$WLY
JOHN WILEY & SONS, INC.

2020 Q4 Form 10-Q Financial Statement

#000010714020000068 Filed on December 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $491.0M $431.3M $466.2M
YoY Change 5.32% 1.85% 3.92%
Cost Of Revenue $154.9M $144.8M $143.4M
YoY Change 8.02% 1.19% 19.3%
Gross Profit $336.2M $286.5M $322.8M
YoY Change 4.15% 2.18% 2.15%
Gross Profit Margin 68.47% 66.42% 69.24%
Selling, General & Admin $247.2M $237.4M $240.4M
YoY Change 2.83% -5.1% -3.3%
% of Gross Profit 73.53% 82.86% 74.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.43M $49.51M $42.64M
YoY Change 13.58% 17.26% 41.65%
% of Gross Profit 14.41% 17.28% 13.21%
Operating Expenses $264.3M $254.3M $255.4M
YoY Change 3.48% 1.65% -2.11%
Operating Profit $69.91M $30.04M $63.40M
YoY Change 10.26% 567.53% 10.26%
Interest Expense $4.461M $4.614M $6.787M
YoY Change -34.27% -24.07% -665.58%
% of Operating Profit 6.38% 15.36% 10.71%
Other Income/Expense, Net $3.766M $4.391M
YoY Change
Pretax Income $68.51M $29.73M $56.50M
YoY Change 21.26% 649.53% 0.36%
Income Tax $81.00K $13.40M $11.78M
% Of Pretax Income 0.12% 45.07% 20.85%
Net Earnings $68.40M $16.30M $44.70M
YoY Change 53.02% 352.78% 2.05%
Net Earnings / Revenue 13.93% 3.78% 9.59%
Basic Earnings Per Share $1.22 $0.29 $0.79
Diluted Earnings Per Share $1.22 $0.29 $0.79
COMMON SHARES
Basic Shares Outstanding 56.01M 55.91M 56.33M
Diluted Shares Outstanding 56.17M 56.19M 56.66M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.10M $101.4M $107.7M
YoY Change -20.06% -2.5% -6.83%
Cash & Equivalents $86.10M $101.4M $107.7M
Short-Term Investments
Other Short-Term Assets $75.80M $59.20M $58.90M
YoY Change 28.69% -3.43% -5.0%
Inventory $42.17M $45.10M $45.00M
Prepaid Expenses
Receivables $273.3M $282.4M $235.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $477.3M $488.0M $447.2M
YoY Change 6.73% -0.65% -0.38%
LONG-TERM ASSETS
Property, Plant & Equipment $427.2M $435.3M $440.6M
YoY Change -3.04% 48.8% 53.89%
Goodwill $1.127B
YoY Change
Intangibles $819.8M
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.0M $102.1M $97.30M
YoY Change 4.83% 0.05% 6.11%
Total Long-Term Assets $2.543B $2.581B $2.636B
YoY Change -3.51% -1.83% 18.09%
TOTAL ASSETS
Total Short-Term Assets $477.3M $488.0M $447.2M
Total Long-Term Assets $2.543B $2.581B $2.636B
Total Assets $3.020B $3.069B $3.083B
YoY Change -2.02% -1.64% 15.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.90M $52.60M $74.40M
YoY Change -26.21% -12.64% 3.91%
Accrued Expenses $280.2M $243.5M $253.0M
YoY Change 10.75% -1.14% 4.16%
Deferred Revenue $285.2M $409.0M
YoY Change 0.08%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.50M $10.90M $6.300M
YoY Change 98.41% 74.4%
Total Short-Term Liabilities $634.7M $716.1M $585.6M
YoY Change 8.38% -2.28% 2.72%
LONG-TERM LIABILITIES
Long-Term Debt $825.2M $835.8M $788.4M
YoY Change 4.67% 15.39% 46.73%
Other Long-Term Liabilities $409.2M $419.1M $392.5M
YoY Change 4.25% 512.15% 48.84%
Total Long-Term Liabilities $825.2M $1.255B $1.181B
YoY Change -30.12% 58.29% 47.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $634.7M $716.1M $585.6M
Total Long-Term Liabilities $825.2M $1.255B $1.181B
Total Liabilities $2.000B $2.095B $1.904B
YoY Change 5.06% 5.39% 25.96%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.020B $973.7M $1.179B
YoY Change
Total Liabilities & Shareholders Equity $3.020B $3.069B $3.083B
YoY Change -2.02% -1.64% 15.0%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $68.40M $16.30M $44.70M
YoY Change 53.02% 352.78% 2.05%
Depreciation, Depletion And Amortization $48.43M $49.51M $42.64M
YoY Change 13.58% 17.26% 41.65%
Cash From Operating Activities $44.20M -$120.8M -$5.300M
YoY Change -933.96% 28.28% -118.66%
INVESTING ACTIVITIES
Capital Expenditures $17.40M $19.00M $20.30M
YoY Change -14.29% -21.49% 24.54%
Acquisitions
YoY Change
Other Investing Activities -$15.90M -$9.300M -$8.200M
YoY Change 93.9% -88.62% 18.84%
Cash From Investing Activities -$33.40M -$28.30M -$28.50M
YoY Change 17.19% -73.27% 22.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.90M 43.50M 36.00M
YoY Change -169.17% -79.61% 2669.23%
NET CHANGE
Cash From Operating Activities 44.20M -120.8M -5.300M
Cash From Investing Activities -33.40M -28.30M -28.50M
Cash From Financing Activities -24.90M 43.50M 36.00M
Net Change In Cash -14.10M -105.6M 2.200M
YoY Change -740.91% -1048.36% -66.15%
FREE CASH FLOW
Cash From Operating Activities $44.20M -$120.8M -$5.300M
Capital Expenditures $17.40M $19.00M $20.30M
Free Cash Flow $26.80M -$139.8M -$25.60M
YoY Change -204.69% 18.1% -311.57%

Facts In Submission

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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note 2 </span>—<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Recent Accounting Standards</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Recently Adopted Accounting Standards</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted ASU 2018-15 on May 1, 2020 on a prospective basis. There was no impact to our consolidated financial statements at the date of adoption.</div> <div><br/></div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Changes to the Disclosure Requirements for Fair Value Measurement</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 removes, modifies and added disclosures. We adopted ASU 2018-13 on May 1, 2020. There was no impact to our consolidated financial statements at the date of adoption.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Measurement of Credit Losses on Financial Instruments</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” Subsequently, in May 2019, the FASB issued ASU 2019-05 - "Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief”, in April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” in November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” in November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” and in February 2020, the FASB issued ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)  (SEC Update)”. ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. ASU 2016-13 also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. ASU 2016-13, ASU 2019-05, ASU 2019-04, ASU 2018-19, ASU 2019-11 and ASU 2020-02 were effective for us on May 1, 2020, including interim periods within those fiscal periods, with early adoption permitted.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We adopted the new standard on May 1, 2020, with a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Based on financial instruments currently held by us, the adoption of ASU 2016-13 primarily impacted our trade receivables, specifically our allowance for doubtful accounts. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The adoption of the standard did not have an impact on our </span>Unaudited Condensed Consolidated Statements of Income<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, or our Unaudited Condensed Consolidated Statements of Cash Flows. See the table below for further details on the immaterial impact to our Unaudited Condensed Consolidated Statements of Financial Position and Unaudited Condensed Consolidated Statements of Shareholders’ Equity.</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We are exposed to credit losses through our accounts receivable with customers. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounts Receivable, net is stated at amortized cost net of provision for credit losses. Our methodology to measure the provision for credit losses requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable such as the impact of COVID-19, delinquency trends, aging behavior of receivables, credit and liquidity indicators for industry groups, customer classes or individual customers </span>and reasonable and supportable forecasts of the economic conditions that may exist through the contractual life of the asset.  Our provision for credit losses <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is reviewed and revised periodically.  Our accounts receivable is evaluated on a pool basis that is based on customer groups with similar risk characteristics.  This includes consideration of the following factors to develop these pools; size of the customer, industry, geographical location, historical risk and types of services or products sold.</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our customer’s ability </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to pay is assessed through our internal credit review processes. Based on the dollar value of credit extended, we assess our customers' credit by reviewing the total expected receivable exposure, expected timing of</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">payments and the customer’s established credit rating. In determining customer creditworthiness, we assess our customers' credit utilizing different resources including third-party validations and/or our own assessment through analysis of the customers' financial statements and review of trade/bank references. We also consider contract terms and conditions, country and political risk, and the customer's mix of products purchased in our evaluation. A credit limit is established for each customer based on the outcome of this review. Credit limits are periodically reviewed for existing customers and whenever an increase in the credit limit is being considered. When necessary, we utilize collection agencies and legal counsel to pursue recovery of defaulted receivables. </span>We write off receivables only when deemed no longer collectible.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> following table presents the change in provision for credit losses, which is presented net in Accounts Receivable on our Unaudited Condensed Consolidated Statements of Financial Position for the period indicated:</span></div> <div><br/></div> <table cellpadding="0" cellspacing="0" id="z00e41c243d454122b71cd019fa5b5b03" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: middle; padding-bottom: 2px; white-space: nowrap;" valign="bottom"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"/></td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: #000000 solid 2px;" valign="bottom"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Provision for</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Credit Losses</div></td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance as of April 30, 2020</div></td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18,335</div></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; white-space: nowrap;" valign="bottom"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Adjustment due to adoption of new credit losses standard recorded as an adjustment to retained earnings</div></td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,776</div></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Current period provision</div></td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,321</div></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 88%; white-space: nowrap;" valign="bottom"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amounts written off, less recoveries</div></td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2,259</div></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td> </tr> <tr> <td style="vertical-align: middle; width: 88%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Foreign exchange translation adjustments and other</div></td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2,130</div></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td> </tr> <tr> <td style="vertical-align: middle; width: 88%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance as of October 31, 2020</div></td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; white-space: nowrap;" valign="bottom"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">21,043</div></td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: left;"><br/></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Recently Issued Accounting Standards</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Convertible Debt Instruments, Derivatives and EPS</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”. This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock.  As well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.  In addition, this ASU improves and amends the related EPS guidance. This standard is effective for us on May 1, 2022, including interim periods within those fiscal years.  Adoption is either a modified retrospective method or a fully retrospective method of transition. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are currently assessing the impact the new guidance will have on our consolidated financial statements.</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Reference Rate Reform</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.  This would apply to companies meeting certain criteria that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.  This standard is effective for us immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently assessing the impact the new guidance will have on our consolidated financial statements.</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Simplifying the Accounting for Income Taxes</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.”  This ASU is intended to simplify various aspects related to accounting for income taxes, eliminates certain exceptions within Topic 740, “Income Taxes” and clarifies certain aspects of the current guidance to promote consistent application.  The standard is effective for us on May 1, 2021, and early adoption is permitted in any interim period for which financial statements have not yet been issued. We are currently assessing the impact the new guidance will have on our consolidated financial statements.</div> <div><br/></div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Changes to the Disclosure Requirements for Defined Benefit Plans</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” ASU 2018-14 removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and added additional disclosures. The standard is effective for us on May 1, 2021, with early adoption permitted. The amendments in ASU 2018-14 would need to be applied on a retrospective basis.  We are currently assessing the impact the new guidance will have on our disclosures.</div>
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19945000
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
-1346000
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
9066000
us-gaap Stockholders Equity Other
StockholdersEquityOther
0
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
118621000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
1020213000
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note 1 </span>—<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Basis of Presentation</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley &amp; Sons, Inc. and all our subsidiaries, except where the context indicates otherwise.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our Unaudited Condensed Consolidated Financial Statements include all the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Unaudited Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Income and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are in thousands, except per share amounts, and approximate due to rounding. These financial statements should be read in conjunction with the most recent audited consolidated financial statements included in our Form 10-K for the fiscal year ended April 30, 2020 as filed with the SEC on June 26, 2020 (“2020 Form 10-K”).</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our Unaudited Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The preparation of our Unaudited Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certain prior year amounts have been reclassified to conform to the current year’s presentation.</span></div>
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
273264000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
36120000
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
520214000
jwa Increase Decrease In Contract With Customer Liability Including Foreign Exchange
IncreaseDecreaseInContractWithCustomerLiabilityIncludingForeignExchange
-235038000
CY2020Q4 jwa Revenue Excluding Sales Return Reserve Remaining Performance Obligation Amount
RevenueExcludingSalesReturnReserveRemainingPerformanceObligationAmount
241500000
CY2020Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
jwa Operating Lease Increase Decrease In Lease Liability
OperatingLeaseIncreaseDecreaseInLeaseLiability
2200000
CY2020Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
3800000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
837743000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
775025000
CY2019Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-881000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
8900000
CY2019Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
3300000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
8000000.0
CY2020Q4 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
5200000
us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
11800000
CY2019Q4 us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
3100000
us-gaap Defined Contribution Plan Administrative Expenses
DefinedContributionPlanAdministrativeExpenses
7400000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
12500000
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
9375000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
825243000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
765650000
CY2020Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
36014000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1664000
CY2020Q2 jwa Indefinite Lived Intangible Assets Excluding Goodwill Net Of Accumulated Impairment
IndefiniteLivedIntangibleAssetsExcludingGoodwillNetOfAccumulatedImpairment
121336000
us-gaap Share Based Compensation
ShareBasedCompensation
9100000
us-gaap Share Based Compensation
ShareBasedCompensation
10300000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
55961000
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
2000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55959000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
223000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56165000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56182000
CY2020Q4 jwa Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
121404000
CY2020Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
838300000
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-3181000
CY2020Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-2683000
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-5245000
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-3301000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
837700000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
600000

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