XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.21.2

Revenue Recognition, Contracts with Customers | 6 Months Ended
--- | ---
Oct. 31, 2021
Revenue Recognition, Contracts with Customers [Abstract] |
Revenue Recognition, Contracts with Customers | Note 4 — Revenue Recognition, Contracts with Customers Disaggregation of Revenue The following table presents our revenue from contracts with customers disaggregated by segment and product type.
|  | Three Months Ended October 31, |  |  | Six Months Ended October 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Research Publishing & Platforms: |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing |  | $ | 262,873 |  |  | $ | 240,691 |  |  | $ | 526,231 |  |  | $ | 471,155 |
Research Platforms |  |  | 12,281 |  |  |  | 10,643 |  |  |  | 23,679 |  |  |  | 20,989 |
Total Research Publishing & Platforms |  |  | 275,154 |  |  |  | 251,334 |  |  |  | 549,910 |  |  |  | 492,144 |
Academic & Professional Learning: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education Publishing (1) |  |  | 98,581 |  |  |  | 102,428 |  |  |  | 164,961 |  |  |  | 166,031 |
Professional Learning |  |  | 77,948 |  |  |  | 67,485 |  |  |  | 150,832 |  |  |  | 130,314 |
Total Academic & Professional Learning |  |  | 176,529 |  |  |  | 169,913 |  |  |  | 315,793 |  |  |  | 296,345 |
Education Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
University Services (2) |  |  | 58,081 |  |  |  | 56,261 |  |  |  | 112,475 |  |  |  | 106,523 |
Talent Development Services (1)(3) |  |  | 23,239 |  |  |  | 13,503 |  |  |  | 43,213 |  |  |  | 27,325 |
Total Education Services |  |  | 81,320 |  |  |  | 69,764 |  |  |  | 155,688 |  |  |  | 133,848 |
Total Revenue |  | $ | 533,003 |  |  | $ | 491,011 |  |  | $ | 1,021,391 |  |  | $ | 922,337 |
(1) | In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning – Education Publishing to Education Services – Talent Development Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services – Talent Development Services. The revenue was $0.7 million and $1.2 million for the three and six months ended October 31, 2020, respectively. There were no changes to our total consolidated financial results.
(2) | University Services was previously referred to as Education Services OPM.
(3) | Talent Development Services was previously referred to as mthree.
The following information describes our disaggregation of revenue by segment and product type. Overall, the majority of our revenue is recognized over time. Research Publishing & Platforms Research Publishing & Platforms customers include academic, corporate, government, and public libraries, funders of research, researchers, scientists, clinicians, engineers and technologists, scholarly and professional societies, and students and professors. Research Publishing & Platforms products are sold and distributed globally through multiple channels, including research libraries and library consortia, independent subscription agents, direct sales to professional society members, and other customers. Publishing centers include Australia, China, Germany, India, the United Kingdom (UK), and the United States (US). The majority of revenue generated from Research Publishing & Platforms products is recognized over time. Total Research Publishing & Platforms revenue was $275.2 million and $549.9 million in the three and six months ended October 31, 2021, respectively. We disaggregated revenue by Research Publishing & Research Platforms to reflect the different type of products and services provided. Research Publishing Products Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services, to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $262.9 million and $526.2 million in the three and six months ended October 31, 2021, respectively and the majority is recognized over time. Research Publishing products generate approximately 78% and 79% in the three and six months ended October 31, 2021, respectively of its revenue from contracts with its customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Transitional Agreements (read and publish), sometimes referred to as Comprehensive Agreements, and the remainder from Licensing, Reprints, Backfiles, and Other. Research Platforms Services Research Platforms is principally comprised of Atypon, a publishing software and service provider that enables scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content on the web through the Literatum platform. The revenue related to the J&J acquisition is included in Research Platforms. Research Platforms revenue was $12.3 million and $23.7 million in the three and six months ended October 31, 2021, respectively and the majority is recognized over time. Academic & Professional Learning Academic & Professional Learning provides Education Publishing and Professional Learning products and services including scientific, professional, and education print and digital books, digital courseware, and test preparation services, to libraries, corporations, students, professionals, and researchers, as well as learning, development, and assessment services for businesses and professionals. Communities served include business, finance, accounting, workplace learning, management, leadership, technology, behavioral health, engineering/ architecture, science and medicine, and education. Products are developed for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, web sites, distributor networks and other online applications. Publishing centers include Australia, Germany, India, the UK, and the US. Total Academic & Professional Learning revenue was $176.5 million and $315.8 million in the three and six months ended October 31, 2021, respectively. We disaggregated revenue by type of products provided. Academic & Professional Learning products are Education Publishing and Professional Learning. Academic & Professional Learning revenues are mainly recognized at a point in time. Education Publishing Products Education Publishing products revenue was $98.6 million and $165.0 million in the three and six months ended October 31, 2021, respectively. Education Publishing products generate approximately 63% and 68% in the three and six months ended October 31, 2021, respectively of its revenue from contracts with its customers from Education (print and digital) Publishing, which is recognized at a point in time, and 24% and 17% in the three and six months ended October 31, 2021, respectively from Digital Courseware which is recognized over time. The remainder of its revenues were from Test Preparation and Certification and Licensing and Other, which has a mix of revenue recognized at a point in time and over time. Professional Learning Products Professional Learning products revenue was $77.9 million and $150.8 million in the three and six months ended October 31, 2021, respectively. Professional Learning (print and digital) products generate approximately 61% in both the three and six months ended October 31, 2021 of revenue from contracts with its customers from Professional Publishing, and Licensing and Other, and both are mainly recognized at a point in time. Approximately 39% of Professional Learning products revenue in both the three and six months ended October 31, 2021 is from contracts with its customers from Corporate Training and Corporate Learning, which is recognized mainly over time. Education Services Education Services revenue was $81.3 million and $155.7 million in the three and six months ended October 31, 2021, respectively and the majority is recognized over time. We disaggregated revenue by type of services provided, which are University Services (previously referred to as Education Services OPM) and Talent Development Services (previously referred to as mthree). University Services University Services revenue was $58.1 million and $112.5 million in the three and six months ended October 31, 2021, respectively and is mainly recognized over time. University Services engages in the comprehensive management of online degree programs for universities and has grown to include a broad array of tech enabled service offerings that address our partner specific pain points. Increasingly, this includes delivering career credentialing education that advances specific careers with in-demand skills. Talent Development Services Talent Development Services revenue was $23.2 million and $43.2 million in the three and six months ended October 31, 2021, respectively, and is recognized at the point in time the services are provided to its customers. Talent Development Services is a talent placement provider that finds, trains and places job-ready technology talent in roles with leading corporations worldwide. Accounts Receivable, net and Contract Liability Balances When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. The following table provides information about accounts receivable, net and contract liabilities from contracts with customers.
|  | October 31, 2021 |  |  | April 30, 2021 |  |  | Increase/ (Decrease) |
Balances from contracts with customers: |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 291,891 |  |  | $ | 311,571 |  |  | $ | (19,680 | )
Contract liabilities (1) |  |  | 267,890 |  |  |  | 545,425 |  |  |  | (277,535 | )
Contract liabilities (included in Other long-term liabilities) |  | $ | 20,619 |  |  | $ | 19,560 |  |  | $ | 1,059 |
(1) | The sales return reserve recorded in Contract liabilities is $42.3 million and $38.0 million, as of October 31, 2021 and April 30, 2021, respectively.
For the six months ended October 31, 2021, we estimate that we recognized revenue of approximately 74% that was included in the current contract liability balance at April 30, 2021. The decrease in contract liabilities excluding the sales return reserve, was primarily driven by revenue earned on journal subscription agreements, comprehensive agreements, open access and test preparation and certification offerings, partially offset by renewals of journal subscription agreements, comprehensive agreements, open access, and test preparation and certification offerings. Remaining Performance Obligations included in Contract Liability As of October 31, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $288.5 million, which included the sales return reserve of $42.3 million. Excluding the sales return reserve, we expect that approximately $225.6 million will be recognized in the next twelve months with the remaining $20.6 million to be recognized thereafter. Assets Recognized for the Costs to Fulfill a Contract Costs to fulfill a contract are directly related to a contract that will be used to satisfy a performance obligation in the future and are expected to be recovered. These costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. These types of costs are incurred in the following product types, (1) Research Platforms services, which includes customer specific implementation costs per the terms of the contract and (2) University Services, which includes customer specific costs to develop courses per the terms of the contract. Our assets associated with incremental costs to fulfill a contract were $11.5 million and $12.1 million at October 31, 2021 and April 30, 2021, respectively, and are included within Other non-current assets on our Unaudited Condensed Consolidated Statements of Financial Position. We recorded amortization expense of $1.3 million and $2.8 million during the three and six months ended October 31, 2021, respectively, related to these assets within Cost of sales on our Unaudited Condensed Consolidated Statements of Net Income. We recorded amortization expense of $1.4 million and $2.6 million during the three and six months ended October 31, 2020, respectively, related to these assets within Cost of sales on our Unaudited Condensed Consolidated Statements of Net Income. Sales and value-added taxes are excluded from revenues. Shipping and handling costs, which are primarily incurred within the Academic & Professional Learning segment, occur before the transfer of control of the related goods. Therefore, in accordance with the revenue standard, it is not considered a promised service to the customer and would be considered a cost to fulfill our promise to transfer the goods. Costs incurred for third party shipping and handling are primarily reflected in Operating and administrative expenses on our Unaudited Condensed Consolidated Statements of Net Income. We incurred $7.2 million and $14.0 million in shipping and handling costs in the three and six months ended October 31, 2021, respectively. We incurred $6.5 million and $13.2 million in shipping and handling costs in the three and six months ended October 31, 2020, respectively.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration