View Filing Data

Selling, general and administrative expenses (exclusive of depreciation and amortization)

$ 366.0

$ 346.5

$ 1,159.0

$ 1,148.1

Operating costs and expenses:

Cost of goods sold

178.0

174.1

549.6

545.6

188.3

186.0

563.0

563.4

9.2

11.1

30.3

36.8

Total operating costs and expenses

6.9

^[1]

0.0

6.9

^[1]

2.9

^[1]

382.4

371.2

1,149.8

1,148.7

Operating income (loss)

(16.4)

(24.7)

9.2

(0.6)

Interest income (expense), net

(0.2)

(0.7)

(0.8)

(2.6)

Gain (loss) on investments

0.0

2.2

0.6

Earnings (loss) from continuing operations before income taxes

(16.6)

(25.4)

10.6

(2.6)

Earnings (loss) from continuing operations

(9.4)

(9.7)

1.5

(0.6)

(7.2)

(15.7)

9.1

(2.0)

Earnings (loss) from discontinued operations, net of tax

(1.8)

(6.4)

(2.6)

14.3

Net income (loss)

$ (9.0)

$ (22.1)

$ 6.5

$ 12.3

Basic:

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

$ (0.21)

$ (0.48)

$ 0.27

$ (0.06)

Earnings (loss) from discontinued operations, net of tax (in Dollars per share)

(0.05)

(0.20)

(0.08)

0.44

Net income (loss) (in Dollars per share)

(0.26)

(0.68)

0.19

0.38

Diluted:

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

(0.21)

(0.48)

0.26

(0.06)

Earnings (loss) from discontinued operations, net of tax (in Dollars per share)

(0.05)

(0.20)

(0.07)

0.43

Net income (loss) (in Dollars per share)

(0.26)

(0.68)

0.19

0.37

Dividends declared per class A and common share (in Dollars per share)

$ 0.15

$ 0.45

[1]	iscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (9.0)	$ (22.1)	$ 6.5	$ 12.3
Other comprehensive income (loss), net:
Foreign currency translation adjustments	(3.1)	(7.6)	(11.3)	(15.1)
Pension and post-retirement adjustments (net of tax)	0.8	0.8	2.3	(0.7)
Total other comprehensive income (loss)	(2.3)	(6.8)	(9.0)	(15.8)
Comprehensive income (loss)	$ (11.3)	$ (28.9)	$ (2.5)	$ (3.5)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Earnings (loss) from discontinued operations, net of tax

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Feb. 29, 2016	May 31, 2015	Feb. 28, 2015
Current Assets:
Cash and cash equivalents	$ 351.9	$ 506.8	$ 14.6
Restricted cash held in escrow	17.3	34.5	0.0
Accounts receivable, net	188.1	193.8	174.6
Inventories, net	333.1	257.6	327.9
Deferred income taxes	81.2	81.0	80.9
Prepaid expenses and other current assets	83.3	33.7	72.9
Current assets of discontinued operations	0.6	3.1	44.4
Total current assets	1,055.5	1,110.5	715.3
Property, plant and equipment, net	439.6	439.7	445.2
Prepublication costs	42.0	51.7	51.5
Royalty advances, net	42.9	39.3	40.2
Goodwill	116.2	116.3	121.7
Other intangibles	7.4	6.8	7.3
Noncurrent deferred income taxes	5.2	6.5	5.1
Other assets and deferred charges	51.9	51.5	45.4
Noncurrent assets of discontinued operations	0.0	0.0	119.8
Total noncurrent assets	705.2	711.8	836.2
Total assets	1,760.7	1,822.3	1,551.5
Current Liabilities:
Lines of credit, short-term debt and current portion of long-term debt	8.2	6.0	19.1
Capital lease obligations	1.1	0.3	0.2
Accounts payable	196.4	146.8	176.9
Accrued royalties	52.8	26.8	50.8
Deferred revenue	52.7	21.5	48.4
Other accrued expenses	152.0	173.3	150.7
Accrued income taxes	2.8	158.8	5.6
Current liabilities of discontinued operations	1.5	14.1	56.4
Total current liabilities	467.5	547.6	508.1
Noncurrent Liabilities:
Long-term debt	0.0	0.0	65.0
Capital lease obligations	7.7	0.4	0.3
Other noncurrent liabilities	59.3	69.4	59.5
Noncurrent liabilities of discontinued operations	0.0	0.0	0.8
Total noncurrent liabilities	67.0	69.8	125.6
Commitments and Contingencies	0.0	0.0	0.0
Stockholders’ Equity:
Preferred Stock, $1.00 par value	0.0	0.0	0.0
Common Stock, value	0.4	0.4	0.4
Additional paid-in capital	601.5	591.5	586.4
Accumulated other comprehensive income (loss)	(86.0)	(77.0)	(71.0)
Retained earnings	1,030.9	1,039.9	762.6
Treasury stock at cost	(320.6)	(349.9)	(360.6)
Total stockholders’ equity	1,226.2	1,204.9	917.8
Total liabilities and stockholders’ equity	1,760.7	1,822.3	1,551.5
Common Class A
Stockholders’ Equity:
Common Stock, value	$ 0.0	$ 0.0	$ 0.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Feb. 29, 2016	May 31, 2015	Feb. 28, 2015
Preferred stock par value per share (in Dollars per share)	$ 1	$ 1	$ 1
Common Stock, par value per share (in Dollars per share)	0.01	0.01	0.01
Common Class A
Common Stock, par value per share (in Dollars per share)	$ 0.01	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

9 Months Ended

Feb. 29, 2016

Feb. 28, 2015

Cash flows - operating activities:

Net income (loss)

$ 6.5

$ 12.3

(2.6)

14.3

Earnings (loss) from continuing operations

9.1

(2.0)

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

Provision for losses on accounts receivable

8.9

Provision for losses on inventory

13.5

15.9

Provision for losses on royalty advances

2.6

2.9

Amortization of prepublication and production costs

20.6

22.8

Amortization of pension and post-retirement actuarial gains and losses

30.6

37.1

3.3

6.2

Deferred income taxes

0.7

(2.0)

Stock-based compensation

8.1

7.4

Income from equity investments

(3.0)

(1.8)

Non-cash write off related to asset impairments

^[1]

6.9

2.9

(Gain) loss on investments

(2.2)

(0.6)

Changes in assets and liabilities:

Accounts receivable

(8.3)

23.5

Inventories

(93.2)

(98.6)

Other current assets

(41.1)

(36.0)

Deferred promotion costs

(3.6)

(3.8)

Royalty advances

(6.6)

(6.5)

Accounts payable

41.5

42.0

Other accrued expenses

(18.9)

(17.6)

Accrued income taxes

(151.6)

(8.1)

Accrued royalties

26.8

21.3

Deferred revenue

31.6

29.2

Pension and post-retirement liability

(3.9)

3.6

Other noncurrent liability

(9.0)

(0.7)

Other, net

(4.6)

(7.1)

Total adjustments

(150.9)

40.9

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

(141.8)

38.9

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

(9.8)

70.0

Net cash provided by (used in) operating activities

(151.6)

108.9

Cash flows - investing activities:

Prepublication and production expenditures

(18.2)

(21.8)

Additions to property, plant and equipment

(22.0)

(20.5)

Repayment of loan to investee

0.0

4.8

Other investment and acquisition related payments

(3.7)

(0.7)

Proceeds from the sale of investments

3.3

0.6

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

(40.6)

(37.6)

Working capital adjustment from sale of discontinued assets

2.9

0.0

Changes in restricted cash held in escrow for assets discontinued (sold)

17.2

0.0

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

0.0

(22.4)

Net cash provided by (used in) investing activities

(26.3)

(60.0)

Cash flows - financing activities:

Net borrowings under credit agreement and revolving loan

0.0

(55.0)

Borrowings under lines of credit

35.9

261.1

Repayment of lines of credit

(33.1)

(257.2)

Repayment of capital lease obligations

(0.5)

(0.2)

Reacquisition of common stock

(5.8)

(3.5)

Proceeds pursuant to stock-based compensation plans

34.2

14.5

Payment of dividends

(15.4)

(14.8)

Net collections (remittances) under transition services agreement

4.5

0.0

Other

4.4

1.2

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

24.2

(53.9)

Effect of exchange rate changes on cash and cash equivalents

(1.2)

(1.3)

Net increase (decrease) in cash and cash equivalents

(154.9)

(6.3)

Cash and cash equivalents at beginning of period

506.8

20.9

Cash and cash equivalents at end of period

$ 351.9

$ 14.6

[1]	iscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.

Basis of Presentation

9 Months Ended

Feb. 29, 2016

Accounting Policies [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

Principles of consolidation

The accompanying condensed consolidated financial statements include the accounts of Scholastic Corporation (the “Corporation”) and all wholly-owned and majority-owned subsidiaries (collectively, “Scholastic” or the “Company”). Intercompany transactions are eliminated in consolidation. These financial statements have not been audited but reflect those adjustments consisting of normal recurring items that management considers necessary for a fair presentation of financial position, results of operations, comprehensive income (loss) and cash flows. These financial statements should be read in conjunction with the consolidated financial statements and related notes in the Annual Report on Form 10-K for the fiscal year ended May 31, 2015 (the “Annual Report”).

The Company’s fiscal year is not a calendar year. Accordingly, references in this document to fiscal 2015 relate to the twelve-month period ended May 31, 2015.

Seasonality

The Company’s Children’s Book Publishing and Distribution school-based book fair and book club channels and most of its Education businesses operate on a school-year basis; therefore, the Company’s business is highly seasonal. As a result, the Company’s revenues in the first and third quarters of the fiscal year generally are lower than its revenues in the other two fiscal quarters. Typically, school-based channel and magazine revenues are minimal in the first quarter of the fiscal year as schools are not in session. Trade sales can vary through the year due to varying release dates of published titles. The Company generally experiences a loss from operations in the first and third quarters of each fiscal year.

Use of estimates

The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with the instructions to Form 10-Q and Regulation S-X. The preparation of these financial statements involves the use of estimates and assumptions by management, which affects the amounts reported in the condensed 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. On an on-going basis, the Company evaluates the adequacy of its reserves and the estimates used in calculations, including, but not limited to:


•	Accounts receivable reserves for returns


•	Accounts receivable allowance for doubtful accounts


•	Pension and other post-retirement obligations


•	Uncertain tax positions


•	Inventory reserves


•	Cost of goods sold from book fair operations during interim periods determined based on estimated gross profit rates


•	Sales taxes


•	Royalty accruals and related advance reserves


•	Customer reward programs


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


•	Assets and liabilities acquired in business combinations.

New Accounting Pronouncements

ASU 2016-02

In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (the "ASU") 2016-02, Leases (Topic 842). This ASU includes a lessee accounting model that recognizes two types of leases - finance leases and operating leases. This ASU requires that a lessee recognize on the balance sheet assets and liabilities for all leases with lease terms of more than 12 months. Lessees will need to recognize almost all leases on the balance sheet as a right-of-use asset and a lease liability. It will be critical to identify leases embedded in a contract to avoid misstating the lessee’s balance sheet. For income statement purposes, the FASB retained the dual model, requiring leases to be classified as either operating or finance. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. For short-term leases of 12 months or less, lessees are permitted to make an accounting election by class of underlying asset not to recognize right-of-use assets or lease liabilities. If the alternative is elected, lease expense would be recognized generally on the straight-line basis over the respective lease term. Accounting by lessors was not significantly impacted by this update. Changes to lessor accounting focused on conformance with certain changes made to lessee accounting and to align with the recently released revenue recognition guidance.

The amendments in this ASU will take effect for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the adoption methodology and the impact of this update on its consolidated financial position, results of operations and cash flows.

ASU 2015-17

In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This ASU eliminates the current requirement for entities to present deferred tax liabilities and assets as current and noncurrent in a classified statement of financial position and instead requires that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company will elect an early application for its fiscal year ending May 31, 2016, and will present the net deferred tax assets as noncurrent and reclassify any current deferred tax assets in its consolidated financial position on a retrospective basis.

ASU 2015-16

In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU eliminates the requirement under the current guidance that an acquirer retrospectively adjust provisional amounts recognized in a business combination during the measurement period. The measurement period is up to one year from the date of the acquisition. The update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, and that the acquirer records, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The financial statements should also separately present on the face of the income statement, or disclose in the footnotes, the amount of adjustments recorded in the current period by line item that would have been recorded in prior periods had the adjustment been made at the date of acquisition. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, and should be applied prospectively to provisional amount adjustments that occur after the effective date. Earlier application is permitted as of the beginning of an interim or annual reporting period. The Company has not chosen early adoption for fiscal 2016 and therefore the amendments in this update will be effective beginning in the first quarter of fiscal 2017. The Company does not expect the amendments in this update to have a material impact on its consolidated financial position, results of operations and cash flows.

ASU 2015-11

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory, as part of its Simplification Initiative. The update is designed to reduce the complexity related to the subsequent measurement of inventory. It changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The new update requires entities that measure inventory using any method other than last-in, first-out or the retail inventory method to measure inventory at the lower of cost and net realizable value. If net realizable value of inventory is lower than inventory cost, the difference is recognized as a loss in earnings in the period in which it occurs. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively and earlier application is permitted as of the beginning of an interim or annual reporting period. The Company has not chosen early adoption for fiscal 2016 and therefore the amendments in this update will be effective beginning in the first quarter of fiscal 2017. The Company does not expect the amendments in this update to have a material impact on its consolidated financial position, results of operations and cash flows.

ASU 2014-09 and ASU 2015-14:

In May 2014, the FASB announced that it is amending the FASB Accounting Standards Codification by issuing Topic 606, Revenue from Contracts with Customers, at the same time as the International Accounting Standards Board (the "IASB") is issuing International Financial Reporting Standards 15, Revenue from Contracts with Customers. The issuance of this authoritative guidance completes the joint effort by the FASB and the IASB to clarify the principles for recognizing revenue and improve financial reporting by creating common revenue recognition guidance.

The authoritative guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

To achieve that core principle, an entity should apply the following steps:


•	Step 1: Identify the contract(s) with a customer.


•	Step 2: Identify the performance obligations in the contract.


•	Step 3: Determine the transaction price.


•	Step 4: Allocate the transaction price to the performance obligations in the contract.


•	Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The update provides guidance for transactions that are not otherwise addressed comprehensively in authoritative guidance (for example, service revenue, contract modifications, and licenses of intellectual property). The amendments in this update are to be applied on a retrospective basis, either to each prior reporting period presented or by presenting the cumulative effect of applying the update recognized at the date of initial application.

In August 2015, the FASB issued Accounting Standards Update 2015-14-Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date established in ASU 2014-09. The amendments in ASU 2014-09 are now effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early application is not permitted. The Company is evaluating the adoption methodology and the impact of this update on its consolidated financial position, results of operations and cash flows.

Discontinued Operations

9 Months Ended

Feb. 29, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

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

During the nine month period ended February 29, 2016, there were no transactions that were classified as discontinued operations. During fiscal 2015, the Company closed or sold several operations. All of these businesses are classified as discontinued operations in the Company’s condensed consolidated financial statements.

Educational Technology and Services Business

On May 29, 2015, the Company completed the sale of substantially all of the assets comprising its former educational technology and services (“Ed Tech”) business and categorized this business as a discontinued operation. The consideration received was $577.7, of which $34.5 was deposited in escrow as security for potential indemnification and other obligations and $2.7 was received in estimated working capital adjustments. In the quarter ended February 29, 2016, the working capital adjustments from the sale of the Ed Tech business were finalized, resulting in a payment to the purchaser of $2.9. In connection with the sale of the Ed Tech business to the purchaser, the Company entered into a transition services agreement whereby the Company is providing administrative, distribution and other services to the purchaser for a minimum of 6 months and up to a maximum of 24 months. Transition service fees under this agreement are recorded as a reduction to Selling, general and administrative expenses.

As of February 29, 2016, a majority of the escrow is subject to release periodically over the next 5 months upon fulfillment of certain service levels under the transition services agreement between the purchaser and the Company and is presented as Restricted cash held in escrow on the condensed consolidated balance sheets. As of February 29, 2016, the Company had adequately fulfilled all service requirements and $17.2 had been released from Restricted cash held in escrow in accordance with the transition services agreement.

All Other Discontinued Operations

During fiscal 2015, the Company completed a restructuring of the businesses comprising its former Media, Licensing and Advertising segment and discontinued a subscription-based print magazine business, the animation and audio production business, and the game console digital content business, all of which were previously reported in such segment.

The following table summarizes the operating results of the discontinued operations for the three and nine month periods ended February 29, 2016, respectively:



	Three months ended February 29, 2016								Nine months ended February 29, 2016
	Ed Tech			All Other		Total			Ed Tech			All Other			Total
Revenues	$	—		$	0.4	$	0.4		$	—		$	0.7		$	0.7
Operating costs and expenses	0.3			0.3		0.6			1.2			1.0			2.2
Interest income (expense)	—			—		—			—			0.1			0.1
Gain (loss) on sale ⁽¹⁾	(2.9		)	—		(2.9		)	(2.9		)	—			(2.9		)
Earnings (loss) before income taxes	$	(3.2	)	$	0.1	$	(3.1	)	$	(4.1	)	$	(0.2	)	$	(4.3	)
Provision (benefit) for income taxes	(1.3		)	0.0		(1.3		)	(1.6		)	(0.1		)	(1.7		)
Earnings (loss) from discontinued operations, net of tax	$	(1.9	)	$	0.1	$	(1.8	)	$	(2.5	)	$	(0.1	)	$	(2.6	)

The following table summarizes the operating results of the discontinued operations for the three and nine month periods ended February 28, 2015, respectively:



	Three months ended February 28, 2015									Nine months ended February 28, 2015
	Ed Tech			All Other			Total			Ed Tech		All Other			Total
Revenues	$	33.6		$	1.9		$	35.5		$	174.1	$	9.2		$	183.3
Operating costs and expenses ⁽²⁾	43.4			2.7			46.1			148.0		10.8			158.8
Interest income (expense)	0.0			0.1			0.1			0.0		0.1			0.1
Earnings (loss) before income taxes	$	(9.8	)	$	(0.7	)	$	(10.5	)	$	26.1	$	(1.5	)	$	24.6
Provision (benefit) for income taxes	(3.8		)	(0.3		)	(4.1		)	10.9		(0.6		)	10.3
Earnings (loss) from discontinued operations, net of tax	$	(6.0	)	$	(0.4	)	$	(6.4	)	$	15.2	$	(0.9	)	$	14.3

(1) For the three and nine months ended February 29, 2016, the Company recognized a pretax loss of $2.9 related to the final adjustment to the working capital estimate from the sale of the Ed Tech business.

(2) For the three and nine months ended February 28, 2015, Operating costs and expenses of the continuing operations included costs related to unabsorbed overhead burden associated with the Ed Tech business of $3.8 and $11.2, respectively. These costs were included in the Overhead segment. For the three and nine months ended February 28, 2015, $0.1 and $0.2, respectively, of the costs were recorded in Cost of goods sold and $3.7 and $11.0, respectively, were recorded in Selling, general and administrative expenses.

The following table sets forth the assets and liabilities of the discontinued operations included in the condensed consolidated balance sheets of the Company:



	February 29, 2016		May 31, 2015		February 28, 2015
Accounts receivable, net	$	0.1	$	2.5	$	29.8
Inventories, net	—		0.1		13.5
Prepaid expenses and other current assets	0.5		0.5		1.1
Current assets of discontinued operations	$	0.6	$	3.1	$	44.4

Property, plant and equipment, net	—		—		1.7
Prepublication costs, net	—		—		90.1
Royalty advances, net	—		—		1.0
Goodwill	—		—		22.7
Other intangibles, net	—		—		4.0
Other assets and deferred charges	—		—		0.3
Noncurrent assets of discontinued operations	$	—	$	—	$	119.8

Capital lease obligation	—		—		0.4
Accounts payable	—		0.1		9.9
Accrued royalties	0.1		0.7		5.2
Deferred revenue	0.1		0.1		35.2
Other accrued expenses	1.3		13.2		5.7
Current liabilities of discontinued operations	$	1.5	$	14.1	$	56.4

Capital lease obligation	—		—		0.5
Other noncurrent liabilities	—		—		0.3
Noncurrent liabilities of discontinued operations	$	—	$	—	$	0.8

As of February 29, 2016 and May 31, 2015, assets and liabilities of discontinued operations primarily related to insignificant continuing cash flows from passive activities. As of May 31, 2015, other accrued expenses within the current liabilities of discontinued operations included payables for accrued costs of $12.2 related to the sale of the Ed Tech business that had not been paid as of May 31, 2015. These costs directly relate to the discontinued operations of the Ed Tech business and a majority have been or are expected to be paid in fiscal 2016.

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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Segment Information

9 Months Ended

Feb. 29, 2016

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company categorizes its businesses into three reportable segments: Children’s Book Publishing and Distribution; Education; 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, ebooks, media and interactive products in the United States through its book clubs and book fairs in its school channels and through the trade channel. This segment is comprised of three operating segments.


•	Education 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.


•	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 three operating segments.



	Children’s Book Publishing & Distribution ⁽¹⁾			Education ⁽¹⁾		Overhead ^{(1) (2)}			Total Domestic			International ⁽¹⁾			Total
Three months ended February 29, 2016
Revenues	$	220.2		$	63.5	$	—		$	283.7		$	82.3		$	366.0
Bad debt expense	1.3			0.5		—			1.8			1.3			3.1
Depreciation and amortization ⁽³⁾	6.6			2.5		5.0			14.1			1.9			16.0
Asset impairments ⁽⁴⁾	3.7			3.2		—			6.9			—			6.9
Segment operating income (loss)	2.8			3.0		(20.5		)	(14.7		)	(1.7		)	(16.4		)
Expenditures for long-lived assets including royalty advances	11.5			2.9		6.9			21.3			2.3			23.6
Three months ended February 28, 2015
Revenues	$	206.2		$	54.2	$	—		$	260.4		$	86.1		$	346.5
Bad debt expense	1.6			0.5		—			2.1			0.7			2.8
Depreciation and amortization ⁽³⁾	8.7			2.8		5.1			16.6			2.0			18.6
Segment operating income (loss)	(2.9		)	3.3		(25.9		)	(25.5		)	0.8			(24.7		)
Expenditures for long-lived assets including royalty advances	11.1			1.9		4.3			17.3			3.7			21.0



	Children’s Book Publishing & Distribution ⁽¹⁾		Education ⁽¹⁾		Overhead ^{(1) (2)}			Total Domestic			International ⁽¹⁾		Total
Nine months ended February 29, 2016
Revenues	$	702.3	$	185.6	$	—		$	887.9		$	271.1	$	1,159.0
Bad debt expense	3.8		1.7		—			5.5			3.4		8.9
Depreciation and amortization ⁽³⁾	22.1		8.1		14.7			44.9			6.0		50.9
Asset impairments⁽⁴⁾	3.7		3.2		—			6.9			—		6.9
Segment operating income (loss)	54.2		12.1		(64.2		)	2.1			7.1		9.2
Segment assets at February 29, 2016	471.4		153.4		879.1			1,503.9			256.2		1,760.1
Goodwill at February 29, 2016	40.9		65.4		—			106.3			9.9		116.2
Expenditures for long-lived assets including royalty advances	32.3		5.9		15.1			53.3			10.5		63.8
Long-lived assets at February 29, 2016	144.7		82.1		380.2			607.0			67.0		674.0
Nine months ended February 28, 2015
Revenues	$	673.8	$	170.9	$	—		$	844.7		$	303.4	$	1,148.1
Bad debt expense	4.3		1.4		—			5.7			3.2		8.9
Depreciation and amortization ⁽³⁾	27.9		8.8		16.3			53.0			6.6		59.6
Asset impairments ⁽⁴⁾	—		—		2.9			2.9			—		2.9
Segment operating income (loss)	45.2		12.3		(75.7		)	(18.2		)	17.6		(0.6		)
Segment assets at February 28, 2015	459.3		152.9		523.9			1,136.1			251.2		1,387.3
Goodwill at February 28, 2015	46.3		65.4		—			111.7			10.0		121.7
Expenditures for long-lived assets including royalty advances	39.9		5.2		8.2			53.3			10.4		63.7
Long-lived assets at February 28, 2015	156.0		88.5		380.1			624.6			64.1		688.7


(1)	As indicated in Note 2, “Discontinued Operations,” the Company closed or sold several operations during fiscal 2015. All of these businesses are classified as discontinued operations in the Company’s financial statements and, as such, are not reflected in this table.

(2)

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.


(3)	Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs.


(4)	Fiscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.

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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Earnings (Loss) Per Share

Debt

9 Months Ended

Feb. 29, 2016

Debt Disclosure [Abstract]

Debt

DEBT

The following table summarizes the carrying value of the Company's debt as of the dates indicated:



	February 29, 2016			May 31, 2015			February 28, 2015
Loan Agreement:
Revolving Loan (interest rates of n/a, n/a and 1.4%, respectively)	$	—		$	—		$	65.0
Unsecured lines of credit (weighted average interest rates of 3.7%, 3.8% and 2.7%, respectively)	8.2			6.0			19.1
Total debt	$	8.2		$	6.0		$	84.1
Less lines of credit, short-term debt and current portion of long-term debt	(8.2		)	(6.0		)	(19.1		)
Total long-term debt	$	—		$	—		$	65.0

The fair value of the Company's debt approximates the carrying value for all periods presented.

The following table sets forth the maturities of the Company’s debt obligations as of February 29, 2016, for the twelve-month periods ending February 28,



2017	$	8.2
2018	—
2019	—
2020	—
2021 and thereafter	—
Total debt	$	8.2

Loan Agreement

Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together, the “Borrowers”) are parties to a $425.0 credit facility with certain banks (as amended, the “Loan Agreement”), which allows the Company to borrow, repay or prepay and reborrow at any time prior to the December 5, 2017 maturity date. Under the Loan Agreement, interest on amounts borrowed thereunder 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 Loan Agreement 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, in each case, 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 February 29, 2016, the indicated spread on Base Rate Advances was 0.18% and the indicated spread on Eurodollar Rate Advances was 1.18%, both based on the Company’s prevailing consolidated debt to total capital ratio.

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 February 29, 2016, the facility fee rate was 0.20%.

As of February 29, 2016, the Company had no outstanding borrowings under the Loan Agreement. At February 29, 2016, the Company had open standby letters of credit totaling $0.4 under the Loan Agreement.

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 February 29, 2016, the Company was in compliance with these covenants.

Lines of Credit

As of February 29, 2016, the Company had domestic unsecured money market bid rate credit lines totaling $25.0. There were no outstanding borrowings under these credit lines at February 29, 2016 or May 31, 2015. Outstanding borrowings under these credit lines were $10.4 at February 28, 2015. At February 29, 2016, the Company had open standby letters of credit totaling $4.9 under the domestic unsecured money market bid rate credit lines. As of February 29, 2016, availability under these unsecured money market bid rate credit lines totaled $20.1. 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 February 29, 2016, the Company had equivalent local currency credit lines totaling $22.7. Outstanding borrowings under these lines of credit totaled $8.2, $6.0 and $8.7 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. As of February 29, 2016, the equivalent amounts available totaled $14.5, underwritten by banks primarily in the United States, Canada 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.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Feb. 29, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND 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, 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.

Earnings (Loss) Per Share

9 Months Ended

Feb. 29, 2016

Earnings Per Share [Abstract]

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 three month and nine month periods ended February 29, 2016 and February 28, 2015, respectively:



	Three months ended						Nine months ended
	February 29,			February 28,			February 29,			February 28,
	2016			2015			2016			2015
Earnings (loss) from continuing operations attributable to Class A and Common Shares	$	(7.2	)	$	(15.7	)	$	9.1		$	(2.0	)
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax	(1.8		)	(6.4		)	(2.6		)	14.3
Net income (loss) attributable to Class A and Common Shares	$	(9.0	)	$	(22.1	)	$	6.5		$	12.3
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)	34.3			32.7			34.0			32.6
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)	—			—			0.9			0.6
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)	34.3			32.7			34.9			33.2
Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	(0.21	)	$	(0.48	)	$	0.27		$	(0.06	)
Earnings (loss) from discontinued operations, net of tax	$	(0.05	)	$	(0.20	)	$	(0.08	)	$	0.44
Net income (loss)	$	(0.26	)	$	(0.68	)	$	0.19		$	0.38
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	(0.21	)	$	(0.48	)	$	0.26		$	(0.06	)
Earnings (loss) from discontinued operations, net of tax	$	(0.05	)	$	(0.20	)	$	(0.07	)	$	0.43
Net income (loss)	$	(0.26	)	$	(0.68	)	$	0.19		$	0.37

The following table sets forth Options outstanding pursuant to stock-based compensation plans as of the dates indicated:



	February 29, 2016	February 28, 2015
Options outstanding pursuant to stock-based compensation plans (in millions)	3.4	4.4

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. Potentially dilutive shares outstanding pursuant to compensation plans that were not included in the diluted earnings per share calculation because they were anti-dilutive were 0.4 million as of February 29, 2016.

A portion of the Company’s RSUs which are granted to employees participate in earnings through cumulative non-forfeitable dividends payable to the employees upon vesting of the RSUs. Accordingly, the Company measures earnings per share based upon the lower of the Two-class method or the Treasury Stock method. Since, under the Two-class method, losses are not allocated to the participating securities, in periods of loss the Two-class method is not applicable.

As of February 29, 2016, $52.9 remained available for future purchases of common shares under the current repurchase authorization of the Board of Directors (the "Board"). See Note 12, “Treasury Stock,” for a more complete description of the Company’s share buy-back program.

Goodwill and Other Intangibles

9 Months Ended

Feb. 29, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

GOODWILL AND OTHER INTANGIBLES

The Company assesses goodwill and other intangible assets with indefinite lives annually or more frequently if impairment indicators are such that the goodwill is more likely than not impaired. The Company continues to monitor impairment indicators in light of changes in market conditions, near and long-term demand for the Company’s products and other relevant factors.

The following table summarizes the activity in Goodwill for the periods indicated:



	Nine months ended February 29, 2016			Twelve months ended May 31, 2015			Nine months ended February 28, 2015
Gross beginning balance	$	155.9		$	156.0		$	156.0
Accumulated impairment	(39.6		)	(34.2		)	(34.2		)
Beginning balance	$	116.3		$	121.8		$	121.8
Impairment charge	—			(5.4		)	—
Foreign currency translation	(0.1		)	(0.1		)	(0.1		)
Gross ending balance	$	155.8		$	155.9		$	155.9
Accumulated impairment	(39.6		)	(39.6		)	(34.2		)
Ending balance	$	116.2		$	116.3		$	121.7

The following table summarizes the activity in Total other intangibles for the periods indicated:



	Nine months ended February 29, 2016			Twelve months ended May 31, 2015			Nine months ended February 28, 2015
Beginning balance - Other intangibles subject to amortization	$	4.7		$	5.8		$	5.8
Additions	2.4			0.8			0.8
Amortization expense	(1.7		)	(1.9		)	(1.4		)
Foreign currency translation	(0.1		)	—			—
Total other intangibles subject to amortization, net of accumulated amortization of $19.0, $17.3 and $16.8, respectively	$	5.3		$	4.7		$	5.2
Total other intangibles not subject to amortization	$	2.1		$	2.1		$	2.1
Total other intangibles	$	7.4		$	6.8		$	7.3

In the second quarter of fiscal 2016, the Company acquired 100% of the share capital of Troubadour, Limited, a book fairs business located in the United Kingdom and has integrated this business with its existing business in the United Kingdom. As a result, the Company recognized $1.9 of amortizable intangible assets.

Amortization expense for Total other intangibles was $1.7 and $1.4 for the nine months ended February 29, 2016 and February 28, 2015, respectively. Intangible assets with definite lives consist principally of customer lists, trademark and tradename rights and other agreements. Intangible assets with definite lives are amortized over their estimated useful lives. The weighted-average remaining useful lives of all amortizable intangible assets is approximately 4 years.

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.

Acquisitions (Notes)	9 Months Ended
Acquisitions (Notes)	Feb. 29, 2016
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS On September 8, 2015, the Company acquired 100% of the share capital of Troubadour, Limited, a book fairs business located in the United Kingdom, for £2.1 million, net of cash acquired, which was equivalent to approximately $3.2. Fair values were assigned to the assets and liabilities acquired, including inventory, trade receivables and payables, a customer list and fixed assets, in addition to cash. The Company utilized internally-developed discounted cash flow forecasts to determine the fair value of the customer list. The fair values of the net assets were $3.2 which included $1.9 of intangible assets attributable to the customer list. The results of operations of this business subsequent to the acquisition are included in the International segment. The transaction was not determined to be material to the Company's results and therefore pro forma financial information is not presented.

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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Compensation and Retirement Disclosure [Abstract]

Investments	9 Months Ended
Investments	Feb. 29, 2016
Equity Method And Cost Method Investments [Abstract]
Investments	INVESTMENTS Included in “Other assets and deferred charges” on the Company’s condensed consolidated balance sheets were investments of $25.7, $26.3 and $18.6 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. On November 5, 2015, the Company sold a cost method investment in China and received proceeds of $3.3 resulting in a pretax gain of $2.2. On March 19, 2015, the Company purchased a 48.5% equity interest in Make Believe Ideas Limited (MBI), a UK-based children's book publishing company. Under the purchase agreement, and subject to its provisions, the Company will purchase the remaining outstanding shares in MBI after approximately four years. The remaining controlling interest is held by a single third party and therefore the Company accounted for the investment using the equity method of accounting. The net carrying value of this investment was $7.8, $7.3 and $0.0 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. The Company’s 26.2% non-controlling interest in another children’s book publishing business located in the UK is accounted for using the equity method of accounting. The net carrying value of this investment was $17.9, $17.9 and $18.6 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. Income from equity investments reported in "Selling, general and administrative expenses" in the condensed consolidated Statements of Operations totaled $3.0 and $1.8 for the nine months ended February 29, 2016 and February 28, 2015, respectively. The Company had cost method investments that had a net carrying value of $0.0, $1.1 and $0.0 at February 29, 2016, May 31, 2015 and February 28, 2015, respectively. For the year ended May 31, 2015, the Company recognized a pretax gain of $0.6 on the sale of a UK-based cost method investment that had previously been determined to be other than temporarily impaired.

Employee Benefit Plans

9 Months Ended

Feb. 29, 2016

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

The following table sets forth components of the net periodic cost (credit) for the periods indicated under the Company’s cash balance retirement plan for its United States employees meeting certain eligibility requirements (the “U.S. Pension Plan”) and the defined benefit pension plan of Scholastic Ltd., an indirect subsidiary of Scholastic Corporation located in the United Kingdom (the “UK Pension Plan” and, together with the U.S. Pension Plan, the “Pension Plans”). Also included are the post-retirement benefits, consisting of certain healthcare and life insurance benefits provided by the Company to its eligible retired United States-based employees (the “Post-Retirement Benefits”). The Pension Plans and Post-Retirement Benefits include participants associated with both continuing operations and discontinued operations.



	Pension Plans						Post-Retirement Benefits
	Three months ended						Three months ended
	February 29,			February 28,			February 29,		February 28,
	2016			2015			2016		2015
Components of net periodic cost (credit):
Service cost	$	—		$	—		$	0.0	$	0.0
Interest cost	1.5			1.7			0.3		0.3
Expected return on assets	(1.9		)	(2.3		)	—		—
Net amortization of prior service credit	—			—			(0.0)		(0.1		)
Benefit cost of settlement event	—			0.6			—		—
Amortization of (gain) loss	0.4			0.4			0.7		0.4
Net periodic cost (credit)	$	(0.0	)	$	0.4		$	1.0	$	0.6



	Pension Plans						Post-Retirement Benefits
	Nine months ended						Nine months ended
	February 29,			February 28,			February 29,		February 28,
	2016			2015			2016		2015
Components of net periodic cost (credit):
Service cost	$	—		$	—		$	0.0	$	0.0
Interest cost	4.6			5.0			1.0		1.0
Expected return on assets	(5.8		)	(7.0		)	—		—
Net amortization of prior service credit	—			—			(0.0)		(0.2)
Benefit cost of settlement event	—			4.3			—		—
Amortization of (gain) loss	1.2			1.1			2.1		1.0
Net periodic cost (credit)	$	0.0		$	3.4		$	3.1	$	1.8

The Company’s funding practice with respect to the Pension Plans is to contribute on an annual basis at least the minimum amounts required by applicable laws. For the nine months ended February 29, 2016, the Company made no contribution to the U.S. Pension Plan and contributed $0.9 to the UK Pension Plan.

The Company expects, based on actuarial calculations, to contribute cash of approximately $1.3 to the Pension Plans for the fiscal year ending May 31, 2016.

In the current fiscal year, the U.S. Pension Plan's funding status is sufficient to allow participants to receive "lump sum" payments at the participant's request. Under certain circumstances, such lump sum payments must be accounted for as a settlement of the related pension obligation when paid. If these requests exceed $4.6 in the current fiscal year, the Company will recognize a settlement charge related to net unrecognized pension benefit costs in respect of the lump sum benefit payments made. For the nine months ended February 29, 2016, the Company made $3.1 of lump sum benefit payments to vested plan participants.

Stock-Based Compensation

9 Months Ended

Feb. 29, 2016

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

The following table summarizes stock-based compensation expense included in Selling, general and administrative expenses for the periods indicated:



	Three months ended				Nine months ended
	February 29,		February 28,		February 29,		February 28,
	2016		2015		2016		2015
Stock option expense	$	0.8	$	0.8	$	5.2	$	5.4
Restricted stock unit expense	0.7		0.6		2.1		1.9
Management stock purchase plan	0.0		0.1		0.6		0.7
Employee stock purchase plan	0.1		0.1		0.2		0.2
Total stock-based compensation expense	$	1.6	$	1.6	$	8.1	$	8.2

During the three month periods ended February 29, 2016 and February 28, 2015, respectively, less than 0.1 million and 0.1 million shares of Common Stock were issued by the Corporation pursuant to its stock-based compensation plans. For the nine month periods ended February 29, 2016 and February 28, 2015, respectively, approximately 1.2 million and 0.6 million shares of Common Stock were issued by the Corporation pursuant to its stock-based compensation plans.

For the three and nine month periods ended February 28, 2015, total stock-based compensation expense included $0.2 and $0.8, respectively, of expenses recognized in discontinued operations.

Treasury Stock

9 Months Ended

Feb. 29, 2016

Stockholders' Equity Attributable to Parent [Abstract]

Treasury Stock

TREASURY STOCK

The Board has authorized the Company to repurchase Common Stock, from time to time as conditions allow, on the open market or through negotiated private transactions.

The table below represents the remaining Board authorization:



	Amount
September 2010	$	44.0		^(a)
Additional authorization July 2015	50.0
Less repurchases made under the authorizations as of February 29, 2016	(41.1		)
Remaining Board authorization at February 29, 2016	$	52.9

^(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.

On July 22, 2015, the Board authorized an additional $50.0 for the share buy-back program, to be funded with available cash. There were $7.0 repurchases of Common Stock made during the three and nine months ended February 29, 2016. The Company’s repurchase program may be suspended at any time without prior notice.

On December 16, 2015, the Board approved another modified Dutch Auction tender offer (the "Offer") to purchase for cash up to $200.0 in value of the Company's shares of Common Stock, par value, $.01 per share, at a price range to be determined. The Offer was commenced on December 28, 2015 with a price range for prices specified by tendering stockholders of not greater than $40.00 or less than $37.00 per share of Common Stock. On January 21, 2016, the Company terminated the Offer because of a decrease of more than 10% in a number of major United States stock indices following the commencement of the Offer on December 28, 2015. One of the conditions of the Offer provided the Company with the right in its discretion to terminate the Offer in the event of a decrease of more than 10%, at any time prior to the expiration of the Offer, in the market price for the Common Shares or in the Dow Jones Industrial Average, New York Stock Exchange Index, NASDAQ Composite Index or the Standard and Poor's 500 Composite Index measured from the close of trading on December 28, 2015.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Feb. 29, 2016

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables summarize the activity in Accumulated other comprehensive income (loss), net of tax, by component for the periods indicated:



	Nine months ended February 29, 2016
	Foreign currency translation adjustments			Retirement benefit plans			Total
Beginning balance	$	(31.9	)	$	(45.1	)	$	(77.0	)
Other comprehensive income (loss) before reclassifications	(11.3		)	—			$	(11.3	)
Less: amount reclassified from Accumulated other comprehensive income (loss)	—			2.3			2.3
Other comprehensive income (loss)	(11.3		)	2.3			(9.0		)
Ending balance	$	(43.2	)	$	(42.8	)	$	(86.0	)



	Nine months ended February 28, 2015
	Foreign currency translation adjustments			Retirement benefit plans			Total
Beginning balance	$	(16.7	)	$	(38.5	)	$	(55.2	)
Other comprehensive income (loss) before reclassifications	(15.1		)	(4.6		)	$	(19.7	)
Less: amount reclassified from Accumulated other comprehensive income (loss)	—			3.9			3.9
Other comprehensive income (loss)	(15.1		)	(0.7		)	(15.8		)
Ending balance	$	(31.8	)	$	(39.2	)	$	(71.0	)

The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the periods indicated:



	Three months ended						Nine months ended						Affected line items in the condensed consolidated statements of operations
	February 29,			February 28,			February 29,			February 28,
	2016			2015			2016			2015
Employee benefit plans:
Amortization of prior service cost (credit)	$	(0.0	)	$	(0.1	)	$	(0.0	)	$	(0.2	)	Selling, general and administrative
Amortization of unrecognized gain (loss) included in net periodic cost (credit)	1.1			0.8			3.3			2.1			Selling, general and administrative
Settlement charge	—			0.6			—			4.3			Selling, general and administrative
Less: Tax effect	(0.3		)	(0.5		)	(1.0		)	(2.3		)	Income tax expense (benefit)
Total expense, net of tax	$	0.8		$	0.8		$	2.3		$	3.9

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Glossary Preferred Stock
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Fair Value Measurements

9 Months Ended

Feb. 29, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures

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



	○	Quoted prices for similar assets or liabilities in active markets
	○	Quoted prices for identical or similar assets or liabilities in inactive markets
	○	Inputs other than quoted prices that are observable for the asset or liability
	○	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 various lines of credit. The fair value of the Company's debt approximates the carrying value for all periods presented. 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. See Note 16, “Derivatives and Hedging,” for a more complete description of fair value measurements employed.

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. For the fair value measurements employed by the Company for goodwill see Note 7, “Goodwill and Other Intangibles." For the fair value measurements employed by the Company for certain property, plant and equipment, production assets, investments and prepublication assets, the Company assesses future expected cash flows attributable to these assets.

During the three month period ended February 29, 2016, the Company identified impairment indicators associated with certain legacy prepublication assets in the Children's Book Publishing and Distribution and Education segments. As part of the budgeting and forecasting process, significant expected declines in revenue relating to these products were identified. Internally developed future cash flow forecasts, a level 3 measurement, were developed by the Company and the Company determined the assets were not recoverable. The Company developed the discounted cash flow models using a discount rate of 15% and the aforementioned future cash flow forecasts. Based on the analysis, these legacy prepublication assets were determined to be fully impaired for a total of $6.9.

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.

Income Taxes and Other Taxes	9 Months Ended
Income Taxes and Other Taxes	Feb. 29, 2016
Income Tax And Non Income Tax Disclosure [Abstract]
Income Taxes and Other Taxes	INCOME TAXES AND OTHER TAXES Income Taxes 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 and applies that rate to its year-to-date earnings or losses. The Company’s effective tax rate is based on expected income and statutory tax rates and takes into consideration permanent differences between financial statement and tax return income applicable to the Company in the various jurisdictions in which the Company operates. The effect of discrete items, such as changes in estimates, changes in enacted tax laws or rates or tax status, and unusual or infrequently occurring events, is recognized in the interim period in which the discrete item occurs. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the result of new judicial interpretations or regulatory or tax law changes. The Company’s annual effective tax rate, exclusive of discrete items, unbenefitted foreign losses, and release of associated valuation allowances, used to calculate the interim tax provision is expected to be approximately 40.1%. The interim effective tax rate, inclusive of discrete items, was 56.6% and 14.2% for the three and nine month periods ended February 29, 2016, respectively. The tax provision for the current fiscal year quarter and current fiscal year were favorably impacted by a settlement with the Internal Revenue Service, as discussed below. The Company, including its domestic subsidiaries, files a consolidated U.S. income tax return, and also files tax returns in various states and other local jurisdictions. Also, certain subsidiaries of the Company file income tax returns in foreign jurisdictions. The Company is routinely audited by various tax authorities. During the current fiscal year quarter, the Company reached a settlement with the Internal Revenue Service for fiscal years ended May 31, 2011, 2012 and 2013. In the current fiscal year quarter, the Company recognized previously unrecognized tax positions of $4.5, inclusive of interest, as a result of this settlement. The Company is currently under audit by the Internal Revenue Service for the fiscal year ended May 31, 2014. The Company is currently under audit by New York City for fiscal years ended May 31, 2008, 2009 and 2010. 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. The Company assesses sales tax contingencies for each jurisdiction in which it operates, considering all relevant facts including statutes, regulations, case law and experience. When a sales tax liability with respect to a particular jurisdiction is probable and can be reliably estimated, the Company has made accruals for these matters which are reflected in the Company’s condensed consolidated financial statements. Future developments relating to the foregoing could result in adjustments being made to these accruals.

Derivatives and Hedging	9 Months Ended
Derivatives and Hedging	Feb. 29, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	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 Selling, general and administrative expenses in the condensed consolidated statements of operations, and it recognizes the unrealized gain or loss in other current assets or current liabilities. The notional values of the contracts as of February 29, 2016 and February 28, 2015 were $31.7 and $9.1, respectively. Unrealized gains of $0.2 and $1.1 were recognized at February 29, 2016 and February 28, 2015, respectively, for the nine month periods then ended.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Other Accrued Expenses Disclosure [Abstract]

Other Accrued Expenses

9 Months Ended

Feb. 29, 2016

Other Accrued Expenses

OTHER ACCRUED EXPENSES

Other accrued expenses consist of the following as of the dates indicated:



	February 29, 2016		May 31, 2015		February 28, 2015
Accrued payroll, payroll taxes and benefits	$	37.2	$	44.3	$	41.0
Accrued bonus and commissions	15.9		32.6		15.5
Accrued other taxes	27.2		26.7		24.0
Accrued advertising and promotions	37.1		33.4		35.3
Accrued insurance	7.8		7.8		8.1
Other accrued expenses	26.8		28.5		26.8
Total accrued expenses	$	152.0	$	173.3	$	150.7

Subsequent Events	9 Months Ended
Subsequent Events	Feb. 29, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company’s Board of Directors declared a quarterly cash dividend of $0.15 per share on the Company’s Class A and Common Stock for the fourth quarter of fiscal 2016. The dividend is payable on June 15, 2016 to shareholders of record as of the close of business on April 29, 2016. In March 2016, the Company is beginning its construction program to create new premium retail space and a more modern and efficient office floor plan at the Company's headquarters location in New York City. As a result, the Company will abandon certain existing building improvements during the course of the construction.

Basis of Presentation (Policies)

9 Months Ended

Feb. 29, 2016

Accounting Policies [Abstract]

Principles of consolidation

The Company’s fiscal year is not a calendar year. Accordingly, references in this document to fiscal 2015 relate to the twelve-month period ended May 31, 2015.

Seasonality

Use of estimates


•	Accounts receivable reserves for returns


•	Accounts receivable allowance for doubtful accounts


•	Pension and other post-retirement obligations


•	Uncertain tax positions


•	Inventory reserves


•	Cost of goods sold from book fair operations during interim periods determined based on estimated gross profit rates


•	Sales taxes


•	Royalty accruals and related advance reserves


•	Customer reward programs


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


•	Assets and liabilities acquired in business combinations.

New Accounting Pronouncements

ASU 2016-02

ASU 2015-17

ASU 2015-16

ASU 2015-11

ASU 2014-09 and ASU 2015-14:

To achieve that core principle, an entity should apply the following steps:


•	Step 1: Identify the contract(s) with a customer.


•	Step 2: Identify the performance obligations in the contract.


•	Step 3: Determine the transaction price.


•	Step 4: Allocate the transaction price to the performance obligations in the contract.


•	Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

Discontinued Operations (Tables)

9 Months Ended

Feb. 29, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of revenue, assets, and liabilities of discontinued operations

The following table summarizes the operating results of the discontinued operations for the three and nine month periods ended February 29, 2016, respectively:



	Three months ended February 29, 2016								Nine months ended February 29, 2016
	Ed Tech			All Other		Total			Ed Tech			All Other			Total
Revenues	$	—		$	0.4	$	0.4		$	—		$	0.7		$	0.7
Operating costs and expenses	0.3			0.3		0.6			1.2			1.0			2.2
Interest income (expense)	—			—		—			—			0.1			0.1
Gain (loss) on sale ⁽¹⁾	(2.9		)	—		(2.9		)	(2.9		)	—			(2.9		)
Earnings (loss) before income taxes	$	(3.2	)	$	0.1	$	(3.1	)	$	(4.1	)	$	(0.2	)	$	(4.3	)
Provision (benefit) for income taxes	(1.3		)	0.0		(1.3		)	(1.6		)	(0.1		)	(1.7		)
Earnings (loss) from discontinued operations, net of tax	$	(1.9	)	$	0.1	$	(1.8	)	$	(2.5	)	$	(0.1	)	$	(2.6	)

The following table summarizes the operating results of the discontinued operations for the three and nine month periods ended February 28, 2015, respectively:



	Three months ended February 28, 2015									Nine months ended February 28, 2015
	Ed Tech			All Other			Total			Ed Tech		All Other			Total
Revenues	$	33.6		$	1.9		$	35.5		$	174.1	$	9.2		$	183.3
Operating costs and expenses ⁽²⁾	43.4			2.7			46.1			148.0		10.8			158.8
Interest income (expense)	0.0			0.1			0.1			0.0		0.1			0.1
Earnings (loss) before income taxes	$	(9.8	)	$	(0.7	)	$	(10.5	)	$	26.1	$	(1.5	)	$	24.6
Provision (benefit) for income taxes	(3.8		)	(0.3		)	(4.1		)	10.9		(0.6		)	10.3
Earnings (loss) from discontinued operations, net of tax	$	(6.0	)	$	(0.4	)	$	(6.4	)	$	15.2	$	(0.9	)	$	14.3

The following table sets forth the assets and liabilities of the discontinued operations included in the condensed consolidated balance sheets of the Company:



	February 29, 2016		May 31, 2015		February 28, 2015
Accounts receivable, net	$	0.1	$	2.5	$	29.8
Inventories, net	—		0.1		13.5
Prepaid expenses and other current assets	0.5		0.5		1.1
Current assets of discontinued operations	$	0.6	$	3.1	$	44.4

Property, plant and equipment, net	—		—		1.7
Prepublication costs, net	—		—		90.1
Royalty advances, net	—		—		1.0
Goodwill	—		—		22.7
Other intangibles, net	—		—		4.0
Other assets and deferred charges	—		—		0.3
Noncurrent assets of discontinued operations	$	—	$	—	$	119.8

Capital lease obligation	—		—		0.4
Accounts payable	—		0.1		9.9
Accrued royalties	0.1		0.7		5.2
Deferred revenue	0.1		0.1		35.2
Other accrued expenses	1.3		13.2		5.7
Current liabilities of discontinued operations	$	1.5	$	14.1	$	56.4

Capital lease obligation	—		—		0.5
Other noncurrent liabilities	—		—		0.3
Noncurrent liabilities of discontinued operations	$	—	$	—	$	0.8

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Schedule of Segment Reporting Information, by Segment

Segment Information (Tables)

9 Months Ended

Feb. 29, 2016

Segment Reporting [Abstract]



	Children’s Book Publishing & Distribution ⁽¹⁾			Education ⁽¹⁾		Overhead ^{(1) (2)}			Total Domestic			International ⁽¹⁾			Total
Three months ended February 29, 2016
Revenues	$	220.2		$	63.5	$	—		$	283.7		$	82.3		$	366.0
Bad debt expense	1.3			0.5		—			1.8			1.3			3.1
Depreciation and amortization ⁽³⁾	6.6			2.5		5.0			14.1			1.9			16.0
Asset impairments ⁽⁴⁾	3.7			3.2		—			6.9			—			6.9
Segment operating income (loss)	2.8			3.0		(20.5		)	(14.7		)	(1.7		)	(16.4		)
Expenditures for long-lived assets including royalty advances	11.5			2.9		6.9			21.3			2.3			23.6
Three months ended February 28, 2015
Revenues	$	206.2		$	54.2	$	—		$	260.4		$	86.1		$	346.5
Bad debt expense	1.6			0.5		—			2.1			0.7			2.8
Depreciation and amortization ⁽³⁾	8.7			2.8		5.1			16.6			2.0			18.6
Segment operating income (loss)	(2.9		)	3.3		(25.9		)	(25.5		)	0.8			(24.7		)
Expenditures for long-lived assets including royalty advances	11.1			1.9		4.3			17.3			3.7			21.0



	Children’s Book Publishing & Distribution ⁽¹⁾		Education ⁽¹⁾		Overhead ^{(1) (2)}			Total Domestic			International ⁽¹⁾		Total
Nine months ended February 29, 2016
Revenues	$	702.3	$	185.6	$	—		$	887.9		$	271.1	$	1,159.0
Bad debt expense	3.8		1.7		—			5.5			3.4		8.9
Depreciation and amortization ⁽³⁾	22.1		8.1		14.7			44.9			6.0		50.9
Asset impairments⁽⁴⁾	3.7		3.2		—			6.9			—		6.9
Segment operating income (loss)	54.2		12.1		(64.2		)	2.1			7.1		9.2
Segment assets at February 29, 2016	471.4		153.4		879.1			1,503.9			256.2		1,760.1
Goodwill at February 29, 2016	40.9		65.4		—			106.3			9.9		116.2
Expenditures for long-lived assets including royalty advances	32.3		5.9		15.1			53.3			10.5		63.8
Long-lived assets at February 29, 2016	144.7		82.1		380.2			607.0			67.0		674.0
Nine months ended February 28, 2015
Revenues	$	673.8	$	170.9	$	—		$	844.7		$	303.4	$	1,148.1
Bad debt expense	4.3		1.4		—			5.7			3.2		8.9
Depreciation and amortization ⁽³⁾	27.9		8.8		16.3			53.0			6.6		59.6
Asset impairments ⁽⁴⁾	—		—		2.9			2.9			—		2.9
Segment operating income (loss)	45.2		12.3		(75.7		)	(18.2		)	17.6		(0.6		)
Segment assets at February 28, 2015	459.3		152.9		523.9			1,136.1			251.2		1,387.3
Goodwill at February 28, 2015	46.3		65.4		—			111.7			10.0		121.7
Expenditures for long-lived assets including royalty advances	39.9		5.2		8.2			53.3			10.4		63.7
Long-lived assets at February 28, 2015	156.0		88.5		380.1			624.6			64.1		688.7


(1)	As indicated in Note 2, “Discontinued Operations,” the Company closed or sold several operations during fiscal 2015. All of these businesses are classified as discontinued operations in the Company’s financial statements and, as such, are not reflected in this table.

(2)


(3)	Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs.


(4)	Fiscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.

Debt (Tables)

9 Months Ended

Feb. 29, 2016

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the carrying value of the Company's debt as of the dates indicated:



	February 29, 2016			May 31, 2015			February 28, 2015
Loan Agreement:
Revolving Loan (interest rates of n/a, n/a and 1.4%, respectively)	$	—		$	—		$	65.0
Unsecured lines of credit (weighted average interest rates of 3.7%, 3.8% and 2.7%, respectively)	8.2			6.0			19.1
Total debt	$	8.2		$	6.0		$	84.1
Less lines of credit, short-term debt and current portion of long-term debt	(8.2		)	(6.0		)	(19.1		)
Total long-term debt	$	—		$	—		$	65.0

Schedule of Maturities of Long-term Debt

The following table sets forth the maturities of the Company’s debt obligations as of February 29, 2016, for the twelve-month periods ending February 28,



2017	$	8.2
2018	—
2019	—
2020	—
2021 and thereafter	—
Total debt	$	8.2

Earnings (Loss) Per Share (Tables)

9 Months Ended

Feb. 29, 2016

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share



	Three months ended						Nine months ended
	February 29,			February 28,			February 29,			February 28,
	2016			2015			2016			2015
Earnings (loss) from continuing operations attributable to Class A and Common Shares	$	(7.2	)	$	(15.7	)	$	9.1		$	(2.0	)
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax	(1.8		)	(6.4		)	(2.6		)	14.3
Net income (loss) attributable to Class A and Common Shares	$	(9.0	)	$	(22.1	)	$	6.5		$	12.3
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)	34.3			32.7			34.0			32.6
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)	—			—			0.9			0.6
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)	34.3			32.7			34.9			33.2
Earnings (loss) per share of Class A Stock and Common Stock:
Basic earnings (loss) per share:
Earnings (loss) from continuing operations	$	(0.21	)	$	(0.48	)	$	0.27		$	(0.06	)
Earnings (loss) from discontinued operations, net of tax	$	(0.05	)	$	(0.20	)	$	(0.08	)	$	0.44
Net income (loss)	$	(0.26	)	$	(0.68	)	$	0.19		$	0.38
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations	$	(0.21	)	$	(0.48	)	$	0.26		$	(0.06	)
Earnings (loss) from discontinued operations, net of tax	$	(0.05	)	$	(0.20	)	$	(0.07	)	$	0.43
Net income (loss)	$	(0.26	)	$	(0.68	)	$	0.19		$	0.37

Schedule of stock option activity

The following table sets forth Options outstanding pursuant to stock-based compensation plans as of the dates indicated:



	February 29, 2016	February 28, 2015
Options outstanding pursuant to stock-based compensation plans (in millions)	3.4	4.4

Goodwill and Other Intangibles (Tables)

9 Months Ended

Feb. 29, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Activity in Goodwill for the Periods Indicated

The following table summarizes the activity in Goodwill for the periods indicated:



	Nine months ended February 29, 2016			Twelve months ended May 31, 2015			Nine months ended February 28, 2015
Gross beginning balance	$	155.9		$	156.0		$	156.0
Accumulated impairment	(39.6		)	(34.2		)	(34.2		)
Beginning balance	$	116.3		$	121.8		$	121.8
Impairment charge	—			(5.4		)	—
Foreign currency translation	(0.1		)	(0.1		)	(0.1		)
Gross ending balance	$	155.8		$	155.9		$	155.9
Accumulated impairment	(39.6		)	(39.6		)	(34.2		)
Ending balance	$	116.2		$	116.3		$	121.7

Summary of Activity in Total Other Intangibles for the Periods Indicated

The following table summarizes the activity in Total other intangibles for the periods indicated:



	Nine months ended February 29, 2016			Twelve months ended May 31, 2015			Nine months ended February 28, 2015
Beginning balance - Other intangibles subject to amortization	$	4.7		$	5.8		$	5.8
Additions	2.4			0.8			0.8
Amortization expense	(1.7		)	(1.9		)	(1.4		)
Foreign currency translation	(0.1		)	—			—
Total other intangibles subject to amortization, net of accumulated amortization of $19.0, $17.3 and $16.8, respectively	$	5.3		$	4.7		$	5.2
Total other intangibles not subject to amortization	$	2.1		$	2.1		$	2.1
Total other intangibles	$	7.4		$	6.8		$	7.3

Employee Benefit Plans (Tables)

9 Months Ended

Feb. 29, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of Net Benefit Costs



	Pension Plans						Post-Retirement Benefits
	Three months ended						Three months ended
	February 29,			February 28,			February 29,		February 28,
	2016			2015			2016		2015
Components of net periodic cost (credit):
Service cost	$	—		$	—		$	0.0	$	0.0
Interest cost	1.5			1.7			0.3		0.3
Expected return on assets	(1.9		)	(2.3		)	—		—
Net amortization of prior service credit	—			—			(0.0)		(0.1		)
Benefit cost of settlement event	—			0.6			—		—
Amortization of (gain) loss	0.4			0.4			0.7		0.4
Net periodic cost (credit)	$	(0.0	)	$	0.4		$	1.0	$	0.6



	Pension Plans						Post-Retirement Benefits
	Nine months ended						Nine months ended
	February 29,			February 28,			February 29,		February 28,
	2016			2015			2016		2015
Components of net periodic cost (credit):
Service cost	$	—		$	—		$	0.0	$	0.0
Interest cost	4.6			5.0			1.0		1.0
Expected return on assets	(5.8		)	(7.0		)	—		—
Net amortization of prior service credit	—			—			(0.0)		(0.2)
Benefit cost of settlement event	—			4.3			—		—
Amortization of (gain) loss	1.2			1.1			2.1		1.0
Net periodic cost (credit)	$	0.0		$	3.4		$	3.1	$	1.8

Stock-Based Compensation (Tables)

9 Months Ended

Feb. 29, 2016

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

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table summarizes stock-based compensation expense included in Selling, general and administrative expenses for the periods indicated:



	Three months ended				Nine months ended
	February 29,		February 28,		February 29,		February 28,
	2016		2015		2016		2015
Stock option expense	$	0.8	$	0.8	$	5.2	$	5.4
Restricted stock unit expense	0.7		0.6		2.1		1.9
Management stock purchase plan	0.0		0.1		0.6		0.7
Employee stock purchase plan	0.1		0.1		0.2		0.2
Total stock-based compensation expense	$	1.6	$	1.6	$	8.1	$	8.2

Treasury Stock (Tables)

9 Months Ended

Feb. 29, 2016

Stockholders' Equity Attributable to Parent [Abstract]

Tabular Disclosure of an Entity's Treasury Stock

The Board has authorized the Company to repurchase Common Stock, from time to time as conditions allow, on the open market or through negotiated private transactions.

The table below represents the remaining Board authorization:



	Amount
September 2010	$	44.0		^(a)
Additional authorization July 2015	50.0
Less repurchases made under the authorizations as of February 29, 2016	(41.1		)
Remaining Board authorization at February 29, 2016	$	52.9

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Feb. 29, 2016

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the activity in Accumulated other comprehensive income (loss), net of tax, by component for the periods indicated:



	Nine months ended February 29, 2016
	Foreign currency translation adjustments			Retirement benefit plans			Total
Beginning balance	$	(31.9	)	$	(45.1	)	$	(77.0	)
Other comprehensive income (loss) before reclassifications	(11.3		)	—			$	(11.3	)
Less: amount reclassified from Accumulated other comprehensive income (loss)	—			2.3			2.3
Other comprehensive income (loss)	(11.3		)	2.3			(9.0		)
Ending balance	$	(43.2	)	$	(42.8	)	$	(86.0	)



	Nine months ended February 28, 2015
	Foreign currency translation adjustments			Retirement benefit plans			Total
Beginning balance	$	(16.7	)	$	(38.5	)	$	(55.2	)
Other comprehensive income (loss) before reclassifications	(15.1		)	(4.6		)	$	(19.7	)
Less: amount reclassified from Accumulated other comprehensive income (loss)	—			3.9			3.9
Other comprehensive income (loss)	(15.1		)	(0.7		)	(15.8		)
Ending balance	$	(31.8	)	$	(39.2	)	$	(71.0	)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the periods indicated:



	Three months ended						Nine months ended						Affected line items in the condensed consolidated statements of operations
	February 29,			February 28,			February 29,			February 28,
	2016			2015			2016			2015
Employee benefit plans:
Amortization of prior service cost (credit)	$	(0.0	)	$	(0.1	)	$	(0.0	)	$	(0.2	)	Selling, general and administrative
Amortization of unrecognized gain (loss) included in net periodic cost (credit)	1.1			0.8			3.3			2.1			Selling, general and administrative
Settlement charge	—			0.6			—			4.3			Selling, general and administrative
Less: Tax effect	(0.3		)	(0.5		)	(1.0		)	(2.3		)	Income tax expense (benefit)
Total expense, net of tax	$	0.8		$	0.8		$	2.3		$	3.9

Other Accrued Expenses (Tables)

9 Months Ended

Feb. 29, 2016

Other Accrued Expenses Disclosure [Abstract]

Schedule of Other Accrued Expenses

Other accrued expenses consist of the following as of the dates indicated:



	February 29, 2016		May 31, 2015		February 28, 2015
Accrued payroll, payroll taxes and benefits	$	37.2	$	44.3	$	41.0
Accrued bonus and commissions	15.9		32.6		15.5
Accrued other taxes	27.2		26.7		24.0
Accrued advertising and promotions	37.1		33.4		35.3
Accrued insurance	7.8		7.8		8.1
Other accrued expenses	26.8		28.5		26.8
Total accrued expenses	$	152.0	$	173.3	$	150.7

Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	May 29, 2015	Feb. 29, 2016	Feb. 29, 2016	Feb. 28, 2015	May 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Working capital adjustment		$ 2.9	$ 2.9	$ 0.0
Consideration released from escrow			$ (17.2)	$ 0.0
Discontinued Operations \| Ed Tech
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received	$ 577.7
Consideration deposited in escrow	34.5
Working capital adjustment	$ 2.7
Consideration released from escrow		$ 17.2
Accrued selling expenses					$ 12.2

Discontinued Operations - Revenues (Details) - Discontinued Operations - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Feb. 29, 2016

Feb. 28, 2015

Feb. 29, 2016

Feb. 28, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Operating costs and expenses

$ 0.4

$ 35.5

$ 0.7

$ 183.3

0.6

46.1

^[1]

2.2

158.8

^[1]

Interest income (expense)

0.0

0.1

Gain (loss) on sale

(2.9)

Earnings (loss) before income taxes

(3.1)

(10.5)

(4.3)

24.6

Earnings (loss) from discontinued operations, net of tax

(1.3)

(4.1)

(1.7)

10.3

(1.8)

(6.4)

(2.6)

14.3

Ed Tech

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Operating costs and expenses

0.0

33.6

0.0

174.1

0.3

43.4

^[1]

1.2

148.0

^[1]

Interest income (expense)

0.0

Gain (loss) on sale

(2.9)

Earnings (loss) before income taxes

(3.2)

(9.8)

(4.1)

26.1

Earnings (loss) from discontinued operations, net of tax

(1.3)

(3.8)

(1.6)

10.9

(1.9)

(6.0)

(2.5)

15.2

Unabsorbed overhead

3.8

11.2

Ed Tech | Cost of goods sold

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Unabsorbed overhead

0.1

0.2

Ed Tech | Selling general and administrative expenses

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Unabsorbed overhead

3.7

11.0

All Other

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Operating costs and expenses

0.4

1.9

0.7

9.2

0.3

2.7

^[1]

1.0

10.8

^[1]

Interest income (expense)

0.0

0.1

Gain (loss) on sale

0.0

Earnings (loss) before income taxes

0.1

(0.7)

(0.2)

(1.5)

Earnings (loss) from discontinued operations, net of tax

0.0

(0.3)

(0.1)

(0.6)

$ 0.1

$ (0.4)

$ (0.1)

$ (0.9)

[1]

For the three and nine months ended February 28, 2015, Operating costs and expenses of the continuing operations included costs related to unabsorbed overhead burden associated with the Ed Tech business of $3.8 and $11.2, respectively. These costs were included in the Overhead segment. For the three and nine months ended February 28, 2015, $0.1 and $0.2, respectively, of the costs were recorded in Cost of goods sold and $3.7 and $11.0, respectively, were recorded in Selling, general and administrative expenses

Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Millions	Feb. 29, 2016	May 31, 2015	Feb. 28, 2015
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]
Current assets of discontinued operations	$ 0.6	$ 3.1	$ 44.4
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract]
Noncurrent assets of discontinued operations	0.0	0.0	119.8
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Current liabilities of discontinued operations	1.5	14.1	56.4
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]
Noncurrent liabilities of discontinued operations	0.0	0.0	0.8
Discontinued Operations
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]
Accounts receivable, net	0.1	2.5	29.8
Inventories, net	0.0	0.1	13.5
Prepaid expenses and other current assets	0.5	0.5	1.1
Current assets of discontinued operations	0.6	3.1	44.4
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract]
Property, plant and equipment, net	0.0	0.0	1.7
Prepublication costs, net	0.0	0.0	90.1
Royalty advances, net	0.0	0.0	1.0
Goodwill	0.0	0.0	22.7
Other intangibles, net	0.0	0.0	4.0
Other assets and deferred charges	0.0	0.0	0.3
Noncurrent assets of discontinued operations	0.0	0.0	119.8
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]
Capital lease obligation	0.0	0.0	0.4
Accounts payable	0.0	0.1	9.9
Accrued royalties	0.1	0.7	5.2
Deferred revenue	0.1	0.1	35.2
Other accrued expenses	1.3	13.2	5.7
Current liabilities of discontinued operations	1.5	14.1	56.4
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]
Capital lease obligation	0.0	0.0	0.5
Other noncurrent liabilities	0.0	0.0	0.3
Noncurrent liabilities of discontinued operations	$ 0.0	$ 0.0	$ 0.8

Segment Information (Details) - Schedule of segment reporting information - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Feb. 29, 2016

Feb. 28, 2015

Feb. 29, 2016

Feb. 28, 2015

May 31, 2015

May 31, 2014

$ 366.0

$ 346.5

$ 1,159.0

$ 1,148.1

3.1

2.8

8.9

^[1]

16.0

18.6

50.9

59.6

6.9

^[2]

0.0

6.9

^[2]

2.9

^[2]

(16.4)

(24.7)

9.2

(0.6)

1,760.1

1,387.3

1,760.1

1,387.3

Expenditures for long-lived assets including royalty advances

116.2

121.7

116.2

121.7

$ 116.3

$ 121.8

23.6

21.0

63.8

63.7

Children's Book Publishing and Distribution

674.0

688.7

674.0

688.7

^[3]

220.2

206.2

702.3

673.8

^[3]

1.3

1.6

3.8

4.3

^[1],[3]

6.6

8.7

22.1

27.9

^[2],[3]

3.7

0.0

^[3]

2.8

(2.9)

54.2

45.2

^[3]

471.4

459.3

471.4

459.3

Expenditures for long-lived assets including royalty advances

^[3]

40.9

46.3

40.9

46.3

^[3]

11.5

11.1

32.3

39.9

^[3]

144.7

156.0

144.7

156.0

Education

^[3]

63.5

54.2

185.6

170.9

^[3]

0.5

1.7

1.4

^[1],[3]

2.5

2.8

8.1

8.8

^[2],[3]

3.2

0.0

^[3]

3.0

3.3

12.1

12.3

^[3]

153.4

152.9

153.4

152.9

Expenditures for long-lived assets including royalty advances

^[3]

65.4

^[3]

2.9

1.9

5.9

5.2

^[3]

82.1

88.5

82.1

88.5

Overhead

^[3],[4]

0.0

^[3],[4]

0.0

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

5.0

5.1

14.7

16.3

^[2],[3],[4]

0.0

2.9

^[3],[4]

(20.5)

(25.9)

(64.2)

(75.7)

^[3],[4]

879.1

523.9

879.1

523.9

Expenditures for long-lived assets including royalty advances

^[3],[4]

0.0

^[3],[4]

6.9

4.3

15.1

8.2

^[3],[4]

380.2

380.1

380.2

380.1

Total Domestic

283.7

260.4

887.9

844.7

1.8

2.1

5.5

5.7

^[1]

14.1

16.6

44.9

53.0

^[2]

6.9

2.9

(14.7)

(25.5)

2.1

(18.2)

1,503.9

1,136.1

1,503.9

1,136.1

Expenditures for long-lived assets including royalty advances

106.3

111.7

106.3

111.7

21.3

17.3

53.3

607.0

624.6

607.0

624.6

International

^[3]

82.3

86.1

271.1

303.4

^[3]

1.3

0.7

3.4

3.2

^[1],[3]

1.9

2.0

6.0

6.6

^[2],[3]

0.0

^[3]

(1.7)

0.8

7.1

17.6

^[3]

256.2

251.2

256.2

251.2

Expenditures for long-lived assets including royalty advances

^[3]

9.9

10.0

9.9

10.0

^[3]

2.3

3.7

10.5

10.4

Stockholders' Equity Attributable to Parent [Abstract]

^[3]

$ 67.0

$ 64.1

$ 67.0

$ 64.1

[1]	Includes depreciation of property, plant and equipment and amortization of intangible assets and prepublication and production costs.
[2]	iscal 2016 includes impairment charges associated with certain legacy prepublication assets. Fiscal 2015 includes an asset impairment related to the closure of a retail store in New York City.
[3]	As indicated in Note 2, “Discontinued Operations,” the Company closed or sold several operations during fiscal 2015. All of these businesses are classified as discontinued operations in the Company’s financial statements and, as such, are not reflected in this table.
[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.

Debt (Details) - USD ($)	9 Months Ended
Debt (Details) - USD ($)	Feb. 29, 2016	May 31, 2015	Feb. 28, 2015
Debt (Details) [Line Items]
Debt	$ 8,200,000	$ 6,000,000	$ 84,100,000
Loan Agreement
Debt (Details) [Line Items]
Borrowing capacity	$ 425,000,000
Expiration date	Dec. 05, 2017
Facility fee (percentage)	0.20%
Standby letters of credit	$ 400,000
Minimum \| Loan Agreement
Debt (Details) [Line Items]
Facility fee (percentage)	0.20%
Maximum \| Loan Agreement
Debt (Details) [Line Items]
Facility fee (percentage)	0.40%
Loan Agreement \| Federal Funds Rate
Debt (Details) [Line Items]
Variable rate (percentage)	0.50%
Loan Agreement \| Eurodollar
Debt (Details) [Line Items]
Variable rate (percentage)	1.00%
Loan Agreement \| Eurodollar \| Minimum
Debt (Details) [Line Items]
Variable rate (percentage)	0.18%
Loan Agreement \| Base Rate \| Minimum
Debt (Details) [Line Items]
Variable rate (percentage)	0.18%
Loan Agreement \| Base Rate \| Maximum
Debt (Details) [Line Items]
Variable rate (percentage)	0.60%
Loan Agreement \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt (Details) [Line Items]
Variable rate (percentage)	1.18%
Loan Agreement \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt (Details) [Line Items]
Variable rate (percentage)	1.60%
Unsecured Debt \| Domestic Line of Credit
Debt (Details) [Line Items]
Borrowing capacity	$ 25,000,000
Outstanding debt	$ 0	0	10,400,000
Expiration period (in days)	365 days
Standby letters of credit	$ 4,900,000
Remaining borrowing capacity	20,100,000
Unsecured Debt \| Foreign Line of Credit
Debt (Details) [Line Items]
Borrowing capacity	22,700,000
Available credit	$ 14,500,000
Expiration period (in days)	364 days
Unsecured Debt \| Foreign Line of Credit \| Line of Credit
Debt (Details) [Line Items]
Debt	$ 8,200,000	$ 6,000,000	$ 8,700,000

Debt (Details) - Schedule of debt - USD ($) $ in Millions	Feb. 29, 2016	May 31, 2015	Feb. 28, 2015
Debt (Details) - Schedule of debt [Line Items]
Total Debt	$ 8.2	$ 6.0	$ 84.1
Less lines of credit, short-term debt and current portion of long-term debt	(8.2)	(6.0)	(19.1)
Total long-term debt	0.0	0.0	65.0
Line of Credit
Debt (Details) - Schedule of debt [Line Items]
Outstanding debt	$ 8.2	$ 6.0	$ 19.1
Weighted average interest rate (percentage)	3.70%	3.80%	2.70%
Revolving Credit Facility
Debt (Details) - Schedule of debt [Line Items]
Outstanding debt	$ 0.0	$ 0.0	$ 65.0
Interest rate (percent)	0.00%	0.00%	1.40%

Debt (Details) - Schedule of Maturities of Long-term Debt - USD ($) $ in Millions	Feb. 29, 2016	May 31, 2015	Feb. 28, 2015
Long-term Debt, Rolling Maturity [Abstract]
2016	$ 8.2
2017	0.0
2018	0.0
2019	0.0
2020 and thereafter	0.0
Total Debt	$ 8.2	$ 6.0	$ 84.1

Earnings (Loss) Per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Earnings (loss) from continuing operations attributable to Class A and Common Shares	$ (7.2)	$ (15.7)	$ 9.1	$ (2.0)
Earnings (loss) from discontinued operations attributable to Class A and Common Shares, net of tax	(1.8)	(6.4)	(2.6)	14.3
Net income (loss) attributable to Class A and Common Shares	$ (9.0)	$ (22.1)	$ 6.5	$ 12.3
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)	34.3	32.7	34.0	32.6
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)	0.0	0.0	0.9	0.6
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)	34.3	32.7	34.9	33.2
Basic earnings (loss) per share:
Earnings (loss) from continuing operations (in Dollars per share)	$ (0.21)	$ (0.48)	$ 0.27	$ (0.06)
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	(0.05)	(0.20)	(0.08)	0.44
Net income (loss) (in Dollars per share)	(0.26)	(0.68)	0.19	0.38
Diluted earnings (loss) per share:
Earnings (loss) from continuing operations (in Dollars per share)	(0.21)	(0.48)	0.26	(0.06)
Earnings (loss) from discontinued operations, net of tax (in Dollars per share)	(0.05)	(0.20)	(0.07)	0.43
Net income (loss) (in Dollars per share)	$ (0.26)	$ (0.68)	$ 0.19	$ 0.37

Earnings (Loss) Per Share (Details) - Schedule of Options Outstanding - shares shares in Millions	Feb. 29, 2016	Feb. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding pursuant to stock-based compensation plans (in millions)	3.4	4.4

Earnings (Loss) Per Share (Details) shares in Millions, $ in Millions	9 Months Ended
	Feb. 29, 2016 USD ($) shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Remaining authorized stock repurchase amount \| $	$ 52.9
Stock Compensation Plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares) \| shares	0.0

Goodwill and Other Intangibles (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Nov. 30, 2015	Feb. 29, 2016	Feb. 28, 2015	May 31, 2015
Goodwill and Other Intangibles (Details) [Line Items]
Amortization expense		$ 1.7	$ 1.4	$ 1.9
Useful life (in years)		4 years
Finite-Lived Intangible Assets
Goodwill and Other Intangibles (Details) [Line Items]
Amortization expense		$ 1.7	$ 1.4
Troubadour, Limited \| Finite-Lived Intangible Assets
Goodwill and Other Intangibles (Details) [Line Items]
Amortization expense	$ 0.0

Goodwill and Other Intangibles (Details) - Schedule of activity in goodwill - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	May 31, 2015
Goodwill [Roll Forward]
Gross beginning balance	$ 155.9	$ 156.0	$ 156.0
Accumulated impairment	(39.6)	(34.2)	(34.2)
Beginning balance	116.3	121.8	121.8
Impairment charge	0.0	0.0	(5.4)
Foreign currency translation	(0.1)	(0.1)	(0.1)
Gross ending balance	155.8	155.9	155.9
Accumulated impairment	(39.6)	(34.2)	(39.6)
Ending balance	$ 116.2	$ 121.7	$ 116.3

Goodwill and Other Intangibles (Details) - Schedule of other intangible assets subject to amortization - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	May 31, 2015	May 31, 2014
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ 19.0	$ 16.8	$ 17.3
Finite-lived Intangible Assets [Roll Forward]
Begining balance	4.7	5.8	5.8
Additions	2.4	0.8	0.8
Amortization expense	(1.7)	(1.4)	(1.9)
Foreign currency translation	(0.1)	0.0		$ 0.0
Total other intangibles subject to amortization, net of accumulated amortization of $17.8, $17.3 and $15.8, respectively	5.3	5.2	4.7
Total other intangibles not subject to amortization	2.1	2.1	2.1
Total other intangibles	$ 7.4	$ 7.3	$ 6.8

Acquisitions (Details) € in Millions, $ in Millions			9 Months Ended
Acquisitions (Details) € in Millions, $ in Millions	Sep. 08, 2015 USD ($)	Sep. 08, 2015 EUR (€)	Feb. 29, 2016 USD ($)	Feb. 28, 2015 USD ($)
Business Acquisition [Line Items]
Consideration transferred, net of cash acquired			$ 3.7	$ 0.7
Troubadour, Limited
Business Acquisition [Line Items]
Percentage of interests acquired	100.00%
Consideration transferred, net of cash acquired	$ 3.2	€ 2.1
Intangible assets acquired	$ 1.9

Investments (Details) - USD ($) $ in Millions			9 Months Ended		12 Months Ended
Investments (Details) - USD ($) $ in Millions	Nov. 05, 2015	Mar. 19, 2015	Feb. 29, 2016	Feb. 28, 2015	May 31, 2015
Investments (Details) [Line Items]
Investments			$ 25.7	$ 18.6	$ 26.3
Proceeds from the sale of investments	$ 3.3		3.3	0.6
Realized gain on cost method investments	$ 2.2
Income from equity method investments			3.0	1.8
Make Believe Ideas Limited (MBI)
Investments (Details) [Line Items]
Percentage of interests acquired		48.50%
Period before purchase of remaining outstanding shares (in years)		4 years
Equity method investment			7.8	0.0	7.3
Children's Book Publishing and Distribution
Investments (Details) [Line Items]
Equity method investment			$ 17.9	18.6	17.9
Equity method ownership percentage			26.20%
Other Investments
Investments (Details) [Line Items]
Investments			$ 0.0	$ 0.0	1.1
UK Equity method
Investments (Details) [Line Items]
Realized gain on cost method investments					$ 0.6

Employee Benefit Plans (Details) - Schedule of net periodic costs - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Components of net periodic benefit (credit) cost:
Amortization of (gain) loss			$ 3.3	$ 6.2
Pension Plans
Components of net periodic benefit (credit) cost:
Service cost	$ 0.0	$ 0.0	0.0	0.0
Interest cost	1.5	1.7	4.6	5.0
Expected return on assets	(1.9)	(2.3)	(5.8)	(7.0)
Net amortization of prior service credit	0.0	0.0	0.0	0.0
Benefit cost of settlement event	0.0	0.6	0.0	4.3
Amortization of (gain) loss	0.4	0.4	1.2	1.1
Net periodic benefit (credit) cost	0.0	0.4	0.0	3.4
Post-Retirement Benefits
Components of net periodic benefit (credit) cost:
Service cost	0.0	0.0	0.0	0.0
Interest cost	0.3	0.3	1.0	1.0
Expected return on assets	0.0	0.0	0.0	0.0
Net amortization of prior service credit	0.0	(0.1)	0.0	(0.2)
Benefit cost of settlement event	0.0	0.0	0.0	0.0
Amortization of (gain) loss	0.7	0.4	2.1	1.0
Net periodic benefit (credit) cost	$ 1.0	$ 0.6	$ 3.1	$ 1.8

Employee Benefit Plans (Details) $ in Millions	9 Months Ended
Employee Benefit Plans (Details) $ in Millions	Feb. 29, 2016 USD ($)
United States Pension Plan
Employee Benefit Plans (Details) [Line Items]
Pension contributions	$ 0.0
Minimum threshold to trigger settlement charge	4.6
Lump sum benefit payments made	3.1
United Kingdom Pension Plan
Employee Benefit Plans (Details) [Line Items]
Pension contributions	0.9
Pension Plans
Employee Benefit Plans (Details) [Line Items]
Contributions expected in current fiscal year	$ 1.3

Stock-Based Compensation (Details) - Schedule of stock-based compensation - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 1.6	$ 1.6	$ 8.1	$ 8.2
Share-based payment awards, options, by number of shares issued from Treasury Stock	0.1	0.1	1.2	0.6
Discontinued Operations
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense		$ 0.2		$ 0.8
Employee Stock Expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 0.8	0.8	$ 5.2	5.4
Restricted Stock Unit Expense
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0.7	0.6	2.1	1.9
Management Stock Purchase Plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	0.0	0.1	0.6	0.7
Employee Stock Purchase Plan
Stock-Based Compensation (Details) - Schedule of stock-based compensation [Line Items]
Stock-based compensation expense	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Treasury Stock (Details) - Schedule of repurchase of common stock - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

60 Months Ended

Feb. 29, 2016

Sep. 30, 2010

Aug. 31, 2015

Dec. 16, 2015

Jul. 22, 2015

Oct. 01, 2009

September 2010

$ 44.0

^[1]

$ 200.0

Additional authorization July 2015

$ 50.0

Less repurchases made under the authorization as of September 2010

$ (7.0)

$ (156.0)

$ (41.1)

Remaining Board authorization at November 30, 2015

$ 52.9

[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.

Treasury Stock (Details) - USD ($)
$ / shares in Units, $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

60 Months Ended

Jan. 21, 2016

Feb. 29, 2016

Sep. 30, 2010

Aug. 31, 2015

Dec. 16, 2015

Jul. 22, 2015

May 31, 2015

Feb. 28, 2015

Oct. 01, 2009

Authorized stock purchase amount

$ 44.0

^[1]

$ 200.0

Common Stock, par value per share (in Dollars per share)

$ 0.01

Treasury stock acquired (in shares)

5,199,699

Treasury stock acquired (in dollars per sahre)

$ 30.00

Increase in authorized amount of stock to be repurchased

$ 50.0

Treasury stock acquired

$ 7.0

$ 156.0

$ 41.1

Maximum

Repurchase offer price (in dollars per share)

$ 40.00

Minimum

Repurchase offer price (in dollars per share)

$ 37.00

Common Stock

Common Stock, par value per share (in Dollars per share)

$ 0.01

[1]

Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (77.0)	$ (55.2)
Other comprehensive income (loss) before reclassifications	(11.3)	(19.7)
Less: amount reclassified from Accumulated other comprehensive income (loss)	2.3	3.9
Other comprehensive income (loss)	(9.0)	(15.8)
Ending balance	(86.0)	(71.0)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(31.9)	(16.7)
Other comprehensive income (loss) before reclassifications	(11.3)	(15.1)
Less: amount reclassified from Accumulated other comprehensive income (loss)	0.0	0.0
Other comprehensive income (loss)	(11.3)	(15.1)
Ending balance	(43.2)	(31.8)
Retirement benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(45.1)	(38.5)
Other comprehensive income (loss) before reclassifications	0.0	(4.6)
Less: amount reclassified from Accumulated other comprehensive income (loss)	2.3	3.9
Other comprehensive income (loss)	2.3	(0.7)
Ending balance	$ (42.8)	$ (39.2)

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.

Accumulated Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Less: Tax effect	$ 9.4	$ 9.7	$ (1.5)	$ 0.6
Net income (loss)	(9.0)	(22.1)	6.5	12.3
Amount reclassified from Accumulated other comprehensive income (loss) \| Retirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service cost (credit)	0.0	(0.1)	0.0	(0.2)
Amortization of unrecognized gain (loss) included in net periodic cost (credit)	1.1	0.8	3.3	2.1
Settlement charge	0.0	(0.6)	0.0	(4.3)
Less: Tax effect	(0.3)	(0.5)	(1.0)	(2.3)
Net income (loss)	$ 0.8	$ 0.8	$ 2.3	$ 3.9

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.