XML 25 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2017
Apr. 30, 2016
Apr. 30, 2015
Operating Activities      
Net Income $ 113,643 $ 145,782 $ 176,868
Adjustments to reconcile net income to net cash provided by operating activities      
Amortization of intangibles 49,669 49,764 51,214
Amortization of book composition and other product development costs 40,209 39,658 40,639
Depreciation of technology, property and equipment 66,683 66,427 62,072
Restructuring charges 13,355 28,611 28,804
Deferred income tax benefit on UK rate changes (2,575) (5,859) 0
Stock-based compensation expense 17,552 16,105 13,617
Excess tax benefits from stock-based compensation (414) (1,027) (3,191)
Employee retirement plan expense 13,169 14,323 22,599
Royalty advances (112,370) (110,135) (104,876)
Earned royalty advances 114,647 109,102 110,054
Unfavorable tax settlement 49,029 0 0
One-time pension settlement 8,842 0 0
Other non-cash (credits) charges (6,871) 1,463 (8,046)
Income tax deposits 0 (1,151) (5,280)
Changes in Operating Assets and Liabilities Source (Use), excluding acquisitions      
Accounts receivable (29,886) (14,456) 4,488
Inventories 8,003 3,571 9,696
Accounts and royalties payable (19,857) 3,997 31,305
Deferred revenue 22,692 66,983 3,913
Income taxes payable 19,479 (7,091) 8,330
Restructuring payments (22,854) (29,864) (32,341)
Other accrued liabilities 10,908 14,968 (10,901)
Employee retirement plan contributions (39,687) (34,214) (28,503)
Other 1,135 (7,000) (15,339)
Cash Provided by Operating Activities 314,501 349,957 355,122
Investing Activities      
Book composition and other product development spending (37,559) (37,272) (39,421)
Additions to technology, property and equipment (110,700) (93,705) (69,121)
Acquisitions, net of cash acquired (154,766) (20,418) (172,229)
Proceeds from settlement of foreign exchange forward contracts 60,417 0 0
Proceeds from sale of consumer publishing programs 0 0 1,100
Cash Used for Investing Activities (242,608) (151,395) (279,671)
Financing Activities      
Repayment of long-term debt (923,007) (460,085) (711,654)
Repayment of short-term debt 0 (150,000) 0
Borrowings of long-term debt 683,000 415,000 659,369
Borrowing of short-term debt 0 50,000 100,000
Purchase of treasury stock (50,326) (69,977) (61,981)
Change in book overdrafts (214) 1,725 (6,711)
Cash dividends (71,545) (69,896) (68,498)
Debt financing costs 0 (3,362) 0
Net proceeds (payments) from exercise of stock options and other 15,506 (95) 25,326
Excess tax benefits from stock-based compensation 414 1,027 3,191
Cash Provided by Financing Activities (346,172) (285,663) (60,958)
Effects of Exchange Rate Changes on Cash (31,011) (6,534) (43,429)
Cash and Cash Equivalents      
Decrease for year (305,290) (93,635) (28,936)
Balance at beginning of year 363,806 457,441 486,377
Balance at end of year 58,516 363,806 457,441
Cash Paid During the Year for      
Interest 15,733 15,050 14,875
Income taxes, net $ 33,674 $ 38,579 $ 45,646