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Restructuring and Related Charges | 6 Months Ended
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Oct. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Related Charges | Restructuring and Related Charges Global Restructuring Program In May 2022, the Company initiated a global program (Global Restructuring Program) to restructure and align our cost base with current and anticipated future market conditions, which was previously referred to as the Fiscal Year 2023 Restructuring Program. This program included severance related charges for the elimination of certain positions, the exit of certain leased office space, and the reduction of our occupancy at other facilities. Under this program, we reduced our real estate square footage occupancy by approximately 22%. In the three months ended July 31, 2023, we expanded the scope of the program to include those actions that will focus Wiley on its leading global position in the development and application of new knowledge and drive greater profitability, growth, and cash flow. We will focus on our strongest and most profitable businesses and large market opportunities in Research and Learning, as well as streamline our organization and rightsize our cost structure to reflect these portfolio actions. As part of the Global Restructuring Program, we are further reducing our real estate square footage occupancy by approximately 6% due to actions taken in the six months ended October 31, 2023. The following tables summarize the pretax restructuring and related charges related to the Global Restructuring Program:
| Three Months Ended October 31, |  | Six Months Ended October 31, |  | Total Charges Incurred to Date
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Charges by Segment: |  |  |  |  |  |  |  |  |
Research | $ | 4,755 |  |  | $ | 1,179 |  |  | $ | 6,702 |  |  | $ | 1,260 |  |  | $ | 9,115 |
Learning | 5,859 |  |  | 3,661 |  |  | 6,077 |  |  | 6,792 |  |  | 13,881 |
Held for Sale or Sold | 2,022 |  |  | 168 |  |  | 4,645 |  |  | 3,781 |  |  | 10,431 |
Corporate Expenses | 12,119 |  |  | 8,673 |  |  | 19,111 |  |  | 23,589 |  |  | 51,990 |
Total Restructuring and Related Charges | $ | 24,755 |  |  | $ | 13,681 |  |  | $ | 36,535 |  |  | $ | 35,422 |  |  | $ | 85,417 |
Charges by Activity: |  |  |  |  |  |  |  |  |
Severance and termination benefits | $ | 18,619 |  |  | $ | 5,467 |  |  | $ | 24,563 |  |  | $ | 17,564 |  |  | $ | 50,390 |
Impairment of operating lease ROU assets and property and equipment | — |  |  | 6,590 |  |  | 1,575 |  |  | 12,696 |  |  | 14,271 |
Acceleration of expense related to operating lease ROU assets and property and equipment | 152 |  |  | — |  |  | 516 |  |  | 1,840 |  |  | 2,656 |
Facility related charges, net | 558 |  |  | 999 |  |  | 1,387 |  |  | 2,697 |  |  | 5,537 |
Consulting costs | 3,966 |  |  | 430 |  |  | 5,789 |  |  | 430 |  |  | 8,074 |
Other activities | 1,460 |  |  | 195 |  |  | 2,705 |  |  | 195 |  |  | 4,489 |
Total Restructuring and Related Charges | $ | 24,755 |  |  | $ | 13,681 |  |  | $ | 36,535 |  |  | $ | 35,422 |  |  | $ | 85,417 |
We incurred severance related charges of $18.6 million and $24.6 million for the three and six months ended October 31, 2023, respectively, and $5.5 million and $17.6 million for the three and six months ended October 31, 2022, respectively, for certain employees affected by the reduction in force under this program who are entitled to severance payments and certain termination benefits. The impairment charges of $1.6 million for the six months ended October 31, 2023 included the impairment of operating lease ROU assets of $1.2 million related to certain leases that will be subleased, and the related property and equipment of $0.4 million described further below. These charges were recorded in the Research segment. The impairment charges of $6.6 million and $12.7 million for the three and six months ended October 31, 2022, respectively, included the impairment of operating lease ROU assets of $4.7 million and $7.6 million, respectively, related to certain leases that will be subleased, and the related property and equipment of $1.9 million and $5.1 million, respectively described further below. In the three and six months ended October 31, 2022, these charges were recorded in Corporate Expenses. The acceleration of expense of $0.1 million and $0.5 million in the three and six months ended October 31, 2023, respectively, included the acceleration of rent expense associated with operating lease ROU assets related to certain leases that will be abandoned or terminated, and the related depreciation and amortization of property and equipment. The acceleration of expense of $1.8 million for the six months ended October 31, 2022 included the acceleration of rent expense associated with operating lease ROU assets of $0.9 million related to certain leases that will be abandoned or terminated, and the related depreciation and amortization of property and equipment of $0.9 million. Due to the actions taken above, we tested the operating lease ROU assets and the related property and equipment for those being subleased for recoverability by comparing the carrying value of the asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset groups were below the carrying values. Therefore, there was an indication of impairment. We then determined the fair value of the asset groups by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of these operating lease ROU assets and the property and equipment immediately subsequent to the impairment was $0.9 million and $12.1 million in the six months ended October 31, 2023 and 2022, respectively, and were categorized as Level 3 within the FASB ASC Topic 820, “Fair Value Measurements” fair value hierarchy. In addition, we incurred ongoing facility-related costs associated with certain properties that resulted in additional restructuring charges of $0.6 million and $1.4 million in the three and six months ended October 31, 2023, respectively, and $1.0 million and $2.7 million in the three and six months ended October 31, 2022, respectively. We also incurred consulting costs of $4.0 million and $5.8 million in the three and six months ended October 31, 2023, respectively, and $0.4 million in the three and six months ended October 31, 2022. Additionally, we incurred costs for other activities, which includes relocation and other charges of $1.5 million and $2.7 million in the three and six months ended October 31, 2023, respectively, and $0.2 million in the three and six months ended October 31, 2022. The following table summarizes the activity for the Global Restructuring Program liability for the six months ended October 31, 2023:
| April 30, 2023 |  | Charges |  | Payments |  | Foreign Translation & Other Adjustments |  | October 31, 2023
Severance and termination benefits | $ | 4,572 |  |  | $ | 24,563 |  |  | $ | (8,860) |  |  | $ | (256) |  |  | $ | 20,019 |
Consulting costs | — |  |  | 5,789 |  |  | (5,731) |  |  | (2) |  |  | 56 |
Other activities | 9 |  |  | 2,705 |  |  | (778) |  |  | (4) |  |  | 1,932 |
Total | $ | 4,581 |  |  | $ | 33,057 |  |  | $ | (15,369) |  |  | $ | (262) |  |  | $ | 22,007 |
Approximately $19.5 million of the restructuring liability for accrued severance and termination benefits is reflected in Accrued employment costs and approximately $0.5 million is reflected in Other long-term liabilities on our Unaudited Condensed Consolidated Statement of Financial Position. The liabilities for Consulting costs and Other activities are reflected in Other accrued liabilities on our Unaudited Condensed Consolidated Statement of Financial Position. Business Optimization Program For the three and six months ended October 31, 2023, we recorded pretax restructuring charges of $0.3 million and $0.7 million, respectively, related to this program. For the three and six months ended October 31, 2022, we recorded pretax restructuring charges of $0.3 million and $1.0 million, respectively, related to this program. We currently do not anticipate any further material charges related to the Business Optimization Program, except for ongoing facility related charges.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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