Expense for Technology, Property, and Equipment $ 64,327 $ 66,683 $ 66,427 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Goodwill and Intangible Assets [Abstract] | |
Activity in Goodwill by Segment | The following table summarizes the activity in goodwill by segment as of April 30: 2017 Foreign Translation Adjustment 2018 Research $ 437,928 $ 25,491 $ 463,419 Publishing 283,192 12,209 295,401 Solutions 260,981 — 260,981 Total $ 982,101 $ 37,700 $ 1,019,801 |
Intangible Assets | Intangibles Intangible assets as of April 30 were as follows: 2018 2017 Cost Accumulated Amortization Accumulated Impairment Net Cost Accumulated Amortization Net Intangible Assets with Determinable Lives Content and Publishing Rights $ 824,146 $ (387,386 ) $ — $ 436,760 $ 775,520 $ (353,923 ) $ 421,597 Customer Relationships 212,020 (50,291 ) — 161,729 233,872 (64,756 ) 169,116 Brands and Trademarks 32,111 (16,011 ) — 16,100 35,554 (18,359 ) 17,195 Covenants not to Compete 1,499 (844 ) — 655 2,377 (1,420 ) 957 1,069,776 (454,532 ) — 615,244 1,047,323 (438,458 ) 608,865 Intangible Assets with Indefinite Lives Brands and Trademarks 142,189 — (3,600 ) 138,589 135,061 — 135,061 Content and Publishing Rights 94,238 — — 94,238 84,173 — 84,173 $ 1,306,203 $ (454,532 ) $ (3,600 ) $ 848,071 $ 1,266,557 $ (438,458 ) $ 828,099 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Income Taxes [Abstract] | |
Provision for Income Taxes | The provisions for income taxes for the years ended April 30 were as follows: 2018 2017 2016 Current Provision U.S. – Federal $ (2,216 ) $ 912 $ (5,365 ) International 46,112 105,228 31,958 State and Local 961 100 1,657 Total Current Provision $ 44,857 $ 106,240 $ 28,250 Deferred Provision (Benefit) U.S. – Federal $ (26,062 ) $ (13,852 ) $ 6,625 International 2,420 (15,330 ) (6,459 ) State and Local 530 415 595 Total Deferred (Benefit) Provision $ (23,112 ) $ (28,767 ) $ 761 Total Provision $ 21,745 $ 77,473 $ 29,011 |
International and United States Pretax Income | International and United States pretax income for the years ended April 30 were as follows: 2018 2017 2016 International $ 219,178 $ 192,910 $ 159,152 United States (5,247 ) (1,794 ) 15,641 Total $ 213,931 $ 191,116 $ 174,793 |
Reconciliation of Effective Income Tax Rate | Our effective income tax rate as a percentage of pretax income differed from the U.S. federal statutory rate as shown below: 2018 2017 2016 U.S. Federal Statutory Rate 30.4 % 35.0 % 35.0 % German Tax Litigation Expense — 25.7 — Benefit from Lower Taxes on Non-U.S. Income (8.4 ) (12.7 ) (14.6 ) State Income Taxes, Net of U.S. Federal Tax Benefit 0.4 0.1 0.8 U.S. Tax Reform (11.7 ) — — Deferred Tax Benefit From U.K. Statutory Tax Rate Change — (1.3 ) (3.4 ) Tax Credits and Related Benefits (1.7 ) (6.2 ) (1.6 ) Tax Adjustments and Other 1.2 (0.1 ) 0.4 Effective Income Tax Rate 10.2 % 40.5 % 16.6 % Note: A substantial portion of our income is earned outside the U.S. in jurisdictions with lower statutory income tax rates than our U.S. statutory rate in 2018 including: U.K. (63%), Germany (25%), and Australia (7%). |
Unrecognized Tax Benefits | A reconciliation of the unrecognized tax benefits included within the Other Long-Term Liabilities line item on the Consolidated Statements of Financial Position follows: 2018 2017 Balance at May 1st $ 6,124 $ 19,863 Additions for Current Year Tax Positions 1,372 2,566 Additions for Prior Year Tax Positions 69 31,802 Reductions for Prior Year Tax Positions (38 ) — Foreign Translation Adjustment 45 (419 ) Payments and Settlements (124 ) (47,688 ) Reductions for Lapse of Statute of Limitations (615 ) — Balance at April 30th $ 6,833 $ 6,124 |
Deferred Tax Assets and Liabilities | It is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The significant components of deferred tax assets and liabilities at April 30 were as follows: 2018 2017 Net Operating Losses $ 8,976 $ 5,453 Reserve for Sales Returns and Doubtful Accounts 2,506 8,331 Accrued Employee Compensation 20,096 34,305 Foreign and Federal Credits 31,109 15,472 Other Accrued Expenses 4,632 14,303 Retirement and Post-Employment Benefits 39,160 56,633 Total Gross Deferred Tax Assets $ 106,479 $ 134,497 Less Valuation Allowance (8,811 ) (1,300 ) Total Deferred Tax Assets $ 97,668 $ 133,197 Prepaid Expenses and Other Current Assets $ (3,203 ) $ (16,385 ) Unremitted Foreign Earnings (1,985 ) — Intangible and Fixed Assets (231,869 ) (272,008 ) Total Deferred Tax Liabilities $ (237,057 ) $ (288,393 ) Net Deferred Tax Liabilities $ (139,389 ) $ (155,196 ) Reported As Non-current Deferred Tax Assets $ 4,129 $ 5,295 Non-current Deferred Tax Liabilities (143,518 ) (160,491 ) Net Deferred Tax Liabilities $ (139,389 ) $ (155,196 ) |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Commitment and Contingencies [Abstract] | |
Net Rent Expense for Operating Leases | The following schedule shows the composition of net rent expense for operating leases: 2018 2017 2016 Minimum Rental $ 31,451 $ 35,464 $ 37,206 Less: Sublease Rentals (708 ) (626 ) (597 ) Total $ 30,743 $ 34,838 $ 36,609 |
Estimated Future Minimum Annual Rental Commitments under Non-cancelable Real and Personal Property Leases | At April 30, 2018, estimated future minimum annual rental commitments under non-cancelable real and personal property leases, were as follows: Fiscal Year Amount (in millions) 2019 $ 31.2 2020 28.9 2021 25.5 2022 21.0 2023 16.2 Thereafter 136.5 Total $ 259.3 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Retirement Plans [Abstract] | |
Net Periodic Pension Expense (Income) for Defined Benefit Plans and Weighted-Average Assumptions | The components of net pension expense (income) for the defined benefit plans and the weighted average assumptions were as follows: 2018 2017 2016 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service Cost $ — $ 960 $ — $ 967 $ — $ 1,455 Interest Cost 11,666 13,876 12,398 14,449 13,612 16,446 Expected Return on Plan Assets (13,154 ) (26,385 ) (14,053 ) (21,173 ) (14,756 ) (25,088 ) Net Amortization of Prior Service Cost (154 ) 57 (154 ) 54 (154 ) 55 Recognized Net Actuarial Loss 2,289 3,832 2,622 2,553 2,240 2,475 Curtailment/Settlement Loss - 19 8,842 — 1,857 — Net Pension Expense (Income) $ 647 $ (7,641 ) $ 9,655 $ (3,150 ) $ 2,799 $ (4,657 ) Discount Rate 4.1 % 2.6 % 4.0 % 3.5 % 4.2 % 3.5 % Rate of Compensation Increase N/A 3.0 % N/A 3.0 % N/A 3.0 % Expected Return on Plan Assets 6.8 % 6.5 % 6.8 % 6.7 % 6.8 % 6.7 % |
Amounts in Accumulated Other Comprehensive Loss to Be Recognized as Components of Net Periodic Benefit Cost During Next Fiscal Year | The amounts in Accumulated Other Comprehensive Loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows: U.S. Non-U.S. Total Actuarial Loss $ 1,905 $ 3,998 $ 5,903 Prior Service Cost (154 ) 61 (93 ) Total $ 1,751 $ 4,059 $ 5,810 |
Changes in and Status of Plans' Assets and Benefit Obligations | The following table sets forth the changes in and the status of our defined benefit plans' assets and benefit obligations: 2018 2017 U.S. Non-U.S. U.S. Non-U.S. CHANGE IN PLAN ASSETS Fair Value of Plan Assets, Beginning of Year $ 200,001 $ 390,133 $ 215,923 $ 352,484 Actual Return on Plan Assets 15,352 2,780 17,345 75,432 Employer Contributions 5,020 8,385 10,463 14,041 Employee Contributions — — — — Settlements — (239 ) (28,258 ) — Benefits Paid (15,390 ) (15,909 ) (15,472 ) (9,487 ) Foreign Currency Rate Changes — 34,298 — (42,337 ) Fair Value, End of Year $ 204,983 $ 419,448 $ 200,001 $ 390,133 CHANGE IN PROJECTED BENEFIT OBLIGATION Benefit Obligation, Beginning of Year $ (290,785 ) $ (519,588 ) $ (336,908 ) $ (461,161 ) Service Cost — (960 ) — (967 ) Interest Cost (11,666 ) (13,876 ) (12,398 ) (14,449 ) Actuarial Gains (Losses) 7,417 23,528 14,791 (105,151 ) Benefits Paid 15,390 15,909 15,472 9,487 Foreign Currency Rate Changes — (45,938 ) — 52,653 Settlements and Other — 239 28,258 — Benefit Obligation, End of Year $ (279,644 ) $ (540,686 ) $ (290,785 ) $ (519,588 ) Underfunded Status, End of Year $ (74,661 ) $ (121,238 ) $ (90,784 ) $ (129,455 ) AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION Other Noncurrent Assets — — — 134 Current Pension Liability (4,818 ) (780 ) (4,977 ) (799 ) Noncurrent Pension Liability (69,843 ) (120,458 ) (85,807 ) (128,790 ) Net Amount Recognized in Statement of Financial Position $ (74,661 ) $ (121,238 ) $ (90,784 ) $ (129,455 ) AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF Net Actuarial (Losses) $ (82,636 ) $ (183,316 ) $ (94,539 ) $ (171,601 ) Prior Service Cost Gains (Losses) 2,562 (441 ) 2,716 (448 ) Total Accumulated Other Comprehensive Loss $ (80,074 ) $ (183,757 ) $ (91,823 ) $ (172,049 ) Change in Accumulated Other Comprehensive Loss $ 11,749 $ (11,708 ) $ 29,394 $ (32,221 ) WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES Discount Rate 4.3 % 2.6 % 4.1 % 2.6 % Rate of Compensation Increase N/A 3.0 % N/A 3.0 % Accumulated Benefit Obligations $ (279,644 ) $ (507,932 ) $ (290,785 ) $ (472,841 ) |
Pension Plan Assets at Fair Value by Level Within Fair Value Hierarchy | 2018 2017 Level 1 Level 2 Total Level 1 Level 2 Total U.S. Plan Assets Investments measured at NAV: Global Equity Securities: Limited Partnership $ 95,933 $ 91,397 Fixed Income Securities: Commingled Trust Funds 100,295 95,922 Other: Real Estate Commingled Trust Fund 8,755 12,682 Total Assets at NAV $ 204,983 $ 200,001 Non-U.S. Plan Assets Equity Securities: U.S. Equities $ — $ 31,203 $ 31,203 $ — $ 28,598 $ 28,598 Non-U.S. Equities — 96,387 96,387 — 85,961 85,961 Balanced Managed Funds — 91,743 91,743 10,196 69,453 79,649 Fixed Income Securities: Commingled Funds — 197,804 197,804 — 187,797 187,797 Other: Real Estate/Other — 549 549 — 489 489 Cash and Cash Equivalents 1,762 — 1,762 7,639 — 7,639 Total Non-U.S. Plan Assets $ 1,762 $ 417,686 $ 419,448 $ 17,835 $ 372,298 $ 390,133 Total Plan Assets $ 1,762 $ 417,686 $ 624,431 $ 17,835 $ 372,298 $ 590,134 |
Expected Future Benefit Payments | Benefit payments to retirees from all defined benefit plans are expected to be the following in the year indicated: Fiscal Year U.S. Non-U.S. Total 2019 $ 15,435 $ 8,489 $ 23,924 2020 15,589 9,657 25,246 2021 14,322 10,535 24,857 2022 14,550 12,109 26,659 2023 14,947 12,619 27,566 2024-2028 75,428 75,332 150,760 Total $ 150,271 $ 128,741 $ 279,012 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Estimated Weighted-Average Fair Value for Options Granted and Significant Weighted-Average Assumptions Used | The following table provides the estimated weighted average fair value for options granted in fiscal year 2016 using the Black-Scholes option-pricing model and the significant weighted average assumptions used in their determination. The expected life represents an estimate of the period of time stock options will be outstanding based on the historical exercise behavior of option recipients. The risk-free interest rate is based on the corresponding U.S. Treasury yield curve in effect at the time of the grant. The expected volatility is based on the historical volatility of our Common Stock price over the estimated life of the option, while the dividend yield is based on the expected dividend payments to be made by us. 2016 Fair Value of Options on Grant Date $ 14.77 Weighted Average assumptions: Expected Life of Options (years) 7.2 Risk-Free Interest Rate 2.1 % Expected Volatility 29.7 % Expected Dividend Yield 2.1 % Fair Value of Common Stock on Grant Date $ 55.99 |
Stock Option Plans | A summary of the activity and status of our stock option plans follows: 2018 2017 2016 Number of Options (in 000's) Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in millions) Number of Options (in 000's) Weighted Average Exercise Price Number of Options (in 000's) Weighted Average Exercise Price Outstanding at Beginning of Year 1,429 $ 47.39 1,966 $ 46.62 1,921 $ 45.50 Granted — $ — — $ — 166 $ 55.99 Exercised (788 ) $ 45.97 (469 ) $ 43.74 (103 ) $ 40.22 Expired or Forfeited (30 ) $ 54.24 (68 ) $ 49.91 (18 ) $ 51.02 Outstanding at End of Year 611 $ 48.88 3.3 $ 10.4 1,429 $ 47.39 1,966 $ 46.62 Exercisable at End of Year 530 $ 47.43 4.2 $ 9.8 1,064 $ 46.04 1,140 $ 45.22 Vested and Expected to Vest in the Future at April 30 599 $ 48.90 3.3 $ 10.2 1,249 $ 45.88 1,925 $ 46.61 |
Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at April 30, 2018: Options Outstanding Options Exercisable Range of Exercise Prices Number of Options (in 000's) Weighted Average Remaining Term (in years) Weighted Average Exercise Price Number of Options (in 000's) Weighted Average Exercise Price $ 35.04 11 1.2 $ 35.04 11 $ 35.04 $ 39.53 to $40.02 226 3.1 $ 39.62 226 $ 39.62 $ 47.55 to $49.55 130 3.0 $ 48.71 130 $ 48.71 $ 55.99 to $59.70 244 3.8 $ 58.12 163 $ 58.05 Total/Average 611 3.3 $ 48.88 530 $ 47.43 |
Activity for Performance-Based and Other Restricted Stock Awards | Activity for performance-based and other restricted stock awards during fiscal years 2018, 2017, and 2016 was as follows (shares in thousands): 2018 2017 2016 Restricted Shares Weighted Average Grant Date Value Restricted Shares Restricted Shares Nonvested Shares at Beginning of Year 913 $ 51.85 915 752 Granted 525 $ 53.59 509 289 Change in Shares Due to Performance (107 ) $ 55.70 (67 ) 86 Vested and Issued (318 ) $ 49.47 (267 ) (154 ) Forfeited (152 ) $ 52.40 (177 ) (58 ) Nonvested Shares at End of Year 861 $ 53.22 913 915 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Segment Information [Abstract] | |
Segment Information | Segment information is as follows: For the Years Ended April 30, 2018 2017 2016 Revenue: Research $ 934,395 $ 853,489 $ 826,778 Publishing 617,648 633,449 695,728 Solutions 244,060 231,592 204,531 Total Revenue $ 1,796,103 $ 1,718,530 $ 1,727,037 Contribution to Profit: Research $ 275,480 $ 252,228 $ 252,110 Publishing 123,917 125,703 126,058 Solutions 22,099 14,822 3,992 Total Contribution to Profit $ 421,496 $ 392,753 $ 382,160 Corporate Expenses (181,961 ) (186,600 ) (194,047 ) Operating Income $ 239,535 $ 206,153 $ 188,113 |
Total Revenue by Product/Service and Total Assets, Expenditure for Long-Lived Assets and Depreciation and Amortization by Segment | For the Years Ended April 30, Total Revenue by Product/Service 2018 2017 2016 Journals Subscriptions $ 677,685 $ 639,720 $ 622,305 Open Access 41,997 30,633 25,671 Licensing, Reprints, Backfiles, and Other (Research segment) 181,806 164,070 178,802 Publishing Technology Services (Atypon) 32,907 19,066 — STM and Professional Publishing 287,315 291,255 330,984 Education Publishing 187,178 196,343 229,989 Course Workflow (WileyPLUS) 59,475 62,348 58,519 Test Preparation and Certification 35,534 35,609 28,115 Licensing, Distribution, Advertising, and Other (Publishing segment) 48,146 47,894 48,121 Education Services (OPM) 119,131 111,638 96,469 Professional Assessment 61,094 59,868 57,370 Corporate Learning 63,835 60,086 50,692 Total $ 1,796,103 $ 1,718,530 $ 1,727,037 Total Assets Research $ 1,238,178 $ 1,133,846 $ 1,235,609 Publishing 575,033 582,339 672,987 Solutions 563,489 575,068 439,554 Corporate 462,751 314,964 572,946 Total $ 2,839,451 $ 2,606,217 $ 2,921,096 Expenditures for Long Lived Assets Research $ (7,538 ) $ (154,189 ) $ (20,418 ) Publishing (23,666 ) (29,420 ) (35,966 ) Solutions (16,786 ) (21,210 ) (23,344 ) Corporate (102,738 ) (98,608 ) (71,667 ) Total $ (150,728 ) $ (303,427 ) $ (151,395 ) Depreciation and Amortization Research $ 33,655 $ 29,330 $ 26,410 Publishing 39,495 43,831 47,108 Solutions 27,703 26,792 22,927 Corporate 53,136 56,608 59,404 Total $ 153,989 $ 156,561 $ 155,849 |
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: Revenue Long-Lived Assets (Technology, Property and Equipment) 2018 2017 2016 2018 2017 2016 United States $ 913,852 $ 786,574 $ 884,185 $ 249,542 $ 208,572 $ 166,878 United Kingdom 147,406 189,479 153,442 20,955 21,368 23,246 Germany 98,404 75,090 69,676 9,259 8,770 9,629 Japan 81,572 62,674 76,930 72 75 35 Australia 78,270 66,309 78,786 1,454 591 1,041 China 53,076 39,653 52,815 229 270 244 Canada 55,568 50,740 50,243 3,635 1,232 1,617 France 51,826 44,760 49,970 635 335 2,211 India 41,637 34,306 38,208 1,437 245 234 Other Countries 274,492 368,945 272,782 2,716 1,600 2,329 Total $ 1,796,103 $ 1,718,530 $ 1,727,037 $ 289,934 $ 243,058 $ 207,464 |
Supplementary Quarterly Finan43
Supplementary Quarterly Financial Information (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract] | |
Quarterly Financial Information | Amounts in millions, except per share data 2018 2017 Revenue First Quarter $ 411.4 $ 404.3 Second Quarter 451.7 425.6 Third Quarter 455.7 436.4 Fourth Quarter 477.3 452.2 Fiscal Year $ 1,796.1 $ 1,718.5 Gross Profit First Quarter $ 296.7 $ 290.8 Second Quarter 331.9 314.0 Third Quarter 330.5 320.1 Fourth Quarter 351.8 332.9 Fiscal Year $ 1,310.9 $ 1,257.8 Operating Income First Quarter $ 14.5 $ 43.8 Second Quarter 82.8 47.7 Third Quarter 67.4 51.2 Fourth Quarter 74.8 63.5 Fiscal Year $ 239.5 $ 206.2 Net Income First Quarter $ 9.2 $ 31.0 Second Quarter 60.0 (11.5 ) Third Quarter 68.8 47.4 Fourth Quarter 54.2 46.7 Fiscal Year $ 192.2 $ 113.6 2018 2017 Basic Diluted Basic Diluted Earnings Per Share (1) First Quarter $ 0.16 $ 0.16 $ 0.54 $ 0.53 Second Quarter 1.06 1.04 (0.20 ) (0.20 ) Third Quarter 1.21 1.19 0.83 0.82 Fourth Quarter 0.95 0.93 0.82 0.81 Fiscal Year $ 3.37 $ 3.32 $ 1.98 $ 1.95 (1) The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding. |
Summary of Significant Accoun44
Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Book Overdrafts [Abstract] | |||
Book overdrafts | $ 13,100 | $ 17,600 | |
Allowance for Doubtful Accounts [Abstract] | |||
Allowance for doubtful accounts | 10,100 | 7,200 | |
Inventories [Abstract] | |||
LIFO inventories | 24,000 | 31,500 | |
Reserve for Inventory Obsolescence [Abstract] | |||
Inventory obsolescence reserve | 18,200 | 21,100 | |
Shipping and Handling Costs [Abstract] | |||
Shipping and handling costs | 33,700 | 39,100 | $ 40,500 |
Advertising Expense [Abstract] | |||
Advertising costs | 68,300 | $ 61,400 | $ 54,100 |
Foreign Currency Gains/Losses [Abstract] | |||
Foreign currency translation gains | $ 67,600 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase in diluted shares outstanding (in shares) | 845 | 862 | 736 |
Excess tax benefits recorded in operating activities | $ 0 | $ (414) | $ (1,027) |
Excess tax benefits recorded in financing activities | 0 | 414 | $ 1,027 |
Allowance for Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increase (Decrease) in net assets | (18,628) | (24,300) | |
Allowance for Sales Returns [Member] | Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increase (Decrease) in net assets | (28,302) | (34,769) | |
Allowance for Sales Returns [Member] | Inventories [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increase (Decrease) in net assets | 4,626 | 4,727 | |
Allowance for Sales Returns [Member] | Royalties Payable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Increase (Decrease) in net assets | $ (5,048) | (5,741) | |
Book Composition Costs [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 1 year | ||
Book Composition Costs [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Other Product Development Costs [Member] | Weighted Average [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 6 years | ||
Computer Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Computer Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | ||
Computer Hardware [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Computer Hardware [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Building and Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 40 years | ||
Furniture, Fixtures and Warehouse Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Furniture, Fixtures and Warehouse Equipment [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 | 2 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 | 30 years | ||
Trademarks [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 2 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 | 15 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 2 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 | 2 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 | 15 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 | 5 years | ||
Performance-based Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target period for stock-based compensation expense in advance of actual financial results | 3 years | ||
Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Amounts netted down from accounts receivable and deferred revenue | $ 59,500 | ||
Accounting Standards Update 2015-17 [Member] | Prepaid and Other Current Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred tax assets, current | 800 | ||
Accounting Standards Update 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Excess income tax benefits from stock-based compensation | 1,600 | ||
Excess tax benefits recorded in operating activities | $ 0 | ||
Excess tax benefits recorded in financing activities | 400 | ||
Accounting Standards Update 2016-09 [Member] | Maximum [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase in diluted shares outstanding (in shares) | 100 | ||
Accounting Standards Update 2017-07 Member] | Plan [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net charges expected to be reclassified from operating income to a line item below operating income | $ 8,100 | $ 5,300 |
Reconciliation of Weighted Av45
Reconciliation of Weighted Average Shares Outstanding (Details) - shares | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Reconciliation of Weighted Average Shares Outstanding [Abstract] | |||
Weighted Average Shares Outstanding (in shares) | 57,181,000 | 57,531,000 | 58,253,000 |
Less: Unvested restricted shares (in shares) | (138,000) | (194,000) | (255,000) |
Shares Used for Basic Earnings Per Share (in shares) | 57,043,000 | 57,337,000 | 57,998,000 |
Dilutive Effect of Stock Options and Other Stock Awards (in shares) | 845,000 | 862,000 | 736,000 |
Shares Used for Diluted Earnings Per Share (in shares) | 57,888,000 | 58,199,000 | 58,734,000 |
Stock Options [Member] | Common Stock Class A [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from diluted EPS calculation (in shares) | 244,590 | 301,527 | 336,803 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from diluted EPS calculation (in shares) | 26,740 | 0 | 15,200 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 1,003,137 | $ 1,037,106 | $ 1,055,040 |
Other comprehensive (loss) income before reclassifications | 64,399 | (67,015) | |
Amounts reclassified from Accumulated Other Comprehensive Loss | 3,308 | 7,414 | |
Total Other Comprehensive Income (Loss) | 67,707 | (59,601) | (41,053) |
Balance | 1,190,557 | 1,003,137 | 1,037,106 |
Accumulated Other Comprehensive Loss [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (507,287) | (447,686) | (406,633) |
Balance | (439,580) | (507,287) | (447,686) |
Foreign Currency Translation [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (319,212) | (267,920) | |
Other comprehensive (loss) income before reclassifications | 67,639 | (51,292) | |
Amounts reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | |
Total Other Comprehensive Income (Loss) | 67,639 | (51,292) | |
Balance | (251,573) | (319,212) | (267,920) |
Unamortized Retirement Costs [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (190,502) | (179,405) | |
Other comprehensive (loss) income before reclassifications | (4,979) | (18,458) | |
Amounts reclassified from Accumulated Other Comprehensive Loss | 4,455 | 7,361 | |
Total Other Comprehensive Income (Loss) | (524) | (11,097) | |
Balance | (191,026) | (190,502) | (179,405) |
Interest Rate Swaps [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 2,427 | (361) | |
Other comprehensive (loss) income before reclassifications | 1,739 | 2,735 | |
Amounts reclassified from Accumulated Other Comprehensive Loss | (1,147) | 53 | |
Total Other Comprehensive Income (Loss) | 592 | 2,788 | |
Balance | $ 3,019 | $ 2,427 | $ (361) |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss, Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operating and administrative expenses | $ 994,552 | $ 988,597 | $ 994,372 |
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 | $ 5,900 | $ 11,100 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 |
Business Acquisition [Line Items] | ||||||||||||
Cash, net of cash acquired | $ 0 | $ 125,924 | $ 0 | |||||||||
Goodwill | $ 1,019,801 | $ 982,101 | 1,019,801 | 982,101 | ||||||||
Revenue | 477,300 | $ 455,700 | $ 451,700 | $ 411,400 | 452,200 | $ 436,400 | $ 425,600 | $ 404,300 | 1,796,103 | 1,718,530 | 1,727,037 | |
Operating income (loss) | $ 74,800 | $ 67,400 | $ 82,800 | 14,500 | $ 63,500 | $ 51,200 | $ 47,700 | $ 43,800 | 239,535 | 206,153 | $ 188,113 | |
Atypon Systems Inc [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash, net of cash acquired | $ 121,000 | |||||||||||
Intangible assets | 48,000 | |||||||||||
Goodwill | 70,000 | |||||||||||
Goodwill deductible for tax purposes | $ 70,000 | |||||||||||
Revenue | 32,900 | 19,100 | ||||||||||
Operating income (loss) | $ 2,700 | $ 3,500 |
Restructuring and Related Cha49
Restructuring and Related Charges, Pre-tax Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | $ 28,566 | $ 13,355 | $ 28,611 |
Restructuring and Reinvestment Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 28,566 | 13,355 | 28,611 |
Restructuring and related charges incurred to date | 166,510 | ||
Restructuring and Reinvestment Program [Member] | Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 27,213 | 8,386 | 16,443 |
Restructuring and related charges incurred to date | 114,803 | ||
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 1,815 | 148 | 7,191 |
Restructuring and related charges incurred to date | 20,629 | ||
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | (462) | 4,821 | 4,977 |
Restructuring and related charges incurred to date | 31,078 | ||
Research [Member] | Restructuring and Reinvestment Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 5,257 | 1,949 | 2,982 |
Restructuring and related charges incurred to date | 25,413 | ||
Publishing [Member] | Restructuring and Reinvestment Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 6,443 | 1,596 | 4,507 |
Restructuring and related charges incurred to date | 38,931 | ||
Solutions [Member] | Restructuring and Reinvestment Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 3,695 | 1,787 | 1,042 |
Restructuring and related charges incurred to date | 6,247 | ||
Corporate Expenses [Member] | Restructuring and Reinvestment Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and related charges | 13,171 | $ 8,023 | $ 20,080 |
Restructuring and related charges incurred to date | $ 95,919 |
Restructuring and Related Cha50
Restructuring and Related Charges, Activity for Restructuring and Reinvestment Program Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | |||
Restructuring and related charges | $ 28,566 | $ 13,355 | $ 28,611 |
Restructuring and Reinvestment Program [Member] | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | |||
Restructuring liability, beginning of period | 22,790 | ||
Restructuring and related charges | 28,566 | 13,355 | 28,611 |
Payments | (30,595) | ||
Foreign translation & reclassifications | (710) | ||
Restructuring liability, end of period | 20,051 | 22,790 | |
Restructuring and Reinvestment Program [Member] | Severance [Member] | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | |||
Restructuring liability, beginning of period | 10,082 | ||
Restructuring and related charges | 27,213 | 8,386 | 16,443 |
Payments | (21,197) | ||
Foreign translation & reclassifications | 1,181 | ||
Restructuring liability, end of period | 17,279 | 10,082 | |
Restructuring and Reinvestment Program [Member] | Severance [Member] | Accrued Employment Costs [Member] | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | |||
Restructuring liability, end of period | 17,279 | ||
Restructuring and Reinvestment Program [Member] | Process Reengineering Consulting [Member] | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | |||
Restructuring liability, beginning of period | 0 | ||
Restructuring and related charges | 1,815 | 148 | 7,191 |
Payments | (1,815) | ||
Foreign translation & reclassifications | 0 | ||
Restructuring liability, end of period | 0 | 0 | |
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | |||
Restructuring liability, beginning of period | 12,708 | ||
Restructuring and related charges | (462) | 4,821 | $ 4,977 |
Payments | (7,583) | ||
Foreign translation & reclassifications | (1,891) | ||
Restructuring liability, end of period | 2,772 | $ 12,708 | |
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | Other Accrued Liabilities [Member] | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | |||
Restructuring liability, end of period | 900 | ||
Restructuring and Reinvestment Program [Member] | Other Activities [Member] | Other Long-Term Liabilities [Member] | |||
Activity for Restructuring and Reinvestment Program liability [Roll Forward] | |||
Restructuring liability, end of period | $ 1,900 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Apr. 30, 2017 |
Inventory, Net [Abstract] | ||
Finished Goods | $ 36,503 | $ 38,329 |
Work-in-Process | 2,139 | 7,078 |
Paper and Other Materials | 550 | 650 |
Gross Inventory | 39,192 | 46,057 |
Inventory Value of Estimated Sales Returns | 4,626 | 4,727 |
LIFO Reserve | (4,329) | (2,932) |
Total Inventories | 39,489 | 47,852 |
Inventory obsolescence reserve | $ 18,200 | $ 21,100 |
Product Development Assets (Det
Product Development Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Apr. 30, 2017 |
Product Development Assets [Abstract] | ||
Product development assets | $ 78,814 | $ 80,385 |
Book Composition Costs [Member] | ||
Product Development Assets [Abstract] | ||
Product development assets | 24,887 | 28,884 |
Accumulated amortization | 188,700 | 172,600 |
Other Product Development Costs [Member] | ||
Product Development Assets [Abstract] | ||
Product development assets | 53,927 | 51,501 |
Accumulated amortization | $ 49,400 | $ 33,500 |
Technology, Property and Equi53
Technology, Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | $ 634,195 | $ 579,608 | |
Accumulated depreciation and amortization | (344,261) | (336,550) | |
Total | 289,934 | 243,058 | |
Net book value of capitalized software costs | 198,000 | 192,700 | |
Capitalized software amortization expense | 45,449 | 48,343 | $ 49,642 |
Depreciation and amortization expense excluding capitalized software | 18,878 | 18,340 | 16,785 |
Total depreciation and amortization expense for technology, property, and equipment | 64,327 | 66,683 | $ 66,427 |
Fully depreciated capitalized software and computer hardware written off | 51,800 | ||
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 390,774 | 356,907 | |
Computer Hardware [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 57,493 | 60,467 | |
Buildings and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 121,381 | 103,774 | |
Furniture, Fixtures and Warehouse Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | 60,869 | 55,106 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Technology, property and equipment, gross | $ 3,678 | $ 3,354 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Goodwill (Details) $ in Thousands | 12 Months Ended |
Apr. 30, 2018USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 982,101 |
Foreign translation adjustment | 37,700 |
Ending balance | 1,019,801 |
Research [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 437,928 |
Foreign translation adjustment | 25,491 |
Ending balance | 463,419 |
Publishing [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 283,192 |
Foreign translation adjustment | 12,209 |
Ending balance | 295,401 |
Solutions [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 260,981 |
Foreign translation adjustment | 0 |
Ending balance | $ 260,981 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets, Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Intangible assets with determinable lives [Abstract] | ||||
Cost | $ 1,069,776 | $ 1,047,323 | ||
Accumulated amortization | (454,532) | (438,458) | ||
Net | 615,244 | 608,865 | ||
Intangible assets with indefinite lives [Abstract] | ||||
Accumulated impairment | (3,600) | |||
Intangible assets (excluding goodwill) [Abstract] | ||||
Cost | 1,306,203 | 1,266,557 | ||
Net | 848,071 | 828,099 | ||
Impairment charges | 3,600 | 0 | $ 0 | |
Estimated future amortization expense related to intangible assets [Abstract] | ||||
2,019 | 48,200 | |||
2,020 | 43,600 | |||
2,021 | 41,400 | |||
2,022 | 36,400 | |||
2,023 | 32,700 | |||
Brands and Trademarks [Member] | ||||
Intangible assets with indefinite lives [Abstract] | ||||
Cost | 142,189 | 135,061 | ||
Accumulated impairment | (3,600) | |||
Net | 138,589 | 135,061 | ||
Content and Publishing Rights [Member] | ||||
Intangible assets with indefinite lives [Abstract] | ||||
Cost | 94,238 | 84,173 | ||
Accumulated impairment | 0 | |||
Net | 94,238 | 84,173 | ||
Brands [Member] | ||||
Intangible assets (excluding goodwill) [Abstract] | ||||
Impairment charges | $ 3,600 | |||
Fair value of intangible assets | $ 1,200 | |||
Content and Publishing Rights [Member] | ||||
Intangible assets with determinable lives [Abstract] | ||||
Cost | 824,146 | 775,520 | ||
Accumulated amortization | (387,386) | (353,923) | ||
Net | 436,760 | 421,597 | ||
Customer Relationships [Member] | ||||
Intangible assets with determinable lives [Abstract] | ||||
Cost | 212,020 | 233,872 | ||
Accumulated amortization | (50,291) | (64,756) | ||
Net | 161,729 | 169,116 | ||
Brands and Trademarks [Member] | ||||
Intangible assets with determinable lives [Abstract] | ||||
Cost | 32,111 | 35,554 | ||
Accumulated amortization | (16,011) | (18,359) | ||
Net | 16,100 | 17,195 | ||
Covenants Not to Compete [Member] | ||||
Intangible assets with determinable lives [Abstract] | ||||
Cost | 1,499 | 2,377 | ||
Accumulated amortization | (844) | (1,420) | ||
Net | $ 655 | $ 957 | ||
Brands [Member] | ||||
Intangible assets with determinable lives [Abstract] | ||||
Estimated useful life | 5 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Current Provision [Abstract] | ||||
U.S. - Federal | $ (2,216) | $ 912 | $ (5,365) | |
International | 46,112 | 105,228 | 31,958 | |
State and Local | 961 | 100 | 1,657 | |
Total Current Provision | 44,857 | 106,240 | 28,250 | |
Deferred Provision (Benefit) [Abstract] | ||||
U.S. - Federal | (26,062) | (13,852) | 6,625 | |
International | 2,420 | (15,330) | (6,459) | |
State and Local | 530 | 415 | 595 | |
Total Deferred (Benefit) Provision | (23,112) | (28,767) | 761 | |
Total Provision | 21,745 | 77,473 | 29,011 | |
Foreign and domestic pretax income [Abstract] | ||||
International | 219,178 | 192,910 | 159,152 | |
United States | (5,247) | (1,794) | 15,641 | |
Income Before Taxes | $ 213,931 | $ 191,116 | $ 174,793 | |
Effective income tax rate reconciliation [Abstract] | ||||
U.S. Federal Statutory Rate | 21.00% | 30.40% | 35.00% | 35.00% |
German Tax Litigation Expense | 0.00% | 25.70% | 0.00% | |
Benefit from Lower Taxes on Non-U.S. Income | (8.40%) | (12.70%) | (14.60%) | |
State Income Taxes, Net of U.S. Federal Tax Benefit | 0.40% | 0.10% | 0.80% | |
U.S. Tax Reform | (11.70%) | 0.00% | 0.00% | |
Deferred Tax Benefit From U.K. Statutory Tax Rate Change | 0.00% | (1.30%) | (3.40%) | |
Tax Credits and Related Benefits | (1.70%) | (6.20%) | (1.60%) | |
Tax Adjustments and Other | 1.20% | (0.10%) | 0.40% | |
Effective Income Tax Rate | 10.20% | 40.50% | 16.60% | |
Reduction in income tax expense resulting from estimated non-recurring items in the Tax Act | $ 25,100 | |||
Reduction in income tax expense resulting from estimated non-recurring items in the Tax Act (in dollars per share) | $ 0.43 | |||
Estimated net impact of non-recurring items from Tax Act excluding non-recurring items | 21.90% | |||
Income Tax Contingency [Line Items] | ||||
Recorded tax benefits due to expiration of statute of limitations and favorable resolutions of certain tax matters with tax authorities | $ (600) | $ 0 | $ (1,300) | |
Income Tax Disclosure [Line Items] | ||||
Tax benefit related to re-measurement of net deferred tax liability | $ 47,000 | |||
Repatriation tax rate on foreign earnings held in cash equivalents and certain net assets | 15.50% | |||
Repatriation tax rate on foreign earnings held in other assets | 8.00% | |||
Provisional tax expense related to mandatory deemed repatriation tax on foreign earnings | $ 14,200 | |||
Valuation allowance on provisional tax expense related to mandatory deemed repatriation tax on foreign earnings | $ 6,500 | 6,500 | ||
Decrease in deferred tax assets due to utilization of foreign tax credit carryforwards | 6,500 | |||
Accounting for uncertainty in income taxes [Abstract] | ||||
Accruals for interest and penalties | 600 | 600 | 400 | |
Net interest expense on reserves for unrecognized and recognized tax benefits | 200 | 300 | ||
Total amount of unrecognized tax benefits that, if recognized, would reduce the Company's income tax provision | 6,800 | 6,800 | 6,100 | |
Reconciliation of unrecognized tax benefits [Roll Forward] | ||||
Balance, beginning of period | 6,124 | 19,863 | ||
Additions for current year tax positions | 1,372 | 2,566 | ||
Additions for prior year tax positions | 69 | 31,802 | ||
Reductions for prior year tax positions | (38) | 0 | ||
Foreign translation adjustment | 45 | |||
Foreign translation adjustment | (419) | |||
Payments and settlements | (124) | (47,688) | ||
Reductions for lapse of statute of limitations | (615) | 0 | ||
Balance, end of period | 6,833 | 6,833 | 6,124 | 19,863 |
Income Tax Examination [Line Items] | ||||
Income tax charge related to unfavorable tax settlement | 0 | 49,029 | $ 0 | |
Significant components of deferred tax assets and liabilities [Abstract] | ||||
Net Operating Losses | 8,976 | 8,976 | 5,453 | |
Reserve for Sales Returns and Doubtful Accounts | 2,506 | 2,506 | 8,331 | |
Accrued Employee Compensation | 20,096 | 20,096 | 34,305 | |
Foreign and Federal Credits | 31,109 | 31,109 | 15,472 | |
Other Accrued Expenses | 4,632 | 4,632 | 14,303 | |
Retirement and Post-Employment Benefits | 39,160 | 39,160 | 56,633 | |
Total Gross Deferred Tax Assets | 106,479 | 106,479 | 134,497 | |
Less Valuation Allowance | (8,811) | (8,811) | (1,300) | |
Total Deferred Tax Assets | 97,668 | 97,668 | 133,197 | |
Prepaid Expenses and Other Current Assets | (3,203) | (3,203) | (16,385) | |
Unremitted Foreign Earnings | (1,985) | (1,985) | 0 | |
Intangible and Fixed Assets | (231,869) | (231,869) | (272,008) | |
Total Deferred Tax Liabilities | (237,057) | (237,057) | (288,393) | |
Net Deferred Tax Liabilities | (139,389) | (139,389) | (155,196) | |
Reported As [Abstract] | ||||
Non-current Deferred Tax Assets | 4,129 | 4,129 | 5,295 | |
Non-current Deferred Tax Liabilities | (143,518) | (143,518) | (160,491) | |
Net Deferred Tax Liabilities | (139,389) | (139,389) | $ (155,196) | |
The Tax Act [Member] | ||||
Significant components of deferred tax assets and liabilities [Abstract] | ||||
Less Valuation Allowance | (6,500) | (6,500) | ||
State and Federal Net Operating Loss Carryforwards [Member] | ||||
Significant components of deferred tax assets and liabilities [Abstract] | ||||
Less Valuation Allowance | (2,300) | $ (2,300) | ||
U.K. [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Foreign statutory tax rate | 63.00% | 19.00% | ||
Foreign statutory tax rate in 2020 | 17.00% | 18.00% | ||
Tax benefit from the re-measurement legislation enacted | $ (2,600) | $ (5,900) | ||
Deferred tax benefits associated with new tax legislation enacted (in dollars per share) | $ 0.04 | $ 0.10 | ||
Germany [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Foreign statutory tax rate | 25.00% | |||
Australia [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Foreign statutory tax rate | 7.00% | |||
Foreign Tax Authority [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Accrued provisional tax liability | 2,000 | $ 2,000 | ||
Income Tax Examination [Line Items] | ||||
Income tax charge related to unfavorable tax settlement | $ 49,029 | |||
Income tax charge related to unfavorable tax settlement (in dollars per share) | $ 0.85 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Accrued provisional tax liability | 100 | 100 | ||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards | $ 81,000 | 81,000 | ||
Net operating loss carry forwards, tax effect | $ 4,800 | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards, expiration period | 1 year | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carry forwards, expiration period | 20 years |
Debt and Available Credit Fac57
Debt and Available Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Line of Credit Facility [Line Items] | |||
Debt financing costs paid | $ 0 | $ 0 | $ 3,362 |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings under revolving credit facilities | 360,000 | $ 365,000 | |
Amount of financing available under credit facilities | 1,100,000 | ||
Unused lines of credit | $ 700,000 | ||
Weighted average interest rate on total debt outstanding during the period | 2.44% | 2.19% | |
Weighted average interest rate on total debt at period end | 2.58% | 2.74% | |
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 | ||
Term of credit facility | 5 years | ||
Optional credit limit increase available on request | $ 350,000 | ||
Minimum increments in which optional credit limit increase may be requested | $ 50,000 | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility fee percentage | 0.15% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility fee percentage | 0.25% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 0.98% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 1.50% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 0.00% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 0.45% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Margin rate over reference rate used in determining base rate | 0.50% | ||
Syndicate Bank Group led by Bank of America [Member] | Revolving Credit Facility [Member] | Eurocurrency Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Margin rate over reference rate used in determining base rate | 1.00% | ||
Other Credit Facilities [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding borrowings under revolving credit facilities | $ 0 | $ 0 | |
Amount of financing available under credit facilities | $ 2,800 |
Derivative Instruments and Ac58
Derivative Instruments and Activities (Details) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||
Apr. 30, 2018USD ($) | Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Apr. 30, 2016GBP (£)Contract | Apr. 30, 2016EUR (€)Contract | |
Derivative [Line Items] | |||||
Variable rate loans outstanding | $ 360 | ||||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Unrecognized gains to be reclassified into net income in the next twelve months | 3.7 | ||||
Interest Rate Swaps [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Net (gains) losses reclassified from Accumulated Other Comprehensive Loss | (1.5) | $ 1.1 | $ 0.9 | ||
Interest Rate Swaps [Member] | Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Assets fair value of derivative instrument | $ 5.1 | 3.9 | |||
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% | ||||
Description of variable rate basis | one-month LIBOR | ||||
Term of variable rate | 1 month | ||||
Term of derivative instrument | 3 years | ||||
Expiration date | May 15, 2019 | ||||
Notional amount of derivative liability | $ 350 | ||||
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% | ||||
Description of variable rate basis | one-month LIBOR | ||||
Term of variable rate | 1 month | ||||
Term of derivative instrument | 2 years | ||||
Expiration date | Aug. 15, 2016 | ||||
Notional amount of derivative liability | $ 150 | ||||
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Number of open derivative contracts held | Contract | 2 | 2 | |||
Notional amount of derivative liability | £ 274 | € 31 | |||
Forward Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Transaction Gains (Losses) [Member] | |||||
Derivative [Line Items] | |||||
Gains recognized on derivative instruments | $ 59 | 1.3 | |||
Forward Exchange Contracts [Member] | Recurring [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Prepaid and Other Current Assets [Member] | |||||
Derivative [Line Items] | |||||
Gains recognized on derivative instruments | $ 1.3 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Composition of rent expense [Abstract] | |||
Minimum Rental | $ 31,451 | $ 35,464 | $ 37,206 |
Less: Sublease Rentals | (708) | (626) | (597) |
Total | 30,743 | $ 34,838 | $ 36,609 |
Estimated future minimum annual rental commitments under non-cancelable real and personal property leases [Abstract] | |||
2,019 | 31,200 | ||
2,020 | 28,900 | ||
2,021 | 25,500 | ||
2,022 | 21,000 | ||
2,023 | 16,200 | ||
Thereafter | 136,500 | ||
Total | $ 259,300 |
Retirement Plans, Recent Plan C
Retirement Plans, Recent Plan Curtailments (Details) | 12 Months Ended |
Apr. 30, 2018 | |
Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee retirement age limit under retirement plans | 60 years |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee retirement age limit under retirement plans | 65 years |
Supplemental Executive Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Term of supplemental retirement benefits | 10 years |
Retirement Plans, Components of
Retirement Plans, Components of Net Pension Expense (Income) and Weighted-Average Assumptions (Details) $ in Thousands | Aug. 29, 2016USD ($)Participant | Oct. 31, 2016USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) |
Weighted-average assumptions [Abstract] | |||||
Net actuarial loss related to early lump sum payment of pension plan benefit | $ 0 | $ 8,842 | $ 0 | ||
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 | 820,400 | 800,100 | |||
Accumulated benefit obligation for plans with accumulated benefit obligations in excess of plan assets | 787,600 | 753,300 | |||
Fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets | 624,400 | 579,700 | |||
U.S. [Member] | |||||
Defined benefit plans, net pension expense (income) [Abstract] | |||||
Service Cost | 0 | 0 | 0 | ||
Interest Cost | 11,666 | 12,398 | 13,612 | ||
Expected Return on Plan Assets | (13,154) | (14,053) | (14,756) | ||
Net Amortization of Prior Service Cost | (154) | (154) | (154) | ||
Recognized Net Actuarial Loss | 2,289 | 2,622 | 2,240 | ||
Curtailment/Settlement Loss | 0 | 8,842 | 1,857 | ||
Net Pension Expense (Income) | $ 647 | $ 9,655 | $ 2,799 | ||
Weighted-average assumptions [Abstract] | |||||
Discount Rate | 4.10% | 4.00% | 4.20% | ||
Rate of Compensation Increase | |||||
Expected Return on Plan Assets | 6.80% | 6.80% | 6.80% | ||
Number of eligible participants | Participant | 780 | ||||
Total liability for early payment of pension plan benefit in a single lump sum payment | $ 28,300 | ||||
Lump sum payment for early payment of pension plan benefit | $ 28,300 | ||||
Net actuarial loss related to early lump sum payment of pension plan benefit | $ 8,800 | ||||
U.S. [Member] | Supplemental Executive Retirement Plan [Member] | |||||
Defined benefit plans, net pension expense (income) [Abstract] | |||||
Curtailment/Settlement Loss | $ 1,900 | ||||
Non-U.S. [Member] | |||||
Defined benefit plans, net pension expense (income) [Abstract] | |||||
Service Cost | $ 960 | 967 | 1,455 | ||
Interest Cost | 13,876 | 14,449 | 16,446 | ||
Expected Return on Plan Assets | (26,385) | (21,173) | (25,088) | ||
Net Amortization of Prior Service Cost | 57 | 54 | 55 | ||
Recognized Net Actuarial Loss | 3,832 | 2,553 | 2,475 | ||
Curtailment/Settlement Loss | 19 | 0 | 0 | ||
Net Pension Expense (Income) | $ (7,641) | $ (3,150) | $ (4,657) | ||
Weighted-average assumptions [Abstract] | |||||
Discount Rate | 2.60% | 3.50% | 3.50% | ||
Rate of Compensation Increase | 3.00% | 3.00% | 3.00% | ||
Expected Return on Plan Assets | 6.50% | 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 | Apr. 30, 2018USD ($) |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | $ 5,903 |
Prior Service Cost | (93) |
Total | 5,810 |
U.S. [Member] | |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | 1,905 |
Prior Service Cost | (154) |
Total | 1,751 |
Non-U.S. [Member] | |
Amounts in Accumulated Other Comprehensive Loss to be recognized in next fiscal year [Abstract] | |
Actuarial Loss | 3,998 |
Prior Service Cost | 61 |
Total | $ 4,059 |
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, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | $ 590,134 | ||
Fair Value, End of Year | 624,431 | $ 590,134 | |
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract] | |||
Current Pension Liability | (5,598) | (5,776) | |
U.S. [Member] | |||
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | 200,001 | 215,923 | |
Actual Return on Plan Assets | 15,352 | 17,345 | |
Employer Contributions | 5,020 | 10,463 | |
Employee Contributions | 0 | 0 | |
Settlements | 0 | (28,258) | |
Benefits Paid | (15,390) | (15,472) | |
Foreign Currency Rate Changes | 0 | 0 | |
Fair Value, End of Year | 204,983 | 200,001 | $ 215,923 |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | |||
Benefit Obligation, Beginning of Year | (290,785) | (336,908) | |
Service Cost | 0 | 0 | 0 |
Interest Cost | (11,666) | (12,398) | (13,612) |
Actuarial Gains (Losses) | 7,417 | 14,791 | |
Benefits Paid | 15,390 | 15,472 | |
Foreign Currency Rate Changes | 0 | 0 | |
Settlements and Other | 0 | 28,258 | |
Benefit Obligation, End of Year | (279,644) | (290,785) | (336,908) |
Underfunded Status, End of Year | (74,661) | (90,784) | |
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract] | |||
Other Noncurrent Assets | 0 | 0 | |
Current Pension Liability | (4,818) | (4,977) | |
Noncurrent Pension Liability | (69,843) | (85,807) | |
Net Amount Recognized in Statement of Financial Position | (74,661) | (90,784) | |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF [Abstract] | |||
Net Actuarial (Losses) | (82,636) | (94,539) | |
Prior Service Cost Gains (Losses) | 2,562 | 2,716 | |
Total Accumulated Other Comprehensive Loss | (80,074) | (91,823) | |
Change in Accumulated Other Comprehensive Loss | $ 11,749 | $ 29,394 | |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | |||
Discount Rate | 4.30% | 4.10% | |
Rate of Compensation Increase | |||
Accumulated Benefit Obligations | $ (279,644) | $ (290,785) | |
Non-U.S. [Member] | |||
CHANGE IN PLAN ASSETS [Roll Forward] | |||
Fair Value of Plan Assets, Beginning of Year | 390,133 | 352,484 | |
Actual Return on Plan Assets | 2,780 | 75,432 | |
Employer Contributions | 8,385 | 14,041 | |
Employee Contributions | 0 | 0 | |
Settlements | (239) | 0 | |
Benefits Paid | (15,909) | (9,487) | |
Foreign Currency Rate Changes | 34,298 | (42,337) | |
Fair Value, End of Year | 419,448 | 390,133 | 352,484 |
CHANGE IN PROJECTED BENEFIT OBLIGATION [Roll Forward] | |||
Benefit Obligation, Beginning of Year | (519,588) | (461,161) | |
Service Cost | (960) | (967) | (1,455) |
Interest Cost | (13,876) | (14,449) | (16,446) |
Actuarial Gains (Losses) | 23,528 | (105,151) | |
Benefits Paid | 15,909 | 9,487 | |
Foreign Currency Rate Changes | (45,938) | 52,653 | |
Settlements and Other | 239 | 0 | |
Benefit Obligation, End of Year | (540,686) | (519,588) | $ (461,161) |
Underfunded Status, End of Year | (121,238) | (129,455) | |
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION [Abstract] | |||
Other Noncurrent Assets | 0 | 134 | |
Current Pension Liability | (780) | (799) | |
Noncurrent Pension Liability | (120,458) | (128,790) | |
Net Amount Recognized in Statement of Financial Position | (121,238) | (129,455) | |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF [Abstract] | |||
Net Actuarial (Losses) | (183,316) | (171,601) | |
Prior Service Cost Gains (Losses) | (441) | (448) | |
Total Accumulated Other Comprehensive Loss | (183,757) | (172,049) | |
Change in Accumulated Other Comprehensive Loss | $ (11,708) | $ (32,221) | |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES [Abstract] | |||
Discount Rate | 2.60% | 2.60% | |
Rate of Compensation Increase | 3.00% | 3.00% | |
Accumulated Benefit Obligations | $ (507,932) | $ (472,841) |
Retirement Plans, Pension Plan
Retirement Plans, Pension Plan Assets/Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
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 | $ 624,431 | $ 590,134 | |
Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 1,762 | 17,835 | |
Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 417,686 | 372,298 | |
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. [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | $ 204,983 | 200,001 | $ 215,923 |
U.S. [Member] | Investments Measured at NAV [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 204,983 | 200,001 | |
U.S. [Member] | Global Equity Securites: Limited Partnership [Member] | Investments Measured at NAV [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 95,933 | 91,397 | |
U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Investments Measured at NAV [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 100,295 | 95,922 | |
U.S. [Member] | Other: Real Estate Commingled Trust Fund [Member] | Investments Measured at NAV [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 8,755 | 12,682 | |
Non-U.S. [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 419,448 | 390,133 | $ 352,484 |
Non-U.S. [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 1,762 | 17,835 | |
Non-U.S. [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 417,686 | 372,298 | |
Non-U.S. [Member] | U.S. Equities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 31,203 | 28,598 | |
Non-U.S. [Member] | U.S. Equities [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | U.S. Equities [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 31,203 | 28,598 | |
Non-U.S. [Member] | Non-U.S. Equities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 96,387 | 85,961 | |
Non-U.S. [Member] | Non-U.S. Equities [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | Non-U.S. Equities [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 96,387 | 85,961 | |
Non-U.S. [Member] | Balanced Managed Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 91,743 | 79,649 | |
Non-U.S. [Member] | Balanced Managed Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 10,196 | |
Non-U.S. [Member] | Balanced Managed Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 91,743 | 69,453 | |
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 197,804 | 187,797 | |
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | Fixed Income Securities: Commingled Trust Funds [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 197,804 | 187,797 | |
Non-U.S. [Member] | Real Estate/Other [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 549 | 489 | |
Non-U.S. [Member] | Real Estate/Other [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 0 | 0 | |
Non-U.S. [Member] | Real Estate/Other [Member] | Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 549 | 489 | |
Non-U.S. [Member] | Cash and Cash Equivalents [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 1,762 | 7,639 | |
Non-U.S. [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Fair Value of Plan Assets | 1,762 | 7,639 | |
Non-U.S. [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, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions to the defined benefit pension plans | $ 15,600 | ||
Expected future benefit payments [Abstract] | |||
2,019 | 23,924 | ||
2,020 | 25,246 | ||
2,021 | 24,857 | ||
2,022 | 26,659 | ||
2,023 | 27,566 | ||
2024-2028 | 150,760 | ||
Total | 279,012 | ||
U.S. [Member] | |||
Expected future benefit payments [Abstract] | |||
2,019 | 15,435 | ||
2,020 | 15,589 | ||
2,021 | 14,322 | ||
2,022 | 14,550 | ||
2,023 | 14,947 | ||
2024-2028 | 75,428 | ||
Total | 150,271 | ||
Other postretirement benefits [Abstract] | |||
Curtailment gain (loss) | 0 | $ (8,842) | $ (1,857) |
Annual (credits) expenses for benefit plans | 647 | 9,655 | 2,799 |
Non-U.S. [Member] | |||
Expected future benefit payments [Abstract] | |||
2,019 | 8,489 | ||
2,020 | 9,657 | ||
2,021 | 10,535 | ||
2,022 | 12,109 | ||
2,023 | 12,619 | ||
2024-2028 | 75,332 | ||
Total | 128,741 | ||
Other postretirement benefits [Abstract] | |||
Curtailment gain (loss) | (19) | 0 | 0 |
Annual (credits) expenses for benefit plans | (7,641) | (3,150) | (4,657) |
Non-U.S. [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions to the defined benefit pension plans | 10,700 | ||
Postretirement Life Insurance and Health Care Benefits [Member] | |||
Other postretirement benefits [Abstract] | |||
Curtailment gain (loss) | 2,500 | ||
Accumulated post-retirement benefit obligation | 1,800 | 1,700 | |
Annual (credits) expenses for benefit plans | (100) | (200) | 200 |
Defined Contribution Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expense recorded | $ 14,400 | $ 15,500 | $ 16,200 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - 2014 Key Employee Stock Plan [Member] - Class A Common Stock [Member] | Apr. 30, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized for issuance under the plan (in shares) | 6,500,000 |
Remaining shares available for future issuance under the plan (in shares) | 4,791,733 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number of Options (in shares) | 611 | |||
Options Outstanding, Weighted Average Remaining Term | 3 years 3 months 18 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 48.88 | |||
Options Exercisable, Number of Options (in shares) | 530 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 47.43 | |||
$35.04 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 35.04 | |||
Options Outstanding, Number of Options (in shares) | 11 | |||
Options Outstanding, Weighted Average Remaining Term | 1 year 2 months 12 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 35.04 | |||
Options Exercisable, Number of Options (in shares) | 11 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 35.04 | |||
$39.53 to $40.02 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, Lower Range Limit (in dollars per share) | 39.53 | |||
Range of Exercise Prices, Upper Range Limit (in dollars per share) | $ 40.02 | |||
Options Outstanding, Number of Options (in shares) | 226 | |||
Options Outstanding, Weighted Average Remaining Term | 3 years 1 month 6 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 39.62 | |||
Options Exercisable, Number of Options (in shares) | 226 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 39.62 | |||
$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) | 130 | |||
Options Outstanding, Weighted Average Remaining Term | 3 years | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 48.71 | |||
Options Exercisable, Number of Options (in shares) | 130 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 48.71 | |||
$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) | 244 | |||
Options Outstanding, Weighted Average Remaining Term | 3 years 9 months 18 days | |||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 58.12 | |||
Options Exercisable, Number of Options (in shares) | 163 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 58.05 | |||
Stock Options [Member] | ||||
Estimated weighted average fair value for options granted and significant weighted average assumptions used [Abstract] | ||||
Fair Value of Options on Grant Date (in dollars per share) | $ 14.77 | |||
Weighted Average assumptions [Abstract] | ||||
Expected Life of Options | 7 years 2 months 12 days | |||
Risk-Free Interest Rate | 2.10% | |||
Expected Volatility | 29.70% | |||
Expected Dividend Yield | 2.10% | |||
Fair Value of Common Stock on Grant Date (in dollars per share) | $ 55.99 | |||
Options [Roll Forward] | ||||
Outstanding at Beginning of Year (in shares) | 1,429 | 1,966 | 1,921 | |
Granted (in shares) | 0 | 0 | 166 | |
Exercised (in shares) | (788) | (469) | (103) | |
Expired or Forfeited (in shares) | (30) | (68) | (18) | |
Outstanding at End of Year (in shares) | 611 | 1,429 | 1,966 | 1,921 |
Exercisable at End of Year (in shares) | 530 | 1,064 | 1,140 | |
Vested and Expected to Vest in the Future at End of Year (in shares) | 599 | 1,249 | 1,925 | |
Weighted Average Exercise Price [Abstract] | ||||
Outstanding at Beginning of Year (in dollars per share) | $ 47.39 | $ 46.62 | $ 45.50 | |
Granted (in dollars per share) | 0 | 0 | 55.99 | |
Exercised (in dollars per share) | 45.97 | 43.74 | 40.22 | |
Expired or Forfeited (in dollars per share) | 54.24 | 49.91 | 51.02 | |
Outstanding at End of Year (in dollars per share) | 48.88 | 47.39 | 46.62 | $ 45.50 |
Exercisable at End of Year (in dollars per share) | 47.43 | 46.04 | 45.22 | |
Vested and Expected to Vest in the Future at End of Year (in dollars per share) | $ 48.90 | $ 45.88 | $ 46.61 | |
Weighted Average Remaining Term [Abstract] | ||||
Outstanding at End of Year | 3 years 3 months 18 days | |||
Exercisable at End of Year | 4 years 2 months 12 days | |||
Vested and Expected to Vest in the Future at End of Year | 3 years 3 months 18 days | |||
Average Intrinsic Value [Abstract] | ||||
Outstanding at End of Year | $ 10.4 | |||
Exercisable at End of Year | 9.8 | |||
Vested and Expected to Vest in the Future at End of Year | 10.2 | |||
Options, Additional Disclosure [Abstract] | ||||
Total intrinsic value of options exercised | 10.4 | $ 20.5 | $ 1.5 | |
Total grant date fair value of stock options vested | 13.4 | $ 19.3 | ||
Unrecognized share-based compensation expense | $ 0.5 | |||
Weighted average recognition period for unrecognized share-based compensation | 1 year | |||
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% |
Stock-Based Compensation, Perfo
Stock-Based Compensation, Performance-Based and Other Restricted Stock Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2015 | |
Restricted Stock Awards [Member] | ||||
Restricted Shares [Roll Forward] | ||||
Nonvested Shares at Beginning of Year (in shares) | 913 | 915 | 752 | |
Granted (in shares) | 525 | 509 | 289 | |
Change in Shares Due to Performance (in shares) | (107) | (67) | ||
Change in Shares Due to Performance (in shares) | 86 | |||
Vested and Issued (in shares) | (318) | (267) | (154) | |
Forfeited (in shares) | (152) | (177) | (58) | |
Nonvested Shares at End of Year (in shares) | 861 | 913 | 915 | 752 |
Weighted Average Grant Date Value [Abstract] | ||||
Nonvested Shares at Beginning of Year (in dollars per share) | $ 51.85 | |||
Granted (in dollars per share) | 53.59 | |||
Change in Shares Due to Performance (in dollars per share) | 55.70 | |||
Vested and Issued (in dollars per share) | 49.47 | |||
Forfeited (in dollars per share) | 52.40 | |||
Nonvested Shares at End of Year (in dollars per share) | $ 53.22 | $ 51.85 | ||
Restricted Stock, Additional Disclosures [Abstract] | ||||
Unrecognized share-based compensation expense | $ 31.1 | |||
Award vesting period | 4 years | |||
Weighted average recognition period for unrecognized share-based compensation | 2 years 2 months 12 days | |||
Total grant date fair value of restricted shares vested | $ 15.7 | $ 12.1 | $ 7.2 | |
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% |
Stock-Based Compensation, Presi
Stock-Based Compensation, President and CEO New Hire Equity Awards (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Apr. 30, 2018USD ($)Installment$ / sharesshares | |
ELTIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Targeted long-term incentive as percentage of base salary | 300.00% |
Targeted long-term incentive value | $ | $ 2.7 |
ELTIP [Member] | Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of targeted long-term incentive value | 60.00% |
Grant date fair value (in dollars per share) | $ / shares | $ 59.15 |
Awards granted (in shares) | shares | 30,916 |
ELTIP [Member] | Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of targeted long-term incentive value | 40.00% |
Grant date fair value (in dollars per share) | $ / shares | $ 59.15 |
Awards granted (in shares) | shares | 20,611 |
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting percentage | 25.00% |
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2019 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting percentage | 25.00% |
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting percentage | 25.00% |
ELTIP [Member] | Restricted Share Units [Member] | Vesting on April 30, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards vesting percentage | 25.00% |
Sign-On Grant [Member] | Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant date fair value (in dollars per share) | $ / shares | $ 59.15 |
Awards granted (in shares) | shares | 67,625 |
Grant value | $ | $ 4 |
Number of equal installments | Installment | 2 |
Stock-Based Compensation, Direc
Stock-Based Compensation, Director Stock Awards (Details) - Director Stock Plan [Member] - Class A Common Stock [Member] - Non-Employee Directors [Member] - shares | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
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) | 19,900 | 20,243 | 19,559 |
Capital Stock and Changes in 71
Capital Stock and Changes in Capital Accounts (Details) | 12 Months Ended | |
Apr. 30, 2018Vote$ / sharesshares | Apr. 30, 2017$ / sharesshares | |
2017 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 | |
Number of shares repurchased during the period (in shares) | 953,188 | |
Average price of shares repurchased during the period (in dollars per share) | $ / shares | $ 52.80 | |
Remaining number of shares authorized to be repurchased under the share repurchase program (in shares) | 3,080,471 | |
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 A [Member] | 2017 Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares repurchased during the period (in shares) | 713,177 | 952,667 |
Average price of shares repurchased during the period (in dollars per share) | $ / shares | $ 55.65 | |
Class B [Member] | ||
Common Stock [Abstract] | ||
Number of votes to which each share of common stock is entitled | Vote | 1 | |
Class B [Member] | 2017 Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares repurchased during the period (in shares) | 521 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Apr. 30, 2018USD ($)Segment | Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) | |
Segment Information [Abstract] | |||||||||||
Number of reportable segments | Segment | 3 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 477,300 | $ 455,700 | $ 451,700 | $ 411,400 | $ 452,200 | $ 436,400 | $ 425,600 | $ 404,300 | $ 1,796,103 | $ 1,718,530 | $ 1,727,037 |
Corporate Expenses | (181,961) | (186,600) | (194,047) | ||||||||
Operating Income | $ 74,800 | $ 67,400 | $ 82,800 | $ 14,500 | $ 63,500 | $ 51,200 | $ 47,700 | $ 43,800 | 239,535 | 206,153 | 188,113 |
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,796,103 | 1,718,530 | 1,727,037 | ||||||||
Contribution to Profit | 421,496 | 392,753 | 382,160 | ||||||||
Operating Segments [Member] | Research [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 934,395 | 853,489 | 826,778 | ||||||||
Contribution to Profit | 275,480 | 252,228 | 252,110 | ||||||||
Operating Segments [Member] | Publishing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 617,648 | 633,449 | 695,728 | ||||||||
Contribution to Profit | 123,917 | 125,703 | 126,058 | ||||||||
Operating Segments [Member] | Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 244,060 | 231,592 | 204,531 | ||||||||
Contribution to Profit | $ 22,099 | $ 14,822 | $ 3,992 |
Segment Information, Total Reve
Segment Information, Total Revenue by Product/Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 477,300 | $ 455,700 | $ 451,700 | $ 411,400 | $ 452,200 | $ 436,400 | $ 425,600 | $ 404,300 | $ 1,796,103 | $ 1,718,530 | $ 1,727,037 |
Journal Subscriptions [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 677,685 | 639,720 | 622,305 | ||||||||
Open Access [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 41,997 | 30,633 | 25,671 | ||||||||
Licensing, Reprints, Backfiles, and Other (Research Segment) [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 181,806 | 164,070 | 178,802 | ||||||||
Publishing Technology Services (Atypon) [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 32,907 | 19,066 | 0 | ||||||||
STM and Professional Publishing [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 287,315 | 291,255 | 330,984 | ||||||||
Education Publishing [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 187,178 | 196,343 | 229,989 | ||||||||
Course Workflow [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 59,475 | 62,348 | 58,519 | ||||||||
Test Preparation and Certification [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 35,534 | 35,609 | 28,115 | ||||||||
Licensing, Distribution, Advertising, and Other (Publishing Segment) [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 48,146 | 47,894 | 48,121 | ||||||||
Education Services (OPM) [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 119,131 | 111,638 | 96,469 | ||||||||
Professional Assessment [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 61,094 | 59,868 | 57,370 | ||||||||
Corporate Learning [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 63,835 | $ 60,086 | $ 50,692 |
Segment Information, Total Asse
Segment Information, Total Assets by Segment (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 2,839,451 | $ 2,606,217 | $ 2,921,096 |
Operating Segments [Member] | Research [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 1,238,178 | 1,133,846 | 1,235,609 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 575,033 | 582,339 | 672,987 |
Operating Segments [Member] | Solutions [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 563,489 | 575,068 | 439,554 |
Corporate [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 462,751 | $ 314,964 | $ 572,946 |
Segment Information, Other Sign
Segment Information, Other Significant Reconciling Items by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | $ (150,728) | $ (303,427) | $ (151,395) |
Depreciation and amortization | 153,989 | 156,561 | 155,849 |
Operating Segments [Member] | Research [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | (7,538) | (154,189) | (20,418) |
Depreciation and amortization | 33,655 | 29,330 | 26,410 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | (23,666) | (29,420) | (35,966) |
Depreciation and amortization | 39,495 | 43,831 | 47,108 |
Operating Segments [Member] | Solutions [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | (16,786) | (21,210) | (23,344) |
Depreciation and amortization | 27,703 | 26,792 | 22,927 |
Corporate [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Expenditures for long lived assets | (102,738) | (98,608) | (71,667) |
Depreciation and amortization | $ 53,136 | $ 56,608 | $ 59,404 |
Segment Information, Revenues f
Segment Information, Revenues from External Customers and Long-Lived Assets by Geography Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ 477,300 | $ 455,700 | $ 451,700 | $ 411,400 | $ 452,200 | $ 436,400 | $ 425,600 | $ 404,300 | $ 1,796,103 | $ 1,718,530 | $ 1,727,037 |
Long-lived assets | 289,934 | 243,058 | 289,934 | 243,058 | 207,464 | ||||||
Reportable Geographical Components [Member] | United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 913,852 | 786,574 | 884,185 | ||||||||
Long-lived assets | 249,542 | 208,572 | 249,542 | 208,572 | 166,878 | ||||||
Reportable Geographical Components [Member] | United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 147,406 | 189,479 | 153,442 | ||||||||
Long-lived assets | 20,955 | 21,368 | 20,955 | 21,368 | 23,246 | ||||||
Reportable Geographical Components [Member] | Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 98,404 | 75,090 | 69,676 | ||||||||
Long-lived assets | 9,259 | 8,770 | 9,259 | 8,770 | 9,629 | ||||||
Reportable Geographical Components [Member] | Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 81,572 | 62,674 | 76,930 | ||||||||
Long-lived assets | 72 | 75 | 72 | 75 | 35 | ||||||
Reportable Geographical Components [Member] | Australia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 78,270 | 66,309 | 78,786 | ||||||||
Long-lived assets | 1,454 | 591 | 1,454 | 591 | 1,041 | ||||||
Reportable Geographical Components [Member] | China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 53,076 | 39,653 | 52,815 | ||||||||
Long-lived assets | 229 | 270 | 229 | 270 | 244 | ||||||
Reportable Geographical Components [Member] | Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 55,568 | 50,740 | 50,243 | ||||||||
Long-lived assets | 3,635 | 1,232 | 3,635 | 1,232 | 1,617 | ||||||
Reportable Geographical Components [Member] | France [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 51,826 | 44,760 | 49,970 | ||||||||
Long-lived assets | 635 | 335 | 635 | 335 | 2,211 | ||||||
Reportable Geographical Components [Member] | India [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 41,637 | 34,306 | 38,208 | ||||||||
Long-lived assets | 1,437 | 245 | 1,437 | 245 | 234 | ||||||
Reportable Geographical Components [Member] | Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 274,492 | 368,945 | 272,782 | ||||||||
Long-lived assets | $ 2,716 | $ 1,600 | $ 2,716 | $ 1,600 | $ 2,329 |
Supplementary Quarterly Finan77
Supplementary Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | |||||||||
Supplementary Quarterly Financial Information - Results By Quarter (Unaudited) [Abstract] | |||||||||||||||||||
Revenue | $ 477,300 | $ 455,700 | $ 451,700 | $ 411,400 | $ 452,200 | $ 436,400 | $ 425,600 | $ 404,300 | $ 1,796,103 | $ 1,718,530 | $ 1,727,037 | ||||||||
Gross profit | 351,800 | 330,500 | 331,900 | 296,700 | 332,900 | 320,100 | 314,000 | 290,800 | 1,310,900 | 1,257,800 | |||||||||
Operating income | 74,800 | 67,400 | 82,800 | 14,500 | 63,500 | 51,200 | 47,700 | 43,800 | 239,535 | 206,153 | 188,113 | ||||||||
Net income | $ 54,200 | $ 68,800 | $ 60,000 | $ 9,200 | $ 46,700 | $ 47,400 | $ (11,500) | $ 31,000 | $ 192,186 | $ 113,643 | $ 145,782 | ||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Basic (in dollars per share) | $ 0.95 | [1] | $ 1.21 | [1] | $ 1.06 | [1] | $ 0.16 | [1] | $ 0.82 | [1] | $ 0.83 | [1] | $ (0.20) | [1] | $ 0.54 | [1] | $ 3.37 | $ 1.98 | $ 2.51 |
Diluted (in dollars per share) | $ 0.93 | [1] | $ 1.19 | [1] | $ 1.04 | [1] | $ 0.16 | [1] | $ 0.81 | [1] | $ 0.82 | [1] | $ (0.20) | [1] | $ 0.53 | [1] | $ 3.32 | $ 1.95 | $ 2.48 |
[1] | The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding. |
Schedule II-VALUATION AND QUA78
Schedule II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 | ||
Allowance for Sales Returns [Member] | ||||
Valuation allowances and reserves [Roll Forward] | ||||
Balance at beginning of period | [1] | $ 24,300 | $ 19,861 | $ 25,340 |
Additions/(Deductions) charged to expenses and other | [1] | (3,486) | 53,482 | 56,094 |
Deductions from reserves | [1],[2] | 2,186 | 49,043 | 61,573 |
Balance at end of period | [1] | 18,628 | 24,300 | 19,861 |
Allowance for Doubtful Accounts [Member] | ||||
Valuation allowances and reserves [Roll Forward] | ||||
Balance at beginning of period | 7,186 | 7,254 | 8,290 | |
Additions/(Deductions) charged to expenses and other | 5,439 | 2,913 | 698 | |
Deductions from reserves | [2] | 2,518 | 2,981 | 1,734 |
Balance at end of period | 10,107 | 7,186 | 7,254 | |
Allowance for Inventory Obsolescence [Member] | ||||
Valuation allowances and reserves [Roll Forward] | ||||
Balance at beginning of period | 21,096 | 21,968 | 21,901 | |
Additions/(Deductions) charged to expenses and other | 9,182 | 9,538 | 15,167 | |
Deductions from reserves | [2] | 12,085 | 10,410 | 15,100 |
Balance at end of period | $ 18,193 | $ 21,096 | $ 21,968 | |
[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, accounts written off, less recoveries and items removed from inventory. |