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Cost of goods sold (exclusive of depreciation)

$ 2,148.8

$ 1,887.9

$ 1,894.2

Operating costs and expenses:

989.2

873.7

848.6

Selling, general and administrative expenses

870.3

826.4

795.1

Bad debt expense

12.3

13.6

9.5

Loss on leases and asset impairments

^[1]

68.8

60.1

59.5

Severance

14.9

6.7

9.2

7.0

3.4

40.1

Total operating costs and expenses

1,962.5

1,783.9

1,762.0

Operating income

186.3

104.0

132.2

Other income (expense)

(0.1)

(0.4)

0.9

Interest income

1.0

1.5

1.6

Interest expense

(16.5)

(17.1)

(17.8)

Loss on investments

(3.6)

(1.5)

Earnings (loss) from continuing operations before income taxes

170.7

84.4

115.4

Provision for income taxes

62.0

38.9

54.4

Earnings (loss) from continuing operations

108.7

45.5

61.0

Earnings (loss) from discontinued operations, net of tax

(6.3)

(6.1)

(4.9)

Net income (loss)

$ 102.4

$ 39.4

$ 56.1

Basic:

Earnings (loss) from continuing operations (in Dollars per share)

$ 3.47

$ 1.36

$ 1.67

Earnings (loss) from discontinued operations (in Dollars per share)

(0.20)

(0.18)

(0.13)

Net income (loss) (in Dollars per share)

3.27

1.18

1.54

Diluted:

Earnings (loss) from continuing operations (in Dollars per share)

3.41

1.34

1.65

Earnings (loss) from discontinued operations (in Dollars per share)

(0.20)

(0.18)

(0.13)

Net income (loss) (in Dollars per share)

3.21

1.16

1.52

Dividends declared per common share (in Dollars per share)

$ 0.45

$ 0.35

$ 0.30

[1]	Includes depreciation of property, plant and equipment and amortization of intangible assets.

Consolidated Balance Sheets - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Common Class A [Member]
Stockholders’ Equity:
Common Stock, value	$ 0.0	$ 0.0
Cash and cash equivalents	194.9	105.3
Accounts receivable (less allowance for doubtful accounts of $25.9 at May 31, 2012 and $22.3 at May 31, 2011)	314.1	220.3
Inventories	295.3	308.7
Deferred income taxes	71.4	56.2
Prepaid expenses and other current assets	47.2	57.1
Current assets of discontinued operations	7.0	10.5
Total current assets	929.9	758.1
Land	37.2	37.1
Buildings	101.3	102.0
Capitalized software	217.9	234.0
Furniture, fixtures and equipment	244.3	245.8
Leasehold improvements	183.4	181.4
	784.1	800.3
Less accumulated depreciation and amortization	(456.9)	(461.3)
Net property, plant and equipment	327.2	339.0
Prepublication costs	125.8	117.7
Royalty advances (less allowance for reserves of $77.8 at May 31, 2012 and $71.8 at May 31, 2011)	34.8	35.5
Production costs	1.6	7.4
Goodwill	157.7	154.2
Other intangibles	16.7	19.8
Noncurrent deferred income taxes	42.3	20.2
Other assets and deferred charges	34.3	35.1
Total other assets and deferred charges	413.2	389.9
Total assets	1,670.3	1,487.0
Lines of credit and current portion of long-term debt	6.5	43.5
Capital lease obligations	1.0	0.5
Accounts payable	119.6	120.1
Accrued royalties	92.7	35.4
Deferred revenue	47.1	49.1
Other accrued expenses	233.5	173.3
Current liabilities of discontinued operations	2.1	0.8
Total current liabilities	502.5	422.7
Long-term debt	152.8	159.9
Capital lease obligations	56.4	55.0
Other noncurrent liabilities	128.3	109.4
Total noncurrent liabilities	337.5	324.3
Commitments and Contingencies:
Preferred Stock, $1.00 par value Authorized - 2,000,000; Issued - None
Common Stock, value	0.4	0.4
Additional paid-in capital	583.0	576.6
Accumulated other comprehensive income (loss)	(74.2)	(53.9)
Retained earnings	723.9	635.8
Treasury stock at cost	(402.8)	(418.9)
Total stockholders’ equity	830.3	740.0
Total liabilities and stockholders’ equity	$ 1,670.3	$ 1,487.0

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Common Class A [Member]
Common Stock, par value per share (in Dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	4,000,000	4,000,000
Common Stock, shares issued	1,656,200	1,656,200
Common Stock, shares outstanding	1,656,200	1,656,200
Allowance for doubtful accounts (in Dollars)	$ 25.9	$ 22.3
Allowance for royalty advances (in Dollars)	$ 77.8	$ 71.8
Preferred stock par value (in Dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Common Stock, par value per share (in Dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	70,000,000	70,000,000
Common Stock, shares issued	42,911,624	42,911,624
Common Stock, shares outstanding	29,795,911	29,316,691

Consolidated Statement of Changes in Stockholders' Equity and Comprehensive Income (Loss) - USD ($) $ in Millions	Common Class A [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at May. 31, 2009	$ 0.0	$ 0.4	$ 552.9	$ (77.1)	$ 562.8	$ (254.0)	$ 785.0
Balance (in Shares) at May. 31, 2009	1,656,200	34,740,275
Comprehensive income (loss):
Net Income (loss)					56.1		56.1
Other comprehensive income (loss), net:
Foreign currency translation adjustment				2.8			2.8
Pension and postretirement adjustments, net of tax				(11.1)			(11.1)
Total other comprehensive income (loss)							(8.3)
Total comprehensive income (loss)							47.8
Stock-based compensation			14.0				14.0
Proceeds from issuance of common stock pursuant to stock-based compensation			3.2				3.2
Proceeds from issuance of common stock pursuant to stock-based compensation (in Shares)		134,045
Purchases of treasury stock at cost						(10.8)	(10.8)
Purchases of treasury stock at cost (in Shares)		(411,977)
Treasury stock issued pursuant to stock purchase plans			(0.9)			3.2	2.3
Treasury stock issued pursuant to stock purchase plans (in Shares)		135,915
Dividends					(11.1)		(11.1)
Balance at May. 31, 2010	$ 0.0	$ 0.4	569.2	(85.4)	607.8	(261.6)	830.4
Balance (in Shares) at May. 31, 2010	1,656,200	34,598,258
Comprehensive income (loss):
Net Income (loss)					39.4		39.4
Other comprehensive income (loss), net:
Foreign currency translation adjustment				25.2			25.2
Pension and postretirement adjustments, net of tax				6.3			6.3
Total other comprehensive income (loss)							31.5
Total comprehensive income (loss)							70.9
Stock-based compensation			13.7				13.7
Proceeds from issuance of common stock pursuant to stock-based compensation			2.9				2.9
Proceeds from issuance of common stock pursuant to stock-based compensation (in Shares)		104,100
Purchases of treasury stock at cost						(166.9)	(166.9)
Purchases of treasury stock at cost (in Shares)		(5,588,125)
Treasury stock issued pursuant to stock purchase plans			(9.2)			9.6	0.4
Treasury stock issued pursuant to stock purchase plans (in Shares)		202,458
Dividends					(11.4)		(11.4)
Balance at May. 31, 2011	$ 0.0	$ 0.4	576.6	(53.9)	635.8	(418.9)	740.0
Balance (in Shares) at May. 31, 2011	1,656,200	29,316,691
Comprehensive income (loss):
Net Income (loss)					102.4		102.4
Other comprehensive income (loss), net:
Foreign currency translation adjustment				(8.2)			(8.2)
Pension and postretirement adjustments, net of tax				(12.1)			(12.1)
Total other comprehensive income (loss)							(20.3)
Total comprehensive income (loss)							82.1
Stock-based compensation			12.2				12.2
Proceeds from issuance of common stock pursuant to stock-based compensation			22.4				22.4
Proceeds from issuance of common stock pursuant to stock-based compensation (in Shares)		724,613
Purchases of treasury stock at cost						(13.1)	(13.1)
Purchases of treasury stock at cost (in Shares)		(475,672)
Treasury stock issued pursuant to stock purchase plans			(28.2)			29.2	1.0
Treasury stock issued pursuant to stock purchase plans (in Shares)		230,279
Dividends					(14.3)		(14.3)
Balance at May. 31, 2012	$ 0.0	$ 0.4	$ 583.0	$ (74.2)	$ 723.9	$ (402.8)	$ 830.3
Balance (in Shares) at May. 31, 2012	1,656,200	29,795,911

Consolidated Statement of Changes in Stockholders' Equity and Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Pension and postretirement adjustments, tax portion	$ (6.5)	$ 4.0	$ (9.1)

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

May 31, 2012

May 31, 2011

May 31, 2010

Cash flows - operating activities:

Net income (loss)

$ 102.4

$ 39.4

$ 56.1

Earnings (loss) from discontinued operations, net of tax

(6.3)

(6.1)

(4.9)

Earnings (loss) from continuing operations

108.7

45.5

61.0

Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by (used in) operating activities of continuing operations:

Provision for losses on accounts receivable

12.3

13.6

9.5

Provision for losses on inventory

48.1

27.3

27.2

Provision for losses on royalty advances

6.5

4.5

6.8

Loss on subleases

6.2

Amortization of prepublication and production costs

^[1]

55.1

51.1

51.0

Non cash net gain on equity investments

^[2]

68.8

60.1

59.5

Deferred income taxes

(37.5)

(2.8)

29.4

Stock-based compensation

12.2

13.7

14.0

(1.3)

(1.7)

(0.7)

Non cash write off related to asset impairment

0.8

3.4

40.1

Unrealized loss on investments

3.6

1.5

Changes in assets and liabilities:

Accounts receivable

(108.9)

(12.6)

(22.4)

Inventories

(40.4)

(9.8)

3.7

Prepaid expenses and other current assets

9.7

0.6

3.0

Deferred promotion costs

0.1

0.8

Royalty advances

(6.2)

(1.2)

(3.7)

Accounts payable

(0.3)

19.1

(27.0)

Other accrued expenses

64.7

15.9

20.4

Accrued royalties

58.2

(8.3)

0.4

Deferred revenue

(1.7)

8.7

5.6

Pension and post-retirement liabilities

(7.0)

(11.3)

(3.6)

Other noncurrent liabilities

5.9

5.6

(2.4)

Other, net

7.8

7.1

1.4

Total adjustments

153.0

186.7

214.5

Net cash provided by (used in) operating activities of continuing operations

261.7

232.2

275.5

Net cash provided by (used in) operating activities of discontinued operations

(1.5)

(3.8)

0.3

Net cash provided by (used in) operating activities

260.2

228.4

275.8

Cash flows - investing activities:

Prepublication and production expenditures

(58.9)

(57.9)

(48.9)

Additions to property, plant and equipment

(53.7)

(50.0)

(55.3)

Acquisition related payments

(9.5)

(10.1)

(1.0)

Land acquisition

(24.3)

Other

0.8

1.2

0.2

Net cash provided by (used in) investing activities of continuing operations

(121.3)

(141.1)

(105.0)

Net cash provided by (used in) investing activities

(121.3)

(141.1)

(105.0)

Cash flows - financing activities:

Borrowings under credit agreement and revolving loan

28.8

70.0

Repayment of credit agreement and revolving loan

(28.8)

(70.0)

Repayment of term loan

(50.2)

(42.8)

Repurchase of 5.00% notes

(4.1)

Borrowings under lines of credit

89.2

118.6

157.0

Repayments under lines of credit

(80.6)

(128.2)

(159.0)

Repayment of capital lease obligations

(0.7)

(2.0)

(3.4)

Reacquisition of common stock

(13.1)

(166.9)

(10.8)

Proceeds pursuant to stock-based compensation plans

22.4

2.9

3.2

Payment of dividends

(13.2)

(10.8)

(10.9)

Other

(1.2)

(1.3)

(0.1)

Net cash provided by (used in) financing activities

(47.4)

(230.5)

(70.9)

Effect of exchange rate changes on cash and cash equivalents

(1.9)

4.4

0.6

Net increase (decrease) in cash and cash equivalents

89.6

(138.8)

100.5

Cash and cash equivalents at beginning of period

105.3

244.1

143.6

Cash and cash equivalents at end of period

194.9

105.3

244.1

Supplemental Information:

Income taxes payments (refunds), net

61.0

31.5

22.3

Interest paid

$ 15.3

$ 15.4

$ 16.5

[1]	Includes amortization of prepublication and production costs.
[2]	Includes depreciation of property, plant and equipment and amortization of intangible assets.

Consolidated Statements of Cash Flows (Parentheticals)	May 31, 2010
Notes Repurchased Rate	5.00%

DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

May 31, 2012

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

1. DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of the business

Scholastic Corporation (the “Corporation” and together with its subsidiaries, “Scholastic” or the “Company”) is a global children’s publishing, education and media company. Since its founding in 1920, Scholastic has emphasized quality products and a dedication to reading and learning. The Company is the world’s largest publisher and distributor of children’s books. It is also a leading developer of educational technology products and ebooks for children. Scholastic also creates quality educational and entertainment materials and products for use in school and at home, including magazines, ebooks, children’s reference and non-fiction materials, teacher materials, television programming and film. The Company is a leading operator of school-based book clubs and book fairs in the United States. It distributes its products and services through these proprietary channels, as well as directly to schools and libraries, through retail stores and through the internet. The Company’s website, scholastic.com, is a leading site for teachers, classrooms and parents and an award-winning destination for children. In addition to its operations in the United States, Scholastic has operations in Canada, the United Kingdom, Australia, New Zealand, Ireland, India, China, Singapore and other parts of Asia, and, through its export business, sells products in over 140 countries.

Basis of presentation

Principles of consolidation

The consolidated financial statements include the accounts of the Corporation and all wholly-owned and majority-owned subsidiaries. All significant intercompany transactions are eliminated in consolidation.

Change in Reportable Segments

During the first quarter of fiscal 2012, the Company determined that its reportable segment structure is now comprised of five reportable segments:


•	Children’s Book Publishing and Distribution

•	Educational Technology and Services

•	Classroom and Supplemental Materials Publishing

•	Media, Licensing and Advertising

•	International

Accordingly, the Company has presented segment data in prior periods consistent with this change in reportable segments.

Discontinued Operations

The Company closed or sold several operations during fiscal 2009 and 2010, and presently holds for sale one facility. During the first quarter of fiscal 2012, the Company ceased operations in its direct-to-home catalog business specializing in toys. This business was a separate reporting unit included in the Media, Licensing and Advertising segment. All of these businesses are classified as discontinued operations in the Company’s financial statements.

Use of estimates

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements involves the use of estimates and assumptions by management, which affects the amounts reported in the consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. Actual results may differ from those estimates and assumptions.

The Company’s significant estimates include those developed for:


•	Accounts receivable, returns and allowances

•	Pension and post-retirement obligations

•	Uncertain tax positions

•	Inventory reserves

•	Gross profits for book fair operations during interim periods

•	Sales taxes

•	Royalty advance reserves

•	Customer reward programs

•	Impairment testing for goodwill, intangibles and other long-lived assets

Summary of Significant Accounting Policies

Revenue recognition

The Company’s revenue recognition policies for its principal businesses are as follows:

School-Based Book Clubs – Revenue from school-based book clubs is recognized upon shipment of the products. For ebooks, revenue is recognized upon electronic delivery to the customer.

School-Based Book Fairs – Revenues associated with school-based book fairs are related to sales of product. Book fairs are typically run by schools and/or parent teacher organizations over a five business-day period. At the end of reporting periods, the Company defers estimated revenue for those fairs that have not been completed as of the period end based on the number of fair days occurring after period end on a straight-line calculation of the full fair’s revenue.

Trade –Revenue from the sale of children’s books for distribution in the retail channel is primarily recognized when risks and benefits transfer to the customer, or when the product is on sale and available to the public. For newly published titles, the Company, on occasion, contractually agrees with its customers when the publication may be first offered for sale to the public, or an agreed upon “Strict Laydown Date.” For such titles, the risks and benefits of the publication are not deemed to be transferred to the customer until such time that the publication can contractually be sold to the public, and the Company defers revenue on sales of such titles until such time as the customer is permitted to sell the product to the public. Revenue for ebooks, which is the net amount received from the retailer, is recognized upon electronic delivery to the customer by the retailer.

A reserve for estimated returns is established at the time of sale and recorded as a reduction to revenue. Actual returns are charged to the reserve as received. The calculation of the reserve for estimated returns is based on historical return rates, sales patterns and expectations. Actual returns could differ from the Company’s estimate. A reserve for estimated bad debts is established at the time of sale and is based on the aging of accounts receivable and specific reserves on a customer-by-customer basis.

Educational Technology and Services – For shipments to schools, revenue is recognized when risks and benefits transfer to the customer. Shipments to depositories are on consignment and revenue is recognized based on actual shipments from the depositories to the schools. For certain software-based products, the Company offers new customers installation, maintenance and training with these products and, in such cases, revenue is deferred and recognized as services are delivered or over the life of the contract. Revenues from contracts with multiple deliverables are recognized as each deliverable is earned, based on the relative selling price of each deliverable, provided the deliverable has value to customers on a standalone basis, the customer has full use of the deliverable and there is no further obligation from the Company. If there is a right of return, revenue is recognized if delivery of the undelivered items or services is probable and substantially in control of the Company.

Classroom and Supplemental Materials Publishing – Revenue from the sale of classroom and supplemental materials is recognized upon shipment of the products.

Film Production and Licensing – Revenue from the sale of film rights, principally for the home video and domestic and foreign television markets, is recognized when the film has been delivered and is available for showing or exploitation. Licensing revenue is recorded in accordance with royalty agreements at the time the licensed materials are available to the licensee and collections are reasonably assured.

Magazines – Revenue is deferred and recognized ratably over the subscription period, as the magazines are delivered.

Magazine Advertising – Revenue is recognized when the magazine is for sale and available to the subscribers.

Scholastic In-School Marketing – Revenue is recognized when the Company has satisfied its obligations under the program and the customer has acknowledged acceptance of the product or service. Certain revenues may be deferred pending future deliverables.

Cash equivalents

Cash equivalents consist of short-term investments with original maturities of three months or less. The Consolidated Balance Sheets include restricted cash of $1.0 and $0.5 at May 31, 2012 and 2011, respectively, which is reported in “Other current assets.”

Accounts receivable

Accounts receivable are recorded net of allowances for doubtful accounts and reserves for returns. In the normal course of business, the Company extends credit to customers that satisfy predefined credit criteria. The Company is required to estimate the collectability of its receivables. Reserves for returns are based on historical return rates and sales patterns. The Company’s return reserve balance is greater than typical as of May 31, 2012 due to increased trade sales in the second half of fiscal 2012. In order to develop the estimate of returns that will be received subsequent to May 31, 2012, management considers patterns of sales and returns in the months preceding May 31, 2012, as well as actual returns received subsequent to year end, available sell-through information and other return rate information that management believes is relevant. The timing of the increased trade sales creates a higher degree of uncertainty than is typically the case regarding its return reserve and such reserve could be subject to significant changes in succeeding quarters based on actual return activity in the first half of fiscal 2013. Allowances for doubtful accounts are established through the evaluation of accounts receivable aging and prior collection experience to estimate the ultimate collectability of these receivables. At the time the Company determines that a receivable balance, or any portion thereof, is deemed to be permanently uncollectable, the balance is then written off.

Inventories

Inventories, consisting principally of books, are stated at the lower of cost, using the first-in, first-out method, or market. The Company records a reserve for excess and obsolete inventory based upon a calculation using the historical usage rates, sales patterns of its products and specifically identified obsolete inventory. In fiscal 2012, in response to changing trends in the children’s book market, the Company changed its estimate for inventory obsolescence and recorded an increase in the reserve of $17.9 million.

Property, plant and equipment

Property, plant and equipment are stated at cost. Depreciation and amortization are recorded on a straight-line basis, over the estimated useful lives of the assets. Buildings have an estimated useful life, for purposes of depreciation, of forty years. Capitalized software, net of accumulated amortization, was $57.2 and $59.2 at May 31, 2012 and 2011, respectively. Capitalized software is depreciated over a period of three to seven years. Amortization expense for capitalized software was $27.6, $25.8 and $25.0 for the fiscal years ended May 31, 2012, 2011 and 2010, respectively. Furniture, fixtures and equipment are depreciated over periods not exceeding ten years. Leasehold improvements are amortized over the life of the lease or the life of the assets, whichever is shorter. Included in Depreciation and amortization is $1.1 related to capitalized leases for the year ended May 31, 2012. The Company evaluates the depreciation periods of property, plant and equipment to determine whether events or circumstances indicate that the asset’s carrying value is not recoverable or warrant revised estimates of useful lives.

Leases

Lease agreements are evaluated to determine whether they are capital or operating leases. When substantially all of the risks and benefits of property ownership have been transferred to the Company, as determined by the test criteria in the current authoritative guidance, the lease is recognized as a capital lease.

Capital leases are capitalized at the lower of the net present value of the total amount of rent payable under the leasing agreement (excluding finance charges) or the fair market value of the leased asset. Capital lease assets are depreciated on a straight-line basis, over a period consistent with the Company’s normal depreciation policy for tangible fixed assets, but not exceeding the lease term. Interest charges are expensed over the period of the lease in relation to the carrying value of the capital lease obligation.

Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term. Sublease income is recognized on a straight-line basis over the duration of each lease term. To the extent expected sublease income is less than expected rental payments the Company recognizes a current loss on the difference between the fair values of the sublease and the rental payments.

Prepublication costs

The Company capitalizes the art, prepress, editorial, digital conversion and other costs incurred in the creation of the master copy of a book or other media (the “prepublication costs”). Prepublication costs are amortized on a straight-line basis over a three-to-seven-year period based on expected future revenues. The Company regularly reviews the recoverability of the capitalized costs based on expected future revenues.

Royalty advances

Royalty advances are initially capitalized and subsequently expensed as related revenues are earned or when the Company determines future recovery through earndowns is not probable. The Company has a long history of providing authors with royalty advances, and it tracks each advance earned with respect to the sale of the related publication. The royalties earned are applied first against the remaining unearned portion of the advance. Historically, the longer the unearned portion of the advance remains outstanding, the less likely it is that the Company will recover the advance through the sale of the publication. The Company applies this historical experience to its existing outstanding royalty advances to estimate the likelihood of recoveries through earndowns. Additionally, the Company’s editorial staff regularly reviews its portfolio of royalty advances to determine if individual royalty advances are not recoverable through earndowns for discrete reasons, such as the death of an author prior to completion of a title or titles, a Company decision to not publish a title, poor market demand or other relevant factors that could impact recoverability.

Goodwill and intangible assets

Goodwill and other intangible assets with indefinite lives are not amortized and are reviewed for impairment annually or more frequently if impairment indicators arise.

With regard to goodwill, the Company compares the estimated fair value of its identified reporting units to the carrying value of the net assets. The Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of its identified reporting unit is less than its carrying value. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount the Company performs the two-step test. For each of the reporting units, the estimated fair value is determined utilizing the expected present value of the projected future cash flows of the units, in addition to comparisons to similar companies. The Company reviews its definition of reporting units annually or more frequently if conditions indicate that the reporting units may change. The Company evaluates its operating segments to determine if there are components one level below the operating segment. A component is present if discrete financial information is available, and segment management regularly reviews the operating results of the business. If an operating segment only contains a single component, that component is determined to be a reporting unit for goodwill impairment testing purposes. If an operating segment contains multiple components, the Company evaluates the economic characteristics of these components. Any components within an operating segment that share similar economic characteristics are aggregated and deemed to be a reporting unit for goodwill impairment testing purposes. Components within the same operating segment that do not share similar economic characteristics are deemed to be individual reporting units for goodwill impairment testing purposes. The Company has identified eleven separate reporting units for goodwill impairment testing purposes.

With regard to other intangibles with indefinite lives, the Company determines the fair value by asset, which is then compared to its carrying value. The estimated fair value is determined utilizing the expected present value of the projected future cash flows of the asset.

Intangible assets with definite lives consist principally of customer lists, covenants not to compete, and certain other intellectual property assets and are amortized over their expected useful lives. Customer lists are amortized on a straight-line basis over a five-year period, while covenants not to compete are amortized on a straight-line basis over their contractual term. Other intellectual property assets are amortized over their remaining useful lives which range primarily from three to ten years.

Income taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to enter into the determination of taxable income.

The Company believes that its taxable earnings, during the periods when the temporary differences giving rise to deferred tax assets become deductible or when tax benefit carryforwards may be utilized, should be sufficient to realize the related future income tax benefits. For those jurisdictions where the expiration date of the tax benefit carryforwards or the projected taxable earnings indicates that realization is not likely, the Company establishes a valuation allowance.

In assessing the need for a valuation allowance, the Company estimates future taxable earnings, with consideration for the feasibility of ongoing tax planning strategies and the realizability of tax benefit carryforwards, to determine which deferred tax assets are more likely than not to be realized in the future. Valuation allowances related to deferred tax assets can be impacted by changes to tax laws, changes to statutory tax rates and future taxable earnings. In the event that actual results differ from these estimates in future periods, the Company may need to adjust the valuation allowance.

The Company accounts for uncertain tax positions using a two-step method. Recognition occurs when an entity concludes that a tax position, based solely on technical merits, is more likely than not to be sustained upon examination. If a tax position is more likely than not to be sustained upon examination, the amount recognized is the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon settlement. The Company assesses all income tax positions and adjusts its reserves against these positions periodically based upon these criteria. The Company also assesses potential penalties and interest associated with these tax positions, and includes these amounts as a component of income tax expense.

In calculating the provision for income taxes on an interim basis, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances known. The Company’s effective tax rate is based on expected income and statutory tax rates and permanent differences between financial statement and tax return income applicable to the Company in the various jurisdictions in which the Company operates.

The Company assesses foreign investment levels periodically to determine if all or a portion of the Company’s investments in foreign subsidiaries are indefinitely invested. When amounts are determined not to be indefinitely invested, the Company provides income taxes based upon the expected repatriation.

Non-income Taxes

The Company is subject to tax examinations for sales-based taxes. A number of these examinations are ongoing and, in certain cases, have resulted in assessments from taxing authorities. Where a liability associated with these examinations and assessments is probable and can be reliably estimable, the Company has made accruals for these matters which are reflected in the Company’s Consolidated Financial Statements. These amounts are included in the Consolidated Financial Statements in Selling, general and administrative expenses. Future developments relating to the foregoing could result in adjustments being made to these accruals.

Unredeemed incentive credits

The Company employs incentive programs to encourage sponsor participation in its book clubs and book fairs. These programs allow the sponsors to accumulate credits which can then be redeemed for Company products or other items offered by the Company. The Company recognizes a liability for the estimated costs of providing these credits at the time of the recognition of revenue for the underlying purchases of Company product that resulted in the granting of the credits. As the credits are redeemed, such liability is reduced.

Other noncurrent liabilities

All of the rate assumptions discussed below impact the Company’s calculations of its pension and post-retirement obligations. The rates applied by the Company are based on the portfolios’ past average rates of return, discount rates and actuarial information. Any change in market performance, interest rate performance, assumed health care costs trend rate or compensation rates could result in significant changes in the Company’s pension and post-retirement obligations.

Pension obligations – Scholastic Corporation and certain of its subsidiaries have defined benefit pension plans covering the majority of their employees who meet certain eligibility requirements. The Company’s pension plans and other post-retirement benefits are accounted for using actuarial valuations.

The Company’s pension calculations are based on three primary actuarial assumptions: the discount rate, the long-term expected rate of return on plan assets, and the anticipated rate of compensation increases. The discount rate is used in the measurement of the projected, accumulated and vested benefit obligations and the interest cost component of net periodic pension costs. The long-term expected return on plan assets is used to calculate the expected earnings from the investment or reinvestment of plan assets. The anticipated rate of compensation increase is used to estimate the increase in compensation for participants of the plan from their current age to their assumed retirement age. The estimated compensation amounts are used to determine the benefit obligations and the service cost. Pension benefits in the cash balance plan for employees located in the United States are based on formulas in which the employees’ balances are credited monthly with interest based on the average rate for one-year United States Treasury Bills plus 1%. Contribution credits are based on employees’ years of service and compensation levels during their employment periods, for the periods prior to June 1, 2009.

Other post-retirement benefits – The Company provides post-retirement benefits, consisting of healthcare and life insurance benefits, to eligible retired United States-based employees. The post-retirement medical plan benefits are funded on a pay-as-you-go basis, with the Company paying a portion of the premium and the employee paying the remainder. The Company calculates the existing benefit obligation, based on the discount rate and the assumed health care cost trend rate. The discount rate is used in the measurement of the projected and accumulated benefit obligations and the interest cost component of net periodic post-retirement benefit cost. The assumed health care cost trend rate is used in the measurement of the long-term expected increase in medical claims.

Foreign currency translation

The Company’s non-United States dollar-denominated assets and liabilities are translated into United States dollars at prevailing rates at the balance sheet date and the revenues, costs and expenses are translated at the weighted average rates prevailing during each reporting period. Net gains or losses resulting from the translation of the foreign financial statements and the effect of exchange rate changes on long-term intercompany balances are accumulated and charged directly to the foreign currency translation adjustment component of stockholders’ equity until such time as the operations are substantially liquidated or sold. The Company assesses foreign investment levels periodically to determine if all or a portion of the Company’s investments in foreign subsidiaries are indefinitely invested.

Shipping and handling costs

Amounts billed to customers for shipping and handling are classified as revenue. Costs incurred in shipping and handling are recognized in cost of goods sold.

Advertising costs

The Company incurs costs for both direct-response and non-direct-response advertising. The Company capitalizes direct-response advertising costs for expenditures, primarily in its Classroom Magazines division. The asset is amortized on a cost-pool-by-cost-pool basis over the period during which the future benefits are expected to be received. Included in Prepaid expenses and other current assets on the balance sheet is $4.8 of capitalized advertising costs as of May 31, 2012 and 2011. The Company expenses non-direct-response advertising costs as incurred.

Discontinued operations

Long-lived assets classified within discontinued operations are recognized at the estimated fair value less cost to sell those long-lived assets for assets held for sale. The calculation of estimated fair value less cost to sell includes significant estimates and assumptions, including, but not limited to: operating projections; excess working capital levels; real estate values; and the anticipated costs involved in the selling process. The Company recognizes operations as discontinued when the operations have either ceased or are probable to be disposed of in a sale transaction in the near term, the operations and cash flows of all discontinued operations have been eliminated, or will be eliminated upon consummation of the expected sale transaction, and the Company will not have any significant continuing involvement in the discontinued operations subsequent to the expected sale transaction.

Stock-based compensation

The Company recognizes the cost of services received in exchange for any stock-based awards. The Company recognizes the cost on a straight-line basis over an award’s requisite service period, which is generally the vesting period, based on the award’s fair value at the date of grant.

The fair values of stock options granted by the Company are estimated at the date of grant using the Black-Scholes option-pricing model. The Company’s determination of the fair value of stock-based payment awards using this option-pricing model is affected by the price of the Common Stock as well as by assumptions regarding highly complex and subjective variables, including, but not limited to, the expected price volatility of the Common Stock over the terms of the awards, the risk-free interest rate, and actual and projected employee stock option exercise behaviors. Estimates of fair value are not intended to predict actual future events or the value that may ultimately be realized by those who receive these awards.

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates, in order to derive the Company’s best estimate of awards ultimately expected to vest. In determining the estimated forfeiture rates for stock-based awards, the Company periodically conducts an assessment of the actual number of equity awards that have been forfeited previously. When estimating expected forfeitures, the Company considers factors such as the type of award, the employee class and historical experience. The estimate of stock-based awards that will ultimately be forfeited requires significant judgment and, to the extent that actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period such estimates are revised.

The table set forth below provides the estimated fair value of options granted during fiscal years 2012, 2011 and 2010 and the significant weighted average assumptions used in determining the fair value for options granted by the Company under the Black-Scholes option pricing model. The average expected life represents an estimate of the period of time stock options are expected to remain outstanding based on the historical exercise behavior of the option grantees. The risk-free interest rate was based on the U.S. Treasury yield curve corresponding to the expected life in effect at the time of the grant. The volatility was estimated based on historical volatility corresponding to the expected life.



		2012			2011			2010

Estimated fair value of stock options granted	$	9.30		$	8.15		$	8.34
Assumptions:
Expected dividend yield		1.4	%		1.3	%		1.4	%
Expected stock price volatility		36.7	%		37.3	%		37.6	%
Risk-free interest rate		1.6	%		2.0	%		3.3	%
Expected life of options		7 years			6 years			7 years

NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the FASB issued an update to the authoritative guidance related to fair value measurements. The amendments will add new disclosures, with a particular focus on Level 3 measurements. The objective of these amendments is to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and International Financial Reporting Standards (“IFRS”). The disclosure amendments in this update are to be applied prospectively and are effective during interim and annual periods beginning after December 15, 2011.

In June 2011, the FASB issued an update related to the reporting of other comprehensive income. The amendments require that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendments also require the presentation on the face of the financial statements of reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. In December 2011, the FASB issued an update that effectively deferred the requirements related to the presentation of reclassification adjustments out of accumulated other comprehensive income. The amendments will be temporary to allow the FASB time to re-deliberate the presentation requirements for reclassifications out of accumulated other comprehensive income for annual and interim financial statements for public, private and non-profit entities. The Company is evaluating the impact of this update on its consolidated financial position, results of operations and cash flows.

In September 2011, the FASB issued an update to the authoritative guidance related to goodwill impairment testing. The updated guidance gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The guidance provides companies with a revised list of examples of events and circumstances to consider, in their totality, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If a company concludes that this is the case, it must perform the two-step test. Otherwise, a company can skip the two-step test. Companies are not required to perform the qualitative assessment and are permitted to skip the qualitative assessment for any reporting unit in any period and proceed directly to Step 1 of the test. A company that validates its conclusion by measuring fair value can resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, and the Company adopted the update for its annual impairment test in the fourth quarter of its fiscal year ended May 31, 2012.

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

Business Combination Disclosure [Text Block]

ACQUISITIONS

12 Months Ended

May 31, 2012

2. ACQUISITIONS

On January 3, 2012, the Company acquired Learners Publishing, a Singapore-based publisher of supplemental learning materials for English-Language Learners, for $2.8, net of cash acquired. As a result of this transaction, the Company recorded $1.3 of goodwill. The results of operations of this business subsequent to the acquisition date are included in the International segment.

On February 8, 2012, the Company acquired the business and certain assets of Weekly Reader, a publisher of weekly educational classroom magazines designed for children in grades Pre-K–12, for $2.0 in cash and $4.8 in assumed liabilities, which have been fulfilled by the Company as of May 31, 2012. The Company utilized internally-developed discounted cash flow forecasts and market comparisons of royalty rates to determine the fair value of the assets acquired and the amount to be allocated to goodwill. As a result, the Company recognized $1.4 of goodwill and $5.4 of intangible assets. The results of operations of this business subsequent to the acquisition date are included in the Classroom and Supplemental Materials Publishing segment, and certain assets will benefit the Children’s Book Publishing and Distribution segment.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
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Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

DISCONTINUED OPERATIONS

12 Months Ended

May 31, 2012

3. DISCONTINUED OPERATIONS

The Company continuously evaluates its portfolio of businesses for both impairment and economic viability. The Company monitors the expected cash proceeds to be realized from the disposition of discontinued operations’ assets, and adjusts asset values accordingly.

In the first quarter of fiscal 2012, the Company ceased operations in its direct-to-home catalog business specializing in toys. This business was a separate reporting unit included in the Media, Licensing and Advertising segment. The current fiscal year loss before income taxes includes lease costs associated with a vacant facility which formerly served the Company’s direct-to-home toy catalog business.

In the fourth quarter of fiscal 2012, the Company reviewed the estimate of the fair value less cost to sell of its Maumelle facility and recognized an additional charge of $2.2. The Company used market value estimates of the property and an estimate of the anticipated costs to sell the asset.

The following table summarizes the operating results of the discontinued operations for the fiscal years ended May 31:



	2012			2011			2010

Revenues	$	0.1		$	18.2		$	21.1
Gain (loss) on sale		—			0.3			(0.9	)
Non cash impairment charge and loss on operations		8.2			8.2			7.7
Earnings (loss) before income taxes		(8.2	)		(7.9	)		(6.8	)
Income tax benefit (provision)		1.9			1.8			1.9

Earnings (loss) from discontinued operations, net of tax	$	(6.3	)	$	(6.1	)	$	(4.9	)

The following table sets forth the assets and liabilities of the discontinued operations included in the Consolidated Balance Sheets of the Company as of May 31:



	2012		2011

Accounts receivable, net	$	0.0	$	0.1
Inventory		0.0		1.2
Other assets		7.0		9.2

Current assets of discontinued operations	$	7.0	$	10.5

Accrued expenses and other current liabilities		2.1		0.8

Current liabilities of discontinued operations	$	2.1	$	0.8

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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Segment Reporting Disclosure [Text Block]

SEGMENT INFORMATION

12 Months Ended

May 31, 2012

4. SEGMENT INFORMATION

The Company categorizes its businesses into five reportable segments: Children’s Book Publishing and Distribution; Educational Technology and Services; Classroom and Supplemental Materials Publishing; Media, Licensing and Advertising; and International. This classification reflects the nature of products and services consistent with the method by which the Company’s chief operating decision-maker assesses operating performance and allocates resources.


•	Children’s Book Publishing and Distribution operates as an integrated business which includes the publication and distribution of children’s books, media and interactive products in the United States through school-based book clubs and book fairs and the trade channel. This segment is comprised of three operating segments.

•	Educational Technology and Services includes the production and distribution to schools of curriculum-based learning technology and materials for grades pre-kindergarten to 12 in the United States, together with related implementation and assessment services and school consulting services. This segment is comprised of one operating segment.

•	Classroom and Supplemental Materials Publishing includes the publication and distribution to schools and libraries of children’s books, classroom magazines, supplemental classroom materials and print and on-line reference and non-fiction products for grades pre-kindergarten to 12 in the United States. This segment is comprised of two operating segments.

•	Media, Licensing and Advertising includes the production and/or distribution of digital media, consumer promotions and merchandising and advertising revenue, including sponsorship programs. This segment is comprised of two operating segments.

•	International includes the publication and distribution of products and services outside the United States by the Company’s international operations, and its export and foreign rights businesses. This segment is comprised of two operating segments.

The following table sets forth information for the Company’s segments for the three fiscal years ended May 31:


	Children’s Book Publishing & Distribution ⁽¹⁾		Educational Technology & Services ^{(1) (2)}		Classroom & Supplemental Materials Publishing ^{(1) (3)}			Media, Licensing & Advertising ⁽¹⁾			Overhead ^{(1) (4)}			Total Domestic		International ^{(1) (5)}		Total

2012

Revenues	$	1,111.3	$	254.7	$	208.2		$	85.0		$	—		$	1,659.2	$	489.6	$	2,148.8
Bad debts		6.4		0.7		1.9			0.1			—			9.1		3.2		12.3
Depreciation and amortization ⁽⁶⁾		20.6		1.3		1.0			0.5			39.0			62.4		6.4		68.8
Amortization ⁽⁷⁾		12.5		20.9		6.7			12.3			—			52.4		2.7		55.1
Loss on leases and asset Impairments		0.5		—		—			—			6.2			6.7		0.3		7.0
Segment operating income (loss)		153.0		49.2		18.3			(4.7	)		(87.1	)		128.7		57.6		186.3
Segment assets at May 31, 2012		543.5		168.5		163.6			38.8			438.6			1,353.0		310.3		1,663.3
Goodwill at May 31, 2012		54.3		22.7		65.4			5.4			—			147.8		9.9		157.7
Expenditures for long-lived assets including royalty advances		44.4		26.2		17.9			6.4			37.9			132.8		13.2		146.0
Long-lived assets at May 31, 2012		167.5		101.1		90.3			11.7			246.7			617.3		67.1		684.4

2011

Revenues	$	922.0	$	230.8	$	197.2		$	93.0		$	—		$	1,443.0	$	444.9	$	1,887.9
Bad debts		8.7		0.7		1.2			0.2			—			10.8		2.8		13.6
Depreciation and amortization ⁽⁶⁾		15.6		1.3		1.3			0.7			35.6			54.5		5.6		60.1
Amortization ⁽⁷⁾		12.6		22.8		5.0			8.0			—			48.4		2.7		51.1
Asset Impairments		—		—		3.4			—			—			3.4		—		3.4
Segment operating income (loss)		78.1		38.0		13.6			3.0			(67.0	)		65.7		38.3		104.0
Segment assets at May 31, 2011		427.1		161.1		150.8			44.9			405.1			1,189.0		287.5		1,476.5
Goodwill at May 31, 2011		54.3		21.8		64.0			5.4			—			145.5		8.7		154.2
Expenditures for long-lived assets including royalty advances		40.4		35.7		9.1			9.4			56.3			150.9		11.8		162.7
Long-lived assets at May 31, 2011		175.9		97.6		80.2			20.1			249.0			622.8		71.2		694.0

2010

Revenues	$	910.6	$	262.8	$	213.7		$	95.1		$	—		$	1,482.2	$	412.0	$	1,894.2
Bad debts		3.9		0.4		1.3			0.1			—			5.7		3.8		9.5
Depreciation and amortization ⁽⁶⁾		14.2		1.3		1.7			0.7			35.6			53.5		6.0		59.5
Amortization ⁽⁷⁾		12.0		21.5		4.4			10.2			—			48.1		2.9		51.0
Asset Impairments		—		—		36.3			—			—			36.3		3.8		40.1
Segment operating income (loss)		117.9		71.8		(4.6	)		0.4			(83.3	)		102.2		30.0		132.2
Segment assets at May 31, 2010		517.2		175.0		169.8			55.5			377.0			1,294.5		291.0		1,585.5
Goodwill at May 31, 2010		54.3		21.0		67.4			5.4			—			148.1		8.5		156.6
Expenditures for long-lived assets including royalty advances		43.7		26.1		5.7			6.9			28.9			111.3		11.2		122.5
Long-lived assets at May 31, 2010		176.8		92.5		77.3			19.2			232.2			598.0		67.1		665.1


(1)	As discussed in Note 3, “Discontinued Operations,” the Company closed or sold several operations during fiscal 2010 and the first quarter of fiscal 2012 and presently holds for sale one facility. All of these businesses are classified as discontinued operations in the Company’s financial statements and, as such, are not reflected in this table. During the first quarter of fiscal 2011, the Company determined that its Danbury Facility was no longer “held for sale.” Accordingly, the assets, liabilities and results of operations of the Danbury Facility are included in continuing operations for all periods presented.

(2)	Includes assets and results of operations acquired in a business acquisition as of September 9, 2010.

(3)	Includes assets and results of operations acquired in a business acquisition as of February 8, 2012.

(4)	Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets. Unallocated assets are principally comprised of deferred income taxes and property, plant and equipment related to the Company’s headquarters in the metropolitan New York area, its fulfillment and distribution facilities located in Missouri and its facility located in Connecticut. Overhead also includes amounts previously allocated to the Media, Licensing and Advertising segment for the Company’s direct-to-home toy catalog business that was discontinued in the first quarter of fiscal 2012.

(5)	Includes assets and results of operations acquired in a business acquisition as of January 3, 2012

(6)	Includes depreciation of property, plant and equipment and amortization of intangible assets.

(7)	Includes amortization of prepublication and production costs.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Debt Disclosure [Text Block]

DEBT

12 Months Ended

May 31, 2012

5. DEBT

The following table summarizes debt as of May 31:



	Carrying Value			Fair Value			Carrying Value			Fair Value

	2012						2011

Lines of Credit (weighted average interest rates of 5.3% and 6.7%, respectively)	$	6.5		$	6.5		$	0.7		$	0.7
Loan Agreement:
Revolving Loan		—			—			—			—
Term Loan (interest rates of n/a and 1.0%, respectively)		—			—			50.2			50.2
5% Notes due 2013, net of discount		152.8			155.4			152.5			156.6


Total debt	$	159.3		$	161.9		$	203.4		$	207.5

Less lines of credit and current portion of long-term debt		(6.5	)		(6.5	)		(43.5	)		(43.5	)


Total long-term debt	$	152.8		$	155.4		$	159.9		$	164.0

The short-term debt’s carrying value approximates its fair value. The fair value of the Loan Agreement approximated its carrying value due to its variable interest rate and the Company’s stable credit rating. The fair values of the Notes were estimated based on market quotes, where available, or dealer quotes.

The following table sets forth the maturities of the carrying values of the Company’s debt obligations as of May 31, 2012 for the fiscal year ended May 31:



2013	$	6.5
2014		—
2015		152.8

Total debt	$	159.3

Loan Agreement

On June 1, 2007, Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together, the “Borrowers”) entered into a $525.0 credit facility with certain banks (the “Loan Agreement”), consisting of a $325.0 revolving credit component (the “Revolving Loan”) and a $200.0 amortizing term loan component (the “Term Loan”). The Loan Agreement was amended on August 16, 2010, and again on October 25, 2011. The October 25, 2011 amendment extended the maturity of the Revolving Loan facility to June 1, 2014 from June 1, 2012 and provided for the repayment of the outstanding balance of the Term Loan on October 25, 2011. The $325.0 Revolving Loan allows the Company to borrow, repay or prepay and reborrow at any time prior to the stated maturity date, and the proceeds may be used for general corporate purposes, including financing for acquisitions and share repurchases. The Loan Agreement also provides for an increase in the aggregate Revolving Loan commitments of the lenders of up to an additional $150.0.

Interest on the Revolving Loan is due and payable in arrears on the last day of the interest period (defined as the period commencing on the date of the advance and ending on the last day of the period selected by the Borrower at the time each advance is made). The interest pricing under the Revolving Loan is dependent upon the Borrower’s election of a rate that is either:


	•	A Base Rate equal to the higher of (i) the prime rate, (ii) the prevailing Federal Funds rate plus 0.500% or (iii) the Eurodollar Rate for a one month interest period plus 1% plus an applicable spread ranging from 0.18% to 0.60%, as determined by the Company’s prevailing consolidated debt to total capital ratio.

		- or -

	•	A Eurodollar Rate equal to the London interbank offered rate (LIBOR) plus an applicable spread ranging from 1.18% to 1.60%, as determined by the Company’s prevailing consolidated debt to total capital ratio.

As of May 31, 2012, the indicated spread on Base Rate Advances was 0.25% and the indicated spread on Eurodollar Rate Advances was 1.25%, both based on the Company’s prevailing consolidated debt to total capital ratio. There were no Revolving Loan Advances outstanding as of May 31, 2012 and 2011, respectively.

The Loan Agreement also provides for the payment of a facility fee ranging from 0.20% to 0.40% per annum based upon the Company’s prevailing consolidated debt to total capital ratio. At May 31, 2012, the facility fee rate was 0.25%.

At May 31, 2012, the Company had open standby letters of credit totaling $6.6 million issued under certain credit lines, including $1.4 million under the Loan agreement discussed above. These letters of credit are scheduled to expire within one year; however, the Company expects that substantially all of these letters of credit will be renewed, at similar terms, prior to expiration.

The Loan Agreement contains certain covenants, including interest coverage and leverage ratio tests and certain limitations on the amount of dividends and other distributions, and at May 31, 2012, the Company was in compliance with these covenants.

Lines of Credit

As of May 31, 2012, the Company’s domestic credit lines available under unsecured money market bid rate credit lines totaled $20.0. There were no outstanding borrowings under these credit lines at May 31, 2012 and 2011. All loans made under these credit lines are at the sole discretion of the lender and at an interest rate and term agreed to at the time each loan is made, but not to exceed 365 days. These credit lines may be renewed, if requested by the Company, at the option of the lender.

As of May 31, 2012, the Company had various local currency credit lines, with maximum available borrowings in amounts equivalent to $32.8, underwritten by banks primarily in the United States, Canada, Australia and the United Kingdom. These credit lines are typically available for overdraft borrowings or loans up to 364 days and may be renewed, if requested by the Company, at the sole option of the lender. There were borrowings outstanding under these facilities equivalent to $6.5 at May 31, 2012 at a weighted average interest rate of 5.3%, compared to the equivalent of $0.7 at May 31, 2011 at a weighted average interest rate of 6.7%.

5% Notes due 2013

In April 2003, Scholastic Corporation issued $175.0 of 5% Notes (the “5% Notes”). The 5% Notes are senior unsecured obligations that mature on April 15, 2013. Interest on the 5% Notes is payable semi-annually on April 15 and October 15 of each year through maturity. The Company may at any time redeem all or a portion of the 5% Notes at a redemption price (plus accrued interest to the date of the redemption) equal to the greater of (i) 100% of the principal amount, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest discounted to the date of redemption.

As noted above under “Loan Agreement,” the Company amended the terms of the Revolving Loan to extend the maturity date from June 1, 2012 to June 1, 2014. The Company intends, and has the ability, to use a portion of this credit facility to fully redeem the 5% Notes due 2013. Accordingly, the balance of the 5% Notes is excluded from current liabilities and classified as Long-term debt on the Company’s Consolidated Balance Sheet as of May 31, 2012.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

12 Months Ended

May 31, 2012

6. COMMITMENTS AND CONTINGENCIES

Lease obligations

The Company leases warehouse space, office space and equipment under various capital and operating leases over periods ranging from one to forty years. Certain of these leases provide for scheduled rent increases based on price-level factors. The Company generally does not enter into leases that call for contingent rent. In most cases, the Company expects that, in the normal course of business, leases will be renewed or replaced. Net rent expense relating to the Company’s non-cancelable operating leases for the three fiscal years ended May 31, 2012, 2011 and 2010 was $38.9, $47.2 and $44.7, respectively.

Amortization of assets under capital leases covering land, buildings and equipment was $1.1, $1.2 and $3.5 for the fiscal years ended May 31, 2012, 2011 and 2010, respectively, and is included in Depreciation and amortization expense. The most significant of the Company’s capital leases is for the New York office where the Company’s headquarters are located. This capital lease has an imputed interest rate of 7.9% and the term ends July 2039.

The following table sets forth the composition of capital leases reflected as Property, Plant and Equipment in the Consolidated Balance Sheets at May 31:



	2012			2011

Land	$	3.5		$	3.5
Buildings		39.0			39.0
Equipment		1.0			3.0

		43.5			45.5
Accumulated amortization		(12.3	)		(14.1	)


Total	$	31.2		$	31.4

The following table sets forth the aggregate minimum future annual rental commitments at May 31, 2012 under all non-cancelable leases for fiscal years ending May 31:



	Operating Leases		Capital Leases

2013	$	38.3	$	6.0
2014		31.5		5.4
2015		26.6		5.1
2016		22.2		5.1
2017		16.4		5.9
Thereafter		54.4		185.2

Total minimum lease payments	$	189.4	$	212.7
Less minimum sublease income to be received	$	18.0	$	20.3

Minimum lease payments, net of sublease income	$	171.4	$	192.4
Less amount representing interest				155.3
Present value of net minimum capital lease payments				57.4
Less current maturities of capital lease obligations				1.0

Long-term capital lease obligations			$	56.4

Other Commitments

The following table sets forth the aggregate minimum future contractual commitments at May 31, 2012 relating to royalty advances and minimum print quantities for fiscal years ending May 31:



	Royalty Advances		Minimum Print Quantities

2013	$	7.1	$	60.0
2014		1.2		61.1
2015		0.3		62.3
2016		0.4		49.8
2017		—		51.0
Thereafter		—		160.5

Total commitments	$	9.0	$	444.7

The Company had open standby letters of credit of $6.6 issued under certain credit lines as of May 31, 2012 and 2011, respectively. These letters of credit are scheduled to expire within one year; however, the Company expects that substantially all of these letters of credit will be renewed, at similar terms, prior to expiration.

Contingencies

Various claims and lawsuits arising in the normal course of business are pending against the Company. The Company accrues a liability for such matters when it is probable that a liability has occurred and the amount of such liability can be reasonably estimated. When only a range can be estimated, the most probable amount in the range is accrued unless no amount within the range is a better estimate than any other amount, in which case the minimum amount in the range is accrued. Legal costs associated with litigation loss contingencies are expensed in the period in which they are incurred. The Company does not expect, in the case of those various claims and lawsuits arising in the normal course of business where a loss is considered probable or reasonably possible, after taking into account any amounts currently accrued, that the reasonably possible losses from such claims and lawsuits (either individually or in the aggregate) would have a material adverse effect on the Company’s consolidated financial position or results of operations.

Grolier Limited is an indirect subsidiary of Scholastic Corporation, located in the United Kingdom, which ceased operations in fiscal 2008 and the operations of which are included in discontinued operations. The Company is currently in the process of settling a Grolier Limited pension plan in effect at the time it ceased operations and is evaluating the potential pension liabilities under the plan relating to the status of the plan as a defined contribution or a defined benefit plan in the context of the conversion of the plan from a defined benefit to a defined contribution plan in 1986. The Company is not in a position to estimate a range of the reasonably possible liability at this time.

The entire disclosure for commitments and contingencies.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Equity Method And Cost Method Investments [Text Block]

INVESTMENTS

12 Months Ended

May 31, 2012

7. INVESTMENTS

Included in the Other assets and deferred charges section of the Company’s Consolidated Balance Sheets were investments of $20.6 and $20.4 at May 31, 2012 and May 31, 2011, respectively.

The Company owns a non-controlling interest in a book distribution business located in the UK, which is accounted for as a cost-basis investment. In fiscal 2011, the Company determined that these assets were other-than-temporarily impaired. The Company employed Level 3 fair value measures, including discounted cash flow projections, and recognized an impairment loss of $3.6. The carrying value of these assets was $5.2 as of May 31, 2012.

The Company’s 26.2% non-controlling interest in a children’s book publishing business located in the UK is accounted for using the equity method of accounting. The net value of this investment at May 31, 2012 was $15.4. The Company received $0.9 of dividends in fiscal 2012 from this investment.

The Company maintained an equity investment in an entity that produced and distributed educational children’s television programming. In the fourth quarter of fiscal 2012, the Company determined that these assets were other-than-temporarily impaired, and the Company recognized an impairment loss of $1.3 in Selling, general and administrative expense.

Income from equity investments totaled $2.6 for the year ended May 31, 2012, $1.8 for the year ended May 31, 2011 and $1.0 for the year ended May 31, 2010.

The following table summarizes the Company’s investments as of May 31:



	2012		2011

Cost method investments:
UK-based	$	5.2	$	5.7

Total cost method investments	$	5.2	$	5.7


Equity method investments:
UK-based	$	15.4	$	13.4
U.S.-based		—		1.3

Total equity method investments	$	15.4	$	14.7

Total	$	20.6	$	20.4

GOODWILL AND OTHER INTANGIBLES

12 Months Ended

May 31, 2012

Goodwill and Intangible Assets Disclosure [Text Block]

8. GOODWILL AND OTHER INTANGIBLES

Goodwill is reviewed for impairment annually or more frequently if impairment indicators arise.

The following table summarizes the activity in Goodwill for the fiscal years ended May 31:



	2012			2011

Gross beginning balance	$	175.0		$	174.0
Accumulated impairment		(20.8	)		(17.4	)

Beginning balance		154.2			156.6
Additions due to acquisition		2.7			1.0
Impairment charge		—			(3.4	)
Foreign currency translation		0.0			0.0
Other		0.8			—

Gross ending balance		178.5			175.0
Accumulated impairment		(20.8	)		(20.8	)

Ending balance	$	157.7		$	154.2

On February 8, 2012, the Company acquired the business and certain assets of Weekly Reader, a publisher of weekly educational classroom magazines designed for children in grades Pre-K–12, for $2.0 in cash and $4.8 in assumed liabilities, which have been fulfilled by the Company as of May 31, 2012. The Company utilized internally-developed discounted cash flow forecasts and market comparisons of royalty rates to determine the fair value of the assets acquired and the amount to be allocated to goodwill. As a result, the Company recognized $1.4 of goodwill and $5.4 of intangible assets. The results of operations of this business subsequent to the acquisition date are included in the Classroom and Supplemental Materials Publishing segment, and certain assets will benefit the Children’s Book Publishing and Distribution segment.

On January 3, 2012, the Company acquired Learners Publishing, a Singapore-based publisher of supplemental learning materials for English-Language Learners, for $2.8, net of cash acquired. The Company utilized Level 3 fair value measurement inputs, using its own assumptions, including internally-developed discounted cash flow forecasts, to determine the fair value of the assets acquired and the amount of goodwill to be allocated to the Learners Publishing business. As a result of this transaction, the Company recorded $1.3 of goodwill. The results of operations of this business subsequent to the acquisition date are included in the International segment.

As of May 31, 2011, the Company determined the carrying value of its Scholastic Library Publishing and Classroom Magazines business within the Classroom and Supplemental Materials Publishing segment exceeded the fair value of this reporting unit. The Company employed internally-developed discounted cash flow forecasts and market comparisons to determine the fair value of the reporting unit and the implied fair value of the reporting unit’s assets and liabilities. Accordingly, the Company recognized an impairment charge of $3.4 at May 31, 2011.

On September 9, 2010, the Company purchased the assets of Math Solutions, an education resources and professional development company focusing on K-12 math instruction, for $8.2, net of cash acquired. The Company has integrated this business with its existing educational technology businesses. The Company utilized Level 3 fair value measurement inputs, using its own assumptions, including internally-developed discounted cash flow forecasts, to determine the fair value of the assets acquired and the amount of goodwill to be allocated to the Math Solutions business. As a result, the Company recognized $1.7 of goodwill and $5.6 of amortizable intangible assets.

The following table summarizes Other intangibles subject to amortization as of May 31:



	2012			2011

Beginning balance-Customer lists	$	0.7		$	0.8
Additions due to acquisition		3.8			—
Amortization expense		(0.2	)		(0.2	)
Foreign currency translation		0.0			0.1


Customer lists, net of accumulated amortization of $1.3 and $1.1, respectively	$	4.3		$	0.7

Beginning balance-Other intangibles	$	17.3		$	2.2
Additions due to acquisition		—			5.6
Impairment charge		(5.4	)		—

Reclassified from indefinite-lived intangible assets		—			10.7
Amortization expense		(1.4	)		(1.2	)
Other		(0.1	)		—

Other intangibles, net of accumulated amortization of $10.5 and $4.2, respectively	$	10.4		$	17.3

Total other intangibles subject to amortization	$	14.7		$	18.0

Amortization expense for Other intangibles totaled $6.5, $1.4 and $0.8 for the fiscal years ended May 31, 2012, 2011 and 2010, respectively.

The following table reflects the estimated amortization expense for intangibles for the next five fiscal years ending May 31:


2013	$	2.0
2014		1.9
2015		1.8
2016		1.7
2017		1.7

Intangible assets with definite lives consist principally of customer lists, covenants not to compete and trademarks. Intangible assets with definite lives are amortized over their estimated useful lives. The weighted-average remaining useful lives of all amortizable intangible assets is 8 years.

In fiscal 2011, the Company determined that certain intangible assets associated with publishing and trademark rights in the Children’s Book Publishing and Distribution segment, which were previously accounted for as indefinite-lived assets, were no longer indefinite-lived. Accordingly, the Company assessed these assets for impairment as of September 1, 2010, and subsequently commenced amortization of the assets. The Company determined that the fair value of the assets exceeded their carrying value as of September 1, 2010, and therefore no impairment was recognized. In fiscal 2012, due to declining revenues associated with these rights, the Company determined that these assets were not fully recoverable and recognized an impairment in amortization expense of $4.9 based upon the difference between the carrying value and the fair value of the asset and reduced the expected useful life of this asset. The Company employed Level 3 fair value measurement techniques to determine the fair value of these assets as of September 1, 2010, and as of May 31, 2012, including the relief from royalty method.

In fiscal 2011, the Company recognized $5.6 of amortizable intangible assets as a result of the Math Solutions acquisition. The Company utilized Level 3 fair value measurement inputs, using its own assumptions including internally-developed discounted cash flow forecasts and market comparisons, to determine the fair value of the intangible assets acquired.

The following table summarizes Other intangibles not subject to amortization as of May 31:



	2012		2011

Net carrying value by major class:
Trademarks and other	$	2.0	$	1.8

Total other intangibles not subject to amortization	$	2.0	$	1.8



Total other intangibles	$	16.7	$	19.8

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Income Tax And Non Income Tax Disclosure [Text Block]

TAXES

12 Months Ended

May 31, 2012

9. TAXES

The components of earnings from continuing operations before income taxes for the fiscal years ended May 31 are:



	2012		2011		2010

United States	$	146.3	$	77.2	$	113.4
Non-United States	$	24.4	$	7.2	$	2.0

Total	$	170.7	$	84.4	$	115.4

The provision for income taxes for the fiscal years ended May 31 consists of the following components:



	2012			2011		2010

Federal
Current	$	49.4		$	10.3	$	11.5
Deferred		(8.2	)		9.1		29.8

	$	41.2		$	19.4	$	41.3


State and local
Current	$	12.1		$	3.8	$	2.0
Deferred		(0.7	)		2.2		1.1

	$	11.4		$	6.0	$	3.1


International
Current	$	12.8		$	12.5	$	8.6
Deferred		(3.4	)		1.0		1.4

	$	9.4		$	13.5	$	10.0


Total
Current	$	74.3		$	26.6	$	22.1
Deferred		(12.3	)		12.3		32.3

	$	62.0		$	38.9	$	54.4

Effective Tax Rate Reconciliation

A reconciliation of the significant differences between the effective income tax rate and the federal statutory rate on earnings from continuing operations before income taxes for the fiscal years ended May 31 is as follows:



	2012			2011			2010

Computed federal statutory provision		35.0	%		35.0	%		35.0	%
State income tax provision, net of federal income tax benefit		4.3	%		5.2	%		5.2	%
Difference in effective tax rates on earnings of foreign subsidiaries		0.2	%		-0.8	%		-0.4	%
Charitable contributions		-0.7	%		-1.5	%		-1.1	%
Tax credits		-0.1	%		-0.2	%		-0.2	%
Valuation allowances		-1.4	%		5.9	%		5.3	%
Other - net		-1.0	%		2.5	%		3.4	%

Effective tax rates		36.3	%		46.1	%		47.2	%

Total provision for income taxes	$	62.0		$	38.9		$	54.4

Unremitted Earnings

At May 31, 2012, the Company had not provided U.S. income taxes on accumulated but undistributed earnings of its non-U.S. subsidiaries of approximately $78.6, as substantially all of these undistributed earnings are expected to be permanently reinvested. However, if any portion were to be distributed, the related U.S. tax liability may be reduced by foreign income taxes paid on those earnings. Determining the unrecognized deferred tax liability related to those investments in these non-U.S. subsidiaries is not practicable. The Company assesses foreign investment levels periodically to determine if all or a portion of the Company’s investments in foreign subsidiaries are indefinitely invested.

Deferred Taxes

The significant components for deferred income taxes for the fiscal years ended May 31, including deferred income taxes related to discontinued operations, are as follows:



	2012			2011

Deferred tax assets
Tax uniform capitalization	$	16.8		$	17.1
Inventory reserves		29.8			25.8
Allowance for doubtful accounts		7.8			6.5
Other reserves		41.2			23.2
Post-retirement, post-employment and pension obligations		23.1			21.3
Tax carryforwards		40.3			41.0
Lease accounting		10.1			9.4
Other - net		34.2			29.1

Gross deferred tax assets		203.3			173.4
Valuation allowance		(34.4	)		(36.8	)

Total deferred tax assets	$	168.9		$	136.6

Deferred tax liabilities
Prepaid expenses		(0.6	)		(0.8	)
Depreciation and amortization		(54.6	)		(59.4	)

Total deferred tax liability	$	(55.2	)	$	(60.2	)

Total net deferred tax assets	$	113.7		$	76.4

Total net deferred tax assets of $113.7 at May 31, 2012 and $76.4 at May 31, 2011 include $71.4 and $56.2, respectively, in current assets. Total noncurrent deferred tax assets of $42.3 and $20.2 are reflected in noncurrent assets at May 31, 2012 and 2011, respectively.

For the year ended May 31, 2012, the valuation allowance decreased by $2.4 and for the year ended May 31, 2011, the valuation allowance increased by $0.8. The valuation allowance is based on the Company’s assessment that it is more likely than not that certain deferred tax assets will not be realized in the foreseeable future. The valuation allowance at May 31, 2012 primarily relates to foreign operating loss carryforwards of $125.0, principally in the UK, which do not expire.

The benefits of uncertain tax positions are recorded in the financial statements only after determining a more likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. These uncertain tax positions are included in long-term income taxes payable, reduced by the associated federal deduction for state taxes and non-U.S. tax credits, and may also include other long-term tax liabilities that are not uncertain but have not yet been paid. The interest and penalties related to these uncertain tax positions are recorded as part of the Company’s income tax expense and part of the income tax liability on the Company’s Consolidated Balance Sheets.

The total amount of unrecognized tax benefits at May 31, 2012, 2011 and 2010 were $38.7, excluding $7.1 accrued for interest and penalties, $30.8, excluding $5.9 accrued for interest and penalties, and $30.6, excluding $5.7 for accrued interest and penalties, respectively. Of the total amount of unrecognized tax benefits at May 31, 2012, 2011 and 2010, $18.1, $19.2 and $19.5, respectively, would impact the Company’s effective tax rate.

During the years presented, the Company recognized interest and penalties related to unrecognized tax benefits with the provision for taxes on the consolidated financial statements. The Company recognized an expense of $2.4, $1.0, and $1.9 at May 31, 2012, 2011, and 2010, respectively.

A reconciliation of the unrecognized tax benefits for the fiscal years ended May 31 is as follows:



Gross unrecognized benefits at May 31, 2009	$	33.6
Decreases related to prior year tax positions		(17.6	)
Increase related to prior year tax positions		15.1
Increases related to current year tax positions		4.0
Settlements during the period		(1.3	)
Lapse of statute of limitation		(3.2	)

Gross unrecognized benefits at May 31, 2010	$	30.6
Decreases related to prior year tax positions		(2.9	)
Increase related to prior year tax positions		2.5
Increases related to current year tax positions		2.8
Settlements during the period		(2.2	)
Lapse of statute of limitation		—

Gross unrecognized benefits at May 31, 2011	$	30.8
Decreases related to prior year tax positions		(0.8	)
Increase related to prior year tax positions		9.5
Increases related to current year tax positions		1.7
Settlements during the period		(2.4	)
Lapse of statute of limitation		(0.1	)

Gross unrecognized benefits at May 31, 2012	$	38.7

Unrecognized tax benefits for the Company increased by $7.9 and increased by $0.2 for the years ended May 31, 2012 and 2011, respectively. Although the timing of the resolution and/or closure on audits is highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next twelve months. However, given the number of years remaining subject to examination and the number of matters being examined, the Company is unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits.

The Company, including subsidiaries, files income tax returns in the U.S., various states and various foreign jurisdictions. The Company is routinely audited by various tax authorities. At May 31, 2012, the Company is currently under audit by the Internal Revenue Service for its fiscal years ended May 31, 2007, 2008 and 2009. The Company is also contesting the disallowance of certain deductions in the fiscal year ended May 31, 2006. During fiscal 2012, New York State completed the audit for fiscal years ended May 31, 2002, 2003, 2004, and 2005. The Company is currently under audit by New York State for its fiscal years ended May 31, 2006, 2007 and 2008 and New York City for its fiscal years ended May 31, 2005, 2006 and 2007. If any of these tax examinations are concluded within the next twelve months, the Company will make any necessary adjustments to its unrecognized tax benefits.

Non-income Taxes

The Company is subject to tax examinations for sales-based taxes. A number of these examinations are ongoing and, in certain cases, have resulted in assessments from taxing authorities. Where a liability associated with these examinations and assessments is probable and can be reliably estimable, the Company has made accruals for these matters which are reflected in the Company’s Consolidated Financial Statements. In the third quarter of fiscal 2012, the Company recorded accruals of $19.7 based on the current status of sales tax assessments in two jurisdictions. These amounts are included in the Consolidated Financial Statements in Selling, general and administrative expenses. Future developments relating to the foregoing could result in adjustments being made to these accruals.

CAPITAL STOCK AND STOCK-BASED AWARDS

12 Months Ended

May 31, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10. CAPITAL STOCK AND STOCK-BASED AWARDS

Class A Stock and Common Stock

Capital stock consisted of the following as of May 31, 2012:



	Class A Stock		Common Stock		Preferred Stock

Authorized		4,000,000		70,000,000		2,000,000

Reserved for Issuance		1,499,000		7,480,698		—

Outstanding		1,656,200		29,795,911		—

The only voting rights vested in the holders of Common Stock, except as required by law, are the election of such number of directors as shall equal at least one-fifth of the members of the Board. The Class A Stockholders are entitled to elect all other directors and to vote on all other matters. The Class A Stockholders and the holders of Common Stock are entitled to one vote per share on matters on which they are entitled to vote. The Class A Stockholders have the right, at their option, to convert shares of Class A Stock into shares of Common Stock on a share-for-share basis.

With the exception of voting rights and conversion rights, and as to the rights of holders of Preferred Stock if issued, the Class A Stock and the Common Stock are equal in rank and are entitled to dividends and distributions, when and if declared by the Board.

Preferred Stock

The Preferred Stock may be issued in one or more series, with the rights of each series, including voting rights, to be determined by the Board before each issuance. To date, no shares of Preferred Stock have been issued.

Stock-based awards

At May 31, 2012, the Company maintained three stockholder-approved stock-based compensation plans with regard to the Common Stock: the Scholastic Corporation 1995 Stock Option Plan (the “1995 Plan”), under which no further awards can be made; the Scholastic Corporation 2001 Stock Incentive Plan (the “2001 Plan”), under which no further awards can be made; and the Scholastic Corporation 2011 Stock Incentive Plan (the “2011 Plan”). The 2011 Plan was adopted in July 2011, and provides for the issuance of incentive stock options; options that are not so qualified, called non-qualified stock options; restricted stock; and other stock-based awards.

The Company’s stock-based compensation vests over periods not exceeding four years. Provisions in the Company’s stock-based compensation plans allow for the acceleration of vesting for certain retirement-eligible employees, as well as in certain other events.

Stock Options – At May 31, 2012, non-qualified stock options to purchase 198,740 shares, 2,354,423 shares and 610,912 shares of Common Stock were outstanding under the 1995 Plan, the 2001 Plan and the 2011 Plan, respectively. During fiscal 2012, Mr. Robinson, the Chief Executive Officer of the Corporation, was granted 224,172 options at an exercise price of $28.18 under the 2011 Plan, and an additional 395,380 options were granted under the 2011 Plan to other grantees at a weighted average exercise price of $28.47.

At May 31, 2012, 1,285,278 shares of Common Stock were available for additional awards under the 2011 Plan.

The Company also maintains the 1997 Outside Directors’ Stock Option Plan (the “1997 Directors’ Plan”), a stockholder-approved stock option plan for outside directors under which no further awards may be made. The 1997 Directors’ Plan, as amended, provided for the automatic grant to each non-employee director on the date of each annual stockholders’ meeting of non-qualified stock options to purchase 6,000 shares of Common Stock. At May 31, 2012, options to purchase 174,000 shares of Common Stock were outstanding under the 1997 Directors’ Plan.

In September 2007, the Corporation adopted the Scholastic Corporation 2007 Outside Directors’ Stock Incentive Plan (the “2007 Directors Plan”). From September 2007 through September 2011, the 2007 Directors Plan provided for the automatic grant to each non-employee director on the date of each annual meeting of stockholders of non-qualified stock options to purchase 3,000 shares of Common Stock at a purchase price per share equal to the fair market value of a share of Common Stock on the date of grant and 1,200 restricted stock units. In September 2011, 27,000 options at an exercise price of $26.73 per share and 10,800 restricted stock units were granted under the 2007 Directors Plan. As of May 31, 2012, 111,000 options were outstanding under the 2007 Directors Plan and 333,800 shares of Common Stock remained available for additional awards under the 2007 Directors Plan.

In July 2012, the Board approved an amended and restated 2007 Outside Directors Plan (the “Amended 2007 Directors Plan”), which is subject to receiving stockholder approval at the September 2012 annual meeting of stockholders. The Amended 2007 Directors Plan provides for the automatic grant to each non-employee director, on the date of each annual meeting of stockholders, of stock options and restricted stock units with a value equal to a fixed dollar amount. Such dollar amount, as well as the split of such amount between stock options and restricted stock units, will be determined annually by the Board (or committee designated by the Board) in advance of the grant date. Under the Amended 2007 Directors Plan, the value of the stock option portion of the annual grant is determined based on the Black-Scholes option pricing method, with the exercise price being the fair market value of the Common Stock on the grant date, and the value of the restricted stock unit portion is the fair market value of the Common Stock on the grant date. In July 2012, the Board approved the automatic grant, on September 19, 2012, the date of the next annual meeting of stockholders, of stock options and restricted stock units with a value of $70,000, with 40% of such value to be in the form of options and 60% in the form of restricted stock units.

The Scholastic Corporation 2004 Class A Stock Incentive Plan (the “Class A Plan”) provided for the grant to Richard Robinson, the Chief Executive Officer of the Corporation as of the effective date of the Class A Plan, of options to purchase Class A Stock (the “Class A Options”). In fiscal 2012, there were no awards granted under the Class A Plan. As of May 31, 2012, there were 1,499,000 Class A Options granted to Mr. Robinson outstanding under the Class A Plan, and no shares of Class A Stock remained available for additional awards under the Class A Plan.

Generally, options granted under the various plans may not be exercised for a minimum of one year after the date of grant and expire approximately ten years after the date of grant. The intrinsic value of these stock options is deductible by the Company for tax purposes upon exercise. The Company amortizes the fair value of stock options as stock-based compensation expense over the requisite service period on a straight-line basis, or sooner if the employee effectively vests upon termination of employment under certain circumstances.

The following table sets forth the intrinsic value of stock options exercised, pretax stock-based compensation cost and related tax benefits for the Class A Stock and Common Stock plans for the fiscal years ended May 31:



	2012		2011		2010

Total intrinsic value of stock options exercised	$	5.0	$	0.4	$	0.3

Stock-based compensation cost (pretax)	$	12.2	$	13.7	$	14.0

Tax benefits related to stock-based compensation cost	$	1.8	$	1.8	$	2.1

Weighted average grant date fair value per option	$	9.30	$	8.15	$	8.34

As of May 31, 2012, the total pretax compensation cost not yet recognized by the Company with regard to outstanding unvested stock options was $3.1. The weighted average period over which this compensation cost is expected to be recognized is 2.0 years.

The following table sets forth the stock option activity for the Class A Stock and Common Stock plans for the fiscal year ended May 31, 2012:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value

Outstanding at May 31, 2011		5,404,866		$	30.28
Granted		646,552		$	28.38
Exercised		(724,613	)	$	27.75
Expired		(335,040	)	$	41.44
Cancellations and forfeitures		(43,690	)	$	26.31

Outstanding at May 31, 2012		4,948,075		$	29.69		5.2	$	5.1
Exercisable at May 31, 2012		3,497,113		$	31.30		4.0	$	2.2

Restricted Stock Units – In addition to stock options, the Company has issued restricted stock units to certain officers and key executives under the 2011 Plan (“Stock Units”). The Stock Units automatically convert to shares of Common Stock on a one-for-one basis as the award vests, which is typically over a four-year period beginning thirteen months from the grant date and thereafter annually on the anniversary of the grant date. There were 255,684 shares of Common Stock issued upon conversion of Stock Units during fiscal 2012. The Company measures the value of Stock Units at fair value based on the number of Stock Units granted and the price of the underlying Common Stock on the grant date. The Company amortizes the fair value of outstanding Stock Units as stock-based compensation expense over the requisite service period on a straight-line basis, or sooner if the employee effectively vests upon termination of employment under certain circumstances.

The following table sets forth the RSU activity for the fiscal year ended May 31:



	2012		2011		2010

RSUs granted		205,620		141,600		401,541

Weighted average grant date price per unit	$	27.92	$	25.03	$	20.11

As of May 31, 2012, the total pretax compensation cost not yet recognized by the Company with regard to unvested Stock Units was $5.6. The weighted average period over which this compensation cost is expected to be recognized is 2.5 years.

Management Stock Purchase Plan - The Company maintains a Management Stock Purchase Plan (“MSPP”), which allows certain members of senior management to defer up to 100% of their annual cash bonus payments in the form of Restricted Stock Units (“RSUs”) which are purchased by the employee at a 25% discount from the lowest closing price of the Common Stock on NASDAQ on any day during the fiscal quarter in which such bonuses are payable. The RSUs are converted into shares of Common Stock on a one-for-one basis at the end of the applicable deferral period. The Company measures the value of RSUs based on the number of RSUs granted and the price of the underlying Common Stock on the grant date, giving effect to the 25% discount. The Company amortizes this discount as stock-based compensation expense over the vesting term on a straight-line basis, or sooner if the employee effectively vests upon termination of employment under certain circumstances.

The following table sets forth the MSPP RSU activity for the fiscal year ended May 31:



	2012		2011

MSPP RSUs allocated		22,486		121,550

Purchase price per unit	$	17.78	$	16.90

At May 31, 2012, there were 468,372 shares of Common Stock remaining authorized for issuance under the MSPP.

As of May 31, 2012, the total pretax compensation cost not yet recognized by the Company with regard to unvested RSUs under the MSPP was $0.1. The weighted average period over which this compensation cost is expected to be recognized is 1.5 years.

The following table sets forth Stock Unit and RSU activity for the year ended May 31, 2012:



	Stock Units/RSUs			Weighted Average grant date fair value

Nonvested as of May 31, 2011		752,404		$	21.51
Granted		238,906		$	27.14
Vested		(255,684	)	$	23.49
Forfeited		(24,731	)	$	20.59

Nonvested as of May 31, 2012		710,895		$	22.81

The total fair value of shares vested during the fiscal years ended May 31, 2012, 2011 and 2010 was $6.0, $4.1 and $2.6, respectively.

Employee Stock Purchase Plan

The Company maintains an Employee Stock Purchase Plan (the “ESPP”), which is offered to eligible United States employees. The ESPP permits participating employees to purchase Common Stock, with after-tax payroll deductions, on a quarterly basis at a 15% discount from the closing price of the Common Stock on NASDAQ. In fiscal 2012, the ESPP was amended to provide that the purchase of Common Stock occurs on the last business day of the calendar quarter. The Company recognizes the discount of the Common Stock issued under the ESPP as stock-based compensation expense in the quarter in which the employees participated in the plan.

The following table sets forth the ESPP share activity for the fiscal year ended May 31:



	2012		2011

Shares issued		54,967		88,370

Weighted average purchase price per share	$	23.45	$	22.75

At May 31, 2012, there were 287,973 shares of Common Stock remaining authorized for issuance under the ESPP.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Treasury Stock Disclosure [Text Block]

TREASURY STOCK

12 Months Ended

May 31, 2012

11. TREASURY STOCK

The Company has authorizations made by the Board of Directors to repurchase Common Stock, from time to time as conditions allow, on the open market or through negotiated private transactions, as summarized in the table below:


Authorization	Amount

December 2007	$	20.0
May 2008		20.0
November 2008		10.0
February 2009		5.0
December 2009		20.0
September 2010		44.0	^(a)

Subtotal	$	119.0


Less repurchases made from December 2007 through May 2012		(87.6	)


Remaining Board authorization at May 31, 2012	$	31.4

(a) Represents the remainder of a $200.0 authorization after giving effect to the purchase of 5,199,699 shares at $30.00 per share pursuant to a large share repurchase in the form of a modified Dutch auction tender offer that was completed by the Company on November 3, 2010 for a total cost of $156.0, excluding related fees and expenses.

During the twelve months ended May 31, 2012, the Company repurchased approximately 0.5 million shares on the open market for approximately $13.1 at an average cost of $27.48 per share.

The Company’s repurchase program may be suspended at any time without prior notice.

EMPLOYEE BENEFIT PLANS

12 Months Ended

May 31, 2012

Pension and Other Postretirement Benefits Disclosure [Text Block]

12. EMPLOYEE BENEFIT PLANS

Pension Plans

The Company has a cash balance retirement plan (the “Pension Plan”), which covers the majority of United States employees who meet certain eligibility requirements. The Company funds all of the contributions for the Pension Plan. Benefits generally are based on the Company’s contributions and interest credits allocated to participants’ accounts based on years of benefit service and annual pensionable earnings. It is the Company’s policy to fund the minimum amount required by the Employee Retirement Income Security Act of 1974, as amended. Effective June 1, 2009, no further benefits will accrue to employees under the Pension Plan.

Scholastic Ltd., an indirect subsidiary of Scholastic Corporation located in the United Kingdom, has a defined benefit pension plan (the “UK Pension Plan”) that covers its employees who meet various eligibility requirements. Benefits are based on years of service and on a percentage of compensation near retirement. The UK Pension Plan is funded by contributions from Scholastic Ltd. and its employees.

Grolier Ltd., an indirect subsidiary of Scholastic Corporation located in Canada, provided a defined benefit pension plan (the “Grolier Canada Pension Plan”) that covered its employees who met certain eligibility requirements. All full-time employees were eligible to participate in the plan after two years of employment. Employees were not required to contribute to the fund. In fiscal 2011, the Company completed the settlement of its outstanding liabilities under the Grolier Canada Pension Plan by purchasing non-participating annuities to service these liabilities prospectively. Accordingly, net liabilities of $1.3 were settled with $1.2 of contributions above plan assets, and the Company recognized $4.2 of expense in fiscal 2011 related to the settlement of this pension plan.

The Company’s pension plans have a measurement date of May 31.

Post-Retirement Benefits

The Company provides post-retirement benefits to retired United States-based employees (the “Post-Retirement Benefits”) consisting of certain healthcare and life insurance benefits. Employees may become eligible for these benefits after completing certain minimum age and service requirements. At May 31, 2012, the unrecognized prior service credit remaining was $0.8. Effective June 1, 2009, the Company modified the terms of the Post-Retirement Benefits, effectively excluding a large percentage of employees from the plan.

The Medicare Prescription Drug, Improvement and Modernization Act (the “Medicare Act”) introduced a prescription drug benefit under Medicare (“Medicare Part D”) as well as a Federal subsidy of 28% to sponsors of retiree health care benefit plans providing a benefit that is at least actuarially equivalent to Medicare Part D. The Company has determined that the Post-Retirement Benefits provided to the retiree population are in aggregate the actuarial equivalent of the benefits under Medicare Part D. As a result, in fiscal 2012, 2011 and 2010, the Company recognized a cumulative reduction of its accumulated post-retirement benefit obligation of $2.9, $3.0 and $2.8, respectively, due to the Federal subsidy under the Medicare Act.

The following table sets forth the weighted average actuarial assumptions utilized to determine the benefit obligations for the Pension Plan, the UK Pension Plan and the Grolier Canada Pension Plan (collectively the “Pension Plans”), including the Post-Retirement Benefits, at May 31:


	Pension Plans									Post-Retirement Benefits

	2012			2011			2010			2012			2011			2010


Weighted average assumptions used to determine benefit obligations:
Discount rate		4.0	%		5.1	%		5.4	%		3.9	%		5.0	%		5.4	%
Rate of compensation increase		3.3	%		4.3	%		4.3	%		—			—			—
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		5.1	%		5.4	%		6.7	%		5.0	%		5.4	%		6.7	%
Expected long-term return on plan assets		7.7	%		7.5	%		7.7	%		—			—			—
Rate of compensation increase		4.3	%		4.3	%		3.6	%		—			—			—

To develop the expected long-term rate of return on assets assumption for the Pension Plans, the Company considers historical returns and future expectations. Considering this information and the potential for lower future returns due to a generally lower interest rate environment, the Company selected an assumed weighted average long-term rate of return of 7.7% for all of the Pension Plans.

The following table sets forth the change in benefit obligation for the Pension Plans and Post-Retirement Benefits at May 31:


	Pension Plans						Post-Retirement Benefits

	2012			2011			2012			2011

Change in benefit obligation:
Benefit obligation at beginning of year	$	173.9		$	171.1		$	38.3		$	34.4
Service cost		—			0.3			0.0			—
Interest cost		8.4			8.9			1.7			1.9
Plan participants’ contributions		—			—			0.4			0.5
Settlements		—			(7.5	)		—			—
Actuarial losses		11.1			6.0			1.7			4.7
Foreign currency translation		(1.9	)		3.7			—			—
Benefits paid, including expenses		(9.3	)		(8.6	)		(2.5	)		(3.2	)

Benefit obligation at end of year	$	182.2		$	173.9		$	39.6		$	38.3

The following table sets forth the change in plan assets for the Pension Plans and Post-Retirement Benefits at May 31:


	Pension Plans						Post-Retirement Benefits

	2012			2011			2012			2011

Change in plan assets:
Fair value of plan assets at beginning of year	$	146.7		$	126.5		$	—		$	—
Actual return on plan assets		(0.2	)		24.6			—			—
Employer contributions		9.9			9.2			2.2			2.7
Benefits paid, including expenses		(9.3	)		(8.6	)		(2.6	)		(3.2	)
Settlements		—			(7.5	)		—			—
Plan participants’ contributions		—			—			0.4			0.5
Foreign currency translation		(1.3	)		2.5			—			—

Fair value of plan assets at end of year	$	145.8		$	146.7		$	—		$	—

The following table sets forth the net underfunded status of the Pension Plans and Post-Retirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:


	Pension Plans				Post-Retirement Benefits

	2012		2011		2012		2011

Current liabilities	$	—	$	—	$	3.4	$	2.8
Non-current liabilities		36.4		27.2		36.2		35.5

Net underfunded balance	$	36.4	$	27.2	$	39.6	$	38.3

The following amounts were recognized in Accumulated other comprehensive loss for the Pension Plans and Post- Retirement Benefits in the Company’s Consolidated Balance Sheets at May 31:



	Pension Plans			2012 Post - Retirement Benefits			Total			Pension Plans			2011 Post - Retirement Benefits			Total

Net actuarial gain (loss)	$	(76.4	)	$	(19.2	)	$	(95.6	)	$	(56.4	)	$	(21.3	)	$	(77.7	)
Net prior service credit		—			0.8			0.8			—			1.5			1.5

Net amount recognized in Accumulated other comprehensive income (loss)	$	(76.4	)	$	(18.4	)	$	(94.8	)	$	(56.4	)	$	(19.8	)	$	(76.2	)

The estimated net loss for the Pension Plans that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost over the Company’s fiscal year ending May 31, 2013 is $2.2. The estimated net loss and prior service credit for the Post-Retirement Benefits that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost over the fiscal year ending May 31, 2013 are $3.8 and $0.4, respectively. Income tax benefit of $6.5 and income tax expense of $4.0 were recognized in Accumulated other comprehensive loss at May 31, 2012 and 2011, respectively.

The following table sets forth information with respect to the Pension Plans with accumulated benefit obligations in excess of plan assets for the fiscal years ended May 31:



	2012		2011

Projected benefit obligations	$	182.2	$	173.9
Accumulated benefit obligations		181.1		172.8
Fair value of plan assets		145.8		146.7

The following table sets forth the net periodic (benefit) cost for the Pension Plans and Post-Retirement Benefits for the fiscal years ended May 31:



	Pension Plans									Post - Retirement Benefits

	2012			2011			2010			2012			2011			2010

Components of net periodic (benefit) cost:
Service cost	$	—		$	0.3		$	0.1		$	0.0		$	—		$	—
Interest cost		8.4			8.9			9.7			1.7			1.9			1.6
Expected return on assets		(10.8	)		(9.4	)		(8.1	)		—			—			—
Net amortization and deferrals		—			—			(0.1	)		(0.6	)		(0.7	)		(0.7	)
Settlement		—			4.2			0.8			—			—			—
Recognized net actuarial loss		1.4			1.8			1.6			3.8			2.6			1.2

Net periodic (benefit) cost	$	(1.0	)	$	5.8		$	4.0		$	4.9		$	3.8		$	2.1

Plan Assets

The Company’s investment policy with regard to the assets in the Pension Plans is to actively manage, within acceptable risk parameters, certain asset classes where the potential exists to outperform the broader market.

The following table sets forth the total weighted average asset allocations for the Pension Plans by asset category at May 31:



	2012			2011

Equity securities		63.5	%		68.7	%
Debt securities		26.5	%		23.4	%
Real estate		1.0	%		1.1	%
Other		9.0	%		6.8	%

		100.0	%		100.0	%

The following table sets forth the targeted weighted average asset allocations for the Pension Plans included in the Company’s investment policy:



	US Pension Plan			UK Pension Plan

Equity		70	%		40	%
Debt and cash equivalents		30	%		30	%
Real estate and other		0	%		30	%

		100	%		100	%

The fair values of the Company’s Pension Plans’ assets are measured using Level 1, Level 2 and Level 3 fair value measurements. The fair values of the Level 1 Pension Plans’ assets are determined based on quoted market prices in active markets for identical assets. The fair values of the Level 2 and Level 3 Pension Plans’ assets are based on the net asset values of the funds, which are based on quoted market prices of the underlying investments. For a more complete description of fair value measurements see Note 19, “Fair Value Measurements.”

The following table sets forth the measurement of the Company’s Pension Plans’ assets at fair value by asset category at the respective dates:


	Assets at Fair Value as of May 31, 2012

	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	7.4	$	—	$	—	$	7.4
Equity securities:
U.S. ⁽¹⁾		73.0		—		—		73.0
International ⁽²⁾		11.2		8.3		—		19.5
Fixed Income ⁽³⁾		32.2		6.4		—		38.6
Annuities		—		—		5.8		5.8
Real estate ⁽⁴⁾		—		1.5				1.5

Total	$	123.8	$	16.2	$	5.8	$	145.8


	Assets at Fair Value as of May 31, 2011

	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	4.4	$	—	$	—	$	4.4
Equity securities:
U.S. ⁽¹⁾		71.4		—		—		71.4
International ⁽²⁾		17.8		11.5		—		29.3
Fixed Income ⁽³⁾		31.1		3.1		—		34.2
Annuities		—		—		5.7		5.7
Real estate ⁽⁴⁾		—		1.7		—		1.7

Total	$	124.7	$	16.3	$	5.7	$	146.7


(1)	Funds which invest in a diversified portfolio of publicly traded U.S. common stocks of large-cap, medium-cap and small-cap companies. There are no restrictions on these investments.

(2)	Funds which invest in a diversified portfolio of publicly traded common stock of non-U.S. companies, primarily in Europe and Asia. There are no restrictions on these investments.

(3)	Funds which invest in a diversified portfolio of publicly traded government bonds, corporate bonds and mortgage-backed securities. There are no restrictions on these investments.

(4)	Represents assets of a non-U.S. entity plan invested in a fund whose underlying investments are comprised of properties. The fund has publicly available quoted market prices and there are no restrictions on these investments.

The Company has purchased annuities to service fixed payments to certain retired plan participants in the UK. These annuities are purchased from investment grade counterparties. These annuities are not traded on open markets, and are therefore valued based upon the actuarial determined valuation, and related assumptions, of the underlying projected benefit obligation, a Level 3 valuation technique. The fair value of these assets was $5.8 and $5.7 at May 31, 2012 and May 31, 2011, respectively. The following table summarizes the changes in fair value of these Level 3 assets for the fiscal years ended May 31, 2012 and 2011:


Balance at May 31, 2010	$	4.9
Actual Return on Plan Assets:
Relating to assets still held at May 31, 2011		0.2
Relating to assets sold during the year		—
Purchases, sales and settlements, net		—
Transfers in and/or out of Level 3		—
Foreign currency translation		0.6


Balance at May 31, 2011	$	5.7

Actual Return on Plan Assets:
Relating to assets still held at May 31, 2012		0.7
Relating to assets sold during the year		—
Purchases, sales and settlements, net		(0.3	)
Transfers in and/or out of Level 3		—
Foreign currency translation		(0.3	)

Balance at May 31, 2012	$	5.8

Contributions

In fiscal 2013, the Company expects to contribute $10.6 to the Pension Plans.

Estimated future benefit payments

The following table sets forth the expected future benefit payments under the Pension Plans and the Post-Retirement Benefits by fiscal year:



			Post - Retirement

	Pension Benefits		Benefit Payments		Medicare Subsidy Receipts


2013	$	14.7	$	3.1	$	0.2
2014		16.2		3.2		0.2
2015		11.3		3.2		0.3
2016		11.4		3.1		0.3
2017		11.1		3.1		0.3
2018-2022		50.6		14.2		1.6

Assumed health care cost trend rates at May 31:



	2012			2011

Health care cost trend rate assumed for the next fiscal year		7.5	%		8.3	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)		5.0	%		5.0	%
Year that the rate reaches the ultimate trend rate		2020			2020

Assumed health care cost trend rates could have a significant effect on the amounts reported for the post-retirement health care plan. A one percentage point change in assumed health care cost trend rates would have the following effects:



	2012			2011

Total service and interest cost - 1% increase	$	0.2		$	0.2
Total service and interest cost - 1% decrease		(0.2	)		(0.2	)
Post-retirement benefit obligation - 1% increase		4.3			4.1
Post-retirement benefit obligation - 1% decrease		(3.7	)		(3.5	)

Defined contribution plans

The Company also provides defined contribution plans for certain eligible employees. In the United States, the Company sponsors a 401(k) retirement plan and has contributed $7.4, $6.9 and $5.0 for fiscal 2012, 2011 and 2010, respectively.

The entire disclosure for pension and other postretirement benefits.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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Disclosure For Accrued Severance [Text Block]

ACCRUED SEVERANCE

12 Months Ended

May 31, 2012

13. ACCRUED SEVERANCE

The table below provides information regarding the Company’s severance cost associated with certain cost reduction measures. Accrued severance, which includes the severance associated with these cost reduction measures, of $2.7 and $1.9 as of May 31, 2012 and 2011, respectively, is included in “Other accrued expenses” on the Company’s Consolidated Balance Sheets.



	2012			2011

Beginning balance	$	1.9		$	3.4
Accruals		14.9			6.7
Payments		(14.1	)		(8.2	)

Ending balance	$	2.7		$	1.9

EARNINGS (LOSS) PER SHARE

12 Months Ended

May 31, 2012

Earnings Per Share [Text Block]

14. EARNINGS (LOSS) PER SHARE

The following table summarizes the reconciliation of the numerators and denominators for the Basic and Diluted earnings (loss) per share computation for the fiscal years ended May 31:



	2012			2011			2010

Earnings (loss) from continuing operations attributable to Class A and Common Shares	$	108.2		$	45.2		$	61.0
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax		(6.3	)		(6.1	)		(4.9	)


Net income (loss) attributable to Class A and Common Shares		101.9			39.1			56.1

Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		31.2			33.1			36.5

Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)		0.5			0.5			0.3


Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		31.7			33.6			36.8


Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	3.47		$	1.36		$	1.67
Earnings (loss) from discontinued operations, net of tax	$	(0.20	)	$	(0.18	)	$	(0.13	)
Net income (loss)	$	3.27		$	1.18		$	1.54

Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	3.41		$	1.34		$	1.65
Earnings (loss) from discontinued operations, net of tax	$	(0.20	)	$	(0.18	)	$	(0.13	)
Net income (loss)	$	3.21		$	1.16		$	1.52

Earnings from continuing operations exclude earnings of $0.5 and $0.3 for the years ended May 31, 2012 and 2011, respectively, for earnings attributable to participating restricted stock units.

In a period in which the Company reports a discontinued operation, Earnings (loss) from continuing operations is used as the “control number” in determining whether potentially dilutive common shares are dilutive or anti-dilutive.

A portion of the Company’s restricted stock units granted to employees participates in earnings through cumulative non-forfeitable dividends payable to the employees upon vesting of the restricted stock units. Accordingly, the Company measures earnings per share based upon the two-class method.

Options that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled: 3,962,650 at May 31, 2012; 4,341,331 at May 31, 2011; and 5,264,202 at May 31, 2010. Options outstanding pursuant to compensation plans were 4.9 million and 5.4 million as of May 31, 2012 and 2011, respectively.

As of May 31, 2012, $31.4 remains available for future purchases of common shares under the current repurchase authorization of the Board of Directors.

See Note 11, “Treasury Stock,” for a more complete description of the Company’s share buy-back program.

OTHER ACCRUED EXPENSES

12 Months Ended

May 31, 2012

Other Accrued Expenses Disclosure [Text Block]

15. OTHER ACCRUED EXPENSES

Other accrued expenses consist of the following at May 31:



	2012		2011

Accrued payroll, payroll taxes and benefits	$	48.1	$	45.0
Accrued bonus and commissions		57.3		32.6
Accrued other taxes		42.8		20.1
Accrued advertising and promotions		36.1		27.2
Accrued income taxes		10.2		5.5
Accrued insurance		8.4		8.4
Other accrued expenses		30.6		34.5

Total accrued expenses	$	233.5	$	173.3

OTHER INCOME (EXPENSE)

12 Months Ended

May 31, 2012

Other Income and Other Expense Disclosure [Text Block]

16. OTHER INCOME (EXPENSE)

Other income (expense) consisted of the following for the fiscal years ended May 31:



	2012			2011			2010

Acquisition costs	$	(0.1	)	$	(0.4	)	$	—
Gain on repurchase of notes		—			—			0.9

Total Other income (expense)	$	(0.1	)	$	(0.4	)	$	0.9

OTHER FINANCIAL DATA

12 Months Ended

May 31, 2012

Other Financial Data Disclosure [Text Block]

17. OTHER FINANCIAL DATA

Other financial data consisted of the following for the fiscal years ended May 31:



	2012		2011			2010

Advertising expense	$	147.9	$	155.7		$	149.6
Prepublication and production costs		127.4		125.1			117.8
Amortization of prepublication and production costs		55.1		51.1			51.0
Foreign currency translation gain (loss)		0.7		(1.3	)		0.5

Purchases related to contractual commitments relating to minimum print quantities during fiscal years	$	61.1	$	44.9		$	39.1



	2012			2011

Unredeemed credits issued in conjuction with the Company’s school-based book club and book fair operations (included in other accrued expenses)	$	9.2		$	9.0

Components of Accumulated other comprehensive income (loss):
Foreign Currency Translation	$	(10.9	)	$	(2.7	)
Pension Obligations (net of tax of $31.5 and $25.0)		(63.3	)		(51.2	)

Accumulated other comprehensive income (loss)	$	(74.2	)	$	(53.9	)

DERIVATIVES AND HEDGING

12 Months Ended

May 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Text Block]

18. DERIVATIVES AND HEDGING

The Company enters into foreign currency derivative contracts to economically hedge the exposure to foreign currency fluctuations associated with the forecasted purchase of inventory and the foreign exchange risk associated with certain receivables denominated in foreign currencies. These derivative contracts are economic hedges and are not designated as cash flow hedges. The Company marks-to-market these instruments and records the changes in the fair value of these items in current earnings, and it recognizes the unrealized gain or loss in other current assets or liabilities. Unrealized gains of $0.5 were recognized at May 31, 2012 and unrealized losses of $0.5 were recognized at May 31, 2011, respectively.

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
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Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

12 Months Ended

May 31, 2012

19. FAIR VALUE MEASUREMENTS

The Company determines the appropriate level in the fair value hierarchy for each fair value measurement of assets and liabilities carried at fair value on a recurring basis in the Company’s financial statements. The fair value hierarchy prioritizes the inputs, which refer to assumptions that market participants would use in pricing an asset or liability, based upon the highest and best use, into three levels as follows:


•	Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

•	Level 2 Observable inputs other than unadjusted quoted prices in active markets for identical assets or liabilities such as

		o	Quoted prices for similar assets or liabilities in active markets
		o	Quoted prices for identical or similar assets or liabilities in inactive markets
		o	Inputs other than quoted prices that are observable for the asset or liability
		o	Inputs that are derived principally from or corroborated by observable market data by correlation or other means

•	Level 3 Unobservable inputs in which there is little or no market data available, which are significant to the fair value measurement and require the Company to develop its own assumptions.

The Company’s financial assets and liabilities measured at fair value consisted of cash and cash equivalents, debt and foreign currency forward contracts. Cash and cash equivalents are comprised of bank deposits and short-term investments, such as money market funds, the fair value of which is based on quoted market prices, a Level 1 fair value measure. The Company employs Level 2 fair value measurements for the disclosure of the fair value of its 5% Notes and its various lines of credit. For a more complete description of fair value measurements employed, see Note 5, “Debt.” The fair values of foreign currency forward contracts, used by the Company to manage the impact of foreign exchange rate changes to the financial statements, are based on quotations from financial institutions, a Level 2 fair value measure.

Non-financial assets and liabilities for which the Company employs fair value measures on a non-recurring basis include:


	•	Long-lived assets
	•	Investments
	•	Assets acquired in a business combination
	•	Goodwill and indefinite-lived intangible assets
	•	Long-lived assets held for sale

Level 2 and Level 3 inputs are employed by the Company in the fair value measurement of these assets and liabilities. The following tables present non-financial assets that were measured and recorded at fair value on a non-recurring basis and the total impairment losses and additions recognized on those assets:



	Net carrying value as of May 31, 2012		Fair value measured and recorded using						Impairment losses for fiscal year ended May 31, 2012		Additions due to acquisitions
	Net carrying value as of May 31, 2012		Level 1		Level 2		Level 3		Impairment losses for fiscal year ended May 31, 2012		Additions due to acquisitions

Goodwill	$	2.7	$	—	$	—	$	2.7	$	—	$	2.7

Other Intangible assets impairment		4.9		—		—		4.9		6.8		—

Other Intangible assets		5.4		—		—		5.4		—		5.4

Production assets		0.6		—		—		0.6		4.0		—

Investments		—		—		—		—		1.3		—



	Net carrying value as of May 31, 2011		Fair value measured and recorded using						Impairment losses for fiscal year ended May 31, 2011		Additions due to acquisitions
	Net carrying value as of May 31, 2011		Level 1		Level 2		Level 3		Impairment losses for fiscal year ended May 31, 2011		Additions due to acquisitions

Goodwill impairment	$	—	$	—	$	—	$	—	$	3.4	$	—

Goodwill		1.0		—		—		1.0		—		1.0

Other Intangible assets		5.6		—		—		5.6		—		5.6

Property, plant and equipment, net		—		—		—		—		1.4		—

Prepublication assets		—		—		—		—		2.7		—

Investments		5.7		—		—		5.7		3.6		—



	Net carrying value as of May 31, 2010		Fair value measured and recorded using						Impairment losses for fiscal year ended May 31, 2010		Additions due to acquisitions
	Net carrying value as of May 31, 2010		Level 1		Level 2		Level 3		Impairment losses for fiscal year ended May 31, 2010		Additions due to acquisitions

Goodwill impairment	$	—	$	—	$	—	$	—	$	0.4	$	—

Other Intangible assets impairment		—		—		—		—		31.3		—

Other Intangible assets		0.8		—		—		0.8		3.8		5.1

Prepublication assets		—		—		—		—		7.6		—

Investments		—		—		—		—		1.5		—

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events [Text Block]

SUBSEQUENT EVENTS

12 Months Ended

May 31, 2012

20. SUBSEQUENT EVENTS

On July 18, 2012, the Board of Directors declared a regular cash dividend of $0.125 per Class A and Common share in respect of the first quarter of fiscal 2013. The dividend is payable on September 17, 2012 to shareholders of record on August 31, 2012.

Schedule II - Valuation and Qualifying Accounts and Reserves

12 Months Ended

May 31, 2012

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]


	(Amounts in millions) Years ended May 31,

	Balance at Beginning of Year		Expensed		Write-Offs and Other			Balance at End of Year

2012

Allowance for doubtful accounts	$	22.3	$	12.3	$	8.7		$	25.9
Reserve for returns		33.0		81.8		57.3	⁽¹⁾		57.5
Reserves for obsolescence		82.2		48.1		39.5			90.8
Reserve for royalty advances		71.8		6.5		0.5			77.8

2011

Allowance for doubtful accounts	$	18.5	$	13.6	$	9.8		$	22.3
Reserve for returns		30.9		69.6		67.5	⁽¹⁾		33.0
Reserves for obsolescence		78.1		27.3		23.2			82.2
Reserve for royalty advances		68.9		4.5		1.6			71.8

2010

Allowance for doubtful accounts	$	15.2	$	9.5	$	6.2		$	18.5
Reserve for returns		34.5		62.8		66.4	⁽¹⁾		30.9
Reserves for obsolescence		74.4		27.2		23.5			78.1
Reserve for royalty advances		72.6		6.8		10.5			68.9


(1)	Represents actual returns charged to the reserve

Accounting Policies, by Policy (Policies)	12 Months Ended
Accounting Policies, by Policy (Policies)	May 31, 2012
Revenue Recognition, Policy [Policy Text Block]	Revenue recognition The Company's revenue recognition policies for its principal businesses are as follows: School-Based Book Clubs - Revenue from school-based book clubs is recognized upon shipment of the products. For ebooks, revenue is recognized upon electronic delivery to the customer. School-Based Book Fairs - Revenues associated with school-based book fairs are related to sales of product. Book fairs are typically run by schools and/or parent teacher organizations over a five business-day period. At the end of reporting periods, the Company defers estimated revenue for those fairs that have not been completed as of the period end based on the number of fair days occurring after period end on a straight-line calculation of the full fair's revenue. Trade -Revenue from the sale of children's books for distribution in the retail channel is primarily recognized when risks and benefits transfer to the customer, or when the product is on sale and available to the public. For newly published titles, the Company, on occasion, contractually agrees with its customers when the publication may be first offered for sale to the public, or an agreed upon "Strict Laydown Date." For such titles, the risks and benefits of the publication are not deemed to be transferred to the customer until such time that the publication can contractually be sold to the public, and the Company defers revenue on sales of such titles until such time as the customer is permitted to sell the product to the public. Revenue for ebooks, which is the net amount received from the retailer, is recognized upon electronic delivery to the customer by the retailer. A reserve for estimated returns is established at the time of sale and recorded as a reduction to revenue. Actual returns are charged to the reserve as received. The calculation of the reserve for estimated returns is based on historical return rates, sales patterns and expectations. Actual returns could differ from the Company's estimate. A reserve for estimated bad debts is established at the time of sale and is based on the aging of accounts receivable and specific reserves on a customer-by-customer basis. Educational Technology and Services - For shipments to schools, revenue is recognized when risks and benefits transfer to the customer. Shipments to depositories are on consignment and revenue is recognized based on actual shipments from the depositories to the schools. For certain software-based products, the Company offers new customers installation, maintenance and training with these products and, in such cases, revenue is deferred and recognized as services are delivered or over the life of the contract. Revenues from contracts with multiple deliverables are recognized as each deliverable is earned, based on the relative selling price of each deliverable, provided the deliverable has value to customers on a standalone basis, the customer has full use of the deliverable and there is no further obligation from the Company. If there is a right of return, revenue is recognized if delivery of the undelivered items or services is probable and substantially in control of the Company. Classroom and Supplemental Materials Publishing - Revenue from the sale of classroom and supplemental materials is recognized upon shipment of the products. Film Production and Licensing - Revenue from the sale of film rights, principally for the home video and domestic and foreign television markets, is recognized when the film has been delivered and is available for showing or exploitation. Licensing revenue is recorded in accordance with royalty agreements at the time the licensed materials are available to the licensee and collections are reasonably assured.Magazines - Revenue is deferred and recognized ratably over the subscription period, as the magazines are delivered. Magazine Advertising - Revenue is recognized when the magazine is for sale and available to the subscribers. Scholastic In-School Marketing - Revenue is recognized when the Company has satisfied its obligations under the program and the customer has acknowledged acceptance of the product or service. Certain revenues may be deferred pending future deliverables.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash equivalents Cash equivalents consist of short-term investments with original maturities of three months or less. The Consolidated Balance Sheets include restricted cash of $1.0 and $0.5 at May 31, 2012 and 2011, respectively, which is reported in "Other current assets."
Receivables, Policy [Policy Text Block]	Accounts receivable Accounts receivable are recorded net of allowances for doubtful accounts and reserves for returns. In the normal course of business, the Company extends credit to customers that satisfy predefined credit criteria. The Company is required to estimate the collectability of its receivables. Reserves for returns are based on historical return rates and sales patterns. The Company's return reserve balance is greater than typical as of May 31, 2012 due to increased trade sales in the second half of fiscal 2012. In order to develop the estimate of returns that will be received subsequent to May 31, 2012, management considers patterns of sales and returns in the months preceding May 31, 2012, as well as actual returns received subsequent to year end, available sell-through information and other return rate information that management believes is relevant. The timing of the increased trade sales creates a higher degree of uncertainty than is typically the case regarding its return reserve and such reserve could be subject to significant changes in succeeding quarters based on actual return activity in the first half of fiscal 2013. Allowances for doubtful accounts are established through the evaluation of accounts receivable aging and prior collection experience to estimate the ultimate collectability of these receivables. At the time the Company determines that a receivable balance, or any portion thereof, is deemed to be permanently uncollectable, the balance is then written off.
Inventory, Policy [Policy Text Block]	Inventories Inventories, consisting principally of books, are stated at the lower of cost, using the first-in, first-out method, or market. The Company records a reserve for excess and obsolete inventory based upon a calculation using the historical usage rates, sales patterns of its products and specifically identified obsolete inventory. In fiscal 2012, in response to changing trends in the children's book market, the Company changed its estimate for inventory obsolescence and recorded an increase in the reserve of $17.9 million.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, plant and equipment Property, plant and equipment are stated at cost. Depreciation and amortization are recorded on a straight-line basis, over the estimated useful lives of the assets. Buildings have an estimated useful life, for purposes of depreciation, of forty years. Capitalized software, net of accumulated amortization, was $57.2 and $59.2 at May 31, 2012 and 2011, respectively. Capitalized software is depreciated over a period of three to seven years. Amortization expense for capitalized software was $27.6, $25.8 and $25.0 for the fiscal years ended May 31, 2012, 2011 and 2010, respectively. Furniture, fixtures and equipment are depreciated over periods not exceeding ten years. Leasehold improvements are amortized over the life of the lease or the life of the assets, whichever is shorter. Included in Depreciation and amortization is $1.1 related to capitalized leases for the year ended May 31, 2012. The Company evaluates the depreciation periods of property, plant and equipment to determine whether events or circumstances indicate that the asset's carrying value is not recoverable or warrant revised estimates of useful lives.
Lease, Policy [Policy Text Block]	Leases Lease agreements are evaluated to determine whether they are capital or operating leases. When substantially all of the risks and benefits of property ownership have been transferred to the Company, as determined by the test criteria in the current authoritative guidance, the lease is recognized as a capital lease. Capital leases are capitalized at the lower of the net present value of the total amount of rent payable under the leasing agreement (excluding finance charges) or the fair market value of the leased asset. Capital lease assets are depreciated on a straight-line basis, over a period consistent with the Company's normal depreciation policy for tangible fixed assets, but not exceeding the lease term. Interest charges are expensed over the period of the lease in relation to the carrying value of the capital lease obligation. Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term. Sublease income is recognized on a straight-line basis over the duration of each lease term. To the extent expected sublease income is less than expected rental payments the Company recognizes a current loss on the difference between the fair values of the sublease and the rental payments.
Prepublication Costs [Policy Text Block]	Prepublication costs The Company capitalizes the art, prepress, editorial, digital conversion and other costs incurred in the creation of the master copy of a book or other media (the "prepublication costs"). Prepublication costs are amortized on a straight-line basis over a three-to-seven-year period based on expected future revenues. The Company regularly reviews the recoverability of the capitalized costs based on expected future revenues.
Royalty Advances [Policy Text Block]	Royalty advances Royalty advances are initially capitalized and subsequently expensed as related revenues are earned or when the Company determines future recovery through earndowns is not probable. The Company has a long history of providing authors with royalty advances, and it tracks each advance earned with respect to the sale of the related publication. The royalties earned are applied first against the remaining unearned portion of the advance. Historically, the longer the unearned portion of the advance remains outstanding, the less likely it is that the Company will recover the advance through the sale of the publication. The Company applies this historical experience to its existing outstanding royalty advances to estimate the likelihood of recoveries through earndowns. Additionally, the Company's editorial staff regularly reviews its portfolio of royalty advances to determine if individual royalty advances are not recoverable through earndowns for discrete reasons, such as the death of an author prior to completion of a title or titles, a Company decision to not publish a title, poor market demand or other relevant factors that could impact recoverability.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and intangible assets Goodwill and other intangible assets with indefinite lives are not amortized and are reviewed for impairment annually or more frequently if impairment indicators arise. With regard to goodwill, the Company compares the estimated fair value of its identified reporting units to the carrying value of the net assets. The Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of its identified reporting unit is less than its carrying value. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount the Company performs the two-step test. For each of the reporting units, the estimated fair value is determined utilizing the expected present value of the projected future cash flows of the units, in addition to comparisons to similar companies. The Company reviews its definition of reporting units annually or more frequently if conditions indicate that the reporting units may change. The Company evaluates its operating segments to determine if there are components one level below the operating segment. A component is present if discrete financial information is available, and segment management regularly reviews the operating results of the business. If an operating segment only contains a single component, that component is determined to be a reporting unit for goodwill impairment testing purposes. If an operating segment contains multiple components, the Company evaluates the economic characteristics of these components. Any components within an operating segment that share similar economic characteristics are aggregated and deemed to be a reporting unit for goodwill impairment testing purposes. Components within the same operating segment that do not share similar economic characteristics are deemed to be individual reporting units for goodwill impairment testing purposes. The Company has identified eleven separate reporting units for goodwill impairment testing purposes. With regard to other intangibles with indefinite lives, the Company determines the fair value by asset, which is then compared to its carrying value. The estimated fair value is determined utilizing the expected present value of the projected future cash flows of the asset. Intangible assets with definite lives consist principally of customer lists, covenants not to compete, and certain other intellectual property assets and are amortized over their expected useful lives. Customer lists are amortized on a straight-line basis over a five-year period, while covenants not to compete are amortized on a straight-line basis over their contractual term. Other intellectual property assets are amortized over their remaining useful lives which range primarily from three to ten years.
Income Tax, Policy [Policy Text Block]	Income taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to enter into the determination of taxable income. The Company believes that its taxable earnings, during the periods when the temporary differences giving rise to deferred tax assets become deductible or when tax benefit carryforwards may be utilized, should be sufficient to realize the related future income tax benefits. For those jurisdictions where the expiration date of the tax benefit carryforwards or the projected taxable earnings indicates that realization is not likely, the Company establishes a valuation allowance. In assessing the need for a valuation allowance, the Company estimates future taxable earnings, with consideration for the feasibility of ongoing tax planning strategies and the realizability of tax benefit carryforwards, to determine which deferred tax assets are more likely than not to be realized in the future. Valuation allowances related to deferred tax assets can be impacted by changes to tax laws, changes to statutory tax rates and future taxable earnings. In the event that actual results differ from these estimates in future periods, the Company may need to adjust the valuation allowance. The Company accounts for uncertain tax positions using a two-step method. Recognition occurs when an entity concludes that a tax position, based solely on technical merits, is more likely than not to be sustained upon examination. If a tax position is more likely than not to be sustained upon examination, the amount recognized is the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon settlement. The Company assesses all income tax positions and adjusts its reserves against these positions periodically based upon these criteria. The Company also assesses potential penalties and interest associated with these tax positions, and includes these amounts as a component of income tax expense. In calculating the provision for income taxes on an interim basis, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances known. The Company's effective tax rate is based on expected income and statutory tax rates and permanent differences between financial statement and tax return income applicable to the Company in the various jurisdictions in which the Company operates. The Company assesses foreign investment levels periodically to determine if all or a portion of the Company's investments in foreign subsidiaries are indefinitely invested. When amounts are determined not to be indefinitely invested, the Company provides income taxes based upon the expected repatriation.
Non Income Taxes [Policy Text Block]	Non-income Taxes The Company is subject to tax examinations for sales-based taxes. A number of these examinations are ongoing and, in certain cases, have resulted in assessments from taxing authorities. Where a liability associated with these examinations and assessments is probable and can be reliably estimable, the Company has made accruals for these matters which are reflected in the Company's Consolidated Financial Statements. These amounts are included in the Consolidated Financial Statements in Selling, general and administrative expenses. Future developments relating to the foregoing could result in adjustments being made to these accruals.
Unredeemed Incentive Credits [Policy Text Block]	Unredeemed incentive credits The Company employs incentive programs to encourage sponsor participation in its book clubs and book fairs. These programs allow the sponsors to accumulate credits which can then be redeemed for Company products or other items offered by the Company. The Company recognizes a liability for the estimated costs of providing these credits at the time of the recognition of revenue for the underlying purchases of Company product that resulted in the granting of the credits. As the credits are redeemed, such liability is reduced.
Other Noncurrent Liabilities [Policy Text Block]	Other noncurrent liabilities All of the rate assumptions discussed below impact the Company's calculations of its pension and post-retirement obligations. The rates applied by the Company are based on the portfolios' past average rates of return, discount rates and actuarial information. Any change in market performance, interest rate performance, assumed health care costs trend rate or compensation rates could result in significant changes in the Company's pension and post-retirement obligations.
Pension and Other Postretirement Plans, Policy [Policy Text Block]	Pension obligations - Scholastic Corporation and certain of its subsidiaries have defined benefit pension plans covering the majority of their employees who meet certain eligibility requirements. The Company's pension plans and other post-retirement benefits are accounted for using actuarial valuations. The Company's pension calculations are based on three primary actuarial assumptions: the discount rate, the long-term expected rate of return on plan assets, and the anticipated rate of compensation increases. The discount rate is used in the measurement of the projected, accumulated and vested benefit obligations and the interest cost component of net periodic pension costs. The long-term expected return on plan assets is used to calculate the expected earnings from the investment or reinvestment of plan assets. The anticipated rate of compensation increase is used to estimate the increase in compensation for participants of the plan from their current age to their assumed retirement age. The estimated compensation amounts are used to determine the benefit obligations and the service cost. Pension benefits in the cash balance plan for employees located in the United States are based on formulas in which the employees' balances are credited monthly with interest based on the average rate for one-year United States Treasury Bills plus 1%. Contribution credits are based on employees' years of service and compensation levels during their employment periods, for the periods prior to June 1, 2009. Other post-retirement benefits - The Company provides post-retirement benefits, consisting of healthcare and life insurance benefits, to eligible retired United States-based employees. The post-retirement medical plan benefits are funded on a pay-as-you-go basis, with the Company paying a portion of the premium and the employee paying the remainder. The Company calculates the existing benefit obligation, based on the discount rate and the assumed health care cost trend rate. The discount rate is used in the measurement of the projected and accumulated benefit obligations and the interest cost component of net periodic post-retirement benefit cost. The assumed health care cost trend rate is used in the measurement of the long-term expected increase in medical claims.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign currency translation The Company's non-United States dollar-denominated assets and liabilities are translated into United States dollars at prevailing rates at the balance sheet date and the revenues, costs and expenses are translated at the weighted average rates prevailing during each reporting period. Net gains or losses resulting from the translation of the foreign financial statements and the effect of exchange rate changes on long-term intercompany balances are accumulated and charged directly to the foreign currency translation adjustment component of stockholders' equity until such time as the operations are substantially liquidated or sold. The Company assesses foreign investment levels periodically to determine if all or a portion of the Company's investments in foreign subsidiaries are indefinitely invested.
Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and handling costs Amounts billed to customers for shipping and handling are classified as revenue. Costs incurred in shipping and handling are recognized in cost of goods sold.
Advertising Costs, Policy [Policy Text Block]	Advertising costs The Company incurs costs for both direct-response and non-direct-response advertising. The Company capitalizes direct-response advertising costs for expenditures, primarily in its Classroom Magazines division. The asset is amortized on a cost-pool-by-cost-pool basis over the period during which the future benefits are expected to be received. Included in Prepaid expenses and other current assets on the balance sheet is $4.8 of capitalized advertising costs as of May 31, 2012 and 2011. The Company expenses non-direct-response advertising costs as incurred.
Discontinued Operations, Policy [Policy Text Block]	Discontinued operations Long-lived assets classified within discontinued operations are recognized at the estimated fair value less cost to sell those long-lived assets for assets held for sale. The calculation of estimated fair value less cost to sell includes significant estimates and assumptions, including, but not limited to: operating projections; excess working capital levels; real estate values; and the anticipated costs involved in the selling process. The Company recognizes operations as discontinued when the operations have either ceased or are probable to be disposed of in a sale transaction in the near term, the operations and cash flows of all discontinued operations have been eliminated, or will be eliminated upon consummation of the expected sale transaction, and the Company will not have any significant continuing involvement in the discontinued operations subsequent to the expected sale transaction.
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block]	Stock-based compensation The Company recognizes the cost of services received in exchange for any stock-based awards. The Company recognizes the cost on a straight-line basis over an award's requisite service period, which is generally the vesting period, based on the award's fair value at the date of grant. The fair values of stock options granted by the Company are estimated at the date of grant using the Black-Scholes option-pricing model. The Company's determination of the fair value of stock-based payment awards using this option-pricing model is affected by the price of the Common Stock as well as by assumptions regarding highly complex and subjective variables, including, but not limited to, the expected price volatility of the Common Stock over the terms of the awards, the risk-free interest rate, and actual and projected employee stock option exercise behaviors. Estimates of fair value are not intended to predict actual future events or the value that may ultimately be realized by those who receive these awards. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods, if actual forfeitures differ from those estimates, in order to derive the Company's best estimate of awards ultimately expected to vest. In determining the estimated forfeiture rates for stock-based awards, the Company periodically conducts an assessment of the actual number of equity awards that have been forfeited previously. When estimating expected forfeitures, the Company considers factors such as the type of award, the employee class and historical experience. The estimate of stock-based awards that will ultimately be forfeited requires significant judgment and, to the extent that actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period such estimates are revised. The table set forth below provides the estimated fair value of options granted during fiscal years 2012, 2011 and 2010 and the significant weighted average assumptions used in determining the fair value for options granted by the Company under the Black-Scholes option pricing model. The average expected life represents an estimate of the period of time stock options are expected to remain outstanding based on the historical exercise behavior of the option grantees. The risk-free interest rate was based on the U.S. Treasury yield curve corresponding to the expected life in effect at the time of the grant. The volatility was estimated based on historical volatility corresponding to the expected life.
New Accounting Pronouncements, Policy [Policy Text Block]	N EW A CCOUNTING P RONOUNCEMENTS In May 2011, the FASB issued an update to the authoritative guidance related to fair value measurements. The amendments will add new disclosures, with a particular focus on Level 3 measurements. The objective of these amendments is to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and International Financial Reporting Standards ("IFRS"). The disclosure amendments in this update are to be applied prospectively and are effective during interim and annual periods beginning after December 15, 2011. In June 2011, the FASB issued an update related to the reporting of other comprehensive income. The amendments require that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendments also require the presentation on the face of the financial statements of reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statements where the components of net income and the components of other comprehensive income are presented. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. In December 2011, the FASB issued an update that effectively deferred the requirements related to the presentation of reclassification adjustments out of accumulated other comprehensive income. The amendments will be temporary to allow the FASB time to re-deliberate the presentation requirements for reclassifications out of accumulated other comprehensive income for annual and interim financial statements for public, private and non-profit entities. The Company is evaluating the impact of this update on its consolidated financial position, results of operations and cash flows.In September 2011, the FASB issued an update to the authoritative guidance related to goodwill impairment testing. The updated guidance gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The guidance provides companies with a revised list of examples of events and circumstances to consider, in their totality, to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If a company concludes that this is the case, it must perform the two-step test. Otherwise, a company can skip the two-step test. Companies are not required to perform the qualitative assessment and are permitted to skip the qualitative assessment for any reporting unit in any period and proceed directly to Step 1 of the test. A company that validates its conclusion by measuring fair value can resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, and the Company adopted the update for its annual impairment test in the fourth quarter of its fiscal year ended May 31, 2012.

DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 31, 2012

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions



		2012			2011			2010

Estimated fair value of stock options granted	$	9.30		$	8.15		$	8.34
Assumptions:
Expected dividend yield		1.4	%		1.3	%		1.4	%
Expected stock price volatility		36.7	%		37.3	%		37.6	%
Risk-free interest rate		1.6	%		2.0	%		3.3	%
Expected life of options		7 years			6 years			7 years

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

May 31, 2012

Schedule Of Discontinued Operation Gain Loss On Disposal Of Discontinued Operation [Table Text Block]

The following table summarizes the operating results of the discontinued operations for the fiscal years ended May 31:



	2012			2011			2010

Revenues	$	0.1		$	18.2		$	21.1
Gain (loss) on sale		—			0.3			(0.9	)
Non cash impairment charge and loss on operations		8.2			8.2			7.7
Earnings (loss) before income taxes		(8.2	)		(7.9	)		(6.8	)
Income tax benefit (provision)		1.9			1.8			1.9

Earnings (loss) from discontinued operations, net of tax	$	(6.3	)	$	(6.1	)	$	(4.9	)

Schedule Of Disposal Groups Including Discontinued Operations Balance Sheet [Table Text Block]

The following table sets forth the assets and liabilities of the discontinued operations included in the Consolidated Balance Sheets of the Company as of May 31:



	2012		2011

Accounts receivable, net	$	0.0	$	0.1
Inventory		0.0		1.2
Other assets		7.0		9.2

Current assets of discontinued operations	$	7.0	$	10.5

Accrued expenses and other current liabilities		2.1		0.8

Current liabilities of discontinued operations	$	2.1	$	0.8

SEGMENT INFORMATION (Tables)

12 Months Ended

May 31, 2012

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following table sets forth information for the Company’s segments for the three fiscal years ended May 31:


	Children’s Book Publishing & Distribution ⁽¹⁾		Educational Technology & Services ^{(1) (2)}		Classroom & Supplemental Materials Publishing ^{(1) (3)}			Media, Licensing & Advertising ⁽¹⁾			Overhead ^{(1) (4)}			Total Domestic		International ^{(1) (5)}		Total

2012

Revenues	$	1,111.3	$	254.7	$	208.2		$	85.0		$	—		$	1,659.2	$	489.6	$	2,148.8
Bad debts		6.4		0.7		1.9			0.1			—			9.1		3.2		12.3
Depreciation and amortization ⁽⁶⁾		20.6		1.3		1.0			0.5			39.0			62.4		6.4		68.8
Amortization ⁽⁷⁾		12.5		20.9		6.7			12.3			—			52.4		2.7		55.1
Loss on leases and asset Impairments		0.5		—		—			—			6.2			6.7		0.3		7.0
Segment operating income (loss)		153.0		49.2		18.3			(4.7	)		(87.1	)		128.7		57.6		186.3
Segment assets at May 31, 2012		543.5		168.5		163.6			38.8			438.6			1,353.0		310.3		1,663.3
Goodwill at May 31, 2012		54.3		22.7		65.4			5.4			—			147.8		9.9		157.7
Expenditures for long-lived assets including royalty advances		44.4		26.2		17.9			6.4			37.9			132.8		13.2		146.0
Long-lived assets at May 31, 2012		167.5		101.1		90.3			11.7			246.7			617.3		67.1		684.4

2011

Revenues	$	922.0	$	230.8	$	197.2		$	93.0		$	—		$	1,443.0	$	444.9	$	1,887.9
Bad debts		8.7		0.7		1.2			0.2			—			10.8		2.8		13.6
Depreciation and amortization ⁽⁶⁾		15.6		1.3		1.3			0.7			35.6			54.5		5.6		60.1
Amortization ⁽⁷⁾		12.6		22.8		5.0			8.0			—			48.4		2.7		51.1
Asset Impairments		—		—		3.4			—			—			3.4		—		3.4
Segment operating income (loss)		78.1		38.0		13.6			3.0			(67.0	)		65.7		38.3		104.0
Segment assets at May 31, 2011		427.1		161.1		150.8			44.9			405.1			1,189.0		287.5		1,476.5
Goodwill at May 31, 2011		54.3		21.8		64.0			5.4			—			145.5		8.7		154.2
Expenditures for long-lived assets including royalty advances		40.4		35.7		9.1			9.4			56.3			150.9		11.8		162.7
Long-lived assets at May 31, 2011		175.9		97.6		80.2			20.1			249.0			622.8		71.2		694.0

2010

Revenues	$	910.6	$	262.8	$	213.7		$	95.1		$	—		$	1,482.2	$	412.0	$	1,894.2
Bad debts		3.9		0.4		1.3			0.1			—			5.7		3.8		9.5
Depreciation and amortization ⁽⁶⁾		14.2		1.3		1.7			0.7			35.6			53.5		6.0		59.5
Amortization ⁽⁷⁾		12.0		21.5		4.4			10.2			—			48.1		2.9		51.0
Asset Impairments		—		—		36.3			—			—			36.3		3.8		40.1
Segment operating income (loss)		117.9		71.8		(4.6	)		0.4			(83.3	)		102.2		30.0		132.2
Segment assets at May 31, 2010		517.2		175.0		169.8			55.5			377.0			1,294.5		291.0		1,585.5
Goodwill at May 31, 2010		54.3		21.0		67.4			5.4			—			148.1		8.5		156.6
Expenditures for long-lived assets including royalty advances		43.7		26.1		5.7			6.9			28.9			111.3		11.2		122.5
Long-lived assets at May 31, 2010		176.8		92.5		77.3			19.2			232.2			598.0		67.1		665.1

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

Schedule of Debt [Table Text Block]

DEBT (Tables)

12 Months Ended

May 31, 2012

The following table summarizes debt as of May 31:



	Carrying Value			Fair Value			Carrying Value			Fair Value

	2012						2011

Lines of Credit (weighted average interest rates of 5.3% and 6.7%, respectively)	$	6.5		$	6.5		$	0.7		$	0.7
Loan Agreement:
Revolving Loan		—			—			—			—
Term Loan (interest rates of n/a and 1.0%, respectively)		—			—			50.2			50.2
5% Notes due 2013, net of discount		152.8			155.4			152.5			156.6


Total debt	$	159.3		$	161.9		$	203.4		$	207.5

Less lines of credit and current portion of long-term debt		(6.5	)		(6.5	)		(43.5	)		(43.5	)


Total long-term debt	$	152.8		$	155.4		$	159.9		$	164.0

Schedule Of Maturities Debt [Text Block]

The following table sets forth the maturities of the carrying values of the Company’s debt obligations as of May 31, 2012 for the fiscal year ended May 31:



2013	$	6.5
2014		—
2015		152.8

Total debt	$	159.3

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

May 31, 2012

Schedule of Capital Leased Assets [Table Text Block]

The following table sets forth the composition of capital leases reflected as Property, Plant and Equipment in the Consolidated Balance Sheets at May 31:



	2012			2011

Land	$	3.5		$	3.5
Buildings		39.0			39.0
Equipment		1.0			3.0

		43.5			45.5
Accumulated amortization		(12.3	)		(14.1	)


Total	$	31.2		$	31.4

Schedule Of Minimum Future Annual Rental Commitments [Table Text Block]

The following table sets forth the aggregate minimum future annual rental commitments at May 31, 2012 under all non-cancelable leases for fiscal years ending May 31:



	Operating Leases		Capital Leases

2013	$	38.3	$	6.0
2014		31.5		5.4
2015		26.6		5.1
2016		22.2		5.1
2017		16.4		5.9
Thereafter		54.4		185.2

Total minimum lease payments	$	189.4	$	212.7
Less minimum sublease income to be received	$	18.0	$	20.3

Minimum lease payments, net of sublease income	$	171.4	$	192.4
Less amount representing interest				155.3
Present value of net minimum capital lease payments				57.4
Less current maturities of capital lease obligations				1.0

Long-term capital lease obligations			$	56.4

Schedule For Minimum Future Contractual Commitments [Table Text Block]

The following table sets forth the aggregate minimum future contractual commitments at May 31, 2012 relating to royalty advances and minimum print quantities for fiscal years ending May 31:



	Royalty Advances		Minimum Print Quantities

2013	$	7.1	$	60.0
2014		1.2		61.1
2015		0.3		62.3
2016		0.4		49.8
2017		—		51.0
Thereafter		—		160.5

Total commitments	$	9.0	$	444.7

INVESTMENTS (Tables)

12 Months Ended

May 31, 2012

Schedule of cost and equity method investments [Table Text Block]

The following table summarizes the Company’s investments as of May 31:



	2012		2011

Cost method investments:
UK-based	$	5.2	$	5.7

Total cost method investments	$	5.2	$	5.7


Equity method investments:
UK-based	$	15.4	$	13.4
U.S.-based		—		1.3

Total equity method investments	$	15.4	$	14.7

Total	$	20.6	$	20.4

GOODWILL AND OTHER INTANGIBLES (Tables)

12 Months Ended

May 31, 2012

Schedule of Goodwill [Table Text Block]

The following table summarizes the activity in Goodwill for the fiscal years ended May 31:



	2012			2011

Gross beginning balance	$	175.0		$	174.0
Accumulated impairment		(20.8	)		(17.4	)

Beginning balance		154.2			156.6
Additions due to acquisition		2.7			1.0
Impairment charge		—			(3.4	)
Foreign currency translation		0.0			0.0
Other		0.8			—

Gross ending balance		178.5			175.0
Accumulated impairment		(20.8	)		(20.8	)

Ending balance	$	157.7		$	154.2

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes Other intangibles subject to amortization as of May 31:



	2012			2011

Beginning balance-Customer lists	$	0.7		$	0.8
Additions due to acquisition		3.8			—
Amortization expense		(0.2	)		(0.2	)
Foreign currency translation		0.0			0.1


Customer lists, net of accumulated amortization of $1.3 and $1.1, respectively	$	4.3		$	0.7

Beginning balance-Other intangibles	$	17.3		$	2.2
Additions due to acquisition		—			5.6
Impairment charge		(5.4	)		—

Reclassified from indefinite-lived intangible assets		—			10.7
Amortization expense		(1.4	)		(1.2	)
Other		(0.1	)		—

Other intangibles, net of accumulated amortization of $10.5 and $4.2, respectively	$	10.4		$	17.3

Total other intangibles subject to amortization	$	14.7		$	18.0

Schedule of Expected Amortization Expense [Table Text Block]

The following table reflects the estimated amortization expense for intangibles for the next five fiscal years ending May 31:


2013	$	2.0
2014		1.9
2015		1.8
2016		1.7
2017		1.7

Schedule of Indefinite-Lived Intangible Assets [Table Text Block]

The following table summarizes Other intangibles not subject to amortization as of May 31:



	2012		2011

Net carrying value by major class:
Trademarks and other	$	2.0	$	1.8

Total other intangibles not subject to amortization	$	2.0	$	1.8



Total other intangibles	$	16.7	$	19.8

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

TAXES (Tables)

12 Months Ended

May 31, 2012

The components of earnings from continuing operations before income taxes for the fiscal years ended May 31 are:



	2012		2011		2010

United States	$	146.3	$	77.2	$	113.4
Non-United States	$	24.4	$	7.2	$	2.0

Total	$	170.7	$	84.4	$	115.4

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes for the fiscal years ended May 31 consists of the following components:



	2012			2011		2010

Federal
Current	$	49.4		$	10.3	$	11.5
Deferred		(8.2	)		9.1		29.8

	$	41.2		$	19.4	$	41.3


State and local
Current	$	12.1		$	3.8	$	2.0
Deferred		(0.7	)		2.2		1.1

	$	11.4		$	6.0	$	3.1


International
Current	$	12.8		$	12.5	$	8.6
Deferred		(3.4	)		1.0		1.4

	$	9.4		$	13.5	$	10.0


Total
Current	$	74.3		$	26.6	$	22.1
Deferred		(12.3	)		12.3		32.3

	$	62.0		$	38.9	$	54.4

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]



	2012			2011			2010

Computed federal statutory provision		35.0	%		35.0	%		35.0	%
State income tax provision, net of federal income tax benefit		4.3	%		5.2	%		5.2	%
Difference in effective tax rates on earnings of foreign subsidiaries		0.2	%		-0.8	%		-0.4	%
Charitable contributions		-0.7	%		-1.5	%		-1.1	%
Tax credits		-0.1	%		-0.2	%		-0.2	%
Valuation allowances		-1.4	%		5.9	%		5.3	%
Other - net		-1.0	%		2.5	%		3.4	%

Effective tax rates		36.3	%		46.1	%		47.2	%

Total provision for income taxes	$	62.0		$	38.9		$	54.4

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The significant components for deferred income taxes for the fiscal years ended May 31, including deferred income taxes related to discontinued operations, are as follows:



	2012			2011

Deferred tax assets
Tax uniform capitalization	$	16.8		$	17.1
Inventory reserves		29.8			25.8
Allowance for doubtful accounts		7.8			6.5
Other reserves		41.2			23.2
Post-retirement, post-employment and pension obligations		23.1			21.3
Tax carryforwards		40.3			41.0
Lease accounting		10.1			9.4
Other - net		34.2			29.1

Gross deferred tax assets		203.3			173.4
Valuation allowance		(34.4	)		(36.8	)

Total deferred tax assets	$	168.9		$	136.6

Deferred tax liabilities
Prepaid expenses		(0.6	)		(0.8	)
Depreciation and amortization		(54.6	)		(59.4	)

Total deferred tax liability	$	(55.2	)	$	(60.2	)

Total net deferred tax assets	$	113.7		$	76.4

Schedule Of Reconciliation Of The Unrecongnized Taxbenefits

A reconciliation of the unrecognized tax benefits for the fiscal years ended May 31 is as follows:



Gross unrecognized benefits at May 31, 2009	$	33.6
Decreases related to prior year tax positions		(17.6	)
Increase related to prior year tax positions		15.1
Increases related to current year tax positions		4.0
Settlements during the period		(1.3	)
Lapse of statute of limitation		(3.2	)

Gross unrecognized benefits at May 31, 2010	$	30.6
Decreases related to prior year tax positions		(2.9	)
Increase related to prior year tax positions		2.5
Increases related to current year tax positions		2.8
Settlements during the period		(2.2	)
Lapse of statute of limitation		—

Gross unrecognized benefits at May 31, 2011	$	30.8
Decreases related to prior year tax positions		(0.8	)
Increase related to prior year tax positions		9.5
Increases related to current year tax positions		1.7
Settlements during the period		(2.4	)
Lapse of statute of limitation		(0.1	)

Gross unrecognized benefits at May 31, 2012	$	38.7

CAPITAL STOCK AND STOCK-BASED AWARDS (Tables)

12 Months Ended

May 31, 2012

Management Stock Purchase Plan [Member]

Schedule Of Restricted Stock Units Activity [Table Text Block]

The following table sets forth the MSPP RSU activity for the fiscal year ended May 31:



	2012		2011

MSPP RSUs allocated		22,486		121,550

Purchase price per unit	$	17.78	$	16.90

Schedule Of Capital Stock [Table Text Block]

Capital stock consisted of the following as of May 31, 2012:



	Class A Stock		Common Stock		Preferred Stock

Authorized		4,000,000		70,000,000		2,000,000

Reserved for Issuance		1,499,000		7,480,698		—

Outstanding		1,656,200		29,795,911		—

Schedule of Share-based Compensation, Activity [Table Text Block]



	2012		2011		2010

Total intrinsic value of stock options exercised	$	5.0	$	0.4	$	0.3

Stock-based compensation cost (pretax)	$	12.2	$	13.7	$	14.0

Tax benefits related to stock-based compensation cost	$	1.8	$	1.8	$	2.1

Weighted average grant date fair value per option	$	9.30	$	8.15	$	8.34

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table sets forth the stock option activity for the Class A Stock and Common Stock plans for the fiscal year ended May 31, 2012:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value

Outstanding at May 31, 2011		5,404,866		$	30.28
Granted		646,552		$	28.38
Exercised		(724,613	)	$	27.75
Expired		(335,040	)	$	41.44
Cancellations and forfeitures		(43,690	)	$	26.31

Outstanding at May 31, 2012		4,948,075		$	29.69		5.2	$	5.1
Exercisable at May 31, 2012		3,497,113		$	31.30		4.0	$	2.2

Schedule Of Restricted Stock Units Activity [Table Text Block]

The following table sets forth the RSU activity for the fiscal year ended May 31:



	2012		2011		2010

RSUs granted		205,620		141,600		401,541

Weighted average grant date price per unit	$	27.92	$	25.03	$	20.11

Schedule Of Nonvested Stock Unit And Restricted Stock Units Activity [Table Text Block]

The following table sets forth Stock Unit and RSU activity for the year ended May 31, 2012:



	Stock Units/RSUs			Weighted Average grant date fair value

Nonvested as of May 31, 2011		752,404		$	21.51
Granted		238,906		$	27.14
Vested		(255,684	)	$	23.49
Forfeited		(24,731	)	$	20.59

Nonvested as of May 31, 2012		710,895		$	22.81

Schedule Of Employee Stock Purchase Plan Share Activity [Table Text block]

The following table sets forth the ESPP share activity for the fiscal year ended May 31:



	2012		2011

Shares issued		54,967		88,370

Weighted average purchase price per share	$	23.45	$	22.75

TREASURY STOCK (Tables)

12 Months Ended

May 31, 2012

Schedule of Treasury Stock by Class [Table Text Block]


Authorization	Amount

December 2007	$	20.0
May 2008		20.0
November 2008		10.0
February 2009		5.0
December 2009		20.0
September 2010		44.0	^(a)

Subtotal	$	119.0


Less repurchases made from December 2007 through May 2012		(87.6	)


Remaining Board authorization at May 31, 2012	$	31.4

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

May 31, 2012

Schedule Of Defined Benefit Plan Weighted Average Actuarial Assumptions Used In Benefit Obligations[Table Text Block]


	Pension Plans									Post-Retirement Benefits

	2012			2011			2010			2012			2011			2010


Weighted average assumptions used to determine benefit obligations:
Discount rate		4.0	%		5.1	%		5.4	%		3.9	%		5.0	%		5.4	%
Rate of compensation increase		3.3	%		4.3	%		4.3	%		—			—			—
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		5.1	%		5.4	%		6.7	%		5.0	%		5.4	%		6.7	%
Expected long-term return on plan assets		7.7	%		7.5	%		7.7	%		—			—			—
Rate of compensation increase		4.3	%		4.3	%		3.6	%		—			—			—

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

The following table sets forth the change in benefit obligation for the Pension Plans and Post-Retirement Benefits at May 31:


	Pension Plans						Post-Retirement Benefits

	2012			2011			2012			2011

Change in benefit obligation:
Benefit obligation at beginning of year	$	173.9		$	171.1		$	38.3		$	34.4
Service cost		—			0.3			0.0			—
Interest cost		8.4			8.9			1.7			1.9
Plan participants’ contributions		—			—			0.4			0.5
Settlements		—			(7.5	)		—			—
Actuarial losses		11.1			6.0			1.7			4.7
Foreign currency translation		(1.9	)		3.7			—			—
Benefits paid, including expenses		(9.3	)		(8.6	)		(2.5	)		(3.2	)

Benefit obligation at end of year	$	182.2		$	173.9		$	39.6		$	38.3

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The following table sets forth the change in plan assets for the Pension Plans and Post-Retirement Benefits at May 31:


	Pension Plans						Post-Retirement Benefits

	2012			2011			2012			2011

Change in plan assets:
Fair value of plan assets at beginning of year	$	146.7		$	126.5		$	—		$	—
Actual return on plan assets		(0.2	)		24.6			—			—
Employer contributions		9.9			9.2			2.2			2.7
Benefits paid, including expenses		(9.3	)		(8.6	)		(2.6	)		(3.2	)
Settlements		—			(7.5	)		—			—
Plan participants’ contributions		—			—			0.4			0.5
Foreign currency translation		(1.3	)		2.5			—			—

Fair value of plan assets at end of year	$	145.8		$	146.7		$	—		$	—

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]


	Pension Plans				Post-Retirement Benefits

	2012		2011		2012		2011

Current liabilities	$	—	$	—	$	3.4	$	2.8
Non-current liabilities		36.4		27.2		36.2		35.5

Net underfunded balance	$	36.4	$	27.2	$	39.6	$	38.3

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

The following amounts were recognized in Accumulated other comprehensive loss for the Pension Plans and Post- Retirement Benefits in the Company’s Consolidated Balance Sheets at May 31:



	Pension Plans			2012 Post - Retirement Benefits			Total			Pension Plans			2011 Post - Retirement Benefits			Total

Net actuarial gain (loss)	$	(76.4	)	$	(19.2	)	$	(95.6	)	$	(56.4	)	$	(21.3	)	$	(77.7	)
Net prior service credit		—			0.8			0.8			—			1.5			1.5

Net amount recognized in Accumulated other comprehensive income (loss)	$	(76.4	)	$	(18.4	)	$	(94.8	)	$	(56.4	)	$	(19.8	)	$	(76.2	)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The following table sets forth information with respect to the Pension Plans with accumulated benefit obligations in excess of plan assets for the fiscal years ended May 31:



	2012		2011

Projected benefit obligations	$	182.2	$	173.9
Accumulated benefit obligations		181.1		172.8
Fair value of plan assets		145.8		146.7

Schedule of Net Benefit Costs [Table Text Block]

The following table sets forth the net periodic (benefit) cost for the Pension Plans and Post-Retirement Benefits for the fiscal years ended May 31:



	Pension Plans									Post - Retirement Benefits

	2012			2011			2010			2012			2011			2010

Components of net periodic (benefit) cost:
Service cost	$	—		$	0.3		$	0.1		$	0.0		$	—		$	—
Interest cost		8.4			8.9			9.7			1.7			1.9			1.6
Expected return on assets		(10.8	)		(9.4	)		(8.1	)		—			—			—
Net amortization and deferrals		—			—			(0.1	)		(0.6	)		(0.7	)		(0.7	)
Settlement		—			4.2			0.8			—			—			—
Recognized net actuarial loss		1.4			1.8			1.6			3.8			2.6			1.2

Net periodic (benefit) cost	$	(1.0	)	$	5.8		$	4.0		$	4.9		$	3.8		$	2.1

Schedule Of Defined Benefit Plan Weighted Average Asset Allocations [Table Text Block]

The following table sets forth the total weighted average asset allocations for the Pension Plans by asset category at May 31:



	2012			2011

Equity securities		63.5	%		68.7	%
Debt securities		26.5	%		23.4	%
Real estate		1.0	%		1.1	%
Other		9.0	%		6.8	%

		100.0	%		100.0	%

Schedule Of Defined Benefit Plan Assets Target Allocations [Table Text Block]

The following table sets forth the targeted weighted average asset allocations for the Pension Plans included in the Company’s investment policy:



	US Pension Plan			UK Pension Plan

Equity		70	%		40	%
Debt and cash equivalents		30	%		30	%
Real estate and other		0	%		30	%

		100	%		100	%

Schedule Of Defined Benefit Plan Measurement Assets Fair Value By Asset Category [Table Text Block]

The following table sets forth the measurement of the Company’s Pension Plans’ assets at fair value by asset category at the respective dates:


	Assets at Fair Value as of May 31, 2012

	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	7.4	$	—	$	—	$	7.4
Equity securities:
U.S. ⁽¹⁾		73.0		—		—		73.0
International ⁽²⁾		11.2		8.3		—		19.5
Fixed Income ⁽³⁾		32.2		6.4		—		38.6
Annuities		—		—		5.8		5.8
Real estate ⁽⁴⁾		—		1.5				1.5

Total	$	123.8	$	16.2	$	5.8	$	145.8


	Assets at Fair Value as of May 31, 2011

	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	4.4	$	—	$	—	$	4.4
Equity securities:
U.S. ⁽¹⁾		71.4		—		—		71.4
International ⁽²⁾		17.8		11.5		—		29.3
Fixed Income ⁽³⁾		31.1		3.1		—		34.2
Annuities		—		—		5.7		5.7
Real estate ⁽⁴⁾		—		1.7		—		1.7

Total	$	124.7	$	16.3	$	5.7	$	146.7

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

The following table summarizes the changes in fair value of these Level 3 assets for the fiscal years ended May 31, 2012 and 2011:


Balance at May 31, 2010	$	4.9
Actual Return on Plan Assets:
Relating to assets still held at May 31, 2011		0.2
Relating to assets sold during the year		—
Purchases, sales and settlements, net		—
Transfers in and/or out of Level 3		—
Foreign currency translation		0.6


Balance at May 31, 2011	$	5.7

Actual Return on Plan Assets:
Relating to assets still held at May 31, 2012		0.7
Relating to assets sold during the year		—
Purchases, sales and settlements, net		(0.3	)
Transfers in and/or out of Level 3		—
Foreign currency translation		(0.3	)

Balance at May 31, 2012	$	5.8

Schedule of Expected Benefit Payments [Table Text Block]

The following table sets forth the expected future benefit payments under the Pension Plans and the Post-Retirement Benefits by fiscal year:



			Post - Retirement

	Pension Benefits		Benefit Payments		Medicare Subsidy Receipts


2013	$	14.7	$	3.1	$	0.2
2014		16.2		3.2		0.2
2015		11.3		3.2		0.3
2016		11.4		3.1		0.3
2017		11.1		3.1		0.3
2018-2022		50.6		14.2		1.6

Assumed Health Care Cost Trend Rates [Table Text Block]

Assumed health care cost trend rates



	2012			2011

Health care cost trend rate assumed for the next fiscal year		7.5	%		8.3	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)		5.0	%		5.0	%
Year that the rate reaches the ultimate trend rate		2020			2020

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]

A one percentage point change in assumed health care cost trend rates would have the following effects:



	2012			2011

Total service and interest cost - 1% increase	$	0.2		$	0.2
Total service and interest cost - 1% decrease		(0.2	)		(0.2	)
Post-retirement benefit obligation - 1% increase		4.3			4.1
Post-retirement benefit obligation - 1% decrease		(3.7	)		(3.5	)

ACCRUED SEVERANCE (Tables)

12 Months Ended

May 31, 2012

Schedule Of Accrued Severance Costs [Table Text Block]

The table below provides information regarding the Company’s severance cost associated with certain cost reduction measures.



	2012			2011

Beginning balance	$	1.9		$	3.4
Accruals		14.9			6.7
Payments		(14.1	)		(8.2	)

Ending balance	$	2.7		$	1.9

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

May 31, 2012

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table summarizes the reconciliation of the numerators and denominators for the Basic and Diluted earnings (loss) per share computation for the fiscal years ended May 31:



	2012			2011			2010

Earnings (loss) from continuing operations attributable to Class A and Common Shares	$	108.2		$	45.2		$	61.0
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax		(6.3	)		(6.1	)		(4.9	)


Net income (loss) attributable to Class A and Common Shares		101.9			39.1			56.1

Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		31.2			33.1			36.5

Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)		0.5			0.5			0.3


Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		31.7			33.6			36.8


Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	3.47		$	1.36		$	1.67
Earnings (loss) from discontinued operations, net of tax	$	(0.20	)	$	(0.18	)	$	(0.13	)
Net income (loss)	$	3.27		$	1.18		$	1.54

Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	3.41		$	1.34		$	1.65
Earnings (loss) from discontinued operations, net of tax	$	(0.20	)	$	(0.18	)	$	(0.13	)
Net income (loss)	$	3.21		$	1.16		$	1.52

OTHER ACCRUED EXPENSES (Tables)

12 Months Ended

May 31, 2012

Schedule Of Other Accrued Expenses [Table Text Block]

Other accrued expenses consist of the following at May 31:



	2012		2011

Accrued payroll, payroll taxes and benefits	$	48.1	$	45.0
Accrued bonus and commissions		57.3		32.6
Accrued other taxes		42.8		20.1
Accrued advertising and promotions		36.1		27.2
Accrued income taxes		10.2		5.5
Accrued insurance		8.4		8.4
Other accrued expenses		30.6		34.5

Total accrued expenses	$	233.5	$	173.3

OTHER INCOME (EXPENSE) (Tables)

12 Months Ended

May 31, 2012

Schedule Of Other Income Expense [Table Text Block]

Other income (expense) consisted of the following for the fiscal years ended May 31:



	2012			2011			2010

Acquisition costs	$	(0.1	)	$	(0.4	)	$	—
Gain on repurchase of notes		—			—			0.9

Total Other income (expense)	$	(0.1	)	$	(0.4	)	$	0.9

OTHER FINANCIAL DATA (Tables)

12 Months Ended

May 31, 2012

Schedule Of Other Financial Data Other Than Accumulated Other Comprehensive Income [Table Text Block]

Schedule of Other Financial Data Other Than Accumulated Other Comprehensive Income



	2012		2011			2010

Advertising expense	$	147.9	$	155.7		$	149.6
Prepublication and production costs		127.4		125.1			117.8
Amortization of prepublication and production costs		55.1		51.1			51.0
Foreign currency translation gain (loss)		0.7		(1.3	)		0.5

Purchases related to contractual commitments relating to minimum print quantities during fiscal years	$	61.1	$	44.9		$	39.1

Schedule Of Other Financial Data Relating To Accumulated Other Comprehensive Income [Table Text Block]

Schedule of Other Financial Data Relating to Other Comprehensive Income



	2012			2011

Unredeemed credits issued in conjuction with the Company’s school-based book club and book fair operations (included in other accrued expenses)	$	9.2		$	9.0

Components of Accumulated other comprehensive income (loss):
Foreign Currency Translation	$	(10.9	)	$	(2.7	)
Pension Obligations (net of tax of $31.5 and $25.0)		(63.3	)		(51.2	)

Accumulated other comprehensive income (loss)	$	(74.2	)	$	(53.9	)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

May 31, 2012

Schedule Of Fair Value On Nonrecurring Basis And Total Impairment Losses And Additions [Table Text Block]

The following tables present non-financial assets that were measured and recorded at fair value on a non-recurring basis and the total impairment losses and additions recognized on those assets:



	Net carrying value as of May 31, 2012		Fair value measured and recorded using						Impairment losses for fiscal year ended May 31, 2012		Additions due to acquisitions
	Net carrying value as of May 31, 2012		Level 1		Level 2		Level 3		Impairment losses for fiscal year ended May 31, 2012		Additions due to acquisitions

Goodwill	$	2.7	$	—	$	—	$	2.7	$	—	$	2.7

Other Intangible assets impairment		4.9		—		—		4.9		6.8		—

Other Intangible assets		5.4		—		—		5.4		—		5.4

Production assets		0.6		—		—		0.6		4.0		—

Investments		—		—		—		—		1.3		—



	Net carrying value as of May 31, 2011		Fair value measured and recorded using						Impairment losses for fiscal year ended May 31, 2011		Additions due to acquisitions
	Net carrying value as of May 31, 2011		Level 1		Level 2		Level 3		Impairment losses for fiscal year ended May 31, 2011		Additions due to acquisitions

Goodwill impairment	$	—	$	—	$	—	$	—	$	3.4	$	—

Goodwill		1.0		—		—		1.0		—		1.0

Other Intangible assets		5.6		—		—		5.6		—		5.6

Property, plant and equipment, net		—		—		—		—		1.4		—

Prepublication assets		—		—		—		—		2.7		—

Investments		5.7		—		—		5.7		3.6		—



	Net carrying value as of May 31, 2010		Fair value measured and recorded using						Impairment losses for fiscal year ended May 31, 2010		Additions due to acquisitions
	Net carrying value as of May 31, 2010		Level 1		Level 2		Level 3		Impairment losses for fiscal year ended May 31, 2010		Additions due to acquisitions

Goodwill impairment	$	—	$	—	$	—	$	—	$	0.4	$	—

Other Intangible assets impairment		—		—		—		—		31.3		—

Other Intangible assets		0.8		—		—		0.8		3.8		5.1

Prepublication assets		—		—		—		—		7.6		—

Investments		—		—		—		—		1.5		—

Schedule II - Valuation and Qualifying Accounts and Reserves (Tables)

12 Months Ended

May 31, 2012

Schedule Of Valuation And Qualifying Accounts And Reserves [Table Text Block]

Schedule of valuation and qualifying accounts and reserves


	(Amounts in millions) Years ended May 31,

	Balance at Beginning of Year		Expensed		Write-Offs and Other			Balance at End of Year

2012

Allowance for doubtful accounts	$	22.3	$	12.3	$	8.7		$	25.9
Reserve for returns		33.0		81.8		57.3	⁽¹⁾		57.5
Reserves for obsolescence		82.2		48.1		39.5			90.8
Reserve for royalty advances		71.8		6.5		0.5			77.8

2011

Allowance for doubtful accounts	$	18.5	$	13.6	$	9.8		$	22.3
Reserve for returns		30.9		69.6		67.5	⁽¹⁾		33.0
Reserves for obsolescence		78.1		27.3		23.2			82.2
Reserve for royalty advances		68.9		4.5		1.6			71.8

2010

Allowance for doubtful accounts	$	15.2	$	9.5	$	6.2		$	18.5
Reserve for returns		34.5		62.8		66.4	⁽¹⁾		30.9
Reserves for obsolescence		74.4		27.2		23.5			78.1
Reserve for royalty advances		72.6		6.8		10.5			68.9

DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) $ in Millions	12 Months Ended
	May 31, 2012 USD ($)	May 31, 2011 USD ($)	May 31, 2010 USD ($)
Number of Countries in which Entity Operates	140
Restricted Cash and Cash Equivalents (in Dollars)	$ 1.0	$ 0.5
Increase Decrease In Inventory Reserve (in Dollars)	17.9
Capitalized Computer Software, Net (in Dollars)	57.2	59.2
Capitalized Computer Software, Amortization (in Dollars)	27.6	25.8	$ 25.0
Capitalized Leases Depreciation And Amortization (in Dollars)	$ 1.1
Defined Benefit Plan, Assumptions Used in Calculations, Narrative Description	1%
Capitalized Advertising Costs (in Dollars)	$ 4.8	$ 4.8

DESCRIPTION OF THE BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) - Schedule Of Share Based Payment Award Stock Options Valuation Assumptions - USD ($) $ in Thousands	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Estimated fair value of stock options granted (in Dollars)	$ 9,300	$ 8,150	$ 8,340
Assumptions:
Expected dividend yield	1.40%	1.30%	1.40%
Expected stock price volatility	36.70%	37.30%	37.60%
Risk-free interest rate	1.60%	2.00%	3.30%
Expected life of options	7 years	6 years	7 years

ACQUISITIONS (Detail) - USD ($) $ in Millions	Feb. 08, 2012	Jan. 03, 2012
International Segment [Member]
Business Acquisition, Cost of Acquired Entity, Cash Paid		$ 2.8
Business Acquisition, Purchase Price Allocation, Goodwill Amount		$ 1.3
Classroom Supplemental Materials Publishing [Member]
Business Acquisition, Cost of Acquired Entity, Cash Paid	$ 2.0
Business Acquisition, Purchase Price Allocation, Goodwill Amount	1.4
Business Acquisition, Purchase Price Allocation, Liabilities Assumed	4.8
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill	$ 5.4

DISCONTINUED OPERATIONS (Detail) $ in Millions	3 Months Ended
DISCONTINUED OPERATIONS (Detail) $ in Millions	May 31, 2012 USD ($)
Fair Value Estimate Additional Charge	$ 2.2

DISCONTINUED OPERATIONS (Detail) - Schedule of operating results of the discontinued operations - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Revenues	$ 0.1	$ 18.2	$ 21.1
Gain (loss) on sale		0.3	(0.9)
Non cash impairment charge and loss on operations	8.2	8.2	7.7
Earnings (loss) before income taxes	(8.2)	(7.9)	(6.8)
Income tax benefit (provision)	1.9	1.8	1.9
Earnings (loss) from discontinued operations, net of tax	$ (6.3)	$ (6.1)	$ (4.9)

Overall income (loss) from a disposal group that is classified as a component of the entity, before income tax, reported as a separate component of income before extraordinary items. Includes the following (before income tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

Tax effect allocated to a disposal group that is classified as a component of the entity reported as a separate component of income before extraordinary items. Includes the tax effects of the following: income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b),(c)
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32672-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=18498875&loc=d3e38679-109324

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 47
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal.

Children's Book Publishing and Distribution [Member]

DISCONTINUED OPERATIONS (Detail) - Schedule of assets and liabilities of the discontinued operations - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Accounts receivable, net	$ 0.0	$ 0.1
Inventory	0.0	1.2
Other assets	7.0	9.2
Current assets of discontinued operations	7.0	10.5
Accrued expenses and other current liabilities	2.1	0.8
Current liabilities of discontinued operations	$ 2.1	$ 0.8

SEGMENT INFORMATION (Detail) - Schedule of segment reporting information - USD ($)
$ in Millions

12 Months Ended

May 31, 2012

May 31, 2011

May 31, 2010

2012

^[1]

$ 1,111.3

$ 922.0

$ 910.6

^[1]

6.4

8.7

3.9

^[1],[2]

20.6

15.6

14.2

^[1],[3]

12.5

12.6

12.0

^[1]

^[1]

0.5

^[1]

153.0

78.1

117.9

^[1]

543.5

427.1

517.2

^[1]

54.3

^[1]

44.4

40.4

43.7

Educational Technology and Services [Member]

^[1]

167.5

175.9

176.8

2012

^[1],[4]

254.7

230.8

262.8

^[1],[4]

0.7

0.4

^[1],[2],[4]

1.3

^[1],[3],[4]

20.9

22.8

21.5

^[1],[4]

^[1],[4]

^[1],[4]

49.2

38.0

71.8

^[1],[4]

168.5

161.1

175.0

^[1],[4]

22.7

21.8

21.0

^[1],[4]

26.2

35.7

26.1

Classroom Supplemental Materials Publishing [Member]

^[1],[4]

101.1

97.6

92.5

2012

^[5]

208.2

197.2

213.7

^[5]

1.9

1.2

1.3

^[2],[5]

1.0

1.3

1.7

^[3],[5]

6.7

5.0

4.4

^[5]

3.4

36.3

^[5]

^[5]

18.3

13.6

(4.6)

^[5]

163.6

150.8

169.8

^[5]

65.4

64.0

67.4

^[5]

17.9

9.1

5.7

Media, Licensing and Advertising [Member]

^[5]

90.3

80.2

77.3

2012

^[1]

85.0

93.0

95.1

^[1]

0.1

0.2

0.1

^[1],[2]

0.5

0.7

^[1],[3]

12.3

8.0

10.2

^[1]

^[1]

^[1]

(4.7)

3.0

0.4

^[1]

38.8

44.9

55.5

^[1]

5.4

^[1]

6.4

9.4

6.9

^[1]

11.7

20.1

19.2

Overhead [Member]

2012

^[1],[6]

^[1],[6]

^[1],[2],[6]

39.0

35.6

^[1],[3],[6]

^[1],[6]

^[1],[6]

6.2

^[1],[6]

(87.1)

(67.0)

(83.3)

^[1],[6]

438.6

405.1

377.0

^[1],[6]

^[1],[6]

37.9

56.3

28.9

^[1],[6]

246.7

249.0

232.2

Total Domestic [Member]

2012

1,659.2

1,443.0

1,482.2

9.1

10.8

5.7

^[2]

62.4

54.5

53.5

^[3]

52.4

48.4

48.1

3.4

36.3

6.7

128.7

65.7

102.2

1,353.0

1,189.0

1,294.5

147.8

145.5

148.1

132.8

150.9

111.3

International Segment [Member]

617.3

622.8

598.0

2012

^[1],[7]

489.6

444.9

412.0

^[1],[7]

3.2

2.8

3.8

^[1],[2],[7]

6.4

5.6

6.0

^[1],[3],[7]

2.7

2.9

^[1],[7]

3.8

^[1],[7]

0.3

^[1],[7]

57.6

38.3

30.0

^[1],[7]

310.3

287.5

291.0

^[1],[7]

9.9

8.7

8.5

^[1],[7]

13.2

11.8

11.2

^[1],[7]

67.1

71.2

67.1

2,148.8

1,887.9

1,894.2

12.3

13.6

9.5

^[2]

68.8

60.1

59.5

^[3]

55.1

51.1

51.0

0.8

3.4

40.1

7.0

3.4

40.1

186.3

104.0

132.2

1,663.3

1,476.5

1,585.5

157.7

154.2

156.6

146.0

162.7

122.5

$ 684.4

$ 694.0

$ 665.1

[1]	As discussed in Note 3, "Discontinued Operations," the Company closed or sold several operations during fiscal 2010 and the first quarter of fiscal 2012 and presently holds for sale one facility. All of these businesses are classified as discontinued operations in the Company's financial statements and, as such, are not reflected in this table. During the first quarter of fiscal 2011, the Company determined that its Danbury Facility was no longer "held for sale." Accordingly, the assets, liabilities and results of operations of the Danbury Facility are included in continuing operations for all periods presented.
[2]	Includes depreciation of property, plant and equipment and amortization of intangible assets.
[3]	Includes amortization of prepublication and production costs.
[4]	Includes assets and results of operations acquired in a business acquisition as of September 9, 2010.
[5]	Includes assets and results of operations acquired in a business acquisition as of February 8, 2012.
[6]	Overhead includes all domestic corporate amounts not allocated to segments, including expenses and costs related to the management of corporate assets. Unallocated assets are principally comprised of deferred income taxes and property, plant and equipment related to the Company's headquarters in the metropolitan New York area, its fulfillment and distribution facilities located in Missouri and its facility located in Connecticut. Overhead also includes amounts previously allocated to the Media, Licensing and Advertising segment for the Company's direct-to-home toy catalog business that was discontinued in the first quarter of fiscal 2012.
[7]	Includes assets and results of operations acquired in a business acquisition as of January 3, 2012

DEBT (Detail) - USD ($) $ in Millions	12 Months Ended
DEBT (Detail) - USD ($) $ in Millions	May 31, 2012	May 31, 2008	May 31, 2011	May 31, 2010	May 31, 2003
Revolving Loan [Member]
Credit Facility Sanctioned During Period		$ 325.0
Additional Credit Facility Sanctioned		150.0
Federal Funds Rate [Member]
Line of Credit Facility, Interest Rate During Period	0.50%
Eurodollar Rate [Member]
Line of Credit Facility, Interest Rate Description	Eurodollar Rate for a one month interest period plus 1% plus an applicable spread ranging from 0.18% to 0.60%
LIBOR Rate [Member]
Line of Credit Facility, Interest Rate Description	London interbank offered rate (LIBOR) plus an applicable spread ranging from 1.18% to 1.60%
Line of Credit [Member]
Debt, Long-term and Short-term, Combined Amount	$ 6.5		$ 0.7
Short-term Debt, Weighted Average Interest Rate	5.30%		6.70%
Term Loan [Member]
Credit Facility Sanctioned		200.0
Unsecured Debt [Member]
Line of Credit, Current	$ 20.0
Secured Debt [Member]
Line of Credit, Current	$ 32.8
Notes Payable, Other Payables [Member]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Standby Letter Of Credit [Member]
Line of Credit Facility, Amount Outstanding	$ 6.6
Loan Agreement [Member]
Line of Credit Facility, Amount Outstanding	$ 1.4
Credit Facility Sanctioned During Period		$ 525.0
Line Of Credit Facility Base Rate Advances	0.25%
Line Of Credit Facility Eurodollar Rate Advances	1.25%
Line of Credit Facility, Commitment Fee Percentage Range Minimum	0.20%
Line of Credit Facility Fee Percentage Range Maximum	0.40%
Line Of Credit Facility Fee Percentage	0.25%
Debt, Long-term and Short-term, Combined Amount	$ 159.3		$ 203.4
Notes Payable, Noncurrent, Value					$ 175.0
Debt Instrument, Interest Rate, Stated Percentage				5.00%

DEBT (Detail) - Schedule of debt - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Line of Credit [Member]
Debt Long Term And Short Term Outstanding	$ 6.5	$ 0.7
Debt Long Term And Short Term Outstanding	6.5	0.7
Term Loan [Member]
Debt Long Term And Short Term Outstanding		50.2
Debt Long Term And Short Term Outstanding		50.2
Notes Due 2013 [Member]
Debt Long Term And Short Term Outstanding	152.8	152.5
Debt Long Term And Short Term Outstanding	155.4	156.6
Debt Long Term And Short Term Outstanding	159.3	203.4
Debt Long Term And Short Term Outstanding	161.9	207.5
Less lines of credit and current portion of long-term debt	(6.5)	(43.5)
Less lines of credit and current portion of long-term debt	(6.5)	(43.5)
Total long-term debt	152.8	159.9
Total long-term debt	$ 155.4	$ 164.0

DEBT (Detail) - Schedule for maturities of the carrying values of the Company's debt obligations - USD ($) $ in Millions	May 31, 2012	May 31, 2011
2013	$ 6.5
2015	152.8
Total debt	$ 159.3	$ 203.4

COMMITMENTS AND CONTINGENCIES (Detail) - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Operating Leases, Rent Expense, Net	$ 38.9	$ 47.2	$ 44.7
Capital Leases, Income Statement, Amortization Expense	$ 1.1	$ 1.2	$ 3.5
Capital Lease Imputed Interest Rate	7.90%
Letters of Credit Outstanding, Amount	$ 6.6

COMMITMENTS AND CONTINGENCIES (Detail) - Schedule for composition of capital leased assets - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Land [Member]
Capital Leased Assets, Gross	$ 3.5	$ 3.5
Building [Member]
Capital Leased Assets, Gross	39.0	39.0
Equipment [Member]
Capital Leased Assets, Gross	1.0	3.0
Capital Leased Assets, Gross	43.5	45.5
Accumulated amortization	(12.3)	(14.1)
Total	$ 31.2	$ 31.4

COMMITMENTS AND CONTINGENCIES (Detail) - Schedule for minimum future annual rental commitments - USD ($) $ in Millions	May 31, 2012	May 31, 2011
2013	$ 38.3
2013	6.0
2014	31.5
2014	5.4
2015	26.6
2015	5.1
2016	22.2
2016	5.1
2017	16.4
2017	5.9
Thereafter	54.4
Thereafter	185.2
Total minimum lease payments	189.4
Total minimum lease payments	212.7
Less minimum sublease income to be received	18.0
Less minimum sublease income to be received	20.3
Minimum lease payments, net of sublease income	171.4
Minimum lease payments, net of sublease income	192.4
Less amount representing interest	155.3
Present value of net minimum capital lease payments	57.4
Less current maturities of capital lease obligations	1.0	$ 0.5
Long-term capital lease obligations	$ 56.4	$ 55.0

COMMITMENTS AND CONTINGENCIES (Detail) - Schedule for aggreagate minimum future contractual commitments $ in Millions	May 31, 2012 USD ($)
2013	$ 7.1
2013	60.0
2014	1.2
2014	61.1
2015	0.3
2015	62.3
2016	0.4
2016	49.8
2017	51.0
Thereafter	160.5
Total commitments	9.0
Total commitments	$ 444.7

INVESTMENTS (Detail) - USD ($) $ in Millions	12 Months Ended
INVESTMENTS (Detail) - USD ($) $ in Millions	May 31, 2012	May 31, 2011	May 31, 2010
Childrens Television Programming Holdings [Member]
Equity Method Investment, Ownership Percentage	26.20%
Equity Method Investments		$ 1.3
Children's Book Publishing and Distribution [Member]
Equity Method Investments	$ 15.4
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	20.6	20.4
Other than Temporary Impairment Losses, Investments		3.6	$ 1.5
Cost Method Investments	5.2	5.7
Equity Method Investments	15.4	14.7
Proceeds from Dividends Received	0.9
Impairment Loss Of Selling General And Administrative Expense	1.3
Income (Loss) from Equity Method Investments	$ 2.6	$ 1.8	$ 1.0

INVESTMENTS (Detail) - Schedule of cost and equity method investments - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Usborne [Member]
Equity method investments:
Equity method investments	$ 15.4	$ 13.4
Childrens Television Programming Holdings [Member]
Equity method investments:
Equity method investments		1.3
The Book People Ltd [Member]
Cost method investments:
Cost method investments	5.2	5.7
Cost method investments	5.2	5.7
Equity method investments:
Equity method investments	15.4	14.7
Total	$ 20.6	$ 20.4

This item represents the aggregate carrying amount of all cost-method investments as reported on or included in the balance sheet. The original cost of the investments may differ from the aggregate carrying amount disclosed due to various adjustments such as: (i) dividends received in excess of earnings after the date of investment that are considered a return of investment and therefore recorded as reductions to cost of the investment, or (ii) a series of operating losses of an investee or other factors which may indicate that a decrease in value of the investment has occurred which is other than temporary and accordingly such decrease in value has been recognized.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.12)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6872867&loc=d3e40691-111596

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-SubTopic 20
-Section 35
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6383889&loc=d3e40346-111594

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 6
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 18
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-1
-Paragraph 22
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

GOODWILL AND OTHER INTANGIBLES (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Aug. 31, 2010	May 31, 2012	May 31, 2011	May 31, 2010
Weekly Reader [Member]
Payments to Acquire Businesses, Net of Cash Acquired		$ 2.0
Business Acquisition, Purchase Price Allocation, Liabilities Assumed		4.8
Business Acquisition, Purchase Price Allocation, Goodwill Amount		1.4
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets		5.4
Learners Publishing [Member]
Payments to Acquire Businesses, Net of Cash Acquired		2.8
Business Acquisition, Purchase Price Allocation, Goodwill Amount		1.3
Classroom Supplemental Materials Publishing [Member]
Goodwill, Impairment Loss			$ 3.4
Math Solutions Business [Member]
Payments to Acquire Businesses, Net of Cash Acquired			8.2
Business Acquisition, Purchase Price Allocation, Goodwill Amount		1.7
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets		5.6	5.6
Payments to Acquire Businesses, Net of Cash Acquired		9.5	10.1	$ 1.0
Goodwill, Impairment Loss			(3.4)
Amortization of Intangible Assets		6.5	$ 1.4	$ 0.8
Finite-Lived Intangible Asset, Useful Life	8 years
Impairment Of Amortization Expense		$ 4.9

- Details

Name:	us-gaap_StatementBusinessSegmentsAxis=schl_MathSolutionsBusinessMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

GOODWILL AND OTHER INTANGIBLES (Detail) - Schedule of activity in goodwill - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011
Gross beginning balance	$ 175.0	$ 174.0
Accumulated impairment	(20.8)	(17.4)
Beginning balance	154.2	156.6
Additions due to acquisition	2.7	1.0
Impairment charge		(3.4)
Foreign currency translation	0.0	0.0
Other	0.8
Gross ending balance	178.5	175.0
Accumulated impairment	(20.8)	(20.8)
Ending balance	$ 157.7	$ 154.2

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13777-109266

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
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-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 47
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

GOODWILL AND OTHER INTANGIBLES (Detail) - Schedule of other intangible assets subject to amortization - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Customer Lists [Member]
Begining balance	$ 0.7	$ 0.8
Additions due to acquisition	3.8
Amortization expense	(0.2)	(0.2)
Foreign currency translation	0.0	0.1
Total other intangibles subject to amortization	4.3	0.7	$ 0.8
Other Intangible Assets [Member]
Begining balance	17.3	2.2
Additions due to acquisition		5.6
Impairment charge	(5.4)
Reclassified from indefinite-lived intangible assets		10.7
Amortization expense	(1.4)	(1.2)
Other	(0.1)
Total other intangibles subject to amortization	10.4	17.3	2.2
Begining balance	18.0
Amortization expense	6.5	1.4	$ 0.8
Total other intangibles subject to amortization	$ 14.7	$ 18.0

GOODWILL AND OTHER INTANGIBLES (Detail) - Schedule of estimated amortization expense for intangibles $ in Millions	May 31, 2012 USD ($)
2013	$ 2.0
2014	1.9
2015	1.8
2016	1.7
2017	$ 1.7

GOODWILL AND OTHER INTANGIBLES (Detail) - Schedule of other intangible assets not subject to amortization - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Trademarks and Other [Member]
Net carrying value by major class:
Intangibles not subject to amortization	$ 2.0	$ 1.8
Intangibles not subject to amortization	2.0	1.8
Total other intangibles	$ 16.7	$ 19.8

TAXES (Detail) - USD ($) $ in Millions	12 Months Ended
TAXES (Detail) - USD ($) $ in Millions	May 31, 2012	May 31, 2011	May 31, 2010	May 31, 2009
Deferred Tax Liabilities, Undistributed Foreign Earnings	$ 78.6
Deferred Tax Assets, Net	113.7	$ 76.4
Deferred Tax Assets, Net of Valuation Allowance, Current	71.4	56.2
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	42.3	20.2
Deferred Tax Valuation Allowance Decreased	2.4
Deferred Tax Valuation Allowance Increased		0.8
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	125.0
Unrecognized Tax Benefits	38.7	30.8	$ 30.6	$ 33.6
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	7.1	5.9	5.7
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	18.1	19.2	19.5
Recognized Tax Expense	2.4	1.0	$ 1.9
Unrecognized Tax Benefits, Period Increase (Decrease)	7.9	$ 0.2
Sales and Excise Tax Payable	$ 19.7

TAXES (Detail) - Schedule of earnings from continuing operations before income taxes - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Domestic Tax Authority [Member]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 146.3	$ 77.2	$ 113.4
Foreign Tax Authority [Member]
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	24.4	7.2	2.0
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 170.7	$ 84.4	$ 115.4

TAXES (Detail) - Schedule of provision for income taxes - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Federal
Current	$ 49.4	$ 10.3	$ 11.5
Deferred	(8.2)	9.1	29.8
	41.2	19.4	41.3
State and local
Current	12.1	3.8	2.0
Deferred	(0.7)	2.2	1.1
	11.4	6.0	3.1
International
Current	12.8	12.5	8.6
Deferred	(3.4)	1.0	1.4
	9.4	13.5	10.0
Total
Current	74.3	26.6	22.1
Deferred	(12.3)	12.3	32.3
	$ 62.0	$ 38.9	$ 54.4

TAXES (Detail) - Schedule of effective income tax rate reconciliation - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Computed federal statutory provision	35.00%	35.00%	35.00%
State income tax provision, net of federal income tax benefit	4.30%	5.20%	5.20%
Difference in effective tax rates on earnings of foreign subsidiaries	0.20%	(0.80%)	(0.40%)
Charitable contributions	(0.70%)	(1.50%)	(1.10%)
Tax credits	(0.10%)	(0.20%)	(0.20%)
Valuation allowances	(1.40%)	5.90%	5.30%
Other - net	(1.00%)	2.50%	3.40%
Effective tax rates	36.30%	46.10%	47.20%
Total provision for income taxes (in Dollars)	$ 62.0	$ 38.9	$ 54.4

TAXES (Detail) - Schedule for components for deferred income taxes - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Deferred tax assets
Tax uniform capitalization	$ 16.8	$ 17.1
Inventory reserves	29.8	25.8
Allowance for doubtful accounts	7.8	6.5
Other reserves	41.2	23.2
Post-retirement, post-employment and pension obligations	23.1	21.3
Tax carryforwards	40.3	41.0
Lease accounting	10.1	9.4
Other - net	34.2	29.1
Gross deferred tax assets	203.3	173.4
Valuation allowance	(34.4)	(36.8)
Total deferred tax assets	168.9	136.6
Deferred tax liabilities
Prepaid expenses	(0.6)	(0.8)
Depreciation and amortization	(54.6)	(59.4)
Total deferred tax liability	(55.2)	(60.2)
Total net deferred tax assets	$ 113.7	$ 76.4

TAXES (Detail) - Schedule of unrecognized tax benefits - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Gross unrecognized benefits	$ 30.8	$ 30.6	$ 33.6
Decreases related to prior year tax positions	(0.8)	(2.9)	(17.6)
Increase related to prior year tax positions	9.5	2.5	15.1
Increases related to current year tax positions	1.7	2.8	4.0
Settlements during the period	(2.4)	(2.2)	(1.3)
Lapse of statute of limitation	(0.1)		(3.2)
Gross unrecognized benefits	$ 38.7	$ 30.8	$ 30.6

CAPITAL STOCK AND STOCK-BASED AWARDS (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended			49 Months Ended
	May 31, 2012	May 31, 2012	May 31, 2011	May 31, 2010	Sep. 30, 2011	Sep. 30, 2007
Other Employees [Member] \| Plan 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		395,380
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)		$ 28.47
1995 Plan [Member]
Non Qualified Stock Options To Purchase	198,740	198,740
2001 Plan [Member]
Non Qualified Stock Options To Purchase	2,354,423	2,354,423
Plan 2011 [Member]
Non Qualified Stock Options To Purchase	610,912	610,912
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		224,172
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)		$ 28.18
Common Stock Available For Additional Awards	1,285,278	1,285,278
1997 Directors’ Plan [Member]
Non Qualified Stock Options To Purchase	6,000	6,000
Options To Purchase	174,000	174,000
2007 Directors’ Plan [Member]
Non Qualified Stock Options To Purchase						3,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		27,000
Common Stock Available For Additional Awards	333,800	333,800
Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Units					1,200
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share)		$ 26.73
Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Units Grants In Period		10,800
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	111,000	111,000
Class A Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,499,000	1,499,000
Stock Options [Member] \| Management Stock Purchase Plan [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition		2 years
Restricted Stock Units (RSUs) [Member] \| Management Stock Purchase Plan [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars)	$ 0.1	$ 0.1
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition		1 year 6 months
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars)	$ 5.6	$ 5.6
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition		2 years 6 months
Management Stock Purchase Plan [Member]
Deferred Rate For Annual Cash Bonus Payment		100.00%
Quarterly Basis Discount Rate Of Common Stock On Closing Price		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value (in Dollars)		$ 6.0	$ 4.1	$ 2.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		646,552
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)		$ 28.38
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in Dollars per share)		$ 27.75
Share Based Compensation Arrangement By Share Based Payment Award Restricted Stock Units Grants In Period		205,620	141,600	401,541
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	4,948,075	4,948,075	5,404,866
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars)	$ 3.1	$ 3.1
Stock Issued During Period, Shares, Conversion of Units		255,684
Quarterly Basis Discount Rate Of Common Stock On Closing Price	15.00%
Common Stock Remaining Authorized Under Management Stock Purchase Plan	468,372	468,372
Common Stock Remaining Authorized Under EmployeeS tock Purchase Plan	287,973	287,973

CAPITAL STOCK AND STOCK-BASED AWARDS (Detail) - Schedule of capital stock - shares	May 31, 2012	May 31, 2011
Common Class A [Member]
Authorized	4,000,000	4,000,000
Reserved for Issuance	1,499,000
Outstanding	1,656,200	1,656,200
Authorized	70,000,000	70,000,000
Authorized	2,000,000	2,000,000
Reserved for Issuance	7,480,698
Outstanding	29,795,911	29,316,691

CAPITAL STOCK AND STOCK-BASED AWARDS (Detail) - Schedule of Intrinsic value of stock options exercised, pretax stock-based compensation cost and related tax benefits - USD ($) $ in Thousands	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Total intrinsic value of stock options exercised	$ 5,000	$ 400	$ 300
Stock-based compensation cost (pretax)	12,200	13,700	14,000
Tax benefits related to stock-based compensation cost	1,800	1,800	2,100
Weighted average grant date fair value per option	$ 9,300	$ 8,150	$ 8,340

CAPITAL STOCK AND STOCK-BASED AWARDS (Detail) - Schedule of stock option activity for the Class A Stock and Common Stock plans $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2012 USD ($) $ / shares shares
Outstanding at May 31, 2011 \| shares	5,404,866
Outstanding at May 31, 2011 (in Dollars per share) \| $ / shares	$ 30.28
Granted \| shares	646,552
Granted (in Dollars per share) \| $ / shares	$ 28.38
Exercised \| shares	(724,613)
Exercised (in Dollars per share) \| $ / shares	$ 27.75
Expired \| shares	(335,040)
Expired (in Dollars per share) \| $ / shares	$ 41.44
Cancellations and forfeitures \| shares	(43,690)
Cancellations and forfeitures (in Dollars per share) \| $ / shares	$ 26.31
Outstanding at May 31, 2012 \| shares	4,948,075
Outstanding at May 31, 2012 (in Dollars per share) \| $ / shares	$ 29.69
Outstanding at May 31, 2012	5 years 73 days
Outstanding at May 31, 2012 (in Dollars) \| $	$ 5.1
Exercisable at May 31, 2012 \| shares	3,497,113
Exercisable at May 31, 2012 (in Dollars per share) \| $ / shares	$ 31.30
Exercisable at May 31, 2012	4 years
Exercisable at May 31, 2012 (in Dollars) \| $	$ 2.2

CAPITAL STOCK AND STOCK-BASED AWARDS (Detail) - Schedule of RSU activity - $ / shares	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
RSUs granted	205,620	141,600	401,541
Weighted average grant date price per unit (in Dollars per share)	$ 27.92	$ 25.03	$ 20.11

CAPITAL STOCK AND STOCK-BASED AWARDS (Detail) - Schedule of restricted stock units under the management stock purchase plan - $ / shares	12 Months Ended
	May 31, 2012	May 31, 2011
MSPP RSUs allocated	22,486	121,550
Purchase price per unit (in Dollars per share)	$ 17.78	$ 16.90

CAPITAL STOCK AND STOCK-BASED AWARDS (Detail) - Schedule of Stock Unit and Restricted Stock Unit activity - Stock Units And Restricted Stock Units [Member]	12 Months Ended
	May 31, 2012 $ / shares shares
Nonvested as of May 31, 2011 \| shares	752,404
Nonvested as of May 31, 2011 (in Dollars per share) \| $ / shares	$ 21.51
Granted \| shares	238,906
Granted (in Dollars per share) \| $ / shares	$ 27.14
Vested \| shares	(255,684)
Vested (in Dollars per share) \| $ / shares	$ 23.49
Forfeited \| shares	(24,731)
Forfeited (in Dollars per share) \| $ / shares	$ 20.59
Nonvested as of May 31, 2012 \| shares	710,895
Nonvested as of May 31, 2012 (in Dollars per share) \| $ / shares	$ 22.81

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

CAPITAL STOCK AND STOCK-BASED AWARDS (Detail) - Schedule of employee stock purchase plan activity - $ / shares	12 Months Ended
	May 31, 2012	May 31, 2011
Shares issued	54,967	88,370
Weighted average purchase price per share (in Dollars per share)	$ 23.45	$ 22.75

Number of shares issued during the period as a result of an employee stock purchase plan.

Less repurchases made from December 2007 through May 2012

TREASURY STOCK (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011
Accelerated Share Repurchases Outstanding Common Stock		$ 200.0
Common Shares Purchased (in Shares)		5,199,699
Common Shares Purchase Price Per Share (in Dollars per share)		$ 30.00
Purchase Of Common Stock Value Excluding Related Fees and Expenses		$ 156.0
Stock Repurchase Program Number Of Shares Repurchased (in Shares)	500,000
Stock Repurchase Program Repurchased Amount	$ 13.1
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share)	$ 27.48

TREASURY STOCK (Detail) - Schedule of repurchase of common stock - USD ($)
$ in Millions

12 Months Ended

54 Months Ended

May 31, 2012

Sep. 30, 2010

^[1]

Dec. 31, 2009

Feb. 28, 2009

Nov. 30, 2008

May 31, 2008

Dec. 31, 2007

May 31, 2012

Authorization Amount

$ 119.0

$ 44.0

$ 20.0

$ 5.0

$ 10.0

$ 20.0

$ (87.6)

Remaining Board authorization at May 31, 2012

$ 31.4

[1]

Represents the remainder of a $200.0 authorization after giving effect to the purchase of 5,199,699 shares at $30.00 per share pursuant to a large share repurchase in the form of a modified Dutch auction tender offer that was completed by the Company on November 3, 2010 for a total cost of $156.0, excluding related fees and expenses.

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the par value method.

EMPLOYEE BENEFIT PLANS (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
EMPLOYEE BENEFIT PLANS (Detail) - USD ($) $ in Millions	May 31, 2012	May 31, 2012	May 31, 2011	May 31, 2010
Pension Plans, Defined Benefit [Member] \| Estimated Net Loss [Member]
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year		$ 2.2
Pension Plans, Defined Benefit [Member]
Defined Benefit Pension Plan Settlements Liabilities			$ 1.2
Defined Benefit Plan Settlements Expense			$ 4.2
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		7.70%	7.50%	7.70%
Other Postretirement Benefit Plans, Defined Benefit [Member] \| Estimated Net Loss [Member]
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year		$ 3.8
Other Postretirement Benefit Plans, Defined Benefit [Member] \| Prior Service Cost [Member]
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year		0.4
Defined Benefit Pension Plan Liabilities, Current			$ 1.3
Defined Benefit Post Retirement Plan Unrecognized Prior Service Credit	$ 0.8	$ 0.8
Percentage Of Federal Subsidy To Sponsors Of Retiree Health Care Benefit Plans		28.00%
Prescription Drug Benefit, Reduction in Accumulated Postretirement Benefit Obligation for Subsidy	$ 2.9	$ 2.9	3.0	$ 2.8
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	7.70%
Other Comprehensive Income Defined Benefit Plans Tax Benefit		6.5
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax		(6.5)	4.0	(9.1)
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year	$ 10.6	10.6
Defined Retirement Plan Contributed		$ 7.4	$ 6.9	$ 5.0

EMPLOYEE BENEFIT PLANS (Detail) - Summary of weighted average actuarial assumptions utilized to benefit obligations	1 Months Ended	12 Months Ended
	May 31, 2012	May 31, 2012	May 31, 2011	May 31, 2010
Pension Plans, Defined Benefit [Member]
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.00%	4.00%	5.10%	5.40%
Rate of compensation increase	3.30%	3.30%	4.30%	4.30%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		5.10%	5.40%	6.70%
Expected long-term return on plan assets		7.70%	7.50%	7.70%
Rate of compensation increase		4.30%	4.30%	3.60%
Other Postretirement Benefit Plans, Defined Benefit [Member]
Weighted average assumptions used to determine benefit obligations:
Discount rate	3.90%	3.90%	5.00%	5.40%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		5.00%	5.40%	6.70%
Expected long-term return on plan assets	7.70%

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of change in benefit obligations - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Pension Plans, Defined Benefit [Member]
Change in benefit obligation:
Benefit obligation at beginning of year	$ 173.9	$ 171.1
Service cost		0.3	$ 0.1
Interest cost	8.4	8.9	9.7
Settlements		(7.5)
Actuarial losses	11.1	6.0
Foreign currency translation	(1.9)	3.7
Benefits paid, including expenses	(9.3)	(8.6)
Benefit obligation at end of year	182.2	173.9	171.1
Other Postretirement Benefit Plans, Defined Benefit [Member]
Change in benefit obligation:
Benefit obligation at beginning of year	38.3	34.4
Service cost	0.0
Interest cost	1.7	1.9	1.6
Plan participants’ contributions	0.4	0.5
Actuarial losses	1.7	4.7
Benefits paid, including expenses	(2.5)	(3.2)
Benefit obligation at end of year	$ 39.6	$ 38.3	$ 34.4

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of change in fair value of plan assets - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011
Pension Plans, Defined Benefit [Member]
Change in plan assets:
Fair value of plan assets at beginning of year	$ 146.7	$ 126.5
Actual return on plan assets	(0.2)	24.6
Employer contributions	9.9	9.2
Benefits paid, including expenses	(9.3)	(8.6)
Settlements		(7.5)
Foreign currency translation	(1.3)	2.5
Fair value of plan assets at end of year	145.8	146.7
Other Postretirement Benefit Plans, Defined Benefit [Member]
Change in plan assets:
Employer contributions	2.2	2.7
Benefits paid, including expenses	(2.6)	(3.2)
Plan participants’ contributions	0.4	0.5
Fair value of plan assets at beginning of year	146.7
Fair value of plan assets at end of year	$ 145.8	$ 146.7

EMPLOYEE BENEFIT PLANS (Detail) - Schedule Of Amounts Recognized In Balance Sheet - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Pension Plans, Defined Benefit [Member]
Non-current liabilities	$ 36.4	$ 27.2
Net underfunded balance	36.4	27.2
Other Postretirement Benefit Plans, Defined Benefit [Member]
Current liabilities	3.4	2.8
Non-current liabilities	36.2	35.5
Net underfunded balance	$ 39.6	$ 38.3

This represents the entire liability recognized in the balance sheet that is associated with the defined benefit plans.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21915240&loc=d3e1703-114919

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2417-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.15)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2410-114920

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

This represents the noncurrent liability for underfunded plans recognized in the balance sheet that is associated with the defined benefit pension plans and other postretirement defined benefit plans.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2417-114920

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21915240&loc=d3e1703-114919

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2410-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.24)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of recognized in accumulated other comprehensive loss - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Pension Plans, Defined Benefit [Member]
Net actuarial gain (loss)	$ (76.4)	$ (56.4)
Net amount recognized in Accumulated other comprehensive income (loss)	(76.4)	(56.4)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Net actuarial gain (loss)	(19.2)	(21.3)
Net prior service credit	0.8	1.5
Net amount recognized in Accumulated other comprehensive income (loss)	(18.4)	(19.8)
Net actuarial gain (loss)	(95.6)	(77.7)
Net prior service credit	0.8	1.5
Net amount recognized in Accumulated other comprehensive income (loss)	$ (94.8)	$ (76.2)

The pretax net amount of gains and losses that are not yet recognized as a component of net periodic benefit cost, and that are recognized as increases or decreases in other comprehensive income as they arise. Gains and losses are due to changes in the value of either the benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption, or the consequence of a decision to temporarily deviate from the substantive plan.

Amount related to the pretax cost of benefit changes attributable to plan participants' prior service pursuant to a plan amendment or a plan initiation, which has not yet been recognized as components of net periodic benefit cost.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Glossary Prior Service Cost
-URI http://asc.fasb.org/extlink&oid=6521920

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Prior Service Cost
-URI http://asc.fasb.org/extlink&oid=6521884

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of accumulated benefit obligation in excess of plan assets - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Projected benefit obligations	$ 182.2	$ 173.9
Accumulated benefit obligations	181.1	172.8
Fair value of plan assets	$ 145.8	$ 146.7

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of net periodic costs - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Pension Plans, Defined Benefit [Member]
Components of net periodic (benefit) cost:
Service cost		$ 0.3	$ 0.1
Interest cost	$ 8.4	8.9	9.7
Expected return on assets	(10.8)	(9.4)	(8.1)
Net amortization and deferrals			(0.1)
Settlement		4.2	0.8
Recognized net actuarial loss	1.4	1.8	1.6
Net periodic (benefit) cost	(1.0)	5.8	4.0
Other Postretirement Benefit Plans, Defined Benefit [Member]
Components of net periodic (benefit) cost:
Service cost	0.0
Interest cost	1.7	1.9	1.6
Net amortization and deferrals	(0.6)	(0.7)	(0.7)
Recognized net actuarial loss	3.8	2.6	1.2
Net periodic (benefit) cost	$ 4.9	$ 3.8	$ 2.1

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of total weighted average asset allocations	May 31, 2012	May 31, 2011
Equity Securities [Member]
Pension Plans, Weighted Average Asset Allocations	63.50%	68.70%
Debt Securities [Member]
Pension Plans, Weighted Average Asset Allocations	26.50%	23.40%
Real Estate [Member]
Pension Plans, Weighted Average Asset Allocations	1.00%	1.10%
Other Securities [Member]
Pension Plans, Weighted Average Asset Allocations	9.00%	6.80%
Pension Plans, Weighted Average Asset Allocations	100.00%	100.00%

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of targeted weighted average asset allocations	12 Months Ended
	May 31, 2012
United States Pension Plan [Member]
Equity	70.00%
Debt and cash equivalents	30.00%
Real estate and other	0.00%
	100.00%
United Kingdom Pension Plan [Member]
Equity	40.00%
Debt and cash equivalents	30.00%
Real estate and other	30.00%
	100.00%

EMPLOYEE BENEFIT PLANS (Detail) - Schedule for measurement of benefit plan assets at fair value - USD ($)
$ in Millions

May 31, 2012

May 31, 2011

Cash and Cash Equivalents [Member]

$ 7.4

$ 4.4

Equity Securities, United States [Member] | Fair Value, Inputs, Level 1 [Member]

7.4

4.4

Equity Securities, United States [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

73.0

71.4

Equity Securities, United States [Member] | Fair Value, Inputs, Level 3 [Member]

^[1]

Equity Securities, United States [Member]

^[1]

Equity Securities, International [Member] | Fair Value, Inputs, Level 1 [Member]

^[1]

73.0

71.4

Equity Securities, International [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

11.2

17.8

Equity Securities, International [Member] | Fair Value, Inputs, Level 3 [Member]

^[2]

8.3

11.5

Equity Securities, International [Member]

^[2]

Equity Securities, Fixed Income [Member] | Fair Value, Inputs, Level 1 [Member]

^[2]

19.5

29.3

Equity Securities, Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

32.2

31.1

Equity Securities, Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

6.4

3.1

Equity Securities, Fixed Income [Member]

^[3]

Annuities [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

38.6

34.2

5.8

5.7

Annuities [Member]

Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]

5.8

5.7

Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]

^[4]

Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]

^[4]

1.5

1.7

^[4]

Real Estate [Member]

Fair Value, Inputs, Level 1 [Member]

^[4]

1.5

1.7

Fair Value, Inputs, Level 2 [Member]

123.8

124.7

Fair Value, Inputs, Level 3 [Member]

16.2

16.3

5.8

5.7

$ 145.8

$ 146.7

[1]	Funds which invest in a diversified portfolio of publicly traded U.S. common stocks of large-cap, medium-cap and small-cap companies. There are no restrictions on these investments.
[2]	Funds which invest in a diversified portfolio of publicly traded common stock of non-U.S. companies, primarily in Europe and Asia. There are no restrictions on these investments.
[3]	Funds which invest in a diversified portfolio of publicly traded government bonds, corporate bonds and mortgage-backed securities. There are no restrictions on these investments.
[4]	Represents assets of a non-U.S. entity plan invested in a fund whose underlying investments are comprised of properties. The fund has publicly available quoted market prices and there are no restrictions on these investments.

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of changes in fair value level 3 assets - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011
Balance	$ 5.7	$ 4.9
Actual Return on Plan Assets:
Relating to assets still held	0.7	0.2
Purchases, sales and settlements, net	(0.3)
Foreign currency translation	(0.3)	0.6
Balance	$ 5.8	$ 5.7

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of expected future benefit payments $ in Millions	May 31, 2012 USD ($)
Benefit Payments [Member] \| Other Postretirement Benefit Plans, Defined Benefit [Member]
2013	$ 3.1
2014	3.2
2015	3.2
2016	3.1
2017	3.1
2018-2022	14.2
Medicare Subsidy Receipts [Member] \| Other Postretirement Benefit Plans, Defined Benefit [Member]
2013	0.2
2014	0.2
2015	0.3
2016	0.3
2017	0.3
2018-2022	1.6
Pension Plans, Defined Benefit [Member]
2013	14.7
2014	16.2
2015	11.3
2016	11.4
2017	11.1
2018-2022	$ 50.6

EMPLOYEE BENEFIT PLANS (Detail) - Assumed health care cost trend rates	12 Months Ended
	May 31, 2012	May 31, 2011
Health care cost trend rate assumed for the next fiscal year	7.50%	8.30%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2020	2020

EMPLOYEE BENEFIT PLANS (Detail) - Schedule of effect of one percentage point change in assumed health care cost trend rates - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Total service and interest cost - 1% increase	$ 0.2	$ 0.2
Total service and interest cost - 1% decrease	(0.2)	(0.2)
Post-retirement benefit obligation - 1% increase	4.3	4.1
Post-retirement benefit obligation - 1% decrease	$ (3.7)	$ (3.5)

ACCRUED SEVERANCE (Detail) - Schedule of accrued severance cost associated with cost reduction measures - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Beginning balance	$ 1.9	$ 3.4
Accruals	14.9	6.7	$ 9.2
Payments	(14.1)	(8.2)
Ending balance	$ 2.7	$ 1.9	$ 3.4

EARNINGS (LOSS) PER SHARE (Detail) - USD ($) $ in Millions	12 Months Ended			54 Months Ended
EARNINGS (LOSS) PER SHARE (Detail) - USD ($) $ in Millions	May 31, 2012	May 31, 2011	May 31, 2010	May 31, 2012
Participating Restricted Stock Units [Member]
Undistributed Earnings Allocated to Participating Securities (in Dollars)	$ 0.5	$ 0.3
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,962,650	4,341,331	5,264,202
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	4,948,075	5,404,866		4,948,075
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars)	$ 31.4			$ 31.4

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

EARNINGS (LOSS) PER SHARE (Detail) - Summary of reconciliation of the numerators and denominators for the Basic and Diluted earnings (loss) per share - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Earnings (loss) from continuing operations attributable to Class A and Common Shares (in Dollars)	$ 108.2	$ 45.2	$ 61.0
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax (in Dollars)	(6.3)	(6.1)	(4.9)
Net income (loss) attributable to Class A and Common Shares (in Dollars)	$ 101.9	$ 39.1	$ 56.1
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions) (in Shares)	31.2	33.1	36.5
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions) (in Shares)	0.5	0.5	0.3
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions) (in Shares)	31.7	33.6	36.8
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$ 3.47	$ 1.36	$ 1.67
Earnings (loss) from discontinued operations, net of tax	(0.20)	(0.18)	(0.13)
Net income (loss)	3.27	1.18	1.54
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	3.41	1.34	1.65
Earnings (loss) from discontinued operations, net of tax	(0.20)	(0.18)	(0.13)
Net income (loss)	$ 3.21	$ 1.16	$ 1.52

OTHER ACCRUED EXPENSES (Detail) - Schedule of other accrued expenses - USD ($) $ in Millions	May 31, 2012	May 31, 2011
Accrued payroll, payroll taxes and benefits	$ 48.1	$ 45.0
Accrued bonus and commissions	57.3	32.6
Accrued other taxes	42.8	20.1
Accrued advertising and promotions	36.1	27.2
Accrued income taxes	10.2	5.5
Accrued insurance	8.4	8.4
Other accrued expenses	30.6	34.5
Total accrued expenses	$ 233.5	$ 173.3

Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.

Carrying value as of the balance sheet date of obligations incurred through that date and payable to insurance entities to mitigate potential loss from various risks or to satisfy a promise to provide certain coverage's to employees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Prepublication and production costs

OTHER INCOME (EXPENSE) (Detail) - Schedule of other income expense - USD ($) $ in Millions	12 Months Ended
	May 31, 2012	May 31, 2011	May 31, 2010
Acquisition costs	$ (0.1)	$ (0.4)
Gain on repurchase of notes			$ 0.9
Total Other income (expense)	$ (0.1)	$ (0.4)	$ 0.9

OTHER FINANCIAL DATA (Detail) - Schedule of Other Financial Data Other Than Accumulated Other Comprehensive Income - USD ($)
$ in Millions

12 Months Ended

May 31, 2012

May 31, 2011

May 31, 2010

Advertising expense

$ 147.9

$ 155.7

$ 149.6

127.4

125.1

117.8

Amortization of prepublication and production costs

^[1]

55.1

51.1

51.0

Foreign currency translation gain (loss)

0.7

(1.3)

0.5

$ 61.1

$ 44.9

$ 39.1

[1]	Includes amortization of prepublication and production costs.

OTHER FINANCIAL DATA (Detail) - Schedule of Other Financial Data Relating to Other Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	May 31, 2012	May 31, 2011
Unredeemed credits issued in conjuction with the Company’s school-based book club and book fair operations (included in other accrued expenses)	$ 9.2	$ 9.0
Components of Accumulated other comprehensive income (loss):
Foreign Currency Translation	(10.9)	(2.7)
Pension Obligations (net of tax of $31.5 and $25.0)	(63.3)	(51.2)
Accumulated other comprehensive income (loss)	$ (74.2)	$ (53.9)	$ (74.2)	$ (53.9)

The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

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Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

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