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Retirement Plans | 12 Months Ended
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Apr. 30, 2026
Retirement Benefits [Abstract] |
Retirement Plans | 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. Defined Benefit Plans 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 UK plan was frozen effective April 30, 2015 and; •US 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 this plan have been discontinued as noted above. The components of net pension expense for the defined benefit plans and the weighted average assumptions were as follows:
| For the Years Ended April 30, |
| 2026 |  | 2025 |  | 2024 |
| US |  | Non-US |  | US |  | Non-US |  | US |  | Non-US |
Service cost | $ | — |  |  | $ | 499 |  |  | $ | — |  |  | $ | 560 |  |  | $ | — |  |  | $ | 532 |  |
Interest cost | 11,850 |  |  | 17,479 |  |  | 12,133 |  |  | 16,603 |  |  | 11,654 |  |  | 16,069 |  |
Expected return on plan assets | (9,641) |  |  | (18,371) |  |  | (9,610) |  |  | (18,449) |  |  | (10,372) |  |  | (19,443) |  |
Amortization of prior service cost | (154) |  |  | 60 |  |  | (154) |  |  | 66 |  |  | (154) |  |  | 60 |  |
Amortization of net actuarial loss | 2,293 |  |  | 6,532 |  |  | 2,314 |  |  | 6,058 |  |  | 2,446 |  |  | 5,656 |  |
Curtailment/settlement (credit) | — |  |  | — |  |  | — |  |  | (181) |  |  | — |  |  | — |  |
Net pension expense | $ | 4,348 |  |  | $ | 6,199 |  |  | $ | 4,683 |  |  | $ | 4,657 |  |  | $ | 3,574 |  |  | $ | 2,874 |  |
Discount rate | 5.7 | % |  | 5.5 | % |  | 5.8 | % |  | 5.1 | % |  | 5.1 | % |  | 4.8 | % |
Rate of compensation increase | N/A |  | 3.0 | % |  | N/A |  | 3.0 | % |  | N/A |  | 3.0 | % |
Expected return on plan assets | 5.8 | % |  | 6.2 | % |  | 5.8 | % |  | 6.2 | % |  | 5.8 | % |  | 6.4 | % |
In the year ended April 30, 2025, due to the sale of the CrossKnowledge business, there was a curtailment and a settlement credit due to the divestment of the CrossKnowledge Pension Plan of $(0.2) million which is primarily reflected in Other (expense) income, net on our Consolidated Statements of Income (Loss). The service cost component of net pension expense is reflected in Operating and administrative expenses on our Consolidated Statements of Income (Loss). The other components of net pension expense are reported separately from the service cost component and below Operating income. Such amounts are reflected in Other (expense) income, net on our Consolidated Statements of Income (Loss). 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 for plans with all or almost all inactive participants and frozen plans, and on the average remaining working lifetime of active plan participants for all other plans. The vested benefit obligation for our defined benefit postretirement plans is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee's expected date of separation of retirement. 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 Consolidated Statements of Financial Position date. The following table sets forth the changes in, and the status of, our defined benefit plans’ assets and benefit obligations:
| 2026 |  | 2025 |
| US |  | Non-US |  | US |  | Non-US |
CHANGE IN PLAN ASSETS |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 174,170 |  |  | $ | 302,532 |  |  | $ | 173,569 |  |  | $ | 293,168 |  |
Actual return on plan assets | 17,429 |  |  | 13,376 |  |  | 13,312 |  |  | (7,426) |  |
Employer contributions | 2,961 |  |  | 1,887 |  |  | 3,198 |  |  | 13,526 |  |
Employee contributions | — |  |  | — |  |  | — |  |  | — |  |
Settlements | — |  |  | — |  |  | — |  |  | (729) |  |
Benefits paid | (15,677) |  |  | (14,548) |  |  | (15,909) |  |  | (14,560) |  |
Foreign currency rate changes | — |  |  | 3,870 |  |  | — |  |  | 18,553 |  |
Fair value, end of year | $ | 178,883 |  |  | $ | 307,117 |  |  | $ | 174,170 |  |  | $ | 302,532 |  |
CHANGE IN PROJECTED BENEFIT OBLIGATION |  |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | (216,547) |  |  | $ | (323,332) |  |  | $ | (215,563) |  |  | $ | (324,362) |  |
Service cost | — |  |  | (499) |  |  | — |  |  | (560) |  |
Interest cost | (11,850) |  |  | (17,479) |  |  | (12,133) |  |  | (16,603) |  |
Actuarial gains (losses) | 1,282 |  |  | 14,725 |  |  | (4,760) |  |  | 22,520 |  |
Benefits paid | 15,677 |  |  | 14,548 |  |  | 15,909 |  |  | 14,560 |  |
Foreign currency rate changes | — |  |  | (4,572) |  |  | — |  |  | (19,984) |  |
Settlements and other | — |  |  | — |  |  | — |  |  | 1,097 |  |
Benefit obligation, end of year | $ | (211,438) |  |  | $ | (316,609) |  |  | $ | (216,547) |  |  | $ | (323,332) |  |
Underfunded status, end of year | $ | (32,555) |  |  | $ | (9,492) |  |  | $ | (42,377) |  |  | $ | (20,800) |  |
AMOUNTS RECOGNIZED ON THE STATEMENT OF FINANCIAL POSITION |  |  |  |  |  |  |  |
Noncurrent assets | — |  |  | 21,769 |  |  | — |  |  | 12,885 |  |
Current pension liability | (2,884) |  |  | (1,405) |  |  | (2,881) |  |  | (1,282) |  |
Noncurrent pension liability | (29,671) |  |  | (29,856) |  |  | (39,496) |  |  | (32,403) |  |
Net amount recognized in statement of financial position | $ | (32,555) |  |  | $ | (9,492) |  |  | $ | (42,377) |  |  | $ | (20,800) |  |
AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (BEFORE TAX) CONSIST OF |  |  |  |  |  |  |  |
Net actuarial losses | $ | (64,405) |  |  | $ | (193,249) |  |  | $ | (75,768) |  |  | $ | (206,945) |  |
Prior service cost gains (losses) | 1,330 |  |  | (947) |  |  | 1,484 |  |  | (992) |  |
Total accumulated other comprehensive loss | $ | (63,075) |  |  | $ | (194,196) |  |  | $ | (74,284) |  |  | $ | (207,937) |  |
Change in accumulated other comprehensive loss | $ | 11,209 |  |  | $ | 13,741 |  |  | $ | 1,103 |  |  | $ | (10,008) |  |
INFORMATION FOR PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS |  |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 211,438 |  |  | $ | 31,783 |  |  | $ | 216,547 |  |  | $ | 34,189 |  |
Fair value of plan assets | $ | 178,883 |  |  | $ | 527 |  |  | $ | 174,170 |  |  | $ | 511 |  |
INFORMATION FOR PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS |  |  |  |  |  |  |  |
Projected benefit obligation | $ | 211,438 |  |  | $ | 31,789 |  |  | $ | 216,547 |  |  | $ | 34,198 |  |
Fair value of plan assets | $ | 178,883 |  |  | $ | 527 |  |  | $ | 174,170 |  |  | $ | 511 |  |
WEIGHTED AVERAGE ASSUMPTIONS USED IN DETERMINING ASSETS AND LIABILITIES |  |  |  |  |  |  |  |
Discount rate | 5.8 | % |  | 6.0 | % |  | 5.7 | % |  | 5.5 | % |
Rate of compensation increase | N/A |  | 3.0 | % |  | N/A |  | 3.0 | % |
Accumulated benefit obligations | $ | (211,438) |  |  | $ | (308,934) |  |  | $ | (216,547) |  |  | $ | (315,748) |  |
Actuarial gains in the US plans resulting in a decrease to our projected benefit obligation for the year ended April 30, 2026, were primarily due to a change in the discount rate. Actuarial gains for the non-US plans, resulting in a decrease to our projected benefit obligation for the year ended April 30, 2026, were primarily due to changes in the discount rates, offset by losses from demographic experience and a change in the mortality assumption for the UK Plan. Actuarial losses in the US plans resulting in an increase to our projected benefit obligation for the year ended April 30, 2025, were primarily due to a change in the discount rate and losses from actual demographic experience being different than expected. Actuarial gains for the non-US plans, resulting in a decrease to our projected benefit obligation for the year ended April 30, 2025, were primarily due to a change in the discount rates. 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 15% equity securities and 85% fixed income securities and cash. 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 the years ended April 30, 2026 and 2025. Certain of our pension assets are invested in common collective trusts managed and valued by the fund administrator. The fair value of the funds is based on the Net Asset Value (NAV) of the underlying investments owned by the fund less its liabilities based on published daily rate. Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient do not have to be classified in the fair value hierarchy. 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. For those plan assets measured at NAV, a redemption request can be executed within a 7-day notice. There are no unfunded commitments or redemption restrictions for these funds. The following tables set forth, by level within the fair value hierarchy, pension plan assets at their fair value as of April 30:
| 2026 |  | 2025
| Level 1 |  | Level 2 |  | NAV |  | Total |  | Level 1 |  | Level 2 |  | NAV |  | Total
US Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global equity securities: Limited Partnership |  |  | $ | 4,740 |  |  | $ | 49,912 |  |  | $ | 54,652 |  |  |  |  | $ | 4,904 |  |  | $ | 51,727 |  |  | $ | 56,631 |
Fixed income securities: Commingled trust funds |  |  | — |  |  | 124,231 |  |  | 124,231 |  |  |  |  | — |  |  | 117,539 |  |  | 117,539 |
Total US plan assets |  |  | $ | 4,740 |  |  | $ | 174,143 |  |  | $ | 178,883 |  |  |  |  | $ | 4,904 |  |  | $ | 169,266 |  |  | $ | 174,170 |
Non-US Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US equities | $ | — |  |  | $ | 11,922 |  |  |  |  | $ | 11,922 |  |  | $ | — |  |  | $ | 25,110 |  |  |  |  | $ | 25,110 |
Non-US equities |  |  | 5,412 |  |  |  |  | 5,412 |  |  |  |  | 9,530 |  |  |  |  | 9,530 |
Balanced managed funds | — |  |  | 49,171 |  |  |  |  | 49,171 |  |  | — |  |  | 71,629 |  |  |  |  | 71,629 |
Fixed income securities: Commingled funds | — |  |  | 145,632 |  |  |  |  | 145,632 |  |  | — |  |  | 100,740 |  |  |  |  | 100,740 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate/other | — |  |  | 526 |  |  |  |  | 526 |  |  | — |  |  | 511 |  |  |  |  | 511 |
Cash and cash equivalents | 11,057 |  |  | 83,397 |  |  |  |  | 94,454 |  |  | 12,503 |  |  | 82,509 |  |  |  |  | 95,012 |
Total Non-US plan assets | $ | 11,057 |  |  | $ | 296,060 |  |  | $ | — |  |  | $ | 307,117 |  |  | $ | 12,503 |  |  | $ | 290,029 |  |  | $ | — |  |  | $ | 302,532 |
Total plan assets | $ | 11,057 |  |  | $ | 300,800 |  |  | $ | 174,143 |  |  | $ | 486,000 |  |  | $ | 12,503 |  |  | $ | 294,933 |  |  | $ | 169,266 |  |  | $ | 476,702 |
Expected employer contributions to the defined benefit pension plans in the year ende d April 30, 2027 will be approximately $6.0 million, including $2.0 million of minimum amounts required for our non-US 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 fiscal year indicated:
Fiscal Year |  | US |  | Non-US |  | Total
2027 |  | $ | 16,120 |  |  | $ | 14,921 |  |  | $ | 31,041 |
2028 |  | 16,100 |  |  | 15,000 |  |  | 31,100 |
2029 |  | 16,117 |  |  | 16,233 |  |  | 32,350 |
2030 |  | 15,796 |  |  | 17,207 |  |  | 33,003 |
2031 |  | 15,623 |  |  | 17,998 |  |  | 33,621 |
2032–2036 |  | 77,619 |  |  | 103,865 |  |  | 181,484 |
Total |  | $ | 157,375 |  |  | $ | 185,224 |  |  | $ | 342,599 |
Retiree Health Benefits We provide contributory life insurance and health care benefits, subject to certain dollar limitations, for substantially all of our eligible retired US employees. The retiree health benefit is no longer available for any employee who retires after December 31, 2017. The cost of such benefits is expensed over the years the employee renders service and is not funded in advance. The accumulated postretirement benefit obligation recognized on the Consolidated Statements of Financial Position as of April 30, 2026 and 2025 was $0.3 million and $0.6 million, respectively. Annual credits for these plans were $(0.3) million, $(0.1) million, and $(0.1) million for the years ended April 30, 2026, 2025, and 2024, respectively, and are reflected in Operating and administrative expenses on our Consolidated Statements of Income (Loss). Defined Contribution Savings Plans 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 $21.5 million, $22.8 million, and $27.0 million in the years ended April 30, 2026, 2025, and 2024, respectively, and is reflected in Operating and administrative expenses on our Consolidated Statements of Income (Loss).

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