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Restructuring and Related Charges | 9 Months Ended
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Jan. 31, 2024
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 13% due to actions taken in the nine months ended January 31, 2024. The following tables summarize the pretax restructuring and related charges related to the Global Restructuring Program:
| Three Months Ended January 31, |  | Nine Months Ended January 31, |  | Total Charges Incurred to Date
| 2024 |  | 2023 |  | 2024 |  | 2023 |
(Credits) Charges by Segment: |  |  |  |  |  |  |  |  |
Research | $ | (749) |  |  | $ | 319 |  |  | $ | 5,953 |  |  | $ | 1,579 |  |  | $ | 8,366 |
Learning | 1,313 |  |  | 1,387 |  |  | 7,390 |  |  | 8,179 |  |  | 15,194 |
Held for Sale or Sold | 1,498 |  |  | 614 |  |  | 6,143 |  |  | 4,395 |  |  | 11,929 |
Corporate Expenses | 12,352 |  |  | 6,540 |  |  | 31,463 |  |  | 30,129 |  |  | 64,342 |
Total Restructuring and Related Charges | $ | 14,414 |  |  | $ | 8,860 |  |  | $ | 50,949 |  |  | $ | 44,282 |  |  | $ | 99,831 |
Charges by Activity: |  |  |  |  |  |  |  |  |
Severance and termination benefits | $ | 1,098 |  |  | $ | 7,049 |  |  | $ | 25,661 |  |  | $ | 24,613 |  |  | $ | 51,488 |
Impairment of operating lease ROU assets and property and equipment | 7,149 |  |  | — |  |  | 8,724 |  |  | 12,696 |  |  | 21,420 |
Acceleration of expense related to operating lease ROU assets and property and equipment | 548 |  |  | 152 |  |  | 1,064 |  |  | 1,992 |  |  | 3,204 |
Facility related charges, net | 1,531 |  |  | 706 |  |  | 2,918 |  |  | 3,403 |  |  | 7,067 |
Consulting costs | 2,032 |  |  | 167 |  |  | 7,821 |  |  | 597 |  |  | 10,106 |
Other activities | 2,056 |  |  | 786 |  |  | 4,761 |  |  | 981 |  |  | 6,546 |
Total Restructuring and Related Charges | $ | 14,414 |  |  | $ | 8,860 |  |  | $ | 50,949 |  |  | $ | 44,282 |  |  | $ | 99,831 |
The severance related charges are for certain employees affected by the reduction in force under this program who are entitled to severance payments and certain termination benefits. The credits in Research for the three months ended January 31, 2024 relate to severance and termination benefits activities primarily due to changes in the number of headcount reductions, and estimates for previously accrued costs. The impairment charges include the impairment of operating lease ROU assets related to certain leases that will be subleased, and the related property and equipment described further below. In the three and nine months ended January 31, 2024, these charges were recorded in Corporate Expenses and the Research segment. In the nine months ended January 31, 2023, these charges were recorded in Corporate Expenses. The acceleration of expense includes 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. 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 $8.7 million and $12.1 million in the nine months ended January 31, 2024 and 2023, respectively, and were categorized as Level 3 within the fair value hierarchy. In addition, we incurred ongoing facility-related costs associated with certain properties, consulting costs, and other costs for other activities, which includes relocation and other employee related costs. The following table summarizes the activity for the Global Restructuring Program liability for the nine months ended January 31, 2024:
| April 30, 2023 |  | Charges |  | Payments |  | Foreign Translation & Other Adjustments |  | January 31, 2024
Severance and termination benefits | $ | 4,572 |  |  | $ | 25,661 |  |  | $ | (24,839) |  |  | $ | (76) |  |  | $ | 5,318 |
Consulting costs | — |  |  | 7,821 |  |  | (6,682) |  |  | (1) |  |  | 1,138 |
Other activities | 9 |  |  | 4,761 |  |  | (3,489) |  |  | 8 |  |  | 1,289 |
Total | $ | 4,581 |  |  | $ | 38,243 |  |  | $ | (35,010) |  |  | $ | (69) |  |  | $ | 7,745 |
Approximately $5.0 million of the restructuring liability for accrued severance and termination benefits is reflected in Accrued employment costs and approximately $0.3 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 nine months ended January 31, 2024, we recorded pretax restructuring charges of $0.4 million and $1.1 million, respectively, related to this program. For the three and nine months ended January 31, 2023, we recorded pretax restructuring credits of $(0.1) million and charges of $0.9 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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