The Company began a global restructuring program in fiscal year 2023, which aimed to enhance Wiley’s position and drive profitability (Global Restructuring Program) which was expanded in fiscal year 2024. 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 35%.

In the fourth quarter of fiscal year 2025, the program was further extended due to the completion of our divestitures with a focus on optimizing our cost structure, with particular emphasis on aligning our technology costs and other corporate expenses. As a result of these initiatives, this expanded program includes severance related charges, facility-related costs associated with certain properties, and other activities.



	For the Years Ended April 30,						Total Charges Incurred to Date

	2026		2025		2024
Charges (Credits) by Segment:
Research	$	1,519	$	10,047	$	7,410	$	21,389
Learning	2,940		1,515		11,448		23,707
Held for Sale or Sold	—		(117)		7,326		12,995
Corporate Expenses	14,847		17,902		35,370		100,998
Total Restructuring and Related Charges	$	19,306	$	29,347	$	61,554	$	159,089

Charges by Activity:
Severance and termination benefits	$	9,179	$	20,596	$	28,556	$	84,158
Impairment of operating lease ROU assets and technology, property, and equipment	—		656		10,043		23,395
Acceleration of expense related to operating lease ROU assets, technology, property, and equipment, and intangible assets	—		1,786		4,148		8,074
Facility related charges, net	4,368		4,249		4,254		17,021
Consulting costs	5,022		657		8,967		16,931
Other activities	737		1,403		5,586		9,510
Total Restructuring and Related Charges	$	19,306	$	29,347	$	61,554	$	159,089

In the year ended April 30, 2024, 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 year ended April 30, 2024, these charges were recorded in Corporate Expenses and the Research segment.

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. The undiscounted cash flows were below carrying values, indicating impairment. The resulting fair value was $8.7 million in the year ended April 30, 2024 determined using the present value of estimated cash flows, and was categorized as Level 3 within the fair value hierarchy under FASB ASC Topic 820, “Fair Value Measurements.”

In addition, in the years ended April 30, 2025 and 2024, the impairment charges include the impairment of certain work-in-process capitalized software because it is no longer probable that the software being developed will be completed, and the work-in-process capitalized software was reported at the lower of its carrying amount or fair value which was zero. In the year ended April 30, 2025 these charges were recorded in the Research segment. In the year ended April 30, 2024, these charges were recorded in the Learning and Research segments, and in Corporate Expenses.

In the year ended April 30, 2024, 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. In addition, in the years ended April 30, 2025 and 2024, the acceleration of expense includes the acceleration of amortization expense of certain capitalized software as a result of our decision to discontinue the use of those assets. We determined that a revision of the useful lives was warranted, and certain capitalized software was fully amortized over its revised remaining useful life. The acceleration of expense in the year ended April 30, 2025 also includes the acceleration of amortization expense of an intangible asset in our Research segment due to a revision of the useful life which resulted in the asset being fully amortized over its revised remaining useful life.



	April 30, 2025		Charges		Payments		Foreign Translation & Other Adjustments		April 30, 2026
Severance and termination benefits	$	6,622	$	9,179	$	(12,440)	$	100	$	3,461
Consulting costs	927		5,022		(5,232)		—		717
Other activities	289		737		(32)		4		998
Total	$	7,838	$	14,938	$	(17,704)	$	104	$	5,176

Approximately $3.2 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 Consolidated Statements of Financial Position. The liability for consulting costs and other activities is reflected in Other accrued liabilities on our Consolidated Statements of Financial Position.