0000866729-21-000013 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	May 31, 2021	Jun. 30, 2021	Nov. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	May 31, 2021
Entity File Number	000-19860
Entity Registrant Name	Scholastic Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3385513
Entity Address, Address Line One	557 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10012
City Area Code	212
Local Phone Number	343-6100
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SCHL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 692,546,687
Documents Incorporated by Reference	Documents Incorporated By Reference Part III incorporates certain information by reference from the Registrant’s definitive proxy statement for the Annual Meeting of Stockholders to be held September 22, 2021.
Entity Central Index Key	0000866729
Current Fiscal Year End Date	--05-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		32,718,240
Class A Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,656,200

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Operating costs and expenses
Cost of goods sold	$ 666.5	$ 751.0	$ 779.9
Selling, general and administrative expenses	584.9	722.5	792.0
Depreciation and amortization	60.5	61.5	56.1
Non cash write off related to asset impairments and write downs	11.1	40.6	0.9
Total operating costs and expenses	1,323.0	1,575.6	1,628.9
Operating income (loss)	(22.7)	(88.5)	25.0
Interest income	0.4	3.1	5.6
Interest expense	(6.2)	(3.0)	(2.2)
Other components of net periodic benefit (cost)	(0.1)	(1.3)	(1.4)
(Gain) loss on sale of assets and other	10.4	0.0	(1.0)
Earnings (loss) before income taxes	(18.2)	(89.7)	26.0
Total Current and Deferred	(7.3)	(46.0)	10.4
Net income (loss)	(10.9)	(43.7)	15.6
Less: Net income (loss) attributable to noncontrolling interest	0.1	0.1	0.0
Net income (loss) attributable to Scholastic Corporation	$ (11.0)	$ (43.8)	$ 15.6
Basic:
Basic earnings (loss) per share (in Dollars per share)	$ (0.32)	$ (1.27)	$ 0.44
Diluted:
Net income (loss) (in Dollars per share)	(0.32)	(1.27)	0.43
Dividends declared per common share (in Dollars per share)	$ 0.60	$ 0.60	$ 0.60
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,300.3	$ 1,487.1	$ 1,653.9

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (10.9)	$ (43.7)	$ 15.6
Other comprehensive income (loss), net:
Foreign currency translation adjustments	19.9	(2.9)	(5.2)
Pension and postretirement adjustments net of tax	3.7	4.3	1.2
Total other comprehensive income (loss)	23.6	1.4	(4.0)
Comprehensive income (loss)	12.7	(42.3)	11.6
Less: Net income (loss) attributable to noncontrolling interest	0.1	0.1	0.0
Comprehensive income (loss) attributable to Scholastic Corporation	$ 12.6	$ (42.4)	$ 11.6

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Current Assets:
Cash and cash equivalents	$ 366.5	$ 393.8
Accounts receivable, net	256.1	239.8
Inventories, net	269.7	270.6
Income tax receivable	88.8	90.0
Prepaid expenses and other current assets	47.2	41.1
Total current assets	1,028.3	1,035.3
Noncurrent Assets:
Property, plant and equipment, net	556.9	576.9
Prepublication costs, net	65.7	70.6
Operating lease right-of-use assets, net	78.6	95.3
Royalty advances, net	43.8	39.9
Goodwill	126.3	124.9
Noncurrent deferred income taxes	25.4	18.6
Other assets and deferred charges	83.3	72.1
Total noncurrent assets	980.0	998.3
Total assets	2,008.3	2,033.6
Current Liabilities:
Lines of credit and current portion of long-term debt	182.9	7.9
Accounts payable	138.0	153.6
Accrued royalties	45.5	37.8
Deferred revenue	99.1	116.5
Other accrued expenses	202.0	161.5
Accrued income taxes	3.0	1.4
Operating lease liabilities	25.0	22.8
Total current liabilities	695.5	501.5
Noncurrent Liabilities:
Long-term debt	7.3	210.6
Operating lease liabilities	67.4	75.7
Other noncurrent liabilities	55.8	65.2
Total noncurrent liabilities	130.5	351.5
Commitments and Contingencies:	0.0	0.0
Stockholders’ Equity:
Preferred Stock,$1.00 par value: Authorized, 2.0 shares; Issued and Outstanding, none	0.0	0.0
Additional paid-in capital	626.5	622.4
Accumulated other comprehensive income (loss)	(34.7)	(58.3)
Retained earnings	916.4	948.0
Treasury stock at cost: 10.2 shares and 10.4 shares, respectively	(327.8)	(333.3)
Total stockholders' equity of Scholastic Corporation	1,180.8	1,179.2
Noncontrolling interest	1.5	1.4
Total stockholders’ equity	1,182.3	1,180.6
Total liabilities and stockholders’ equity	$ 2,008.3	$ 2,033.6
Treasury stock (in shares)	10,200,000	10,400,000
Preferred stock, par value per share (in dollars per share)	$ 1.00	$ 1.00
Authorized	2,000,000.0	2,000,000.0
Outstanding	0	0
Preferred stock issued (in shares)	0	0
Class A Stock
Stockholders’ Equity:
Common Stock	$ 0.0	$ 0.0
Common Stock, shares outstanding (in shares)	1,656,200	1,700,000
Common Stock, shares issued	1,700,000	1,700,000
Common Stock, shares authorized (in shares)	4,000,000	4,000,000.0
Common Stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common Stock
Stockholders’ Equity:
Common Stock	$ 0.4	$ 0.4
Common Stock, shares outstanding (in shares)	32,707,795	32,500,000
Common Stock, shares issued	42,900,000	42,900,000
Common Stock, shares authorized (in shares)	70,000,000.0	70,000,000.0
Common Stock, par value per share (in dollars per share)	$ 0.01	$ 0.01

Consolidated Balance Sheets (Parentheticals) - $ / shares	May 31, 2021	May 31, 2020
Preferred stock, par value per share (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	2,000,000.0	2,000,000.0
Preferred stock issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock
Common Stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	70,000,000.0	70,000,000.0
Common Stock, shares issued	42,900,000	42,900,000
Common Stock, shares outstanding (in shares)	32,707,795	32,500,000
Class A Stock
Common Stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	4,000,000	4,000,000.0
Common Stock, shares issued	1,700,000	1,700,000
Common Stock, shares outstanding (in shares)	1,656,200	1,700,000

Consolidated Statement of Changes in Stockholders’ Equity - USD ($) shares in Millions, $ in Millions	Total	Adoption of ASC606	Common Stock	Common Stock Class A Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Adoption of ASC606	Treasury Stock At Cost	Parent	Parent Adoption of ASC606	Noncontrolling Interest
Beginning balance (in shares) at May. 31, 2018			33.3	1.7
Beginning balance at May. 31, 2018	$ 1,320.8		$ 0.4	$ 0.0	$ 614.4	$ (55.7)	$ 1,065.2		$ (303.5)	$ 1,320.8		$ 0.0
Beginning balance (Accounting Standards Update 2014-09) at May. 31, 2018		$ (47.0)						$ (47.0)			$ (47.0)
Net Income (loss)	15.6						15.6			15.6
Foreign currency translation adjustment	(5.2)					(5.2)				(5.2)
Pension and post-retirement adjustments (net of tax of $0.5)	1.2					1.2				1.2
Stock-based compensation	8.3				8.3					8.3
Proceeds from issuance of common stock pursuant to stock-based compensation plans	6.0				6.0					6.0
Purchases of treasury stock at cost (in shares)			(0.2)
Purchases of treasury stock at cost	(8.5)								(8.5)	(8.5)
Treasury stock issued pursuant to stock purchase plans (in shares)			0.3
Treasury stock issued pursuant to equity-based plans	1.5				(7.9)				9.4	1.5
Dividends	(21.2)						(21.2)			(21.2)
Noncontrolling Interest, Increase from Business Combination	1.3											1.3
Ending balance at May. 31, 2019	1,272.8		$ 0.4	$ 0.0	620.8	(59.7)	1,012.6		(302.6)	1,271.5		1.3
Ending balance (in shares) at May. 31, 2019			33.4	1.7
Net effect	16.0
Pension and postretirement adjustments, tax portion	0.5
Net Income (loss)	(43.7)						(43.8)			(43.8)		0.1
Foreign currency translation adjustment	(2.9)					(2.9)				(2.9)
Pension and post-retirement adjustments (net of tax of $0.5)	4.3					4.3				4.3
Stock-based compensation	3.8				3.8					3.8
Proceeds from issuance of common stock pursuant to stock-based compensation plans	0.7				0.7					0.7
Purchases of treasury stock at cost (in shares)			(1.0)
Purchases of treasury stock at cost	(35.5)								(35.5)	(35.5)
Treasury stock issued pursuant to stock purchase plans (in shares)			0.1
Treasury stock issued pursuant to equity-based plans	1.9				(2.9)				4.8	1.9
Dividends	(20.8)						(20.8)			(20.8)
Ending balance at May. 31, 2020	1,180.6		$ 0.4	$ 0.0	622.4	(58.3)	948.0		(333.3)	1,179.2		1.4
Ending balance (in shares) at May. 31, 2020			32.5	1.7
Pension and postretirement adjustments, tax portion	0.4
Net Income (loss)	(10.9)						(11.0)			(11.0)		0.1
Foreign currency translation adjustment	19.9					19.9				19.9
Pension and post-retirement adjustments (net of tax of $0.5)	3.7					3.7				3.7
Stock-based compensation	6.6				6.6					6.6
Proceeds from issuance of common stock pursuant to stock-based compensation plans	0.4				0.4					0.4
Treasury stock issued pursuant to stock purchase plans (in shares)			0.2
Treasury stock issued pursuant to equity-based plans	2.6				(2.9)				5.5	2.6
Dividends	(20.6)						(20.6)			(20.6)
Ending balance at May. 31, 2021	1,182.3		$ 0.4	$ 0.0	$ 626.5	$ (34.7)	$ 916.4		$ (327.8)	$ 1,180.8		$ 1.5
Ending balance (in shares) at May. 31, 2021			32.7	1.7
Pension and postretirement adjustments, tax portion	$ 2.2

Consolidated Statement of Changes in Stockholders Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Statement of Stockholders' Equity [Abstract]
Pension and postretirement adjustments, tax portion	$ 2.2	$ 0.4	$ 0.5
Net effect			$ 16.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Cash flows - operating activities:
Net income (loss)	$ (11.0)	$ (43.8)	$ 15.6
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities:
Provision for losses on accounts receivable	5.2	15.6	7.0
Provision for losses on inventory	36.6	34.3	20.8
Provision for losses on royalty advances	5.4	8.1	6.8
Amortization of prepublication costs	25.4	26.2	22.4
Depreciation and amortization	64.9	64.0	59.3
Amortization of pension and postretirement plans	0.0	0.8	0.7
Deferred income taxes	(8.0)	17.9	3.3
Stock-based compensation	6.6	3.8	8.3
Income from equity investments	7.4	3.2	5.9
Non cash write off related to asset impairments and write downs	11.1	40.6	0.9
(Gain) loss on sale of assets and other	10.4	0.0	(1.0)
Changes in assets and liabilities, net of amounts acquired:
Accounts receivable	(14.6)	(7.0)	(11.9)
Inventories	(26.2)	(20.8)	(49.8)
Income tax receivable	1.4	(79.8)	7.4
Prepaid expenses and other current assets	(3.5)	0.9	8.1
Royalty advances	(8.5)	(2.6)	(9.8)
Accounts payable	(17.9)	(33.6)	11.8
Accrued income taxes	1.3	0.1	(0.9)
Accrued royalties	6.2	(3.8)	7.9
Deferred revenue	(19.5)	(13.8)	20.1
Other accrued expenses	36.5	(11.7)	(19.6)
Other, net	(2.6)	9.9	12.9
Net cash provided by (used in) operating activities	71.0	2.1	116.4
Cash flows - investing activities:
Prepublication expenditures	(20.7)	(28.5)	(38.1)
Additions to property, plant and equipment	(47.2)	(62.7)	(95.0)
Proceeds from sale of assets	17.4	0.0	0.0
Land acquisition	0.0	3.3	0.0
Other investment and acquisition-related payments	0.0	(1.2)	(14.2)
Net cash provided by (used in) investing activities	(50.5)	(95.7)	(147.3)
Cash flows - financing activities:
Borrowings under lines of credit, credit agreement and revolving loan	4.0	234.2	58.8
Repayments of lines of credit, credit agreement and revolving loan	(33.9)	(26.7)	(60.1)
Repayment of capital lease obligations	(2.3)	(2.0)	(1.6)
Reacquisition of common stock	0.0	(35.5)	(8.5)
Proceeds pursuant to stock-based compensation plans	0.4	0.7	6.0
Payment of dividends	(20.6)	(20.8)	(21.1)
Other, net	0.1	4.2	0.8
Net cash provided by (used in) financing activities	(52.3)	154.1	(25.7)
Effect of exchange rate changes on cash and cash equivalents	4.5	(0.8)	(1.2)
Net increase (decrease) in cash and cash equivalents	(27.3)	59.7	(57.8)
Cash and cash equivalents at beginning of period	393.8	334.1	391.9
Cash and cash equivalents at end of period	366.5	393.8	334.1
Supplemental Information:
Income tax payments (refunds)	1.3	7.2	2.5
Interest paid	5.4	1.5	1.3
Non cash: Property, plant and equipment additions accrued in accounts payable	$ 0.8	$ 2.5	$ 6.1

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

May 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies

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

Description of the business

Scholastic Corporation (the “Corporation” and together with its subsidiaries, “Scholastic” or the “Company”) is the world’s largest publisher and distributor of children’s books, a leading provider of print and digital instructional materials for grades pre-kindergarten ("pre-K") to grade 12 and a producer of educational and entertaining children’s media. The Company creates quality books and ebooks, print and technology-based learning materials and programs, classroom magazines and other products that, in combination, offer schools, as well as parents and children, customized and comprehensive solutions to support children’s learning and reading both at school and at home. Since its founding in 1920, Scholastic has emphasized quality products and a dedication to reading, learning and literacy. The Company is the leading operator of school-based book club and book fair proprietary channels. It distributes its products and services through these channels, as well as directly to schools and libraries, through retail stores and through the internet. The Company’s website, scholastic.com, is a leading site for teachers, classrooms and parents and an award-winning destination for children. Scholastic has operations in the United States and throughout the world including Canada, the United Kingdom, Australia, New Zealand, Asia and through its export business, sells products in approximately 165 international locations.

Basis of presentation

Principles of consolidation

The Consolidated Financial Statements include the accounts of the Corporation and all wholly-owned and majority-owned subsidiaries. All significant intercompany transactions are eliminated in consolidation. Certain reclassifications have been made to conform to the current year presentation.

Noncontrolling Interest

The Company owns a 95.0% majority ownership interest in Make Believe Ideas Limited ("MBI"), a UK-based children's book publishing company. The founder and chief executive officer of MBI retains a 5.0% noncontrolling ownership interest in MBI. The Company fully consolidated MBI as of the acquisition date, and the 5.0% noncontrolling interest is classified within stockholder's equity.

Use of estimates

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

•Pension and postretirement benefit plans

•Uncertain tax positions

•The timing and amount of future income taxes and related deductions

•Inventory reserves

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

•Sales tax contingencies

•Royalty advance reserves and royalty expense accruals

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

•Assets and liabilities acquired in business combinations

•Variable consideration related to anticipated returns

•Allocation of transaction price to contractual performance obligations

Summary of Significant Accounting Policies

Revenue recognition

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

School-Based Book Clubs – Revenue from school-based book clubs is recognized upon shipment of the products.

School-Based Book Fairs – Revenues associated with school-based book fairs relate to the sale of children's books and other products to book fair sponsors. In addition, the Company employs an incentive program to encourage the sponsorship of book fairs and increase the number of fairs held each school year. The Company identifies two potential performance obligations within its school-based book fair contracts, which include the fulfillment of book fairs product and the fulfillment of product upon the redemption of incentive program credits by customers. The Company allocates the transaction price to each performance obligation and recognizes revenue at a point in time. The Company utilizes certain estimates based on historical experience, redemption patterns and future expectations related to the participation in the incentive program to determine the relative fair value of each performance obligation when allocating the transaction price. Changes in these estimates could impact the timing of the recognition of revenue. Revenue allocated to the book fairs product is recognized at the point at which product is delivered to the customer and control is transferred. The revenue allocated to the incentive program credits is recognized upon redemption of incentive credits and the transfer of control of the redeemed product. Incentive credits are generally redeemed within 12 months of issuance. Payment for school-based book fairs product is due at the completion of a customer's fair. Revenues associated with virtual fairs are recognized upon shipment of the products and related incentive program credits are expensed upon issuance.

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

Education – Revenue from the sale of educational materials is recognized upon shipment of the products, or upon acceptance of product by the customer, depending on individual contractual terms. Revenue from digital products is deferred and recognized ratably over the subscription period. Revenue from professional development services is recognized when the services have been provided to the customer. Revenue from contracts with multiple deliverables are recognized as each performance obligation is satisfied in which the transaction price is allocated on a relative standalone selling price basis.

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

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

Direct Sales and Export – Revenue from the direct sales and export channels is recognized upon acceptance of the physical product by the customer.

The Company has elected to present sales and other related taxes on a net basis, excluded from revenues, and as such, these are included within Other accrued expenses until remitted to taxing authorities.

Cash equivalents

Cash equivalents consist of short-term investments with original maturities of three months or less.

Accounts receivable

Accounts receivable are recognized net of an allowance for credit losses. In the normal course of business, the Company extends credit to customers that satisfy predefined credit criteria. The Company recognizes an allowance for credit losses on trade receivables that are expected to be incurred over the lifetime of the receivable. Reserves for estimated credit losses are established at the time of sale and are based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability, including specific reserves on a customer-by-customer basis, creditworthiness of the Company’s customers and prior collection experience. At the time the Company determines that a receivable balance, or any portion thereof, is deemed to be permanently uncollectible, the balance is then written off. Accounts receivable allowance for credit losses was $21.4 and $19.9 as of May 31, 2021 and 2020, respectively.

Estimated returns

For sales that include a right of return, the Company will estimate the transaction price and record revenues as variable consideration based on the amounts the Company expects to ultimately be entitled. In order to determine estimated returns, the Company utilizes historical return rates, sales patterns, types of products and expectations and recognizes a corresponding reduction to Revenues and Cost of goods sold. Management also considers patterns of sales and returns in the months preceding the fiscal year, as well as actual returns received subsequent to the fiscal year, available customer and market specific data and other return rate information that management believes is relevant. In addition, a refund liability is recorded within Other accrued expenses for the consideration to which the Company believes it will not ultimately be entitled and a return asset is recorded within Prepaid expenses and other current assets for the expected inventory to be returned. Actual returns could differ from the Company's estimate.

Inventories

Inventories, consisting principally of books, are stated at the lower of cost, using the first-in, first-out method, or net realizable value. The Company records a reserve for excess and obsolete inventory based upon a calculation using the expected future sales of existing inventory driven by estimates around forecasted purchases, inventory consumption costs, and the sell-through rate of current fiscal year purchases. In accordance with the Company's inventory retention policy, expected future sales of existing inventory are compared against historical usage by channel for reasonableness and any specifically identified excess or obsolete inventory, due to an anticipated lack of demand, will also be reserved.

Property, plant and equipment

Property, plant and equipment are stated at cost. Depreciation and amortization are recognized on a straight-line basis over the estimated useful lives of the assets. Buildings have an estimated useful life, for purposes of depreciation, of forty years. Building improvements are depreciated over the life of the improvement which typically does not exceed twenty-five years. Capitalized software, net of accumulated amortization, was $59.4 and $52.3 at May 31, 2021 and 2020, respectively. Capitalized software is amortized over a period of three to seven years. Amortization expense for capitalized software was $27.6, $27.3 and $25.3 for the fiscal years ended May 31, 2021, 2020 and 2019, respectively. Furniture, fixtures and equipment are depreciated over periods not exceeding ten years. Leasehold improvements are amortized over the life of the lease or the life of the assets, whichever is shorter. The Company evaluates the depreciation periods of property, plant and equipment to determine whether events or circumstances indicate that the asset’s carrying value is not recoverable or warrant revised estimates of useful lives.

Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements that are hosted by a third party vendor. Implementation costs incurred during the application development stage are capitalized and amortized over the term of the hosting arrangement on a straight-line basis. The Company capitalized $4.6 and $11.9 of costs incurred in fiscal 2021 and 2020, respectively, to implement cloud computing arrangements, primarily related to digital and consumer data platforms. These amounts are included within Other assets and deferred charges on the Company's Consolidated Balance Sheets. Amortization expense totaled $0.7 and $0.0 for the fiscal years ended May 31, 2021 and 2020, respectively, which is included in Selling, general and administrative expenses within the Company's Consolidated Statements of Operations.

Leases

The Company's lease arrangements primarily relate to corporate offices and warehouse facilities, and to a lesser

extent, certain equipment and other assets. The Company's leases generally have initial terms ranging from 3 to 10 years and certain leases include renewal or early-termination options, rent escalation clauses, and/or lease incentives. Lease renewal rent payment terms generally reflect adjustments for market rates prevailing at the time of renewal. The Company's leases require fixed minimum rent payments and also often require the payment of certain other costs that do not relate specifically to its right to use an underlying leased asset, but are associated with the asset, such as real

estate taxes, insurance, common area maintenance fees and/or certain other costs (referred to collectively herein as "non-lease components"), which may be fixed or variable in amount depending on the terms of the respective lease agreement. The Company's leases do not contain significant residual value guarantees or restrictive covenants.

The Company determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the term of such lease is assessed based on the date on which the underlying asset is made available for the Company's use by the lessor. The Company's assessment of the lease term reflects the non-cancelable term of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options which the Company is reasonably certain of not exercising, as well as periods covered by renewal options which the Company is reasonably certain of exercising. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in the Consolidated Statements of Operations over the lease term.

For leases with a term exceeding 12 months, a lease liability is recorded on the Company's Consolidated Balance Sheet at lease commencement reflecting the present value of its fixed minimum payment obligations over the lease term. A corresponding right-of-use ("ROU") asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received. The Company includes fixed payment obligations related to non-lease components in the measurement of ROU assets and lease liabilities, as it elects to account for lease and non-lease components together as a single lease component. ROU assets associated with finance leases are presented separate from ROU assets associated with operating leases and are included within Property, plant and equipment, net on the Company's Consolidated Balance Sheet. For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in its leasing arrangements are typically not readily determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis, and incorporates the term and economic environment of the associated lease.

For operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the lease liability, which is ultimately reduced by the related fixed payments. For leases with a term of 12 months or less, any fixed lease payments are recognized on a straight-line basis over the lease term, and are not recognized on the Company's Consolidated Balance Sheet. Variable lease costs for both operating and finance leases, if any, are recognized as incurred.

Sublease rental income is recognized on a straight-line basis over the duration of each lease term. To the extent expected sublease income is less than expected rental payments, the Company recognizes a loss on the difference between the present value of the minimum lease payments under each lease. Lease payments received are presented as a reduction to rent expense in Selling, general and administrative expenses.

Prepublication costs

Prepublication costs are incurred in all of the Company’s reportable segments. Prepublication costs include costs incurred to create the art, prepress, editorial, digital conversion and other content required for the creation of the master copy of a book or other media. Prepublication costs are amortized on a straight-line basis over a two-to-five-year period based on expected future revenues. The Company regularly reviews the recoverability of these capitalized costs based on expected future cash flows.

Royalty advances

Royalty advances are incurred in all of the Company’s reportable segments, but are most prevalent in the Children’s Book Publishing and Distribution segment and enable the Company to obtain contractual commitments from authors to produce content. The Company regularly provides authors with advances against expected future royalty payments, often before the books are written. Upon publication and sale of the books or other media, the authors generally will not receive further royalty payments until the contractual royalties earned from sales of such books or other media exceed such advances.

Royalty advances are initially capitalized and subsequently expensed as related revenues are earned or when the Company determines future recovery through earndowns is not probable. The Company has a long history of providing authors with royalty advances and it tracks each advance earned with respect to the sale of the related publication. The royalties earned are applied first against the remaining unearned portion of the advance. Historically, the longer the unearned portion of the advance remains outstanding, the less likely it is that the Company will recover the advance through the sale of the publication. The Company applies this historical experience to its existing

outstanding royalty advances to estimate the likelihood of recoveries through earndowns. Additionally, the Company’s editorial staff regularly reviews its portfolio of royalty advances to determine if individual royalty advances are not recoverable through earndowns for discrete reasons, such as the death of an author prior to completion of a title or titles, a Company decision to not publish a title, poor market demand or other relevant factors that could impact recoverability. The reserve for royalty advances was $115.5 and $109.5 as of May 31, 2021 and 2020, respectively.

Goodwill and intangible assets

Goodwill and other intangible assets with indefinite lives are not amortized and are reviewed for impairment annually as of May 31 or more frequently if impairment indicators arise.

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

With regard to other intangibles with indefinite lives, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of the identified asset is less than its carrying value. If it is more likely than not that the fair value of the asset is less than its carrying amount, the Company performs a quantitative test. The estimated fair value is determined utilizing the expected present value of the projected future cash flows of the asset.

Intangible assets with definite lives consist principally of customer lists, intellectual property and other agreements and are amortized over their expected useful lives. Customer lists are amortized on a straight-line basis over five to ten years, while other agreements are amortized on a straight-line basis over their contractual term. Intellectual property assets are amortized over their remaining useful lives, which is approximately five years.

Income taxes

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

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

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

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

The Company assesses foreign investment levels periodically to determine if all or a portion of the Company’s investments in foreign subsidiaries are indefinitely invested. Any required adjustment to the income tax provision would be reflected in the period that the Company changes this assessment. The Company elects to recognize the tax on Global Intangible Low-Taxed Income (GILTI) earned by foreign subsidiaries as a period expense in the period the tax is incurred.

Non-income Taxes

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

Employee Benefit Plan Obligations

The rate assumptions discussed below impact the Company’s calculations of its UK pension and U.S. postretirement obligations. The rates applied by the Company are based on the UK pension plan asset portfolio's past average rates of return, discount rates and actuarial information. Any change in market performance, interest rate performance, assumed health care cost trend rate and compensation rates could result in significant changes in the Company’s UK pension plan and U.S. postretirement obligations.

Pension obligations – Scholastic Corporation's UK subsidiary has a defined benefit pension plan covering the majority of its employees who meet certain eligibility requirements. The Company’s pension plan and other postretirement benefits are accounted for using actuarial valuations.

The Company’s UK Pension Plan calculations are based on three primary actuarial assumptions: the discount rate, the long-term expected rate of return on plan assets and the anticipated rate of compensation increases. The discount rate is used in the measurement of the projected, accumulated and vested benefit obligations and interest cost component of net periodic pension costs. The long-term expected return on plan assets is used to calculate the expected earnings from the investment or reinvestment of plan assets. The anticipated rate of compensation increase is used to estimate the increase in compensation for participants of the plan from their current age to their assumed retirement age. The estimated compensation amounts are used to determine the benefit obligations.

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

Foreign currency translation

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

Shipping and handling costs

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

Advertising costs

Advertising costs are expensed by the Company as incurred. Total advertising expense was $60.1, $85.2 and $106.8 for the twelve months ended May 31, 2021, 2020 and 2019, respectively.

Stock-based compensation

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

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

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

The table set forth below provides the estimated fair value of options granted by the Company during fiscal years 2021, 2020 and 2019 and the significant weighted average assumptions used in determining such fair value under the Black-Scholes option-pricing model. The average expected life represents an estimate of the period of time stock options are expected to remain outstanding based on the historical exercise behavior of the option grantees. The risk-free interest rate was based on the U.S. Treasury yield curve corresponding to the expected life in effect at the time of the grant. The volatility was estimated based on historical volatility corresponding to the expected life.


	2021			2020			2019
Estimated fair value of stock options granted	$	3.80		$	6.99		$	11.97
Assumptions:
Expected dividend yield	2.9		%	1.9		%	1.4		%
Expected stock price volatility	30.2		%	27.4		%	28.4		%
Risk-free interest rate	0.2		%	1.3		%	3.0		%
Average expected life of options	4 years			5 years			6 years

New Accounting Pronouncements

Current Fiscal Year Adoptions:

ASU No. 2016-13

In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments" (ASU 2016-13). ASU 2016-13, which was further updated and clarified by the FASB through the issuance of additional related ASUs, amends the guidance surrounding measurement and recognition of credit losses on financial assets measured at amortized cost, including trade receivables and debt securities, by requiring recognition of an allowance for credit losses expected to be incurred over an asset's lifetime based on relevant information about past events, current conditions, and supportable forecasts impacting its ultimate collectability. This "expected loss" model may result in earlier recognition of credit losses than the current "as incurred" model, under which losses were recognized only upon an occurrence of an event that gave rise to the incurrence of a probable loss. The Company adopted ASU

2016-13 as of the beginning of the first quarter of fiscal 2021 which did not have a material impact on the Company’s Consolidated Financial Statements. Refer to Note 2, Revenues, for further discussion of the Company's accounting policy and disclosures related to the allowance for credit losses.

ASU No. 2017-04

In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which removes step two from the goodwill impairment test (comparison of implied fair value of goodwill with the carrying amount of that goodwill for a reporting unit). Instead, an entity will measure its goodwill impairment by the amount the carrying value exceeds the fair value of a reporting unit. The Company adopted ASU 2017-04 as of the beginning of the first quarter of fiscal 2021 which resulted in no impact to the Company's Consolidated Financial Statements.

Regulation S-X Acquired and Disposed Businesses Disclosure Amendments

In January 2021, the SEC adopted final rules that amend registrants requirements to provide information about acquired and disposed businesses. The SEC amended the investment and income tests in Rule 1-02(w) of Regulation S-X that are used to determine whether a registrant needs to file audited financial statements. The new investment test considers the registrant’s market capitalization, and the new income test adds consideration of the revenue of the registrant and the acquired business. The Company early adopted the guidance to use the revenue component in determining the significance of its equity investment which resulted in no impact to the Company's Consolidated Financial Statements.

Regulation S-K Amendments

In November 2020, the SEC adopted final amendments to improve the readability of Regulation S-K required disclosure documents to modernize the description of business, legal proceedings and risk factor disclosures. The final rule issued by the SEC amends the risk factor disclosure to report "material" risk factors organized under relevant headings, to add a principle-based human capital disclosure as well as updates to simplify the description of business and legal proceedings disclosures. The Company adopted certain provisions within the amendments to the Form 10-K for the year ended May 31, 2021, as reflected in Item 1. Business, Item 1A. Risk Factors, and elsewhere in this report.

In February 2021, the SEC adopted final amendments to modernize and enhance the Regulation S-K required Management's Discussions and Analysis disclosure including eliminating duplicative information for the benefit of investors. The final rule issued by the SEC eliminates the requirement in Item 301 to present selected financial data for each of its last five years and simplifies certain sections of the Management's Discussions and Analysis disclosure that do not have an impact on the Company's results in fiscal 2021. The Company has adopted certain provisions within the amendments to Regulation S-K that eliminate Item 301.

Forthcoming Adoption:

ASU No. 2019-12

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The updates in this guidance remove the following exceptions: 1. Exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income); 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also simplifies the accounting for income taxes by: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; 2. Requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction; 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The guidance further provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and provides guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction.

The ASU will be effective for the Company in the first quarter of fiscal 2022. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. An entity that elects to early adopt in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period and an entity that elects early adoption must adopt all the amendments in the same period. The Company is evaluating the impact of this ASU on its consolidated financial position, results of operations and cash flows.

Revenues Revenues

12 Months Ended

May 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

REVENUES

Disaggregated Revenue Data

The following table presents the Company’s revenues disaggregated by region and channel during the year ended May 31:


	2021		2020		2019
U.S. Book Clubs	$	145.1	$	156.8	$	212.4
U.S. Book Fairs		164.3		383.8		499.6
U.S. Trade		328.9		306.8		275.4
U.S. Education		311.7		287.1		297.3
Non-U.S. Major Markets(1)		256.0		256.6		257.9
Non-U.S. Other Markets(2)		94.3		96.0		111.3
Total Revenues	$	1,300.3	$	1,487.1	$	1,653.9

(1) - Includes Canada, UK, Australia and New Zealand.

(2) - Primarily includes markets in Asia.

In fiscal 2021, the Company had one customer that accounted for more than 10% of consolidated revenues. Total revenues from this customer were $152.7, or approximately 12% of consolidated revenues during the year ended May 31, 2021. Approximately $119.7 was reported within the Children's Book Publishing & Distribution segment, $8.8 in the Education segment and $24.2 in the International segment. In fiscal 2020 and fiscal 2019, there were no customers that accounted for more than 10% of consolidated revenues.

Estimated Returns

A liability for expected returns of $45.2 and $43.5 was recorded within Other accrued expenses on the Company's Consolidated Balance Sheets as of May 31, 2021 and 2020, respectively. In addition, a return asset of $3.4 and $2.7 was recorded within Prepaid expenses and other current assets as of May 31, 2021 and 2020, respectively, for the recoverable cost of product estimated to be returned by customers.

Deferred Revenue

The Company's contract liabilities consist of advance billings and payments received from customers in excess of revenue recognized and revenue allocated to outstanding book fairs incentive credits. These liabilities are recorded within Deferred revenue on the Company's Consolidated Balance Sheets and are classified as short term, as substantially all of the associated performance obligations are expected to be satisfied, and related revenue recognized, within one year. The amount of revenue recognized during the years ended May 31, 2021 and 2020 included within the opening Deferred revenue balance was $73.3 and $121.8, respectively. The majority of the unrecognized Deferred revenue balance included within the opening balance relates to the book fairs business, as schools were unable to hold fairs and redeem incentive credits due to COVID-19.

Allowance for Credit Losses

The following table presents the change in the allowance for credit losses, which is included in Accounts Receivable, net on the Consolidated Balance Sheets:


	Allowance for Credit Losses
Balance as of June 1, 2020	$	19.9
Current period provision		5.2
Write-offs and other		(3.7)
Balance as of May 31, 2021	$	21.4

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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+ Details

Segment Information

12 Months Ended

May 31, 2021

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company categorizes its businesses into three reportable segments: Children’s Book Publishing and Distribution and Education, which comprise the Company's domestic operations, and International.

•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 and core classroom materials and programs and related support services, 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.

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


	Children's Book Publishing & Distribution		Education		Overhead (1)		Total Domestic		International		Total
2021
Revenues	$	664.7	$	312.3	$	—	$	977.0	$	323.3	$	1,300.3
Credit loss provision		0.0		2.8		—		2.8		2.4		5.2
Depreciation and amortization(2)		25.6		12.7		45.4		83.7		6.6		90.3
Asset impairments and write downs		2.6		—		8.5		11.1		—		11.1
Segment operating income (loss)		13.7		60.6		(121.0)		(46.7)		24.0		(22.7)
Segment assets at May 31, 2021		512.7		239.7		948.4		1,700.8		307.5		2,008.3
Goodwill at May 31, 2021		47.8		68.5		—		116.3		10.0		126.3
Expenditures for other non-current assets(3)		41.7		13.5		37.3		92.5		12.4		104.9
Other non-current assets at May 31, 2021(3)		165.0		124.3		481.7		771.0		88.3		859.3
2020
Revenues	$	875.4	$	287.3	$	—	$	1,162.7	$	324.4	$	1,487.1
Credit loss provision		5.8		2.5		—		8.3		7.3		15.6
Depreciation and amortization(2)		26.5		13.0		43.4		82.9		7.3		90.2
Asset impairments and write downs		—		—		40.0		40.0		0.6		40.6
Segment operating income (loss)		23.6		29.9		(135.5)		(82.0)		(6.5)		(88.5)
Segment assets at May 31, 2020		523.7		223.4		1,012.7		1,759.8		273.8		2,033.6
Goodwill at May 31, 2020		46.9		68.1		—		115.0		9.9		124.9
Expenditures for other non-current assets(3)		49.5		20.1		49.0		118.6		22.0		140.6
Other non-current assets at May 31, 2020(3)		169.6		123.8		499.8		793.2		74.6		867.8
2019
Revenues	$	990.3	$	297.4	$	—	$	1,287.7	$	366.2	$	1,653.9
Credit loss provision		3.8		1.4		—		5.2		1.8		7.0
Depreciation and amortization(2)		23.7		9.5		41.7		74.9		6.8		81.7
Asset impairments and write downs		—		—		0.9		0.9		—		0.9
Segment operating income (loss)		82.9		30.6		(102.3)		11.2		13.8		25.0
Segment assets at May 31, 2019		523.4		214.7		887.6		1,625.7		252.8		1,878.5
Goodwill at May 31, 2019		47.0		68.2		—		115.2		10.0		125.2
Expenditures for other non-current assets(3)		71.4		22.6		77.6		171.6		13.5		185.1
Other non-current assets at May 31, 2019(3)		175.0		116.3		507.7		799.0		65.3		864.3

(1)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.

(2)Includes depreciation of property, plant and equipment, amortization of intangible assets and prepublication, deferred financing and cloud computing costs.

(3) Other non-current assets include property, plant and equipment, prepublication costs, cloud computing costs, royalty advances, goodwill, intangible assets and investments. Expenditures for other non-current assets for the International reportable segment include expenditures for long-lived assets of $6.5, $17.3 and $8.2 for the fiscal years ended May 31, 2021, 2020 and 2019, respectively. Other non-current assets for the International reportable segment include long-lived assets of $46.7, $43.8 and $35.9 at May 31, 2021, 2020 and 2019, respectively.

- Definition

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.

+ References

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+ Details

Asset Write Down	12 Months Ended
Asset Write Down	May 31, 2021
Asset Impairment Charges [Abstract]
Asset Write Down	ASSET WRITE DOWN During fiscal 2021, the Company committed to a plan to cease use of certain leased office space in New York City and consolidate into the company-owned New York headquarters building. The right-of-use (ROU) assets and the other long-lived assets associated with these operating leases are included in the Overhead segment. An impairment expense of $8.5 was recognized in fiscal 2021 of which $7.0 related to the ROU assets and $1.5 related to other long-lived assets, primarily leasehold improvements. The Company also committed to a plan to permanently close 13 of the 54 book fairs warehouses in the U.S. as part of a branch consolidation project. The ROU assets and the other long-lived assets associated with these warehouse operating leases are included in the Children’s Book Publishing and Distribution segment. An impairment expense of $2.6 was recognized in fiscal 2021, primarily related to the ROU assets. The impact of the total $11.1 impairment was a loss per basic and diluted share of Class A and Common Stock of $0.24 in the twelve months ended May 31, 2021. During fiscal 2020, the Company implemented new systems, processes and a centralized management structure to better coordinate demand planning and procurement activity across North America, and to optimize inventory utilization and management. As a result of the foregoing, the Company determined that substantial quantities of inventory will not be required to meet future profitable demand, and will be donated, liquidated or disposed. Accordingly, a $40.0 non cash write down was recognized in fiscal 2020 for this excess inventory and associated costs. The inventory cost, net of reserves, was $37.6. In addition, $1.6 and $0.8 of author advances and prepublication costs, respectively, were written down as they were directly related to the inventory. The related impact was a loss per basic and diluted share of Class A and Common Stock of $0.84 in the twelve months ended May 31, 2020.

Debt

12 Months Ended

May 31, 2021

Debt Disclosure [Abstract]

Debt

DEBT

The following table summarizes the Company's debt as of May 31:


	Carrying Value		Fair Value		Carrying Value		Fair Value
		2021				2020
Loan Agreement:
Revolving Loan	$	175.0	$	175.0	$	200.0	$	200.0
Unsecured Lines of Credit (weighted average interest rates of 4.7% and 4.6%, respectively)		7.9		7.9		7.9		7.9
UK long-term debt		7.3		7.3		10.6		10.6
Total debt	$	190.2	$	190.2	$	218.5	$	218.5
Less: lines of credit and current portion of long-term debt		(182.9)		(182.9)		(7.9)		(7.9)
Total long-term debt	$	7.3	$	7.3	$	210.6	$	210.6

The following table sets forth the maturities of the carrying values of the Company’s debt obligations as of May 31, 2021 for the fiscal years ended May 31:


2022	$	182.9
2023		7.3
2024		—
2025		—
2026		—
Thereafter		—
Total debt	$	190.2

US Loan Agreement

Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together, the “Borrowers”) are parties to a 5-year credit facility with certain banks (the “Loan Agreement”) with a maturity date of January 5, 2022. The Loan Agreement allows the Company to borrow, repay or prepay and reborrow at any time prior to the maturity date. On December 16, 2020, the Company entered into an amendment to the Loan Agreement (the "Amendment") with a syndicate of banks and Bank of America, N.A., as administrative agent (the "Agent"). The Amendment was accounted for as a debt modification. The principal terms of the credit agreement, as modified, include the following:

•the aggregate maximum commitments of the lenders is $250.0, a reduction from the $375.0 pre-amendment commitments, of which a maximum of $225.0 is available until the Company satisfies the pre-amendment covenants in the credit agreement;

•the pre-amendment covenants include interest coverage and leverage ratio tests, in which the minimum interest coverage covenant is suspended until after the end of the Company’s fourth fiscal quarter ending May 31, 2021. In addition, the Company is subject to a new covenant requiring Consolidated Liquidity (as defined) of a minimum amount of $200.0;

•the securitization of the Company’s inventory and accounts receivable;

•a modified limitation on asset sales (not to exceed 10% of Consolidated Total Assets, as defined, excluding sale of collateral);

•a facility fee rate of 0.40%;

•a limitation on Acquisitions (as defined) to an aggregate amount of $25.0 per fiscal year;

•the interest pricing is dependent upon the Borrower’s election of a rate that is either:

◦a Eurodollar Rate equal to the London interbank offered rate (LIBOR), subject to a minimum of 0.25%, plus a spread equal to 2.25%, until receipt of the Company's financial statements and related certificates for the fiscal year ending May 31, 2021, and a spread of 1.60% for any Eurodollar Rate Advance drawn after the delivery by the Company of its financial statements and related certificates for the fiscal year ending May 31, 2021;

- or -

◦A Base Rate equal to the higher of (i) the prime rate, (ii) the prevailing Federal Funds rate plus 0.50% or (iii) the Eurodollar Rate for a one month interest period plus 1.00% plus, in each case, a spread equal to 1.25% until receipt of the Company's financial statements and related certificates for the fiscal year ending May 31, 2021 and a spread of 0.60% for any Base Rate Advance drawn after the delivery by the Company of its financial statements and related certificates for the fiscal year ending May 31, 2021;

•a limit on quarterly cash dividends of $5.2 per fiscal quarter plus the dollar amount of all cash dividends payable (at the rate applicable as of December 16, 2020) in such fiscal quarter in respect of capital stock of the Company issued after December 16, 2020 as a result of the regular vesting or exercise of issued and outstanding stock awards in the normal course of business. Other restricted payments (e.g., for share repurchases, etc.) are limited to the "builder basket" and leverage construct in the pre-amendment credit agreement together with an additional requirement that the Company have Consolidated Liquidity (as defined) that exceeds $300.0. Prior to the Agent's receipt of the Company's financial statements for the fiscal year ending May 31, 2021, use of this restricted payment basket (apart from dividends) is capped at $30.0;

•a portion of the revolving credit facility up to a maximum of $50.0 is available for the issuance of letters of credit. In addition, a portion of the revolving credit facility up to a maximum of $15.0 is available for swingline loans.

Under the Loan Agreement, as amended, interest on amounts borrowed 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). As of May 31, 2021, the all-in borrowing rate on the outstanding borrowings was 2.50%.

As of May 31, 2021, the Company had outstanding borrowings of $175.0 under the Loan Agreement. As of the third quarter of fiscal 2021, all outstanding borrowings under the Loan Agreement are classified as current. The Company incurred this obligation in the fourth quarter of fiscal 2020 as a precautionary measure due to the uncertainty resulting from the COVID-19 pandemic. While this obligation is not due until the January 5, 2022 maturity date, the Company may, from time to time, make payments to reduce this obligation when cash from operations becomes available for this purpose. The Company intends to extend the current Loan Agreement, or enter into a new long-term bank credit facility, prior to its expiration on January 5, 2022. As of May 31, 2020, the Company had long term outstanding borrowings of $200.0 under the Loan Agreement.

The Company was in compliance with required covenants for all periods presented. The Amendment suspended the minimum interest coverage covenant until after the end of the Company’s fourth fiscal quarter ending May 31, 2021.

At May 31, 2021, the Company had open standby letters of credit totaling $4.3 issued under certain credit lines, including $0.4 under the Loan Agreement and $3.9 under the domestic credit lines discussed below.

UK Loan Agreements

On January 24, 2020, Scholastic Limited UK entered into a term loan facility with a borrowing limit of £6.6 to fund the construction of the new UK facility. The loan had an original maturity date of July 31, 2021, which was extended to July 31, 2022 in May 2021. Under the agreement, the principal balance is due in full in a single payment on the last day of the term and interest on the amount borrowed is due and payable quarterly. The interest is charged at 1.77% per annum over the Base Rate. The Base Rate is currently equal to 0.10% per annum and is subject to change. As of May 31, 2021, the Company had $4.5 outstanding on the loan and $4.8 remaining available credit under this facility.

On September 23, 2019, Scholastic Limited UK entered into a term loan agreement to borrow £2.0 to fund a land purchase in connection with the construction of a new UK facility. The loan had an original maturity date of July 31, 2021, which was extended to July 31, 2022 in May 2021. Under the agreement, the principal balance is due in full in a single payment on the last day of the term and interest on the amount borrowed is due and payable quarterly. The interest is charged at 1.77% per annum over the Base Rate. The Base Rate is currently equal to 0.10% per annum and is subject to change. As of May 31, 2021, the Company had $2.8 outstanding on the loan.

Lines of Credit

As of May 31, 2021, the Company’s domestic credit lines available under unsecured money market bid rate credit lines totaled $10.0. There were no outstanding borrowings under these credit lines as of May 31, 2021 and May 31, 2020. As of May 31, 2021, availability under these unsecured money market bid rate credit lines totaled $6.1. 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 May 31, 2021, the Company had various local currency credit lines, totaling $28.6, underwritten by banks primarily in the United States, Canada and the United Kingdom. Outstanding borrowings under these facilities were $7.9 at May 31, 2021 at a weighted average interest rate of 4.7%, compared to outstanding borrowings of $7.9 at May 31, 2020 at a weighted average interest rate of 4.6%. As of May 31, 2021, amounts available under these facilities totaled $20.7. 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

12 Months Ended

May 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Contractual Commitments

The following table sets forth the aggregate minimum future contractual commitments at May 31, 2021 relating to royalty advances and minimum print quantities for the fiscal years ending May 31:


	Royalty Advances		Minimum Print Quantities
2022	$	32.6	$	1.3
2023		7.0		1.3
2024		1.9		—
2025		0.5		—
2026		0.1		—
Thereafter		0.1		—
Total commitments	$	42.2	$	2.6

The Company may be subject to penalties if it fails to meet these minimum print quantities due to changes in the marketplace as a result of COVID-19.

The Company had open standby letters of credit of $4.3 issued under certain credit lines as of May 31, 2021 and 2020, respectively, in support of its insurance programs. These letters of credit are scheduled to expire within one year; however, the Company expects that substantially all of these letters of credit will be renewed, at similar terms, prior to their expiration.

Contingencies

COVID-19

The COVID-19 pandemic and actions taken, or which may be taken in the future, by governments, businesses and individuals to limit the spread of the virus may continue to have an adverse effect on the Company’s results of operations and financial condition. Refer to Item 1A, Risk Factors, for a detailed discussion regarding the ways that the virus and steps taken to curtail it have impacted or may in the future impact the Company’s businesses and operations.

The Company is not currently aware of any loss contingencies related to the foregoing that would require recognition in the current fiscal year ended May 31, 2021.

Legal Matters

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 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.

Subsequent to May 31, 2021, the Company, along with its co-defendants in a certain legal proceeding, reached a mediation-assisted settlement regarding certain licenses and trademarks related to intellectual property used in formerly owned products, which were included in the sale of the educational technology and services business that occurred in fiscal 2015. Without admitting to the allegations raised, the agreement requires the Company to pay $20.0 in a one-time cash payment to avoid the uncertainties of trial and the additional costs of preparing for and presenting an on-going legal defense in this matter. The Company recognized an accrual for the settlement amount in fiscal 2021 which is reflected in the Company’s Consolidated Financial Statements as the events that gave rise to the litigation had taken place prior to May 31, 2021. While the Company expects that a significant portion of the settlement and related defense costs will be covered by its insurance programs, it is too premature to determine with any level of probability or accuracy the amount of those recoveries at this time.

In fiscal 2020, the Company entered into a settlement agreement, without admission of liability, related to an alleged patent infringement claim and recognized an expense of $1.5. In addition, the Company entered into settlement agreements related to photo copyright infringement cases, recognizing $2.4 in total in fiscal 2020.

Sales Tax Matters

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. Where a sales tax liability with respect to a jurisdiction is probable and can be reliably estimated for such jurisdiction, the Company has made accruals for these matters which are reflected in the Company’s Consolidated Financial Statements. These amounts are included in the Financial Statements in Selling, general and administrative expenses. Future developments relating to the foregoing could result in adjustments being made to these accruals.

Investments

12 Months Ended

May 31, 2021

Equity [Abstract]

Investments

INVESTMENTS

Investments are included in Other assets and deferred charges on the Consolidated Balance Sheets. The following table summarizes the Company’s investments for the fiscal years ended May 31:


	2021		2020		Segment
Equity method investments	$	34.3	$	25.0	International
Other equity investments		6.0		6.0	Children's Book Publishing & Distribution
Total investments	$	40.3	$	31.0

The Company’s 26.2% equity interest in a children’s book publishing business located in the UK is accounted for using the equity method of accounting. Equity method income from this investment is reported in the International segment.

The Company has a 4.6% ownership interest in a financing and production company that makes film, television, and digital programming designed for the youth market. This equity investment does not have a readily determinable fair value and the Company has elected to apply the measurement alternative, and report this investment at cost, less impairment, on the Company's Consolidated Balance Sheets. There have been no impairments or adjustments to the carrying value of this investment.

The Company has other equity investments with a net carrying value of less than $0.1 at May 31, 2021 and May 31, 2020.

Income from equity investments reported in Selling, general and administrative expenses in the Consolidated Statements of Operations totaled $7.4 for the year ended May 31, 2021, $3.2 for the year ended May 31, 2020 and $5.9 for the year ended May 31, 2019. The Company received dividends of $2.4 and $1.0 for the years ended May 31, 2021 and May 31, 2020, respectively.

Property, Plant and Equipment

12 Months Ended

May 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

The following table summarizes the major classes of assets at cost and accumulated depreciation for the fiscal years ended May 31:


	2021		2020
Land	$	81.4	$	82.5
Buildings		244.8		246.7
Capitalized software		217.9		189.5
Furniture, fixtures and equipment		209.4		217.0
Building and leasehold improvements		214.4		212.2
Construction in progress		43.3		49.0
Total at cost	$	1,011.2	$	996.9
Less: Accumulated depreciation and amortization		(454.3)		(420.0)
Property, plant and equipment, net	$	556.9	$	576.9

Depreciation and amortization expense related to property, plant, and equipment was $58.3, $58.3 and $53.3 for the fiscal years ended May 31, 2021, 2020 and 2019, respectively.

In fiscal 2021, the Company recognized a pretax impairment charge of $1.5 related to its plan to cease use of certain leased office space in New York City and consolidate into its company-owned New York headquarters building. Refer to Note 4, "Asset Write Down", for further discussion regarding the impairment.

In fiscal 2020, the Company recognized a pretax impairment charge of $0.6 related to an outdated technology platform in Canada. In fiscal 2019, the Company recognized pretax impairment charges of $0.9 related to the abandonment of legacy building improvements. These amounts are included in Asset impairments and write downs within the Company's Consolidated Statement of Operations.

Sale of Long-Lived Assets

During the third quarter of fiscal 2021, the Company sold the UK distribution center located in Southam. The long-lived assets related to the Southam facility, which consisted of land, building and building improvements, were included in the International segment. The assets had a carrying value of $1.3 and were classified as held for sale as of the fiscal year ended May 31, 2020. The net proceeds from the sale were $5.1 and the Company recognized a gain on sale of $3.8. This amount is included within Gain (loss) on sale of assets and other within the Company's Consolidated Statements of Operations.

During the first quarter of fiscal 2021, the company-owned facility located in Danbury, Connecticut was sold and the Company relocated the book fairs warehousing and distribution operations conducted in Danbury to a leased warehouse in Easton, Pennsylvania. The long-lived assets related to the Danbury facility, which consisted of land, building, and building improvements, were included in the Overhead segment. These assets had a carrying value of $5.7 and were classified as held for sale as of the fiscal year ended May 31, 2020. The net proceeds from the sale were $12.3 and the Company recognized a gain on sale of $6.6. This amount is included within Gain (loss) on sale of assets and other within the Company's Consolidated Statements of Operations.

Assets Held For Sale

During the third quarter of fiscal 2021, the Company committed to a plan to sell the office building located in Lake Mary, FL and relocate to a leased office space as part of the initiative to reduce future operating costs. These assets are included in the Children's Book Publishing and Distribution segment. During the third quarter of fiscal 2020, the Company committed to a plan to sell the UK distribution center located in Witney to consolidate the operations into a new facility in Warwickshire. These assets are included in the International segment. The Company expects the sale of these facilities to result in a gain on sale. The long-lived assets which consist of land, building, and building improvements are classified as held for sale. These assets are carried at the lower of carrying value or fair value less costs to sell and no additional depreciation is being recognized. As of May 31, 2021, the carrying amounts were $4.1 and $2.3 for the Lake Mary and Witney facilities, respectively, which are included in Property, plant and equipment, net within the Company's Consolidated Balance Sheets.

Leases

12 Months Ended

May 31, 2021

Leases [Abstract]

Leases

LEASES

The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2021 and May 31, 2020:


	May 31, 2021		May 31, 2020		Location within Consolidated Balance Sheet
Operating leases	$	78.6	$	95.3	Operating lease right-of-use assets, net
Finance leases		10.2		10.9	Property, plant and equipment, net
Total lease assets	$	88.8	$	106.2

Operating leases :
Current portion	$	25.0	$	22.8	Current portion of operating lease liabilities
Non-current portion		67.4		75.7	Long-term operating lease liabilities
Total operating lease liabilities	$	92.4	$	98.5

Finance leases :
Current portion	$	2.2	$	2.1	Other accrued expenses
Non-current portion		8.8		9.5	Other noncurrent liabilities
Total finance lease liabilities	$	11.0	$	11.6
Total lease liabilities	$	103.4	$	110.1

In fiscal 2021, the Company recognized a pretax impairment charge of $9.6 related to operating lease right-of-use assets in connection with its plan to cease use of certain leased office space in New York City and consolidate into its company-owned New York headquarters building and its plan to permanently close 13 of its 54 book fair warehouses in the U.S. as part of a branch consolidation project. Refer to Note 4, "Asset Write Down", for further discussion regarding the impairment.

The following table summarizes the activity for the fiscal year ended May 31, 2021 and May 31, 2020:


					Location within Consolidated Statements of Operations
	May 31, 2021		May 31, 2020
Operating lease expense (1)	$	28.3	$	28.6	Selling, general and administrative expenses
Finance lease costs :
Depreciation of leased assets		2.3		2.1	Depreciation and amortization
Accretion of lease liabilities		0.4		0.4	Interest expense


Total lease expense	$	31.0	$	31.1

(1) In fiscal 2020, the Company elected to account for rent concessions negotiated in connection with COVID-19 as if they were contemplated as part of the existing contract. Under this accounting model, the Company continued to recognize lease expense as the lessee and rental income as the lessor. There is an immaterial impact from these concessions for the fiscal year ended May 31, 2020. COVID-19 may cause changes in the market that could impact future lease payments.

The following table summarizes certain cash flows information related to the Company's leases for the fiscal year ended May 31, 2021 and May 31, 2020:


	May 31, 2021		May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	27.4	$	25.4
Operating cash flows from finance leases		0.4		0.4
Financing cash flows from finance leases		2.3		2.0

The following table provides a maturity analysis summary of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2021:


	Operating Leases		Finance Leases
Fiscal 2022	$	28.7	$	2.6
Fiscal 2023		23.3		2.5
Fiscal 2024		15.8		2.4
Fiscal 2025		9.7		1.6
Fiscal 2026		5.5		1.1
Thereafter		24.5		2.1
Total lease payments	$	107.5	$	12.3
Less: interest		(15.1)		(1.3)
Total lease liabilities	$	92.4	$	11.0

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's leases recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2021 and May 31, 2020:


	2021		2020
Weighted-average remaining lease term (years):
Operating Leases	5.8		5.8
Finance Leases	5.6		5.9
Weighted-average discount rate:
Operating Leases	4.6	%	4.7	%
Finance Leases	4.0	%	3.8	%

Leases

LEASES

The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2021 and May 31, 2020:


	May 31, 2021		May 31, 2020		Location within Consolidated Balance Sheet
Operating leases	$	78.6	$	95.3	Operating lease right-of-use assets, net
Finance leases		10.2		10.9	Property, plant and equipment, net
Total lease assets	$	88.8	$	106.2

Operating leases :
Current portion	$	25.0	$	22.8	Current portion of operating lease liabilities
Non-current portion		67.4		75.7	Long-term operating lease liabilities
Total operating lease liabilities	$	92.4	$	98.5

Finance leases :
Current portion	$	2.2	$	2.1	Other accrued expenses
Non-current portion		8.8		9.5	Other noncurrent liabilities
Total finance lease liabilities	$	11.0	$	11.6
Total lease liabilities	$	103.4	$	110.1

The following table summarizes the activity for the fiscal year ended May 31, 2021 and May 31, 2020:


					Location within Consolidated Statements of Operations
	May 31, 2021		May 31, 2020
Operating lease expense (1)	$	28.3	$	28.6	Selling, general and administrative expenses
Finance lease costs :
Depreciation of leased assets		2.3		2.1	Depreciation and amortization
Accretion of lease liabilities		0.4		0.4	Interest expense


Total lease expense	$	31.0	$	31.1

The following table summarizes certain cash flows information related to the Company's leases for the fiscal year ended May 31, 2021 and May 31, 2020:


	May 31, 2021		May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	27.4	$	25.4
Operating cash flows from finance leases		0.4		0.4
Financing cash flows from finance leases		2.3		2.0

The following table provides a maturity analysis summary of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2021:


	Operating Leases		Finance Leases
Fiscal 2022	$	28.7	$	2.6
Fiscal 2023		23.3		2.5
Fiscal 2024		15.8		2.4
Fiscal 2025		9.7		1.6
Fiscal 2026		5.5		1.1
Thereafter		24.5		2.1
Total lease payments	$	107.5	$	12.3
Less: interest		(15.1)		(1.3)
Total lease liabilities	$	92.4	$	11.0


	2021		2020
Weighted-average remaining lease term (years):
Operating Leases	5.8		5.8
Finance Leases	5.6		5.9
Weighted-average discount rate:
Operating Leases	4.6	%	4.7	%
Finance Leases	4.0	%	3.8	%

Goodwill and Other Intangibles

12 Months Ended

May 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

GOODWILL AND OTHER INTANGIBLES

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


	2021		2020
Gross beginning balance	$	164.5	$	164.8
Accumulated impairment		(39.6)		(39.6)
Beginning balance	$	124.9	$	125.2


Foreign currency translation		1.4		(0.3)



Ending balance	$	126.3	$	124.9

There were no impairment charges related to Goodwill in any of the periods presented. The Company performed a qualitative assessment for the fiscal 2021 annual impairment test and concluded that goodwill is not impaired.

The following table summarizes Other intangibles for the fiscal years ended May 31:


	2021		2020
Other intangibles subject to amortization - beginning balance	$	10.5	$	12.2
Additions		—		1.6
Adjustments		(0.5)		—
Amortization expense		(2.2)		(3.2)
Foreign currency translation		0.6		(0.1)


Total other intangibles subject to amortization, net of accumulated amortization of $32.3 and $30.1, respectively	$	8.4	$	10.5

Total other intangibles not subject to amortization		2.1		2.1
Total other intangibles	$	10.5	$	12.6

There were no additions to intangible assets for the fiscal year ended May 31, 2021.

In fiscal 2020, the Company purchased a U.S.-based book fair business resulting in $1.6 of amortizable intangible assets. In fiscal 2021, the Company recorded a purchase accounting adjustment which decreased the carrying amount of the amortizable intangible assets by $0.5.

Amortization expense for Other intangibles totaled $2.2, $3.2 and $2.8 for the fiscal years ended May 31, 2021, 2020 and 2019, respectively.

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


2022	$	2.0
2023		1.9
2024		1.5
2025		1.2
2026		0.4
Thereafter		1.4

Intangible assets with indefinite lives consist principally of trademark and tradename rights. Intangible assets with definite lives consist principally of customer lists, intellectual property, tradenames 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 5.4 years.

There were no impairment charges related to Intangible assets in any of the periods presented.

Acquisitions	12 Months Ended
Acquisitions	May 31, 2021
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS There were no acquisitions during fiscal 2021. In fiscal 2020, the Company acquired a U.S.-based book fair business resulting in the recognition of $1.6 of amortizable intangible assets. In fiscal 2021, a purchase accounting adjustment was made reducing the carrying amount of this intangible asset by $0.5. The results of operations of this business subsequent to the acquisition are included in the Children's Book Publishing and Distribution segment. This transaction was not determined to be material to the Company's results and, therefore, pro forma financial information is not presented.

Taxes

12 Months Ended

May 31, 2021

Income Tax And Non Income Tax Disclosure [Abstract]

Taxes

TAXES

The components of Earnings (loss) before income taxes for the fiscal years ended May 31 were:


	2021		2020		2019
United States	$	(45.8)	$	(92.5)	$	8.7
Non-United States		27.6		2.8		17.3
Total	$	(18.2)	$	(89.7)	$	26.0

The provision (benefit) for income taxes for the fiscal years ended May 31 consisted of the following components:


	2021		2020		2019
Current
Federal	$	2.3	$	(72.2)	$	(0.2)
State and local		(0.3)		(1.2)		4.8
Non-United States		6.0		2.1		2.8
Total Current	$	8.0	$	(71.3)	$	7.4

Deferred
Federal	$	(10.9)	$	27.3	$	1.1
State and local		(1.3)		(0.9)		3.1
Non-United States		(3.1)		(1.1)		(1.2)
Total Deferred	$	(15.3)	$	25.3	$	3.0

Total Current and Deferred	$	(7.3)	$	(46.0)	$	10.4

Effective Tax Rate Reconciliation

A reconciliation of the significant differences between the effective income tax rate and the federal statutory rate on Earnings (loss) before income taxes for the fiscal years ended May 31 was as follows:


	2021			2020			2019
Computed federal statutory provision		21.0	%		21.0	%		21.0	%
State income tax provision, net of federal income tax benefit		(10.4)			2.0			25.7
Difference in effective tax rates on earnings of foreign subsidiaries		7.0			1.8			(2.4)
Rate differential on net operating loss carrybacks		19.3			34.2			—
GILTI inclusion		(2.7)			(2.4)			3.4

Various tax credits		6.5			0.8			(3.1)
Valuation allowances		25.7			(1.1)			2.3
Uncertain positions		(14.6)			(2.3)			(6.3)

Equity and other compensation		(8.7)			(0.6)			2.4
Other, net		(3.0)			(2.1)			(3.0)
Effective tax rates		40.1	%		51.3	%		40.0	%
Total provision (benefit) for income taxes	$	(7.3)		$	(46.0)		$	10.4

Tax Legislation Updates

In response to the COVID-19 pandemic, many governments have enacted measures to provide aid and economic stimulus. These measures included deferring the due dates of tax payments or other changes to their income and non-income-based tax laws as well as providing direct government assistance through grants and forgivable loans. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act, among other things, included provisions relating to refundable payroll tax credits, deferment of employer-side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property.

Unremitted Earnings

The Company assesses foreign investment levels periodically to determine if all or a portion of the Company’s investments in foreign subsidiaries are indefinitely invested. The Company is permanently reinvested in certain foreign subsidiaries representing a portion of the Company's investments in foreign subsidiaries. Any required adjustment to the income tax provision would be reflected in the period that the Company changes this assessment. As of May 31, 2021, there have been no adjustments to the income tax provision related to unremitted earnings.

Deferred Taxes

The significant components for deferred income taxes for the fiscal years ended May 31 were as follows:


	2021		2020
Deferred tax assets:
Tax uniform capitalization	$	8.6	$	10.4
Prepublication expenses		0.6		0.8
Inventory reserves		19.3		10.3
Allowance for credit losses		2.8		2.9
Deferred revenue		13.5		—
Other reserves		19.9		18.0
Postretirement, post employment and pension obligations		3.1		5.3
Tax carryforwards		39.7		51.1
Lease Liabilities		23.7		25.2
Other		14.1		11.9
Gross deferred tax assets	$	145.3	$	135.9
Valuation allowance		(23.1)		(31.3)
Total deferred tax assets	$	122.2	$	104.6
Deferred tax liabilities:
Depreciation and amortization		(74.3)		(65.8)
Lease Right of Use Assets		(20.2)		(24.4)

Other		(2.3)		(2.1)
Total deferred tax liability	$	(96.8)	$	(92.3)
Total net deferred tax assets	$	25.4	$	12.3

As of May 31, 2021, there were no deferred tax liabilities. As of May 31, 2020, the total net deferred tax assets include federal deferred tax liabilities of $6.3 which are included in Other noncurrent liabilities on the Company's Consolidated Balance Sheet and deferred tax assets of $18.6.

The Company regularly assesses the realizability of deferred tax assets considering all available evidence including, to the extent applicable, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, tax filing status, duration of statutory carryforward periods, tax planning strategies and historical experience. For the fiscal year ended May 31, 2021, the valuation allowance decreased by $8.2 primarily the result of the release of valuation allowances for prior fiscal year state net operating losses and the expiration of a foreign net operating loss. For the fiscal year ended May 31, 2020, the valuation allowance increased by $5.6 and there were no valuation allowance releases. The Company has tax effected state and foreign net operating loss carryforwards of $10.8 and $25.1, respectively, for the fiscal year ended May 31, 2021. In addition, the Company has certain tax carryforwards related to charitable contributions and tax credits of $3.8 for the fiscal year ended May 31, 2021. Certain state net operating loss carryforwards, if not utilized, expire at various times, primarily between fiscal year 2022 and fiscal year 2041. Certain foreign net operating loss carryforwards, if not utilized, also expire at various times. Approximately half of the foreign net operating loss carryforwards expire between fiscal year 2022 and fiscal year 2041 and the remaining carryforwards do not have an expiration date.

Unrecognized tax benefits

The benefits of uncertain tax positions are recorded in the financial statements only after determining a more likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities, in which case such benefits are included in long-term income taxes payable and reduced by the associated federal deduction for state taxes and non-U.S. tax credits. The interest and penalties related to these uncertain tax positions are recorded as part of the Company’s income tax expense and constitute part of Other noncurrent liabilities on the Company’s Consolidated Balance Sheets.

The total amount of unrecognized tax benefits at May 31, 2021, 2020, and 2019 were $12.3, excluding $2.6 accrued for interest and penalties, $10.2, excluding $2.2 accrued for interest and penalties, and $9.0, excluding $1.4 accrued for interest and penalties, respectively. Of the total amount of unrecognized tax benefits at May 31, 2021, 2020, and 2019, $12.3, $10.2 and $9.0, respectively, would impact the Company’s effective tax rate.

During the years presented, the Company recognized interest and penalties related to unrecognized tax benefits in the provision for taxes in the Consolidated Financial Statements. The Company recognized an expense of $0.5, an expense of $0.8, and a benefit of $0.4 for the years ended May 31, 2021, 2020, and 2019, respectively.

The table below presents a reconciliation of the unrecognized tax benefits for the fiscal years indicated:


Gross unrecognized benefits at May 31, 2018	$	10.1
Decreases related to prior year tax positions		(1.1)
Increase related to prior year tax positions		0.2
Increases related to current year tax positions		0.7
Settlements during the period		(0.2)
Lapse of statute of limitation		(0.7)
Gross unrecognized benefits at May 31, 2019	$	9.0
Decreases related to prior year tax positions		(0.2)
Increase related to prior year tax positions		1.8
Increases related to current year tax positions		0.1
Settlements during the period		(0.2)
Lapse of statute of limitation		(0.3)
Gross unrecognized benefits at May 31, 2020	$	10.2
Decreases related to prior year tax positions		(0.2)
Increase related to prior year tax positions		2.6
Increases related to current year tax positions		0.2
Settlements during the period		(0.2)
Lapse of statute of limitation		(0.3)
Gross unrecognized benefits at May 31, 2021	$	12.3

Unrecognized tax benefits for the Company increased by $2.1 for the year ended May 31, 2021 and $1.2 for the year ended May 31, 2020. It is reasonably possible that approximately $1.9 of the gross unrecognized tax benefits could significantly change in the next twelve months.

Income Tax Returns

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. The IRS is currently examining the US income tax returns for the fiscal 2015 through fiscal 2020 tax years. In fiscal 2021, there were settlements of audits with taxing authorities, none of which were considered material to the provision for income taxes.

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. Where a sales tax liability in respect to a jurisdiction is probable and can be reliably estimated for such jurisdiction, the Company has made accruals for these matters which are reflected in the Company’s Consolidated Financial Statements. These amounts are included in the Consolidated Financial Statements in Selling, general and administrative expenses. Future developments relating to the foregoing could result in adjustments being made to these accruals.

Capital Stock and Stock-Based Awards

12 Months Ended

May 31, 2021

Share-based Payment Arrangement [Abstract]

Capital Stock and Stock-Based Awards

CAPITAL STOCK AND STOCK-BASED AWARDS

Class A Stock and Common Stock

Capital stock consisted of the following as of May 31, 2021:


	Class A Stock	Common Stock	Preferred Stock
Authorized	4,000,000	70,000,000	2,000,000
Reserved for Issuance	—	8,128,785	—
Outstanding	1,656,200	32,707,795	—

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

The Company issues shares of Common Stock from its Treasury stock to meet its share-based payment requirements, net of shares required to be withheld to cover the recipient's tax obligations.

Preferred Stock

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

Stock-based awards

At May 31, 2021, the Company maintained three stockholder-approved stock-based compensation plans with regard to the Common Stock:

•Scholastic Corporation 2011 Stock Incentive Plan (the “2011 Plan”);

•Scholastic Corporation 2007 Outside Directors Stock Incentive Plan (the “2007 Directors Plan”), under which no further grants can be made; and

•Scholastic Corporation 2017 Outside Directors Stock Incentive Plan (the “2017 Directors Plan”)

The 2011 Plan was approved by the Class A Stockholders in September 2011 and provides for the issuance of certain equity awards, including non-qualified stock options, time-vested restricted stock units, performance-based restricted stock units, all of which have been issued by the Company to date, and incentive stock options and other equity awards. In September 2014, the Class A Stockholders approved the second amendment to the 2011 Plan increasing the shares available for issuance pursuant to awards granted under the 2011 Plan by 2,475,000 shares. In September 2018, the Class A Stockholders approved the third amendment to the 2011 Plan increasing the shares available for issuance pursuant to awards granted under the 2011 Plan by 2,540,000 shares, for a total of 7,115,000 shares available for issuance under the 2011 Plan.

The Company’s stock-based awards vest over periods not to exceed four years and the Company's equity plans permit the acceleration of vesting upon retirement for certain eligible employees, as well as for certain other events.

At May 31, 2021, non-qualified stock options to purchase 4,788,742 shares of Common Stock were outstanding under the 2011 Plan. During fiscal 2021, 2,326,058 options were granted under the 2011 Plan at a weighted average exercise price of $21.08, which included an additional stock grant made on October 1, 2020 to employees as a non-cash incentive.

At May 31, 2021, 661,092 shares of Common Stock were available for issuance under the 2011 Plan.

In September 2007, the Class A Stockholders approved the 2007 Outside Directors Plan. From September 2007 through September 2011, the 2007 Directors Plan provided for the automatic grant to each non-employee director, on the date of each annual meeting of stockholders, of non-qualified stock options to purchase 3,000 shares of Common Stock at a purchase price per share equal to the fair market value of a share of Common Stock on the date of grant and 1,200 restricted stock units. In September 2012, the Class A Stockholders approved an amendment and restatement to the 2007 Outside Directors Stock Incentive Plan (the “Amended 2007 Directors Plan”), which provided for the automatic grant to each non-employee director, on the date of each annual meeting of stockholders, of stock options and restricted stock units with a value equal to a fixed dollar amount. The total amount, as well as the relative percentage of stock options and restricted stock units, were to be determined annually by the Board (or committee designated by the Board) in advance of the grant date. The value of the stock option was determined based on the Black-Scholes option pricing method, with the exercise price being the fair market value of the Common Stock on the grant date, and the value of the restricted stock unit portion is the fair market value of the Common Stock on the grant date. In December 2015, the Board approved amendment number 2 to the Amended 2007 Directors Plan to provide that a non-employee director elected between annual meetings of stockholders would receive a grant at the time of such election equal to a pro rata portion of the most recent annual grant of stock options and restricted stock units, based on the number of regular Board meetings remaining to be held for the annual period during which such election occurred.

In September 2017, the Class A Stockholders approved the 2017 Directors Plan which has 400,000 shares of Common Stock reserved for issuance and provides for the automatic grant to each non-employee director, on the date of each annual meeting of stockholders, of stock options and restricted stock units with a value equal to a fixed dollar amount. The total dollar amount, as well as the relative percentage of stock options and restricted stock units, is determined annually by the Board (or Committee designated by the Board) in advance of the grant date. In July 2020, the Board approved the fiscal 2021 grant to each non-employee director, on the date of the 2020 annual meeting of stockholders, of stock options and restricted stock units having a combined value, as determined by the Board, of ninety thousand dollars ($90,000), (based on the fair market value on the date of grant), with 60% of such award to be awarded as restricted stock units and 40% of such award to be awarded as stock options, such grant to vest in its entirety on the earlier of the first anniversary of the date of grant or the date of the next annual meeting of stockholders following the date of grant.

On September 23, 2020, an aggregate of 59,038 options at an exercise price of $20.48 per share and 18,452 restricted stock units were granted to the non-employee directors under the 2017 Directors Plan, such grant to vest in its entirety on the earlier of the first anniversary of the date of grant or the date of the next annual meeting of Stockholders following the date of grant. As of May 31, 2021, non-qualified stock options to purchase 77,394 shares and 121,126 shares were outstanding under the 2007 Plan and the 2017 Plan, respectively.

Stock Options - Generally, stock options granted under the Company's equity plans may not be exercised for a minimum of one year after the date of grant and expire seven years after the date of grant. The intrinsic value of certain stock options is tax deductible by the Company upon exercise, if compliant with current tax law. The Company amortizes the fair value of stock options as stock-based compensation expense over the requisite service period on a straight-line basis, or sooner if the employee effectively vests upon termination of employment for certain retirement-eligible employees, as well as in certain other events.

The following table sets forth the intrinsic value of stock options exercised, pretax stock-based compensation cost and related tax benefits for the Company's equity plans for the fiscal years ended May 31:


	2021		2020		2019
Total intrinsic value of stock options exercised	$	0.1	$	0.2	$	2.1
Total stock-based compensation cost (pretax)		6.6		3.8		8.3
Tax benefits (shortfalls) related to stock-based compensation cost		(3.7)		(0.5)		0.5
Weighted average grant date fair value per option	$	3.80	$	6.99	$	11.97

Pretax stock-based compensation cost is recognized in Selling, general and administrative expenses. As of May 31, 2021, the total pretax compensation cost not yet recognized by the Company with regard to outstanding unvested stock options was $4.8. The weighted average period over which this compensation cost is expected to be recognized is 2.8 years.

The following table sets forth the stock option activity under the Company's equity plans for the fiscal year ended May 31, 2021:


	Options		Weighted Average Exercise Price		Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at May 31, 2020		3,002,981	$	36.43

Granted		2,385,096		21.07
Exercised		(14,760)		27.40

Expired, canceled and forfeited		(386,055)		28.50
Outstanding at May 31, 2021		4,987,262	$	29.73		5.4	$	31.5
Exercisable at May 31, 2021		2,386,124	$	36.55		4.3	$	2.8

Restricted Stock Units – In addition to stock options, the Company has issued restricted stock units to certain officers and senior management under the 2011 Plan. The restricted stock units convert to shares of Common Stock on a one-for-one basis upon vesting, which for time-vested restricted stock units is typically in three or four equal annual installments beginning with the first anniversary of the date of grant. There were 38,555 shares of Common Stock issued upon the vesting of restricted stock units during fiscal 2021. The Company measures the value of restricted stock units at fair value based on the number of units granted and the price of the underlying Common Stock on the grant date. The Company amortizes the fair value of outstanding restricted stock units as stock-based compensation expense over the requisite service period on a straight-line basis, or sooner if the employee effectively vests upon termination of employment under certain circumstances.

The following table sets forth the restricted stock unit award activity for the fiscal years ended May 31:


		2021		2020		2019
Granted		137,106		34,632		82,044
Weighted average grant date price per unit	$	21.24	$	32.56	$	42.86

As of May 31, 2021, the total pretax compensation cost not yet recognized by the Company with regard to unvested restricted stock units was $1.8. The weighted average period over which this compensation cost is expected to be recognized is 1.6 years.

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

The following table sets forth the MSPP RSUs activity for the fiscal years ended May 31:


		2021		2020		2019
MSPP RSUs allocated		5,665		3,843		17,239
Purchase price per unit	$	16.88	$	24.36	$	30.48

At May 31, 2021, there were 305,952 shares of Common Stock remaining authorized for issuance under the MSPP.

As of May 31, 2021, the total pretax compensation cost not yet recognized by the Company with regard to unvested MSPP RSUs was less than $0.1.

The following table sets forth the restricted stock unit and MSPP RSUs activity for the year ended May 31, 2021:


	Restricted stock units and MSPP RSUs		Weighted Average grant date fair value
Nonvested as of May 31, 2020	226,433	$	25.11
Granted	142,771		20.56
Vested	(140,061)		22.77
Forfeited	(12,045)		39.85
Nonvested as of May 31, 2021	217,098	$	22.80

The total fair value of shares vested during the fiscal years ended May 31, 2021, 2020 and 2019 was $3.2, $2.8 and $2.7, respectively.

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

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


		2021		2020		2019
Shares issued		67,097		65,714		48,000
Weighted average purchase price per share	$	22.19	$	27.84	$	36.25

At May 31, 2021, there were 289,142 shares of Common Stock remaining authorized for issuance under the ESPP.

Treasury Stock

12 Months Ended

May 31, 2021

Stockholders' Equity Attributable to Parent [Abstract]

Treasury Stock

TREASURY STOCK

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


Authorizations	Amount







March 2018		50.0
March 2020		50.0
Total current Board authorizations	$	100.0
Less repurchases made under the authorizations as of May 31, 2021	$	(32.7)
Remaining Board authorization at May 31, 2021	$	67.3

Remaining Board authorization at May 31, 2021 represents the amount remaining under the Board authorization for Common share repurchases on March 21, 2018 and the current $50.0 Board authorization for Common share repurchases announced on March 18, 2020, which is available for further repurchases, from time to time as conditions allow, on the open market or through negotiated private transactions, subject to temporary limitations under the amended credit agreement as defined in Note 5, Debt.

During the twelve months ended May 31, 2021, there were no repurchases of the Company's Common Stock. The Company’s repurchase program is temporarily suspended at this time due to COVID-19 uncertainties.

Employee Benefit Plans

12 Months Ended

May 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Pension Plans

The Company has a defined benefit pension plan (the “UK Pension Plan”) that covers certain employees located in the United Kingdom who meet various eligibility requirements. Benefits are based on years of service and on a percentage of compensation near retirement. The UK Pension Plan is funded by contributions from the Company. The Company’s UK Pension Plan has a measurement date of May 31.

Postretirement Benefits

The Company provides postretirement benefits to eligible retired United States-based employees (the “US Postretirement Benefits”) consisting of certain healthcare and life insurance benefits. Employees became eligible for these benefits after completing certain minimum age and service requirements. Effective June 1, 2009, the Company modified the terms of the Postretirement Benefits, effectively excluding a large percentage of employees from the plan. The Company’s postretirement benefit plan has a measurement date of May 31.

In the second quarter of fiscal 2021, the Company made a change in benefits for certain US postretirement benefit plan participants. Beginning January 1, 2021, the plan established Health Reimbursement Accounts (HRAs) to provide these participants with additional flexibility to choose healthcare options based on individual needs. As a result of this change, the Company remeasured its US Postretirement Benefits obligation as of November 30, 2020, and recognized a reduction of $7.6 to its benefit obligation and a reduction to its accumulated comprehensive loss of $7.6 in the second quarter of fiscal 2021. The related prior service credit will be amortized as a Component of net periodic benefit (cost) over the average remaining life expectancy of plan participants of approximately 12.0 years.

The Medicare Prescription Drug, Improvement and Modernization Act (the “Medicare Act”) introduced a prescription drug benefit under Medicare (“Medicare Part D”) as well as a Federal subsidy of 28% to sponsors of retiree health care

benefit plans providing a benefit that is at least actuarially equivalent to Medicare Part D. The Company has determined that the US Postretirement Benefits provided to its retiree population are in aggregate the actuarial equivalent of the benefits under Medicare Part D. As a result, in fiscal 2021, 2020 and 2019, the Company recognized a cumulative reduction of its accumulated postretirement benefit obligation of $0.2, $1.2 and $1.5, respectively, due to the Federal subsidy under the Medicare Act.

The following table sets forth the weighted average actuarial assumptions utilized to determine the benefit obligations for the UK Pension Plan and the US Postretirement Benefits at May 31:


	UK Pension Plan						US Postretirement Benefits
	2021		2020		2019		2021		2020		2019
Weighted average assumptions used to determine benefit obligations:
Discount rate	2.0	%	1.7	%	2.3	%	2.5	%	2.7	%	3.6	%
Rate of compensation increase	4.1	%	3.6	%	4.1	%	—		—		—
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	2.1	%	2.4	%	2.4	%	1.5	%	3.2	%	3.7	%
Expected long-term return on plan assets	2.2	%	3.1	%	3.4	%	—		—		—
Rate of compensation increase	3.6	%	4.1	%	3.9	%	—		—		—

To develop the expected long-term rate of return on plan assets assumption for the UK Pension Plan, the Company considers historical returns and future expectations. Considering this information and the potential for lower future returns due to a generally lower interest rate environment, the Company selected an assumed weighted average long-term rate of return on plan assets of 2.2% for the UK Pension Plan.

The following table sets forth the change in benefit obligation for the UK Pension Plan and US Postretirement Benefits at May 31:


	UK Pension Plan				US Postretirement Benefits
	2021		2020		2021		2020

Change in benefit obligation:
Benefit obligation at beginning of year	$	41.7	$	40.9	$	20.8	$	23.4

Interest cost		0.7		0.9		0.3		0.6
Plan participants’ contributions		—		—		0.1		0.2
Actuarial losses (gains)		(0.3)		2.4		0.3		(1.3)
Foreign currency translation		6.4		(1.1)		—		—

Plan amendments		—		—		(7.6)		—
Benefits paid, including expenses		(1.5)		(1.4)		(1.8)		(2.1)
Benefit obligation at end of year	$	47.0	$	41.7	$	12.1	$	20.8

The net actuarial gain included in the projected benefit obligation for the UK Pension in fiscal 2021 was primarily due to the inflation-linked revaluation of deferred pensions and escalation of current pensions, coupled with an increase in the discount rate. The net actuarial loss in fiscal 2020 was primarily due to a reduction in the discount rate.

There were no significant actuarial gains or losses included in the projected benefit obligation for the US Postretirement Benefits in fiscal 2021. The net actuarial gain in fiscal 2020 was primarily due to updated census data and claims costs partially offset by an actuarial loss associated with a reduction in the discount rate.

The following table sets forth the change in plan assets for the UK Pension Plan at May 31:


	UK Pension Plan
	2021		2020
Change in plan assets:
Fair value of plan assets at beginning of year	$	36.6	$	31.8
Actual return on plan assets		(0.8)		6.0
Employer contributions		1.1		1.1

Benefits paid, including expenses		(1.5)		(1.4)

Foreign currency translation		5.4		(0.9)
Fair value of plan assets at end of year	$	40.8	$	36.6

The following table sets forth the net funded status of the UK Pension Plan and US Postretirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:


	UK Pension Plan				US Postretirement Benefits
	2021		2020		2021		2020


Current liabilities	$	—	$	—	$	(1.3)	$	(1.5)
Non-current liabilities		(6.2)		(5.1)		(10.8)		(19.3)
Net funded balance	$	(6.2)	$	(5.1)	$	(12.1)	$	(20.8)

The following amounts were recognized in Accumulated other comprehensive income (loss) for the UK Pension Plan and US Postretirement Benefits on the Company’s Consolidated Balance Sheets at May 31:


	2021							2020
		UK Pension Plan		US Postretirement Benefits		Total		UK Pension Plan		US Postretirement Benefits		Total
Actuarial gain (loss)		$	(10.4)	$	(1.4)	$	(11.8)	$	(9.6)	$	(1.1)	$	(10.7)
Prior service credit (cost)			(0.0)		9.2		9.2		(0.0)		2.3		2.3
Amount recognized in Accumulated comprehensive income (loss) net of tax			(10.4)		5.8		(4.6)		(9.6)		1.3		(8.3)

Income tax expense of $2.0, income tax benefit of $0.1 and income tax benefit of $0.5 were recognized in Accumulated other comprehensive loss at May 31, 2021, 2020 and 2019, respectively.

The following table sets forth the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets with respect to the UK Pension Plan as of May 31:


	UK Pension Plan
	2021		2020
Projected benefit obligations	$	47.0	$	41.7
Accumulated benefit obligations		46.5		41.4

Fair value of plan assets		40.8		36.6

The following table sets forth the net periodic benefit (cost) for the UK Pension Plan and US Postretirement Benefits for the fiscal years ended May 31:


	UK Pension Plan						US Postretirement Benefits
	2021		2020		2019		2021		2020		2019
Components of net (benefit) cost:

Interest cost		0.7		0.9		0.9		0.3		0.6		0.8
Expected return on assets		(0.9)		(1.0)		(1.0)		—		—		—
Amortization of prior service (credit) loss		0.0		0.0		0.0		(0.6)		(0.2)		(0.1)

Amortization of net actuarial (gain) loss		0.6		1.0		0.8		0.0		—		—
Net periodic (benefit) cost	$	0.4	$	0.9	$	0.7	$	(0.3)	$	0.4	$	0.7

Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are amortized over the future working lifetime.

Plan Assets

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

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


	UK Pension Plan
	2021		2020
Equity securities	47.1	%	28.6	%

Cash and cash equivalents	2.3	%	2.2	%
Liability-driven instruments	31.8	%	48.0	%
Real estate	4.2	%	6.1	%
Other	14.6	%	15.1	%
	100.0	%	100.0	%

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


	UK Pension Plan
Equity securities	47	%
Cash and cash equivalents	2	%
Liability-driven instruments	32	%
Real estate	4	%
Other	15	%
Total	100	%

The fair values of the Company’s Pension Plan assets are measured using Level 1, Level 2 and Level 3 fair value measurements.

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


	Assets at Fair Value as of May 31, 2021
	UK Pension Plan
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.9	$	—	$	—	$	0.9
Equity securities:
U.S. (1)		4.7		—		—		4.7
International (2)		14.5		—		—		14.5
Pooled, Common and Collective Funds (3) (4)		—		13.0		—		13.0

Annuities		—		—		6.0		6.0
Real estate (5)		1.7		—		—		1.7
Total	$	21.8	$	13.0	$	6.0	$	40.8


	Assets at Fair Value as of May 31, 2020
	UK Pension Plan
	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	0.8	$	—	$	—	$	0.8
Equity securities:
U.S. (1)		3.7		—		—		3.7
International (2)		6.8		—		—		6.8
Pooled, Common and Collective Funds (3) (4)		—		17.5		—		17.5

Annuities		—		—		5.6		5.6
Real estate (5)		2.2		—		—		2.2
Total	$	13.5	$	17.5	$	5.6	$	36.6

(1) Funds which invest in a diversified portfolio of publicly traded U.S. common stocks of large-cap, medium-cap and small-cap

companies. There are no restrictions on these investments.

(2) Funds which invest in a diversified portfolio of publicly traded common stocks of non-U.S. companies, primarily in Europe and

Asia. There are no restrictions on these investments.

(3) Funds which invest in UK government bonds and bond index-linked investments and interest rate and inflation swaps. There are

no restrictions on these investments.

(4) Funds which invest in bond index funds available to certain qualified retirement plans but not traded openly on any

public exchanges. There are no restrictions on these investments.

(5) Represents assets of a non-U.S. entity plan invested in a fund whose underlying investments are comprised of properties. The

fund has publicly available quoted market prices and there are no restrictions on these investments.

The Company has purchased annuities to service fixed payments to certain retired plan participants in the UK. These annuities are purchased from investment grade counterparties. These annuities are not traded on open markets and are therefore valued based upon the actuarial determined valuation, and related assumptions, of the underlying projected benefit obligation, a Level 3 valuation technique. The fair value of these assets was $6.0 and $5.6 at May 31, 2021 and May 31, 2020, respectively.

The following table summarizes the changes in fair value of these Level 3 assets for the fiscal years ended May 31, 2021 and 2020:



Balance at May 31, 2019	$	5.5
Actual Return on Plan Assets:
Relating to assets still held at May 31, 2020		0.2
Relating to assets sold during the year		—
Purchases, sales and settlements, net		—
Transfers in and/or out of Level 3		—
Foreign currency translation		(0.1)

Balance at May 31, 2020	$	5.6

Actual Return on Plan Assets:
Relating to assets still held at May 31, 2021		(0.4)
Relating to assets sold during the year		—
Purchases, sales and settlements, net		—
Transfers in and/or out of Level 3		—
Foreign currency translation		0.8
Balance at May 31, 2021	$	6.0

Contributions

In fiscal 2022, the Company expects to make contributions of $1.7 to the UK Pension Plan.

Estimated future benefit payments

The following table sets forth the expected future benefit payments under the UK Pension Plan and the US Postretirement Benefits by fiscal year:


	UK Pension Plan		US Postretirement Benefits
	Pension benefits		Benefit payments		Medicare subsidy receipts
2022	$	1.3	$	1.3	$	0.0
2023		1.0		1.3		0.1
2024		1.4		1.2		0.0
2025		1.7		1.1		0.0
2026		1.7		1.0		0.0
2027 - 2031		8.7		4.0		0.1

Assumed health care cost trend rates at May 31:


	2021		2020
Health care cost trend rate assumed for the next fiscal year	6.0	%	6.3	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.0	%	5.0	%
Year that the rate reaches the ultimate trend rate	2026		2026

Defined contribution plans

The Company also provides defined contribution plans for certain eligible employees. In the United States, the Company sponsors a 401(k) retirement plan and has contributed $6.0, $6.7 and $7.6 for fiscal years 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

May 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the impact on earnings of reclassifications out of Accumulated other comprehensive income (loss) for the fiscal years ended May 31:


	2021				2020				2019
	UK Pension Plan		US Postretirement Benefits		UK Pension Plan		US Postretirement Benefits		UK Pension Plan		US Postretirement Benefits
Amortization of prior service (credit) loss	$	0.0	$	(0.6)	$	0.0	$	(0.2)	$	0.0	$	(0.1)

Amortization of net actuarial loss (gain)		0.6		0.0		1.0		—		0.8		—
Tax (benefit) expense		—		0.1		—		0.0		—		0.0
Amounts reclassified from Accumulated other comprehensive income (loss)	$	0.6	$	(0.5)	$	1.0	$	(0.2)	$	0.8	$	(0.1)

The amounts reclassified out of Accumulated other comprehensive income (loss) were recognized in Other components of net periodic benefit (cost) for all periods presented.

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


	Foreign currency translation adjustments		UK Pension Plan		US Postretirement Benefits		Total
Balance at May 31, 2019 (1)	$	(47.1)	$	(13.1)	$	0.5	$	(59.7)
Other comprehensive income (loss) before reclassifications	$	(2.9)	$	2.5	$	1.0	$	0.6
Less: amount reclassified from Accumulated other comprehensive income (loss) (net of taxes)

Amortization of net actuarial loss	$	—	$	1.0	$	—	$	1.0
Amortization of prior service (credit) cost		—		—		(0.2)		(0.2)
Other comprehensive income (loss)		(2.9)		3.5		0.8		1.4
Balance at May 31, 2020 (1)	$	(50.0)	$	(9.6)	$	1.3	$	(58.3)
Other comprehensive income (loss) before reclassifications	$	19.9	$	(1.4)	$	5.0	$	23.5
Less: amount reclassified from Accumulated other comprehensive income (loss) (net of taxes)

Amortization of net actuarial loss	$	—	$	0.6	$	0.0	$	0.6
Amortization of prior service (credit) cost		—		0.0		(0.5)		(0.5)
Other comprehensive income (loss)		19.9		(0.8)		4.5		23.6
Balance at May 31, 2021 (1)	$	(30.1)	$	(10.4)	$	5.8	$	(34.7)

(1) Accumulated other comprehensive income (loss) related to the UK Pension Plan and US Postretirement Benefits are reported net of taxes of $2.0, $0.1 and $0.5 at May 31, 2021, 2020, and 2019, respectively.

Earnings (Loss) Per Share

12 Months Ended

May 31, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

EARNINGS (LOSS) PER SHARE

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


	2021		2020		2019



Net income (loss) attributable to Class A and Common Shares	$	(11.0)	$	(43.8)	$	15.6
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		34.3		34.6		35.2
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)*		—		—		0.6
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		34.3		34.6		35.8

Earnings (loss) per share of Class A Stock and Common Stock
Basic earnings (loss) per share	$	(0.32)	$	(1.27)	$	0.44



Diluted earnings (loss) per share	$	(0.32)	$	(1.27)	$	0.43

*The Company experienced a net loss for the fiscal years ended May 31, 2021 and May 31, 2020 and therefore did not report any dilutive share impact.

Net income (loss) attributable to Class A and Common Shares excludes earnings of $0.1 for the fiscal year ended May 31, 2019, for earnings attributable to participating restricted stock units. The Company experienced a loss for the fiscal years ended May 31, 2021 and May 31, 2020 and therefore did not allocate any loss to the participating restricted stock units.

There were 2.0 million of potentially anti-dilutive shares outstanding pursuant to compensation plans as of May 31, 2021.

A portion of the Company’s restricted stock units which are granted to directors participate in earnings through cumulative dividends which are payable and non-forfeitable to the directors upon vesting of the restricted stock units.

Accordingly, the Company measures earnings per share based upon the lower of the Two-class method or the Treasury Stock method.

The following table sets forth Options outstanding pursuant to stock-based compensation plans for the fiscal years ended May 31:


	2021	2020
Options outstanding pursuant to stock-based compensation plans (in millions)	5.0	3.0

As of May 31, 2021, $67.3 remains available for future purchases of common shares under the current repurchase authorization of the Board of Directors.

See Note 14, “Treasury Stock,” for a more complete description of the Company’s share buy-back program.

Other Accrued Expenses

12 Months Ended

May 31, 2021

Payables and Accruals [Abstract]

Other Accrued Expenses

OTHER ACCRUED EXPENSES

Other accrued expenses consisted of the following at May 31:


		2021		2020

Accrued payroll, payroll taxes and benefits	$	32.4	$	38.8
Accrued bonus and commissions		23.0		12.1
Accrued other taxes		31.4		22.9
Returns liability		45.2		43.5
Accrued advertising and promotions		12.6		9.9


Other accrued expenses		57.4		34.3
Total accrued expenses	$	202.0	$	161.5

The table below provides information regarding Accrued severance which is included in Accrued payroll, payroll taxes and benefits on the Company’s Consolidated Balance Sheets at May 31:


		2021		2020
Beginning balance	$	5.7	$	5.5
Accruals		23.5		17.2
Payments		(25.5)		(17.0)
Ending balance	$	3.7	$	5.7

The Company implemented cost reduction programs in fiscal 2021 and 2020, recognizing severance expense of $23.1 and $13.1, respectively.

Derivatives and Hedging	12 Months Ended
Derivatives and Hedging	May 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	DERIVATIVES AND HEDGINGThe Company enters into foreign currency derivative contracts to economically hedge the exposure to foreign currency fluctuations associated with the forecasted purchase of inventory, the foreign exchange risk associated with certain receivables denominated in foreign currencies and certain future commitments for foreign expenditures. 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, and it recognizes the unrealized gain or loss in other current assets or other current liabilities. The notional values of the contracts as of May 31, 2021 and 2020 were $28.8 and $23.5, respectively. Net unrealized losses of $1.8 and net unrealized gains of $0.6 were recognized at May 31, 2021 and May 31, 2020, respectively.

Fair Value Measurements

12 Months Ended

May 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 and long term debt. 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.

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

•Long-lived assets

•Operating lease right-of-use (ROU) assets

•Investments

•Assets acquired in a business combination

•Impairment assessment of goodwill and 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 10, “Goodwill and Other Intangibles." For the fair value measurements employed by the Company for acquisitions see Note 11, “Acquisitions." The Company employs fair value measurements for certain property, plant and equipment, production assets, investments and prepublication assets and the Company assessed future expected cash flows attributable to these assets. See Note 7, "Investments", for a more complete description of the fair value measurements employed. Operating lease ROU assets were recorded at fair value in connection with an impairment and fair value was determined using the discounted cash flow method. See Note 4, "Asset Write Down", for a more complete description of the impairment recognized.

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


	Net carrying value as of		Fair value measured and recognized using						Impairment losses for fiscal year ended		Additions due to acquisitions
	May 31, 2021		Level 1		Level 2		Level 3		May 31, 2021




Operating lease right-of-use assets, net		8.1		—		—		9.1		9.6		—
Property, plant and equipment, net		—		—		—		—		1.5		—


	Net carrying value as of		Fair value measured and recognized using						Impairment losses for fiscal year ended		Additions due to acquisitions
	May 31, 2020		Level 1		Level 2		Level 3		May 31, 2020

Author advances	$	—	$	—	$	—	$	—	$	1.6	$	—

Prepublication assets		0.5		—		—		0.5		0.8		—
Property, plant and equipment, net		—		—		—		—		0.6		—
Intangible assets		1.5		—		—		1.6		—		1.6


	Net carrying value as of		Fair value measured and recognized using						Impairment losses for fiscal year ended		Additions due to acquisitions
	May 31, 2019		Level 1		Level 2		Level 3		May 31, 2019


Investment acquired	$	6.0	$	—	$	—	$	6.0	$	—	$	6.0

Property, plant and equipment, net		—		—		—		—		0.9		—
Intangible assets		4.9		—		—		5.1		—		5.1

- Definition

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.

+ References + Details

Subsequent Events	12 Months Ended
Subsequent Events	May 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On June 5, 2021, M. Richard Robinson, Jr., Chairman of the Board, President and Chief Executive Officer, passed away after overseeing Scholastic’s long-term strategy and vision for close to 50 years. Iole Lucchese, Chair of the Board of Directors, Executive Vice President and Chief Strategy Officer and President of Scholastic Entertainment Inc., is the Scholastic special executor of Mr. Robinson’s estate and accordingly has sole voting and dispositive power over his 890,904 shares of Class A Stock. On July 19, 2021, Peter Warwick, who has served on the Company’s Board since 2014, was named the Company’s new President and Chief Executive Officer effective August 1, 2021. The Board of Directors also appointed Iole Lucchese as the Chair of the Board on July 19, 2021. On July 20, 2021, the Company executed a settlement agreement on certain licenses and trademarks related to intellectual property used in formerly owned products. The Company recognized an accrual for the settlement amount as of May 31, 2021. Refer to Note 6, "Commitments and Contingencies", for further discussion regarding the legal proceeding. On July 21, 2021, the Board of Directors declared a regular cash dividend of $0.15 per Class A and Common share in respect of the first quarter of fiscal 2022. The dividend is payable on September 15, 2021 to shareholders of record on August 31, 2021.

Schedule II Valuation and Qualifying Accounts and Reserves

12 Months Ended

May 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts and Reserves

Schedule II

Valuation and Qualifying Accounts and Reserves


							(Amounts in millions)
							Years ended May 31,
	Balance at Beginning of Year		Expensed		Write-Offs and Other			Balance at End of Year
2021
Allowance for credit losses	$	19.9	$	5.2	$	3.7		$	21.4
Returns liability		43.5		66.0		64.3	(1)		45.2
Reserves for obsolescence		91.1		36.6		28.1			99.6
Reserve for royalty advances		109.5		5.4		(0.6)			115.5
2020
Allowance for credit losses	$	11.6	$	15.6	$	7.3		$	19.9
Returns liability		34.5		76.7		67.7	(1)		43.5
Reserves for obsolescence		72.9		34.3		16.1			91.1
Reserve for royalty advances		102.9		8.1		1.5			109.5
2019
Allowance for credit losses	$	12.4	$	7.0	$	7.8		$	11.6
Returns liability		30.0		67.2		62.7	(1)		34.5
Reserves for obsolescence		67.5		20.8		15.4			72.9
Reserve for royalty advances		97.0		6.8		0.9			102.9

(1)Represents actual returns charged to the reserve.

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

May 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of consolidation

Noncontrolling Interest

Use of estimates

•Accounts receivable allowance for credit losses

•Pension and postretirement benefit plans

•Uncertain tax positions

•The timing and amount of future income taxes and related deductions

•Inventory reserves

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

•Sales tax contingencies

•Royalty advance reserves and royalty expense accruals

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

•Assets and liabilities acquired in business combinations

•Variable consideration related to anticipated returns

•Allocation of transaction price to contractual performance obligations

Estimated returns

Revenue recognition and shipping costs

Revenue recognition

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

School-Based Book Clubs – Revenue from school-based book clubs is recognized upon shipment of the products.

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

Direct Sales and Export – Revenue from the direct sales and export channels is recognized upon acceptance of the physical product by the customer.

Shipping and handling costs

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

Cash equivalents

Cash equivalentsCash equivalents consist of short-term investments with original maturities of three months or less.

Accounts receivable

Inventories

InventoriesInventories, consisting principally of books, are stated at the lower of cost, using the first-in, first-out method, or net realizable value. The Company records a reserve for excess and obsolete inventory based upon a calculation using the expected future sales of existing inventory driven by estimates around forecasted purchases, inventory consumption costs, and the sell-through rate of current fiscal year purchases. In accordance with the Company's inventory retention policy, expected future sales of existing inventory are compared against historical usage by channel for reasonableness and any specifically identified excess or obsolete inventory, due to an anticipated lack of demand, will also be reserved.

Property, plant and equipment

Property, plant and equipmentProperty, plant and equipment are stated at cost. Depreciation and amortization are recognized on a straight-line basis over the estimated useful lives of the assets. Buildings have an estimated useful life, for purposes of depreciation, of forty years. Building improvements are depreciated over the life of the improvement which typically does not exceed twenty-five years. Capitalized software, net of accumulated amortization, was $59.4 and $52.3 at May 31, 2021 and 2020, respectively. Capitalized software is amortized over a period of three to seven years. Amortization expense for capitalized software was $27.6, $27.3 and $25.3 for the fiscal years ended May 31, 2021, 2020 and 2019, respectively. Furniture, fixtures and equipment are depreciated over periods not exceeding ten years. Leasehold improvements are amortized over the life of the lease or the life of the assets, whichever is shorter. The Company evaluates the depreciation periods of property, plant and equipment to determine whether events or circumstances indicate that the asset’s carrying value is not recoverable or warrant revised estimates of useful lives.

Leases

The Company's lease arrangements primarily relate to corporate offices and warehouse facilities, and to a lesser

Prepublication costs

Royalty advances

Goodwill and intangible assets

Goodwill and other intangible assets with indefinite lives are not amortized and are reviewed for impairment annually as of May 31 or more frequently if impairment indicators arise.

Income taxes

Non-income Taxes

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

Pension obligations

Employee Benefit Plan Obligations

Foreign currency translation

Advertising costs

Advertising costs are expensed by the Company as incurred. Total advertising expense was $60.1, $85.2 and $106.8 for the twelve months ended May 31, 2021, 2020 and 2019, respectively.

Stock-based compensation


	2021			2020			2019
Estimated fair value of stock options granted	$	3.80		$	6.99		$	11.97
Assumptions:
Expected dividend yield	2.9		%	1.9		%	1.4		%
Expected stock price volatility	30.2		%	27.4		%	28.4		%
Risk-free interest rate	0.2		%	1.3		%	3.0		%
Average expected life of options	4 years			5 years			6 years

New Accounting Pronouncements

Current Fiscal Year Adoptions:

ASU No. 2016-13

ASU No. 2017-04

Regulation S-X Acquired and Disposed Businesses Disclosure Amendments

Regulation S-K Amendments

Forthcoming Adoption:

ASU No. 2019-12

Cloud Computing Arrangements, Policy

Cloud Computing Arrangements

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of assumptions used in valuation of share-based compensation awards


	2021			2020			2019
Estimated fair value of stock options granted	$	3.80		$	6.99		$	11.97
Assumptions:
Expected dividend yield	2.9		%	1.9		%	1.4		%
Expected stock price volatility	30.2		%	27.4		%	28.4		%
Risk-free interest rate	0.2		%	1.3		%	3.0		%
Average expected life of options	4 years			5 years			6 years

Revenues (Tables)

12 Months Ended

May 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Channel

The following table presents the Company’s revenues disaggregated by region and channel during the year ended May 31:


	2021		2020		2019
U.S. Book Clubs	$	145.1	$	156.8	$	212.4
U.S. Book Fairs		164.3		383.8		499.6
U.S. Trade		328.9		306.8		275.4
U.S. Education		311.7		287.1		297.3
Non-U.S. Major Markets(1)		256.0		256.6		257.9
Non-U.S. Other Markets(2)		94.3		96.0		111.3
Total Revenues	$	1,300.3	$	1,487.1	$	1,653.9

(1) - Includes Canada, UK, Australia and New Zealand.

(2) - Primarily includes markets in Asia.

Accounts Receivable, Allowance for Credit Loss

The following table presents the change in the allowance for credit losses, which is included in Accounts Receivable, net on the Consolidated Balance Sheets:


	Allowance for Credit Losses
Balance as of June 1, 2020	$	19.9
Current period provision		5.2
Write-offs and other		(3.7)
Balance as of May 31, 2021	$	21.4

Segment Information (Tables)

12 Months Ended

May 31, 2021

Segment Reporting [Abstract]

Schedule of segment reporting information by segment

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


	Children's Book Publishing & Distribution		Education		Overhead (1)		Total Domestic		International		Total
2021
Revenues	$	664.7	$	312.3	$	—	$	977.0	$	323.3	$	1,300.3
Credit loss provision		0.0		2.8		—		2.8		2.4		5.2
Depreciation and amortization(2)		25.6		12.7		45.4		83.7		6.6		90.3
Asset impairments and write downs		2.6		—		8.5		11.1		—		11.1
Segment operating income (loss)		13.7		60.6		(121.0)		(46.7)		24.0		(22.7)
Segment assets at May 31, 2021		512.7		239.7		948.4		1,700.8		307.5		2,008.3
Goodwill at May 31, 2021		47.8		68.5		—		116.3		10.0		126.3
Expenditures for other non-current assets(3)		41.7		13.5		37.3		92.5		12.4		104.9
Other non-current assets at May 31, 2021(3)		165.0		124.3		481.7		771.0		88.3		859.3
2020
Revenues	$	875.4	$	287.3	$	—	$	1,162.7	$	324.4	$	1,487.1
Credit loss provision		5.8		2.5		—		8.3		7.3		15.6
Depreciation and amortization(2)		26.5		13.0		43.4		82.9		7.3		90.2
Asset impairments and write downs		—		—		40.0		40.0		0.6		40.6
Segment operating income (loss)		23.6		29.9		(135.5)		(82.0)		(6.5)		(88.5)
Segment assets at May 31, 2020		523.7		223.4		1,012.7		1,759.8		273.8		2,033.6
Goodwill at May 31, 2020		46.9		68.1		—		115.0		9.9		124.9
Expenditures for other non-current assets(3)		49.5		20.1		49.0		118.6		22.0		140.6
Other non-current assets at May 31, 2020(3)		169.6		123.8		499.8		793.2		74.6		867.8
2019
Revenues	$	990.3	$	297.4	$	—	$	1,287.7	$	366.2	$	1,653.9
Credit loss provision		3.8		1.4		—		5.2		1.8		7.0
Depreciation and amortization(2)		23.7		9.5		41.7		74.9		6.8		81.7
Asset impairments and write downs		—		—		0.9		0.9		—		0.9
Segment operating income (loss)		82.9		30.6		(102.3)		11.2		13.8		25.0
Segment assets at May 31, 2019		523.4		214.7		887.6		1,625.7		252.8		1,878.5
Goodwill at May 31, 2019		47.0		68.2		—		115.2		10.0		125.2
Expenditures for other non-current assets(3)		71.4		22.6		77.6		171.6		13.5		185.1
Other non-current assets at May 31, 2019(3)		175.0		116.3		507.7		799.0		65.3		864.3

and equipment related to the Company’s headquarters in the metropolitan New York area, its fulfillment and distribution facilities located in Missouri.

(2)Includes depreciation of property, plant and equipment, amortization of intangible assets and prepublication, deferred financing and cloud computing costs.

Debt (Tables)

12 Months Ended

May 31, 2021

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes the Company's debt as of May 31:


	Carrying Value		Fair Value		Carrying Value		Fair Value
		2021				2020
Loan Agreement:
Revolving Loan	$	175.0	$	175.0	$	200.0	$	200.0
Unsecured Lines of Credit (weighted average interest rates of 4.7% and 4.6%, respectively)		7.9		7.9		7.9		7.9
UK long-term debt		7.3		7.3		10.6		10.6
Total debt	$	190.2	$	190.2	$	218.5	$	218.5
Less: lines of credit and current portion of long-term debt		(182.9)		(182.9)		(7.9)		(7.9)
Total long-term debt	$	7.3	$	7.3	$	210.6	$	210.6

Schedule of Maturities of Long-term Debt

The following table sets forth the maturities of the carrying values of the Company’s debt obligations as of May 31, 2021 for the fiscal years ended May 31:


2022	$	182.9
2023		7.3
2024		—
2025		—
2026		—
Thereafter		—
Total debt	$	190.2

Commitments and Contingencies (Tables)

12 Months Ended

May 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of minimum future contractual commitments

The following table sets forth the aggregate minimum future contractual commitments at May 31, 2021 relating to royalty advances and minimum print quantities for the fiscal years ending May 31:


	Royalty Advances		Minimum Print Quantities
2022	$	32.6	$	1.3
2023		7.0		1.3
2024		1.9		—
2025		0.5		—
2026		0.1		—
Thereafter		0.1		—
Total commitments	$	42.2	$	2.6

Investments 1 (Tables)

12 Months Ended

May 31, 2021

Equity [Abstract]

Equity Method Investments

The following table summarizes the Company’s investments for the fiscal years ended May 31:


	2021		2020		Segment
Equity method investments	$	34.3	$	25.0	International
Other equity investments		6.0		6.0	Children's Book Publishing & Distribution
Total investments	$	40.3	$	31.0

Property, Plant and Equipment (Tables)

12 Months Ended

May 31, 2021

Property, Plant and Equipment [Abstract]

Schedule Property, Plant and Equipment

The following table summarizes the major classes of assets at cost and accumulated depreciation for the fiscal years ended May 31:


	2021		2020
Land	$	81.4	$	82.5
Buildings		244.8		246.7
Capitalized software		217.9		189.5
Furniture, fixtures and equipment		209.4		217.0
Building and leasehold improvements		214.4		212.2
Construction in progress		43.3		49.0
Total at cost	$	1,011.2	$	996.9
Less: Accumulated depreciation and amortization		(454.3)		(420.0)
Property, plant and equipment, net	$	556.9	$	576.9

Leases (Tables)

12 Months Ended

May 31, 2021

Leases [Abstract]

Assets And Liabilities

The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2021 and May 31, 2020:


	May 31, 2021		May 31, 2020		Location within Consolidated Balance Sheet
Operating leases	$	78.6	$	95.3	Operating lease right-of-use assets, net
Finance leases		10.2		10.9	Property, plant and equipment, net
Total lease assets	$	88.8	$	106.2

Operating leases :
Current portion	$	25.0	$	22.8	Current portion of operating lease liabilities
Non-current portion		67.4		75.7	Long-term operating lease liabilities
Total operating lease liabilities	$	92.4	$	98.5

Finance leases :
Current portion	$	2.2	$	2.1	Other accrued expenses
Non-current portion		8.8		9.5	Other noncurrent liabilities
Total finance lease liabilities	$	11.0	$	11.6
Total lease liabilities	$	103.4	$	110.1

Lease Expense, Cash Flow and Weighted Average Information

The following table summarizes the activity for the fiscal year ended May 31, 2021 and May 31, 2020:


					Location within Consolidated Statements of Operations
	May 31, 2021		May 31, 2020
Operating lease expense (1)	$	28.3	$	28.6	Selling, general and administrative expenses
Finance lease costs :
Depreciation of leased assets		2.3		2.1	Depreciation and amortization
Accretion of lease liabilities		0.4		0.4	Interest expense


Total lease expense	$	31.0	$	31.1

The following table summarizes certain cash flows information related to the Company's leases for the fiscal year ended May 31, 2021 and May 31, 2020:


	May 31, 2021		May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	27.4	$	25.4
Operating cash flows from finance leases		0.4		0.4
Financing cash flows from finance leases		2.3		2.0


	2021		2020
Weighted-average remaining lease term (years):
Operating Leases	5.8		5.8
Finance Leases	5.6		5.9
Weighted-average discount rate:
Operating Leases	4.6	%	4.7	%
Finance Leases	4.0	%	3.8	%

Finance Lease, Maturity

The following table provides a maturity analysis summary of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2021:


	Operating Leases		Finance Leases
Fiscal 2022	$	28.7	$	2.6
Fiscal 2023		23.3		2.5
Fiscal 2024		15.8		2.4
Fiscal 2025		9.7		1.6
Fiscal 2026		5.5		1.1
Thereafter		24.5		2.1
Total lease payments	$	107.5	$	12.3
Less: interest		(15.1)		(1.3)
Total lease liabilities	$	92.4	$	11.0

Operating Lease, Maturity

The following table provides a maturity analysis summary of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2021:


	Operating Leases		Finance Leases
Fiscal 2022	$	28.7	$	2.6
Fiscal 2023		23.3		2.5
Fiscal 2024		15.8		2.4
Fiscal 2025		9.7		1.6
Fiscal 2026		5.5		1.1
Thereafter		24.5		2.1
Total lease payments	$	107.5	$	12.3
Less: interest		(15.1)		(1.3)
Total lease liabilities	$	92.4	$	11.0

Goodwill and Other Intangibles (Tables)

12 Months Ended

May 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

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


	2021		2020
Gross beginning balance	$	164.5	$	164.8
Accumulated impairment		(39.6)		(39.6)
Beginning balance	$	124.9	$	125.2


Foreign currency translation		1.4		(0.3)



Ending balance	$	126.3	$	124.9

Schedule of finite-lived intangible assets

The following table summarizes Other intangibles for the fiscal years ended May 31:


	2021		2020
Other intangibles subject to amortization - beginning balance	$	10.5	$	12.2
Additions		—		1.6
Adjustments		(0.5)		—
Amortization expense		(2.2)		(3.2)
Foreign currency translation		0.6		(0.1)


Total other intangibles subject to amortization, net of accumulated amortization of $32.3 and $30.1, respectively	$	8.4	$	10.5

Total other intangibles not subject to amortization		2.1		2.1
Total other intangibles	$	10.5	$	12.6

Schedule of future amortization of finite-lived intangible assets

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


2022	$	2.0
2023		1.9
2024		1.5
2025		1.2
2026		0.4
Thereafter		1.4

Taxes (Tables)

12 Months Ended

May 31, 2021

Income Tax And Non Income Tax Disclosure [Abstract]

Schedule of income from continuing operations

The components of Earnings (loss) before income taxes for the fiscal years ended May 31 were:


	2021		2020		2019
United States	$	(45.8)	$	(92.5)	$	8.7
Non-United States		27.6		2.8		17.3
Total	$	(18.2)	$	(89.7)	$	26.0

Schedule of income tax expense (benefit)

The provision (benefit) for income taxes for the fiscal years ended May 31 consisted of the following components:


	2021		2020		2019
Current
Federal	$	2.3	$	(72.2)	$	(0.2)
State and local		(0.3)		(1.2)		4.8
Non-United States		6.0		2.1		2.8
Total Current	$	8.0	$	(71.3)	$	7.4

Deferred
Federal	$	(10.9)	$	27.3	$	1.1
State and local		(1.3)		(0.9)		3.1
Non-United States		(3.1)		(1.1)		(1.2)
Total Deferred	$	(15.3)	$	25.3	$	3.0

Total Current and Deferred	$	(7.3)	$	(46.0)	$	10.4

Schedule of effective income tax rate reconciliation


	2021			2020			2019
Computed federal statutory provision		21.0	%		21.0	%		21.0	%
State income tax provision, net of federal income tax benefit		(10.4)			2.0			25.7
Difference in effective tax rates on earnings of foreign subsidiaries		7.0			1.8			(2.4)
Rate differential on net operating loss carrybacks		19.3			34.2			—
GILTI inclusion		(2.7)			(2.4)			3.4

Various tax credits		6.5			0.8			(3.1)
Valuation allowances		25.7			(1.1)			2.3
Uncertain positions		(14.6)			(2.3)			(6.3)

Equity and other compensation		(8.7)			(0.6)			2.4
Other, net		(3.0)			(2.1)			(3.0)
Effective tax rates		40.1	%		51.3	%		40.0	%
Total provision (benefit) for income taxes	$	(7.3)		$	(46.0)		$	10.4

Schedule of deferred tax assets and liabilities

The significant components for deferred income taxes for the fiscal years ended May 31 were as follows:


	2021		2020
Deferred tax assets:
Tax uniform capitalization	$	8.6	$	10.4
Prepublication expenses		0.6		0.8
Inventory reserves		19.3		10.3
Allowance for credit losses		2.8		2.9
Deferred revenue		13.5		—
Other reserves		19.9		18.0
Postretirement, post employment and pension obligations		3.1		5.3
Tax carryforwards		39.7		51.1
Lease Liabilities		23.7		25.2
Other		14.1		11.9
Gross deferred tax assets	$	145.3	$	135.9
Valuation allowance		(23.1)		(31.3)
Total deferred tax assets	$	122.2	$	104.6
Deferred tax liabilities:
Depreciation and amortization		(74.3)		(65.8)
Lease Right of Use Assets		(20.2)		(24.4)

Other		(2.3)		(2.1)
Total deferred tax liability	$	(96.8)	$	(92.3)
Total net deferred tax assets	$	25.4	$	12.3

Schedule of unrecognized tax benefits rollforward

The table below presents a reconciliation of the unrecognized tax benefits for the fiscal years indicated:


Gross unrecognized benefits at May 31, 2018	$	10.1
Decreases related to prior year tax positions		(1.1)
Increase related to prior year tax positions		0.2
Increases related to current year tax positions		0.7
Settlements during the period		(0.2)
Lapse of statute of limitation		(0.7)
Gross unrecognized benefits at May 31, 2019	$	9.0
Decreases related to prior year tax positions		(0.2)
Increase related to prior year tax positions		1.8
Increases related to current year tax positions		0.1
Settlements during the period		(0.2)
Lapse of statute of limitation		(0.3)
Gross unrecognized benefits at May 31, 2020	$	10.2
Decreases related to prior year tax positions		(0.2)
Increase related to prior year tax positions		2.6
Increases related to current year tax positions		0.2
Settlements during the period		(0.2)
Lapse of statute of limitation		(0.3)
Gross unrecognized benefits at May 31, 2021	$	12.3

Capital Stock and Stock-Based Awards (Tables)

12 Months Ended

May 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of capital stock

Capital stock consisted of the following as of May 31, 2021:


	Class A Stock	Common Stock	Preferred Stock
Authorized	4,000,000	70,000,000	2,000,000
Reserved for Issuance	—	8,128,785	—
Outstanding	1,656,200	32,707,795	—

Schedule of share-based compensation activity


	2021		2020		2019
Total intrinsic value of stock options exercised	$	0.1	$	0.2	$	2.1
Total stock-based compensation cost (pretax)		6.6		3.8		8.3
Tax benefits (shortfalls) related to stock-based compensation cost		(3.7)		(0.5)		0.5
Weighted average grant date fair value per option	$	3.80	$	6.99	$	11.97

Schedule of stock option activity

The following table sets forth the stock option activity under the Company's equity plans for the fiscal year ended May 31, 2021:


	Options		Weighted Average Exercise Price		Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at May 31, 2020		3,002,981	$	36.43

Granted		2,385,096		21.07
Exercised		(14,760)		27.40

Expired, canceled and forfeited		(386,055)		28.50
Outstanding at May 31, 2021		4,987,262	$	29.73		5.4	$	31.5
Exercisable at May 31, 2021		2,386,124	$	36.55		4.3	$	2.8

Schedule of restricted stock unit activity

The following table sets forth the restricted stock unit award activity for the fiscal years ended May 31:


		2021		2020		2019
Granted		137,106		34,632		82,044
Weighted average grant date price per unit	$	21.24	$	32.56	$	42.86

The following table sets forth the MSPP RSUs activity for the fiscal years ended May 31:


		2021		2020		2019
MSPP RSUs allocated		5,665		3,843		17,239
Purchase price per unit	$	16.88	$	24.36	$	30.48

Schedule of nonvested restricted stock unit activity

The following table sets forth the restricted stock unit and MSPP RSUs activity for the year ended May 31, 2021:


	Restricted stock units and MSPP RSUs		Weighted Average grant date fair value
Nonvested as of May 31, 2020	226,433	$	25.11
Granted	142,771		20.56
Vested	(140,061)		22.77
Forfeited	(12,045)		39.85
Nonvested as of May 31, 2021	217,098	$	22.80

Schedule of employee stock purchase plan activity

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


		2021		2020		2019
Shares issued		67,097		65,714		48,000
Weighted average purchase price per share	$	22.19	$	27.84	$	36.25

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Treasury Stock (Tables)

12 Months Ended

May 31, 2021

Stockholders' Equity Attributable to Parent [Abstract]

Tabular disclosure of entity's treasury stock


Authorizations	Amount







March 2018		50.0
March 2020		50.0
Total current Board authorizations	$	100.0
Less repurchases made under the authorizations as of May 31, 2021	$	(32.7)
Remaining Board authorization at May 31, 2021	$	67.3

Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2021

Retirement Benefits [Abstract]

Schedule of assumptions used

The following table sets forth the weighted average actuarial assumptions utilized to determine the benefit obligations for the UK Pension Plan and the US Postretirement Benefits at May 31:


	UK Pension Plan						US Postretirement Benefits
	2021		2020		2019		2021		2020		2019
Weighted average assumptions used to determine benefit obligations:
Discount rate	2.0	%	1.7	%	2.3	%	2.5	%	2.7	%	3.6	%
Rate of compensation increase	4.1	%	3.6	%	4.1	%	—		—		—
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	2.1	%	2.4	%	2.4	%	1.5	%	3.2	%	3.7	%
Expected long-term return on plan assets	2.2	%	3.1	%	3.4	%	—		—		—
Rate of compensation increase	3.6	%	4.1	%	3.9	%	—		—		—

Schedule of changes in projected benefit obligations

The following table sets forth the change in benefit obligation for the UK Pension Plan and US Postretirement Benefits at May 31:


	UK Pension Plan				US Postretirement Benefits
	2021		2020		2021		2020

Change in benefit obligation:
Benefit obligation at beginning of year	$	41.7	$	40.9	$	20.8	$	23.4

Interest cost		0.7		0.9		0.3		0.6
Plan participants’ contributions		—		—		0.1		0.2
Actuarial losses (gains)		(0.3)		2.4		0.3		(1.3)
Foreign currency translation		6.4		(1.1)		—		—

Plan amendments		—		—		(7.6)		—
Benefits paid, including expenses		(1.5)		(1.4)		(1.8)		(2.1)
Benefit obligation at end of year	$	47.0	$	41.7	$	12.1	$	20.8

Schedule of changes in fair value of plan assets

The following table sets forth the change in plan assets for the UK Pension Plan at May 31:


	UK Pension Plan
	2021		2020
Change in plan assets:
Fair value of plan assets at beginning of year	$	36.6	$	31.8
Actual return on plan assets		(0.8)		6.0
Employer contributions		1.1		1.1

Benefits paid, including expenses		(1.5)		(1.4)

Foreign currency translation		5.4		(0.9)
Fair value of plan assets at end of year	$	40.8	$	36.6

Schedule of amounts recognized in balance sheets

The following table sets forth the net funded status of the UK Pension Plan and US Postretirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:


	UK Pension Plan				US Postretirement Benefits
	2021		2020		2021		2020


Current liabilities	$	—	$	—	$	(1.3)	$	(1.5)
Non-current liabilities		(6.2)		(5.1)		(10.8)		(19.3)
Net funded balance	$	(6.2)	$	(5.1)	$	(12.1)	$	(20.8)

Schedule of amounts recognized in other comprehensive income (loss)

The following amounts were recognized in Accumulated other comprehensive income (loss) for the UK Pension Plan and US Postretirement Benefits on the Company’s Consolidated Balance Sheets at May 31:


	2021							2020
		UK Pension Plan		US Postretirement Benefits		Total		UK Pension Plan		US Postretirement Benefits		Total
Actuarial gain (loss)		$	(10.4)	$	(1.4)	$	(11.8)	$	(9.6)	$	(1.1)	$	(10.7)
Prior service credit (cost)			(0.0)		9.2		9.2		(0.0)		2.3		2.3
Amount recognized in Accumulated comprehensive income (loss) net of tax			(10.4)		5.8		(4.6)		(9.6)		1.3		(8.3)

Schedule of accumulated benefit obligations in excess of fair value of plan assets

The following table sets forth the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets with respect to the UK Pension Plan as of May 31:


	UK Pension Plan
	2021		2020
Projected benefit obligations	$	47.0	$	41.7
Accumulated benefit obligations		46.5		41.4

Fair value of plan assets		40.8		36.6

Schedule of net benefit costs

The following table sets forth the net periodic benefit (cost) for the UK Pension Plan and US Postretirement Benefits for the fiscal years ended May 31:


	UK Pension Plan						US Postretirement Benefits
	2021		2020		2019		2021		2020		2019
Components of net (benefit) cost:

Interest cost		0.7		0.9		0.9		0.3		0.6		0.8
Expected return on assets		(0.9)		(1.0)		(1.0)		—		—		—
Amortization of prior service (credit) loss		0.0		0.0		0.0		(0.6)		(0.2)		(0.1)

Amortization of net actuarial (gain) loss		0.6		1.0		0.8		0.0		—		—
Net periodic (benefit) cost	$	0.4	$	0.9	$	0.7	$	(0.3)	$	0.4	$	0.7

Schedule of plan asset allocations

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


	UK Pension Plan
	2021		2020
Equity securities	47.1	%	28.6	%

Cash and cash equivalents	2.3	%	2.2	%
Liability-driven instruments	31.8	%	48.0	%
Real estate	4.2	%	6.1	%
Other	14.6	%	15.1	%
	100.0	%	100.0	%

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


	UK Pension Plan
Equity securities	47	%
Cash and cash equivalents	2	%
Liability-driven instruments	32	%
Real estate	4	%
Other	15	%
Total	100	%

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


	Assets at Fair Value as of May 31, 2021
	UK Pension Plan
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.9	$	—	$	—	$	0.9
Equity securities:
U.S. (1)		4.7		—		—		4.7
International (2)		14.5		—		—		14.5
Pooled, Common and Collective Funds (3) (4)		—		13.0		—		13.0

Annuities		—		—		6.0		6.0
Real estate (5)		1.7		—		—		1.7
Total	$	21.8	$	13.0	$	6.0	$	40.8


	Assets at Fair Value as of May 31, 2020
	UK Pension Plan
	Level 1		Level 2		Level 3		Total

Cash and cash equivalents	$	0.8	$	—	$	—	$	0.8
Equity securities:
U.S. (1)		3.7		—		—		3.7
International (2)		6.8		—		—		6.8
Pooled, Common and Collective Funds (3) (4)		—		17.5		—		17.5

Annuities		—		—		5.6		5.6
Real estate (5)		2.2		—		—		2.2
Total	$	13.5	$	17.5	$	5.6	$	36.6

(1) Funds which invest in a diversified portfolio of publicly traded U.S. common stocks of large-cap, medium-cap and small-cap

companies. There are no restrictions on these investments.

(2) Funds which invest in a diversified portfolio of publicly traded common stocks of non-U.S. companies, primarily in Europe and

Asia. There are no restrictions on these investments.

(3) Funds which invest in UK government bonds and bond index-linked investments and interest rate and inflation swaps. There are

no restrictions on these investments.

(4) Funds which invest in bond index funds available to certain qualified retirement plans but not traded openly on any

public exchanges. There are no restrictions on these investments.

(5) Represents assets of a non-U.S. entity plan invested in a fund whose underlying investments are comprised of properties. The

fund has publicly available quoted market prices and there are no restrictions on these investments.

Schedule of changes in level 3 plan assets

The following table summarizes the changes in fair value of these Level 3 assets for the fiscal years ended May 31, 2021 and 2020:



Balance at May 31, 2019	$	5.5
Actual Return on Plan Assets:
Relating to assets still held at May 31, 2020		0.2
Relating to assets sold during the year		—
Purchases, sales and settlements, net		—
Transfers in and/or out of Level 3		—
Foreign currency translation		(0.1)

Balance at May 31, 2020	$	5.6

Actual Return on Plan Assets:
Relating to assets still held at May 31, 2021		(0.4)
Relating to assets sold during the year		—
Purchases, sales and settlements, net		—
Transfers in and/or out of Level 3		—
Foreign currency translation		0.8
Balance at May 31, 2021	$	6.0

Schedule of expected benefit payments

The following table sets forth the expected future benefit payments under the UK Pension Plan and the US Postretirement Benefits by fiscal year:


	UK Pension Plan		US Postretirement Benefits
	Pension benefits		Benefit payments		Medicare subsidy receipts
2022	$	1.3	$	1.3	$	0.0
2023		1.0		1.3		0.1
2024		1.4		1.2		0.0
2025		1.7		1.1		0.0
2026		1.7		1.0		0.0
2027 - 2031		8.7		4.0		0.1

Schedule of health care cost trend rates

Assumed health care cost trend rates at May 31:


	2021		2020
Health care cost trend rate assumed for the next fiscal year	6.0	%	6.3	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.0	%	5.0	%
Year that the rate reaches the ultimate trend rate	2026		2026

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

May 31, 2021

Equity [Abstract]

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 fiscal years ended May 31:


	2021				2020				2019
	UK Pension Plan		US Postretirement Benefits		UK Pension Plan		US Postretirement Benefits		UK Pension Plan		US Postretirement Benefits
Amortization of prior service (credit) loss	$	0.0	$	(0.6)	$	0.0	$	(0.2)	$	0.0	$	(0.1)

Amortization of net actuarial loss (gain)		0.6		0.0		1.0		—		0.8		—
Tax (benefit) expense		—		0.1		—		0.0		—		0.0
Amounts reclassified from Accumulated other comprehensive income (loss)	$	0.6	$	(0.5)	$	1.0	$	(0.2)	$	0.8	$	(0.1)

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:


	Foreign currency translation adjustments		UK Pension Plan		US Postretirement Benefits		Total
Balance at May 31, 2019 (1)	$	(47.1)	$	(13.1)	$	0.5	$	(59.7)
Other comprehensive income (loss) before reclassifications	$	(2.9)	$	2.5	$	1.0	$	0.6
Less: amount reclassified from Accumulated other comprehensive income (loss) (net of taxes)

Amortization of net actuarial loss	$	—	$	1.0	$	—	$	1.0
Amortization of prior service (credit) cost		—		—		(0.2)		(0.2)
Other comprehensive income (loss)		(2.9)		3.5		0.8		1.4
Balance at May 31, 2020 (1)	$	(50.0)	$	(9.6)	$	1.3	$	(58.3)
Other comprehensive income (loss) before reclassifications	$	19.9	$	(1.4)	$	5.0	$	23.5
Less: amount reclassified from Accumulated other comprehensive income (loss) (net of taxes)

Amortization of net actuarial loss	$	—	$	0.6	$	0.0	$	0.6
Amortization of prior service (credit) cost		—		0.0		(0.5)		(0.5)
Other comprehensive income (loss)		19.9		(0.8)		4.5		23.6
Balance at May 31, 2021 (1)	$	(30.1)	$	(10.4)	$	5.8	$	(34.7)

Earnings (Loss) Per Share (Tables)

12 Months Ended

May 31, 2021

Earnings Per Share [Abstract]

Schedule of basic and diluted earnings per share

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


	2021		2020		2019



Net income (loss) attributable to Class A and Common Shares	$	(11.0)	$	(43.8)	$	15.6
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)		34.3		34.6		35.2
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)*		—		—		0.6
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)		34.3		34.6		35.8

Earnings (loss) per share of Class A Stock and Common Stock
Basic earnings (loss) per share	$	(0.32)	$	(1.27)	$	0.44



Diluted earnings (loss) per share	$	(0.32)	$	(1.27)	$	0.43

Schedule of Options Outstanding

The following table sets forth Options outstanding pursuant to stock-based compensation plans for the fiscal years ended May 31:


	2021	2020
Options outstanding pursuant to stock-based compensation plans (in millions)	5.0	3.0

Other Accrued Expenses (Tables)

12 Months Ended

May 31, 2021

Payables and Accruals [Abstract]

Schedule of other accrued expenses

Other accrued expenses consisted of the following at May 31:


		2021		2020

Accrued payroll, payroll taxes and benefits	$	32.4	$	38.8
Accrued bonus and commissions		23.0		12.1
Accrued other taxes		31.4		22.9
Returns liability		45.2		43.5
Accrued advertising and promotions		12.6		9.9


Other accrued expenses		57.4		34.3
Total accrued expenses	$	202.0	$	161.5

The table below provides information regarding Accrued severance which is included in Accrued payroll, payroll taxes and benefits on the Company’s Consolidated Balance Sheets at May 31:


		2021		2020
Beginning balance	$	5.7	$	5.5
Accruals		23.5		17.2
Payments		(25.5)		(17.0)
Ending balance	$	3.7	$	5.7

The Company implemented cost reduction programs in fiscal 2021 and 2020, recognizing severance expense of $23.1 and $13.1, respectively.

Fair Value Measurements (Tables)

12 Months Ended

May 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

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


	Net carrying value as of		Fair value measured and recognized using						Impairment losses for fiscal year ended		Additions due to acquisitions
	May 31, 2021		Level 1		Level 2		Level 3		May 31, 2021




Operating lease right-of-use assets, net		8.1		—		—		9.1		9.6		—
Property, plant and equipment, net		—		—		—		—		1.5		—


	Net carrying value as of		Fair value measured and recognized using						Impairment losses for fiscal year ended		Additions due to acquisitions
	May 31, 2020		Level 1		Level 2		Level 3		May 31, 2020

Author advances	$	—	$	—	$	—	$	—	$	1.6	$	—

Prepublication assets		0.5		—		—		0.5		0.8		—
Property, plant and equipment, net		—		—		—		—		0.6		—
Intangible assets		1.5		—		—		1.6		—		1.6


	Net carrying value as of		Fair value measured and recognized using						Impairment losses for fiscal year ended		Additions due to acquisitions
	May 31, 2019		Level 1		Level 2		Level 3		May 31, 2019


Investment acquired	$	6.0	$	—	$	—	$	6.0	$	—	$	6.0

Property, plant and equipment, net		—		—		—		—		0.9		—
Intangible assets		4.9		—		—		5.1		—		5.1

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions		12 Months Ended			38 Months Ended
	Mar. 27, 2019	May 31, 2021 USD ($) segment	May 31, 2020 USD ($)	May 31, 2019 USD ($)	May 31, 2021 USD ($) segment
Property, Plant and Equipment [Line Items]
Number of countries in which entity operates		165			165
Allowance for doubtful accounts receivable		$ 21.4	$ 19.9		$ 21.4
Capitalized computer software, net		59.4	52.3		59.4
Capitalized computer software, amortization expense		$ 27.6	27.3	$ 25.3
Useful life of intangible assets		5 years 4 months 24 days
Royalty advances, net		$ 115.5	109.5		$ 115.5
Reporting units subject to goodwill impairment \| segment		7			7
Advertising expense		$ 60.1	85.2	106.8
Capitalized costs		4.6	11.9		$ 4.6
Hosting Arrangement, Service Contract, Implementation Cost, Expense, Amortization		$ 0.7	0.0
Amount of stock repurchased in period			$ 35.5	$ 8.5
Board Authorized 2018 Share Repurchase Program
Property, Plant and Equipment [Line Items]
Amount of stock repurchased in period					$ 32.7
Make Believe Ideas Limited (MBI)
Property, Plant and Equipment [Line Items]
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	95.00%
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	95.00%
Make Believe Ideas Limited (MBI) \| Make Believe Ideas Limited (MBI)
Property, Plant and Equipment [Line Items]
Noncontrolling ownership percentage	5.00%
Minimum
Property, Plant and Equipment [Line Items]
Initial term		3 years
Maximum
Property, Plant and Equipment [Line Items]
Initial term		10 years
Building
Property, Plant and Equipment [Line Items]
Depreciable life		40 years
Building Improvements
Property, Plant and Equipment [Line Items]
Depreciable life		25 years
Capitalized Software \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life		3 years
Capitalized Software \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life		7 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Depreciable life		10 years
Customer Lists \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of intangible assets		5 years
Customer Lists \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of intangible assets		10 years
Prepublication Costs \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of intangible assets		2 years
Prepublication Costs \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of intangible assets		5 years
Intellectual Property
Property, Plant and Equipment [Line Items]
Useful life of intangible assets		5 years

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies - Stock-based Compensation (Details) - $ / shares	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Estimated fair value of stock options granted (in Dollars)	$ 3.80	$ 6.99	$ 11.97
Assumptions:
Expected dividend yield (percent)	2.90%	1.90%	1.40%
Expected stock price volatility (percent)	30.20%	27.40%	28.40%
Risk-free interest rate (percent)	0.20%	1.30%	3.00%
Expected life of options (in years)	4 years	5 years	6 years

Revenues - Disaggregation of Revenue Data (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,300.3	$ 1,487.1	$ 1,653.9
Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Customer with over 10% of revenues	152.7
Revenue Benchmark \| Customer Concentration Risk \| Customer 1
Disaggregation of Revenue [Line Items]
Percentage of total revenues	12.00%
Childrens Book Publishing And Distribution \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Customer with over 10% of revenues	119.7
Childrens Book Publishing And Distribution \| Book Clubs
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 145.1	156.8	212.4
Childrens Book Publishing And Distribution \| Book Fairs
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	164.3	383.8	499.6
Childrens Book Publishing And Distribution \| Trade
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 328.9	306.8	275.4
Education \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Customer with over 10% of revenues	8.8
Education \| Education
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 311.7	287.1	297.3
International \| Revenue Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Customer with over 10% of revenues	24.2
International \| Major Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 256.0	256.6	257.9
International \| Other Markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 94.3	$ 96.0	$ 111.3

Revenues - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Revenue from Contract with Customer [Abstract]
Returns liability	$ 45.2	$ 43.5
Returns asset	3.4	2.7
Deferred revenue	$ 73.3	$ 121.8

Revenues - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 19.9
Current period provision	5.2	$ 15.6	$ 7.0
Write-offs and other	(3.7)
Ending balance	$ 21.4	$ 19.9

Segment Information (Details) - Schedule of segment reporting information $ in Millions	12 Months Ended
	May 31, 2021 USD ($) segment	May 31, 2020 USD ($)	May 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3
Credit loss provision	$ 5.2	$ 15.6	$ 7.0
Depreciation and amortization	90.3	90.2	81.7
Asset impairments and write downs	11.1	40.6	0.9
Segment operating income (loss)	(22.7)	(88.5)	25.0
Segment assets at May 31, 2021	2,008.3	2,033.6	1,878.5
Goodwill	126.3	124.9	125.2
Expenditures for long-lived assets including royalty advances	104.9	140.6	185.1
Long-lived assets	859.3	867.8	864.3
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,300.3	1,487.1	1,653.9
Operating Segments \| Children's Book Publishing & Distribution
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment	3
Credit loss provision	$ 0.0	5.8	3.8
Depreciation and amortization	25.6	26.5	23.7
Asset impairments and write downs	2.6	0.0	0.0
Segment operating income (loss)	13.7	23.6	82.9
Segment assets at May 31, 2021	512.7	523.7	523.4
Goodwill	47.8	46.9	47.0
Expenditures for long-lived assets including royalty advances	41.7	49.5	71.4
Long-lived assets	165.0	169.6	175.0
Revenue from Contract with Customer, Excluding Assessed Tax	$ 664.7	875.4	990.3
Operating Segments \| Education
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment	2
Credit loss provision	$ 2.8	2.5	1.4
Depreciation and amortization	12.7	13.0	9.5
Asset impairments and write downs	0.0	0.0	0.0
Segment operating income (loss)	60.6	29.9	30.6
Segment assets at May 31, 2021	239.7	223.4	214.7
Goodwill	68.5	68.1	68.2
Expenditures for long-lived assets including royalty advances	13.5	20.1	22.6
Long-lived assets	124.3	123.8	116.3
Revenue from Contract with Customer, Excluding Assessed Tax	312.3	287.3	297.4
Operating Segments \| Overhead
Segment Reporting Information [Line Items]
Credit loss provision	0.0	0.0	0.0
Depreciation and amortization	45.4	43.4	41.7
Asset impairments and write downs	8.5	40.0	0.9
Segment operating income (loss)	(121.0)	(135.5)	(102.3)
Segment assets at May 31, 2021	948.4	1,012.7	887.6
Goodwill	0.0	0.0	0.0
Expenditures for long-lived assets including royalty advances	37.3	49.0	77.6
Long-lived assets	481.7	499.8	507.7
Revenue from Contract with Customer, Excluding Assessed Tax	0.0	0.0	0.0
Operating Segments \| Total Domestic
Segment Reporting Information [Line Items]
Credit loss provision	2.8	8.3	5.2
Depreciation and amortization	83.7	82.9	74.9
Asset impairments and write downs	11.1	40.0	0.9
Segment operating income (loss)	(46.7)	(82.0)	11.2
Segment assets at May 31, 2021	1,700.8	1,759.8	1,625.7
Goodwill	116.3	115.0	115.2
Expenditures for long-lived assets including royalty advances	92.5	118.6	171.6
Long-lived assets	771.0	793.2	799.0
Revenue from Contract with Customer, Excluding Assessed Tax	$ 977.0	1,162.7	1,287.7
Operating Segments \| International
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment	3
Credit loss provision	$ 2.4	7.3	1.8
Depreciation and amortization	6.6	7.3	6.8
Asset impairments and write downs	0.0	0.6	0.0
Segment operating income (loss)	24.0	(6.5)	13.8
Segment assets at May 31, 2021	307.5	273.8	252.8
Goodwill	10.0	9.9	10.0
Expenditures for long-lived assets including royalty advances	12.4	22.0	13.5
Long-lived assets	88.3	74.6	65.3
Expenditures for long-lived assets	6.5	17.3	8.2
Long-lived assets	46.7	43.8	35.9
Revenue from Contract with Customer, Excluding Assessed Tax	$ 323.3	$ 324.4	$ 366.2

Asset Write Down (Details) $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2021 USD ($) fairs $ / shares	May 31, 2020 USD ($) $ / shares	May 31, 2019 USD ($)
Class of Stock [Line Items]
Asset impairments and write downs	$ 11.1	$ 40.6	$ 0.9
Impairment on right-of-use assets	7.0
Impairment expense on other long-lived assets	1.5
Impairment loss impact	11.1
Author advances		1.6
Prepublication costs		0.8
Asset impairment expense	2.6
Provision for losses on inventory	$ 36.6	34.3	$ 20.8
Number of book fair closed \| fairs	13
Number of book fairs total \| fairs	54
Inventory Write-down, Net Of Reserves		37.6
Inventory Valuation and Obsolescence
Class of Stock [Line Items]
Asset impairments and write downs		$ 40.0
Leaseholds and Leasehold Improvements
Class of Stock [Line Items]
Asset impairments and write downs	$ 8.5
Class A Stock
Class of Stock [Line Items]
Impact on earnings per share (USD per share) \| $ / shares	$ 0.24	$ 0.84

Debt (Details) - Schedule of debt - USD ($)	May 31, 2021	May 31, 2020
Debt Instrument, Carrying Value [Abstract]
Total debt	$ 190,200,000	$ 218,500,000
Less lines of credit and current portion of long-term debt, Carrying Value	(182,900,000)	(7,900,000)
Total long-term debt, Carrying Value	7,300,000	210,600,000
Debt Instrument, Fair Value Disclosure [Abstract]
Fair value of debt	190,200,000	218,500,000
Less lines of credit and current portion of long-term debt, Fair Value	(182,900,000)	(7,900,000)
Total long-term debt, Fair Value	$ 7,300,000	$ 210,600,000
Line of Credit
Debt Instrument, Fair Value Disclosure [Abstract]
Weighted average interest rate	4.70%	4.60%
UK Long-term Debt
Debt Instrument, Carrying Value [Abstract]
Total debt	$ 2.8	$ 10,600,000
Debt Instrument, Fair Value Disclosure [Abstract]
Fair value of debt	7,300,000	10,600,000
Outstanding on loan	7,300,000
Revolving Credit Facility
Debt Instrument, Carrying Value [Abstract]
Total debt	175,000,000.0	200,000,000.0
Debt Instrument, Fair Value Disclosure [Abstract]
Fair value of debt	175,000,000.0	200,000,000.0
Line of Credit
Debt Instrument, Carrying Value [Abstract]
Total debt	7,900,000	7,900,000
Debt Instrument, Fair Value Disclosure [Abstract]
Fair value of debt	7,900,000	$ 7,900,000
Line of Credit \| UK Long-term Debt
Debt Instrument, Carrying Value [Abstract]
Total debt	$ 4.5

Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt, Maturity, Year One	$ 182.9
Long-Term Debt, Maturity, Year Two	7.3
Long-Term Debt, Maturity, Year Three	0.0
Long-Term Debt, Maturity, Year Four	0.0
Long-Term Debt, Maturity, Year Five	0.0
Long-Term Debt, Maturity, after Year Five	0.0
Total debt	$ 190.2	$ 218.5

Debt (Details) - USD ($)		12 Months Ended
Debt (Details) - USD ($)	Dec. 16, 2020	May 31, 2021	May 31, 2020	Jan. 24, 2020	Sep. 23, 2019	Jan. 05, 2017
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 190,200,000	$ 218,500,000
Unsecured Debt
Debt Instrument [Line Items]
Borrowing capacity		10,000,000.0
Outstanding borrowings		0	0
Remaining borrowing capacity		$ 6.1
Maximum \| Unsecured Debt
Debt Instrument [Line Items]
Term of debt instrument		365 days
Loan Agreement
Debt Instrument [Line Items]
Facility fee	0.40%
Standby letters of credit		$ 400,000
Loan Agreement \| Federal Funds Rate
Debt Instrument [Line Items]
Variable rate	0.50%
Loan Agreement \| Eurodollar
Debt Instrument [Line Items]
Variable rate	1.00%
Loan Agreement \| Eurodollar \| Maximum
Debt Instrument [Line Items]
Variable rate	1.60%
Loan Agreement \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Variable rate	2.25%
Standby Letter Of Credit
Debt Instrument [Line Items]
Standby letters of credit		4,300,000
Line of Credit
Debt Instrument [Line Items]
Standby letters of credit		3,900,000
Debt, Long-term and Short-term, Combined Amount		7,900,000	7,900,000
Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Borrowing capacity		28,600,000
Outstanding borrowings		7,900,000	$ 7,900,000
Remaining borrowing capacity		$ 20,700,000
Weighted average interest rate		4.70%	4.60%
Line of Credit \| Maximum \| Secured Debt
Debt Instrument [Line Items]
Term of debt instrument		364 days
UK Long-term Debt
Debt Instrument [Line Items]
Face amount					$ 2.0
Outstanding on loan		$ 7,300,000
Debt, Long-term and Short-term, Combined Amount		$ 2.8	$ 10,600,000
UK Long-term Debt \| Base Rate
Debt Instrument [Line Items]
Variable rate		1.77%
Debt Instrument, Interest Rate, Stated Percentage		0.10%
UK Long-term Debt \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 6.6
Remaining borrowing capacity		$ 4.8
Debt, Long-term and Short-term, Combined Amount		$ 4.5
UK Long-term Debt \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Variable rate		1.77%
Debt Instrument, Interest Rate, Stated Percentage		0.10%
Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000.0
Borrowing capacity	225,000,000.0					$ 375,000,000.0
Minimum amount of consolidated liquidity	$ 200,000,000.0
Percentage of consolidated total assets	10.00%
Aggregate limitation on acquisitions	$ 25,000,000.0
Limitation on cash dividends	5,200,000
Minimum liquidity covenant	300,000,000.0
Restricted payment basket, cap	$ 30,000,000.0
Debt, Long-term and Short-term, Combined Amount		$ 175,000,000.0	$ 200,000,000.0
Loan Agreement \| Base Rate
Debt Instrument [Line Items]
Basis spread until receipt of financial statements	1.25%
Basis spread, drawn on delivery	0.60%
Loan Agreement \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate	0.25%
All-in interest rate		2.50%
Revolving Credit Facility \| 2007 Loan Agreement \| Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 50,000,000.0
Revolving Credit Facility \| 2007 Loan Agreement \| Swingline Facility
Debt Instrument [Line Items]
Borrowing capacity	$ 15,000,000.0

Commitments and Contingencies (Details) - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Jul. 23, 2021	May 31, 2020	May 31, 2021
Operating Leased Assets [Line Items]
Open standby letters of credit			$ 4.3
Amount awarded to other party		$ 2.4
Patents
Operating Leased Assets [Line Items]
Amount awarded to other party		$ 1.5
Subsequent Event
Operating Leased Assets [Line Items]
Amount awarded to other party	$ 20.0

Commitments and Contingencies (Details) - Schedule for aggregate minimum future contractual commitments $ in Millions	May 31, 2021 USD ($)
Royalty Advances [Abstract]
2020	$ 32.6
2021	7.0
2022	1.9
2023	0.5
2026	0.1
2026 and thereafter	0.1
Total commitments	42.2
MInimum Print Quantities [Abstract]
2020	1.3
2021	1.3
2022	0.0
2023	0.0
2026	0.0
2026 and thereafter	0.0
Total commitments	$ 2.6

Investments (Details) - USD ($)	12 Months Ended
Investments (Details) - USD ($)	May 31, 2021	May 31, 2020	May 31, 2019
Investments (Details) [Line Items]
Investments	$ 40,300,000	$ 31,000,000.0
Income from equity investments	7,400,000	3,200,000	$ 5,900,000
Proceeds from Dividends Received	$ 2,400,000	1,000,000.0
Children's Book Publishing & Distribution
Investments (Details) [Line Items]
Non-controlling interest held	26.20%
Financing and Production Company
Investments (Details) [Line Items]
Impairment of investments	$ 0
Other Investments
Investments (Details) [Line Items]
Investments	$ 100,000	100,000
Financing and Production Company \| Financing and Production Company
Investments (Details) [Line Items]
Percent ownership in financing and production company	4.60%
International
Investments (Details) [Line Items]
Equity method investments	$ 34,300,000	25,000,000.0
Children's Book Publishing & Distribution \| Other Cost Method Investments
Investments (Details) [Line Items]
Investments	$ 6,000,000.0	$ 6,000,000.0

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 28, 2021	Aug. 31, 2020	May 31, 2021	May 31, 2020	May 31, 2019
Property, Plant and Equipment [Line Items]
Total at cost			$ 1,011.2	$ 996.9
Less: Accumulated depreciation and amortization			454.3	420.0
Property, plant and equipment, net			556.9	576.9
Asset impairments and write downs			11.1	40.6	$ 0.9
Depreciation and amortization expense			58.3	58.3	53.3
Land, Buildings and Improvements
Property, Plant and Equipment [Line Items]
Proceeds from sale of assets	$ 5.1	$ 12.3
Gain (Loss) on Disposition of Property Plant Equipment	3.8	6.6
Long-lived assets	$ 1.3	$ 5.7
Lake Mary Facility
Property, Plant and Equipment [Line Items]
Assets Held-for-sale, Not Part of Disposal Group			4.1
Witney Facility
Property, Plant and Equipment [Line Items]
Assets Held-for-sale, Not Part of Disposal Group			2.3
Land
Property, Plant and Equipment [Line Items]
Total at cost			81.4	82.5
Building
Property, Plant and Equipment [Line Items]
Total at cost			244.8	246.7
Capitalized software
Property, Plant and Equipment [Line Items]
Total at cost			217.9	189.5
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total at cost			209.4	217.0
Building and Leasehold improvements
Property, Plant and Equipment [Line Items]
Total at cost			214.4	212.2
Asset impairments and write downs			1.5
Construction in Progress
Property, Plant and Equipment [Line Items]
Total at cost			$ 43.3	49.0
Legacy Building Improvements
Property, Plant and Equipment [Line Items]
Asset impairments and write downs					$ 0.9
Software
Property, Plant and Equipment [Line Items]
Asset impairments and write downs				$ 0.6

Leases (Narrative) (Details) $ in Millions	12 Months Ended
Leases (Narrative) (Details) $ in Millions	May 31, 2021 USD ($) fairs
Leases [Abstract]
Asset impairment expense	$ 2.6
Number of book fair closed \| fairs	13
Number of book fairs total \| fairs	54
Lessee, Lease, Description [Line Items]
Asset impairment expense	$ 2.6
Operating Right Of Use Asset
Leases [Abstract]
Asset impairment expense	9.6
Lessee, Lease, Description [Line Items]
Asset impairment expense	$ 9.6

Leases (Assets and Liabilities) (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating lease right-of-use assets, net	$ 78.6	$ 95.3
Finance leases	10.2	10.9
Total lease assets	88.8	106.2
Operating lease liabilities	25.0	22.8
Operating lease liabilities	67.4	75.7
Total operating lease liabilities	92.4	98.5
Finance Lease, Liability, Current	2.2	2.1
Finance Lease, Liability, Noncurrent	8.8	9.5
Total finance lease liabilities	11.0	11.6
Total lease liabilities	$ 103.4	$ 110.1

Leases (Lease Expense) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Lease Expense) (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating lease expense (1)	$ 28.3	$ 28.6
Depreciation of leased assets	2.3	2.1
Accretion of lease liabilities	0.4	0.4
Total lease expense	$ 31.0	$ 31.1

Leases (Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 27.4	$ 25.4
Operating cash flows from finance leases	0.4	0.4
Financing cash flows from finance leases	$ 2.3	$ 2.0

Leases (Lease Maturity) (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Operating Lease
Fiscal 2022	$ 28.7
Fiscal 2023	23.3
Fiscal 2024	15.8
Fiscal 2025	9.7
Fiscal 2026	5.5
Lessee, Operating Lease, Liability, to be Paid, after Year Five	24.5
Total lease payments	107.5
Less: interest	(15.1)
Total lease liabilities	92.4	$ 98.5
Finance Lease
Fiscal 2022	2.6
Fiscal 2023	2.5
Fiscal 2024	2.4
Fiscal 2025	1.6
Fiscal 2026	1.1
Finance Lease, Liability, to be Paid, after Year Five	2.1
Total lease payments	12.3
Less: interest	(1.3)
Total lease liabilities	$ 11.0	$ 11.6

Leases (Weighted Average) (Details)	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	5 years 9 months 18 days	5 years 9 months 18 days
Finance Lease, Weighted Average Remaining Lease Term	5 years 7 months 6 days	5 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	4.60%	4.70%
Finance Lease, Weighted Average Discount Rate, Percent	4.00%	3.80%

Goodwill and Other Intangibles (Details) - USD ($)	12 Months Ended
Goodwill and Other Intangibles (Details) - USD ($)	May 31, 2021	May 31, 2020	May 31, 2019
Goodwill and Other Intangibles (Details) [Line Items]
Intangible assets acquired	$ 0	$ 1,600,000
Amortization expense	$ 2,200,000	3,200,000	$ 2,800,000
Useful life of intangible assets	5 years 4 months 24 days
Goodwill, Impairment Loss	$ 0	$ 0
Impairment of Intangible Assets (Excluding Goodwill)	0
Additions to intangible assets	0
U.S. Book Publishing Business
Goodwill and Other Intangibles (Details) [Line Items]
Intangible assets acquired	1,600,000
Purchase accounting adjustment to finite-lived intangible assets	$ 500,000

Goodwill and Other Intangibles (Details) - Schedule of activity in goodwill - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020
Goodwill [Roll Forward]
Gross beginning balance	$ 164.5	$ 164.8
Accumulated impairment	(39.6)	(39.6)
Beginning balance	124.9	125.2
Foreign currency translation	$ 1.4	(0.3)
Gross ending balance		$ 164.5

Goodwill and Other Intangibles (Details) - Schedule of other intangible assets subject to amortization - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Other intangibles subject to amortization - beginning balance		$ 10.5	$ 12.2
Intangible assets acquired	$ 0.0	1.6
Adjustments	(0.5)	0.0
Amortization expense	(2.2)	(3.2)	$ (2.8)
Foreign currency translation	0.6	(0.1)
Total other intangibles subject to amortization, net of accumulated amortization of $32.3 and $30.1, respectively	8.4	10.5
Total other intangibles not subject to amortization	2.1	2.1
Total other intangibles	10.5	12.6
Accumulated amortization	$ 32.3	$ 30.1

Goodwill and Other Intangibles (Details) - Schedule of estimated amortization expense for intangibles $ in Millions	May 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 2.0
2023	1.9
2024	1.5
2025	1.2
2026	0.4
Thereafter	$ 1.4

Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Business Combination, Separately Recognized Transactions [Line Items]
Intangible assets acquired	$ 0.0	$ 1.6
U.K. Book Publishing Business
Business Combination, Separately Recognized Transactions [Line Items]
Intangible assets acquired		$ 1.6
Purchase accounting adjustment to finite-lived intangible assets	$ 0.5

Taxes (Details) - Schedule of earnings from continuing operations before income taxes - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Taxes (Details) - Schedule of earnings from continuing operations before income taxes [Line Items]
Earnings (loss) from continuing operations before income taxes	$ (18.2)	$ (89.7)	$ 26.0
United States
Taxes (Details) - Schedule of earnings from continuing operations before income taxes [Line Items]
Earnings (loss) from continuing operations before income taxes	(45.8)	(92.5)	8.7
Non-United States
Taxes (Details) - Schedule of earnings from continuing operations before income taxes [Line Items]
Earnings (loss) from continuing operations before income taxes	$ 27.6	$ 2.8	$ 17.3

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
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-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Section S99
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-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Taxes (Details) - Schedule of provision for income taxes - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Current
Federal	$ 2.3	$ (72.2)	$ (0.2)
State and local	(0.3)	(1.2)	4.8
Non-United States	6.0	2.1	2.8
Total Current	8.0	(71.3)	7.4
Deferred Income Taxes and Tax Credits [Abstract]
Federal	(10.9)	27.3	1.1
State and local	(1.3)	(0.9)	3.1
Non-United States	(3.1)	(1.1)	(1.2)
Total Deferred	(15.3)	25.3	3.0
Total provision (benefit) for income taxes	$ (7.3)	$ (46.0)	$ 10.4

Taxes (Details) - Schedule of effective income tax rate reconciliation - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed federal statutory provision	21.00%	21.00%	21.00%
State income tax provision, net of federal income tax benefit	(10.40%)	2.00%	25.70%
Difference in effective tax rates on earnings of foreign subsidiaries	7.00%	1.80%	(2.40%)
Rate differential on net operating loss carrybacks	19.30%	34.20%	0.00%
GILTI inclusion	(2.70%)	(2.40%)	3.40%
Various tax credits	6.50%	0.80%	(3.10%)
Valuation allowances	25.70%	(1.10%)	2.30%
Uncertain positions	(14.60%)	(2.30%)	(6.30%)
Equity and other compensation	(8.70%)	(0.60%)	2.40%
Other, net	(3.00%)	(2.10%)	(3.00%)
Effective tax rates	40.10%	51.30%	40.00%
Total provision (benefit) for income taxes	$ (7.3)	$ (46.0)	$ 10.4

Taxes (Details) - Schedule for components for deferred income taxes - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Deferred tax assets:
Tax uniform capitalization	$ 8.6	$ 10.4
Prepublication expenses	0.6	0.8
Inventory reserves	19.3	10.3
Allowance for credit losses	2.8	2.9
Deferred revenue	13.5	0.0
Other reserves	19.9	18.0
Postretirement, post employment and pension obligations	3.1	5.3
Tax carryforwards	39.7	51.1
Lease Liabilities	23.7	25.2
Other	14.1	11.9
Gross deferred tax assets	145.3	135.9
Valuation allowance	(23.1)	(31.3)
Total deferred tax assets	122.2	104.6
Deferred tax liabilities:
Depreciation and amortization	(74.3)	(65.8)
Lease Right of Use Assets	(20.2)	(24.4)
Other	(2.3)	(2.1)
Total deferred tax liability	(96.8)	(92.3)
Total net deferred tax assets	$ 25.4	$ 12.3

Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Taxes (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2018
Loss Contingencies [Line Items]
Deferred Tax Liabilities, Net	$ 96.8	$ 92.3
Deferred Tax Assets, Net	25.4	12.3
Operating Loss Carryforwards, Valuation Allowance	3.8
Decrease in deferred tax asset valuation allowance	(8.2)
Unrecognized tax benefits	12.3	10.2	$ 9.0	$ 10.1
Income tax penalties and interest accrued	2.6	2.2	1.4
Unrecognized tax benefits that would impact effective tax rate	12.3	10.2	9.0
Tax (expense) benefit from income tax penalties and interest expense	0.5	0.8	$ 0.4
Period increase (decrease) in unrecognized tax benefits	(2.1)	(1.2)
Gross unrecognized tax benefits that could reasonably change	1.9
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		(5.6)
State and Local Jurisdiction
Loss Contingencies [Line Items]
Operating Loss Carryforwards, Valuation Allowance	10.8
Non-United States
Loss Contingencies [Line Items]
Operating Loss Carryforwards, Valuation Allowance	25.1
Other Noncurrent Liabilities
Loss Contingencies [Line Items]
Deferred Tax Liabilities, Net	$ 0.0	6.3
Deferred Tax Assets, Net		$ 18.6

Taxes (Details) - Schedule of unrecognized tax benefits - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross unrecognized benefits, Beginning of period	$ 10.2	$ 9.0	$ 10.1
Decreases related to prior year tax positions	(0.2)	(0.2)	(1.1)
Increase related to prior year tax positions	2.6	1.8	0.2
Increases related to current year tax positions	0.2	0.1	0.7
Settlements during the period	(0.2)	(0.2)	(0.2)
Lapse of statute of limitation	(0.3)	(0.3)	(0.7)
Gross unrecognized benefits, End of period	$ 12.3	$ 10.2	$ 9.0

Capital Stock and Stock-Based Awards - Schedule of capital stock (Details) - shares	May 31, 2021	May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)	2,000,000.0	2,000,000.0
Preferred stock, outstanding (in shares)	0	0
Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares authorized (in shares)	4,000,000	4,000,000.0
Common Stock, reserved for issuance (in shares)	0
Common Stock, shares outstanding (in shares)	1,656,200	1,700,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares authorized (in shares)	70,000,000.0	70,000,000.0
Common Stock, reserved for issuance (in shares)	8,128,785
Common Stock, shares outstanding (in shares)	32,707,795	32,500,000
Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)	2,000,000
Preferred stock, reserved for issuance (in shares)	0
Preferred stock, outstanding (in shares)	0

Capital Stock and Stock-Based Awards (Details) - Narrative - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended			49 Months Ended
	Jul. 22, 2020	Sep. 18, 2019	Sep. 26, 2018	Sep. 24, 2014	May 31, 2021	May 31, 2020	May 31, 2019	Sep. 30, 2011	Sep. 30, 2017	Sep. 30, 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock issued (in shares)					0	0
Options outstanding ( in shares)					4,987,262	3,002,981
Granted (in dollars per share)					$ 21.07
Stock option compensation cost not yet recognized					$ 4,800
Future period of stock option expense recognition (in years)					2 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					2,385,096
2017 Outside Director's Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of stock options and restricted stock units granted	$ 90
Directors Plan 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 20.48
Restricted stock outstanding (in shares)		18,452
Shares reserved for issuance (in shares)									400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		59,038
Plan 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares available for grant (in shares)			2,540,000	2,475,000
Total number of shares available for grant (in shares)			7,115,000
Options outstanding ( in shares)					4,788,742
Granted (in dollars per share)					$ 21.08
Common stock remaining authorized under employee stock purchase plan (in shares)					661,092
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					2,326,058
2007 Directors’ Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding ( in shares)					77,394
Non-qualified stock options outstanding (in shares)										3,000
Restricted stock outstanding (in shares)								1,200
Restricted Stock \| 2017 Outside Director's Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock allocation of awards as a percent	60.00%
Share-based Payment Arrangement, Option \| 2017 Outside Director's Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock allocation of awards as a percent	40.00%
Directors Plan 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding ( in shares)					121,126
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option compensation cost not yet recognized					$ 1,800
Future period of stock option expense recognition (in years)					1 year 7 months 6 days
Common stock issued from conversion of RSUs (in shares)					38,555
Management Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock remaining authorized under employee stock purchase plan (in shares)					305,952
Stock option compensation cost not yet recognized					$ 100
Deferred rate for annual cash bonus payment					100.00%
Quarterly basis discount rate of common stock on closing price					25.00%
Fair value of shares vested						$ 2,800	$ 2,700
Stock Units And Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested					$ 3,200
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock remaining authorized under employee stock purchase plan (in shares)					289,142
Quarterly basis discount rate of common stock on closing price					15.00%

Capital Stock and Stock-Based Awards (Details) - Schedule of Intrinsic value of stock options exercised, pretax stock-based compensation cost and related tax benefits - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Share-based Payment Arrangement [Abstract]
Total intrinsic value of stock options exercised	$ 0.1	$ 0.2	$ 2.1
Total stock-based compensation cost (pretax)	6.6	3.8	8.3
Tax benefits (shortfalls) related to stock-based compensation cost	$ (3.7)	$ (0.5)	$ 0.5
Weighted average grant date fair value per option (in Dollars per share)	$ 3.80	$ 6.99	$ 11.97

Capital Stock and Stock-Based Awards (Details) - Schedule of stock option activity for the Class A Stock and Common Stock plans $ / shares in Units, $ in Millions	12 Months Ended
	May 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, Outstanding (in shares) \| shares	3,002,981
Granted (Shares) \| shares	2,385,096
Exercised (Shares) \| shares	(14,760)
Expired, cancellations and forfeited (Shares) \| shares	(386,055)
Ending balance, Outstanding (in shares) \| shares	4,987,262
Exercisable (Shares) at May 31, 2016 \| shares	2,386,124
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance, Outstanding (in dollars per share) \| $ / shares	$ 36.43
Granted (in dollars per share) \| $ / shares	21.07
Exercised (in dollars per share) \| $ / shares	27.40
Expired, cancellations and forfeited (in dollars per share) \| $ / shares	28.50
Ending balance, Outstanding at (in dollars per share) \| $ / shares	29.73
Weighted Average Exercise Price, Exercisable at period end (in dollars per share) \| $ / shares	$ 36.55
Average Remaining Contractual Term (in years), Outstanding period end	5 years 4 months 24 days
Average Remaining Contractual Term (in years), Exercisable at period end	4 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding at period end \| $	$ 31.5
Aggregate Intrinsic Value, Exercisable at period end \| $	$ 2.8

Capital Stock and Stock-Based Awards (Details) - Schedule of RSU activity - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	137,106	34,632	82,044
Weighted average grant date price per unit (in dollars per share)	$ 21.24	$ 32.56	$ 42.86

Capital Stock and Stock-Based Awards (Details) - Schedule of restricted stock units under the management stock purchase plan - Management Stock Purchase Plan - $ / shares	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	5,665	3,843	17,239
Purchase price per unit (in dollars per share)	$ 16.88	$ 24.36	$ 30.48

Capital Stock and Stock-Based Awards (Details) - Schedule of Stock Unit and Restricted Stock Unit activity - Stock Units And Restricted Stock Units	12 Months Ended
	May 31, 2021 $ / shares shares
Restricted stock units and MSPP RSUs
Nonvested, beginning balance (in shares) \| shares	226,433
Granted (in shares) \| shares	142,771
Vested (in shares) \| shares	(140,061)
Forfeited (in shares) \| shares	(12,045)
Nonvested ending balance (in shares) \| shares	217,098
Weighted Average grant date fair value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 25.11
Granted (in dollars per share) \| $ / shares	20.56
Vested (in dollars per share) \| $ / shares	22.77
Forfeited (in dollars per share) \| $ / shares	39.85
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 22.80

Capital Stock and Stock-Based Awards (Details) - Schedule of employee stock purchase plan activity - Employee Stock Purchase Plan - $ / shares	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued	67,097	65,714	48,000
Weighted average purchase price per share (in dollars per share)	$ 22.19	$ 27.84	$ 36.25

Treasury Stock (Details) - Schedule of repurchase of common stock - USD ($) shares in Millions, $ in Millions	12 Months Ended			38 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019	May 31, 2021	Mar. 18, 2020	Mar. 21, 2018
Equity, Class of Treasury Stock [Line Items]
Amount of stock repurchased in period		$ 35.5	$ 8.5
Board Authorized 2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Increase in Authorized Amount	$ 100.0			$ 100.0	$ 50.0	$ 50.0
Amount of stock repurchased in period				32.7
Remaining authorized repurchase amount	$ 67.3			$ 67.3
Shares of stock repurchased (in shares)	0.0

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020	May 31, 2019	Feb. 28, 2021
Employee Benefit Plans (Details) [Line Items]
Reduction in benefit obligation				$ 7.6
Amount recognized in Accumulated comprehensive income (loss) net of tax				$ 7.6
Remaining life of plan	12 years
Percentage of federal subsidy to sponsors of retiree health care benefit plans	28.00%
Cumulative reduction of its accumulated post-retirement benefit obligation	$ 0.2	$ 1.2	$ 1.5
Defined benefit plans tax expense recognized in AOCI	2.0	(0.1)	(0.5)
Estimated employer contributions in 2015	1.7
Contribution to retirement plan	6.0	6.7	7.6
Annuities \| Level 3
Employee Benefit Plans (Details) [Line Items]
Fair value of annuities	6.0	5.6
U.S. \| Other Postretirement Benefits
Employee Benefit Plans (Details) [Line Items]
Reduction in benefit obligation	$ 12.1	$ 20.8	$ 23.4
Expected long-term return on plan assets	0.00%	0.00%	0.00%
U.K. \| Pension Plans
Employee Benefit Plans (Details) [Line Items]
Reduction in benefit obligation	$ 47.0	$ 41.7	$ 40.9
Expected long-term return on plan assets	2.20%	3.10%	3.40%

Employee Benefit Plans (Details) - Summary of weighted average actuarial assumptions utilized to benefit obligations	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Pension Plans \| U.K.
Weighted average assumptions used to determine benefit obligations:
Discount rate	2.00%	1.70%	2.30%
Rate of compensation increase	4.10%	3.60%	4.10%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	2.10%	2.40%	2.40%
Expected long-term return on plan assets	2.20%	3.10%	3.40%
Rate of compensation increase	3.60%	4.10%	3.90%
Other Postretirement Benefits \| U.S.
Weighted average assumptions used to determine benefit obligations:
Discount rate	2.50%	2.70%	3.60%
Rate of compensation increase	0.00%	0.00%	0.00%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	1.50%	3.20%	3.70%
Expected long-term return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%

Employee Benefit Plans (Details) - Schedule of change in benefit obligations - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Pension Plans
Change in benefit obligation:
Plan amendments	$ 0.0	$ 0.0
U.K. \| Pension Plans
Change in benefit obligation:
Benefit obligation at beginning of year	41.7	40.9
Interest cost	0.7	0.9	$ 0.9
Plan participants’ contributions	0.0	0.0
Actuarial losses (gains)	(0.3)	2.4
Foreign currency translation	6.4	(1.1)
Benefits paid, including expenses	(1.5)	(1.4)
Benefit obligation at end of year	47.0	41.7	40.9
U.S. \| Other Postretirement Benefits
Change in benefit obligation:
Benefit obligation at beginning of year	20.8	23.4
Interest cost	0.3	0.6	0.8
Plan participants’ contributions	0.1	0.2
Actuarial losses (gains)	0.3	(1.3)
Foreign currency translation	0.0	0.0
Plan amendments	(7.6)	0.0
Benefits paid, including expenses	(1.8)	(2.1)
Benefit obligation at end of year	$ 12.1	$ 20.8	$ 23.4

Employee Benefit Plans (Details) - Schedule of change in fair value of plan assets - Pension Plans - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020
Change in plan assets:
Fair value of plan assets at beginning of year	$ 36.6
Fair value of plan assets at end of year	40.8	$ 36.6
U.K.
Change in plan assets:
Fair value of plan assets at beginning of year	36.6	31.8
Actual return on plan assets	(0.8)	6.0
Employer contributions	1.1	1.1
Defined Benefit Plan, Plan Assets, Benefits Paid	1.5	1.4
Foreign currency translation	5.4	(0.9)
Fair value of plan assets at end of year	$ 40.8	$ 36.6

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee Benefit Plans (Details) - Schedule Of Amounts Recognized In Balance Sheet - USD ($) $ in Millions	May 31, 2021	May 31, 2020
U.K. \| Pension Plans
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Current liabilities	$ 0.0	$ 0.0
Non-current liabilities	(6.2)	(5.1)
Net funded balance	(6.2)	(5.1)
U.S. \| Other Postretirement Benefits
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Current liabilities	(1.3)	(1.5)
Non-current liabilities	(10.8)	(19.3)
Net funded balance	$ (12.1)	$ (20.8)

Employee Benefit Plans (Details) - Schedule of recognized in accumulated other comprehensive loss - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Pension and postretirement adjustments:
Actuarial gain (loss)	$ (11.8)	$ (10.7)
Prior service credit (cost)	9.2	2.3
Amount recognized in Accumulated comprehensive income (loss) net of tax	(4.6)	(8.3)
U.K. \| Pension Plans
Pension and postretirement adjustments:
Actuarial gain (loss)	(10.4)	(9.6)
Prior service credit (cost)	(0.0)	(0.0)
Amount recognized in Accumulated comprehensive income (loss) net of tax	(10.4)	(9.6)
U.S. \| Other Postretirement Benefits
Pension and postretirement adjustments:
Actuarial gain (loss)	(1.4)	(1.1)
Prior service credit (cost)	9.2	2.3
Amount recognized in Accumulated comprehensive income (loss) net of tax	$ 5.8	$ 1.3

Employee Benefit Plans (Details) - Schedule of accumulated benefit obligation in excess of plan assets - U.K. - Pension Plans - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations	$ 47.0	$ 41.7
Accumulated benefit obligations	46.5	41.4
Fair value of plan assets	$ 40.8	$ 36.6

Employee Benefit Plans (Details) - Schedule of net periodic costs - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Components of net periodic (benefit) cost:
Amortization of net actuarial (gain) loss	$ (0.0)	$ (0.8)	$ (0.7)
U.K. \| Pension Plans
Components of net periodic (benefit) cost:
Interest cost	0.7	0.9	0.9
Expected return on assets	(0.9)	(1.0)	(1.0)
Prior service credit (cost)	0.0	0.0	0.0
Amortization of net actuarial (gain) loss	(0.6)	(1.0)	(0.8)
Net periodic (benefit) cost	0.4	0.9	0.7
U.S. \| Other Postretirement Benefits
Components of net periodic (benefit) cost:
Interest cost	0.3	0.6	0.8
Expected return on assets	0.0	0.0	0.0
Prior service credit (cost)	(0.6)	(0.2)	(0.1)
Amortization of net actuarial (gain) loss	(0.0)	0.0	0.0
Net periodic (benefit) cost	$ (0.3)	$ 0.4	$ 0.7

Employee Benefit Plans (Details) - Schedule of total weighted average asset allocations - U.K. - Pension Plans	May 31, 2021	May 31, 2020
Defined Benefit Plan, Information about Plan Assets [Abstract]
Weighted average asset allocations	100.00%	100.00%
Equity securities
Defined Benefit Plan, Information about Plan Assets [Abstract]
Weighted average asset allocations	47.10%	28.60%
Cash and cash equivalents
Defined Benefit Plan, Information about Plan Assets [Abstract]
Weighted average asset allocations	2.30%	2.20%
Liability-driven instruments
Defined Benefit Plan, Information about Plan Assets [Abstract]
Weighted average asset allocations	31.80%	48.00%
Real estate
Defined Benefit Plan, Information about Plan Assets [Abstract]
Weighted average asset allocations	4.20%	6.10%
Other
Defined Benefit Plan, Information about Plan Assets [Abstract]
Weighted average asset allocations	14.60%	15.10%

Employee Benefit Plans (Details) - Schedule of targeted weighted average asset allocations - U.K. - Pension Plans	May 31, 2021	May 31, 2020
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Weighted average asset allocations	100.00%	100.00%
Targeted asset allocation	100.00%
Equity securities
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Weighted average asset allocations	47.10%	28.60%
Targeted asset allocation	47.00%
Cash and cash equivalents
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Weighted average asset allocations	2.30%	2.20%
Targeted asset allocation	2.00%
Liability-driven instruments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Weighted average asset allocations	31.80%	48.00%
Targeted asset allocation	32.00%
Real estate
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Weighted average asset allocations	4.20%	6.10%
Targeted asset allocation	4.00%
Other
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Weighted average asset allocations	14.60%	15.10%
Targeted asset allocation	15.00%

Employee Benefit Plans (Details) - Schedule for measurement of benefit plan assets at fair value - Pension Plans - USD ($) $ in Millions	May 31, 2021	May 31, 2020	May 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 40.8	$ 36.6
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.9	0.8
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4.7	3.7
International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14.5	6.8
Annuities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13.0	17.5
Annuities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.0	5.6
Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.7	2.2
U.K.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	40.8	36.6	$ 31.8
U.K. \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	21.8	13.5
U.K. \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.9	0.8
U.K. \| Level 1 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4.7	3.7
U.K. \| Level 1 \| International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14.5	6.8
U.K. \| Level 1 \| Annuities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 1 \| Annuities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 1 \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.7	2.2
U.K. \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13.0	17.5
U.K. \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 2 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 2 \| International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 2 \| Annuities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13.0	17.5
U.K. \| Level 2 \| Annuities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 2 \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.0	5.6
U.K. \| Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 3 \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 3 \| International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 3 \| Annuities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.K. \| Level 3 \| Annuities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.0	5.6
U.K. \| Level 3 \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.0	$ 0.0

Employee Benefit Plans (Details) - Schedule of changes in fair value level 3 assets - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 5.6	$ 5.5
Actual Return on Plan Assets:
Relating to assets still held at year-end	(0.4)	0.2
Relating to assets sold during the year	0.0
Purchases, sales and settlements, net	0.0
Transfers in and/or out of Level 3	0.0
Foreign currency translation	0.8	0.1
Ending Balance	$ 6.0	$ 5.6

Employee Benefit Plans (Details) - Schedule of expected future benefit payments $ in Millions	May 31, 2021 USD ($)
U.K. \| Pension Plans
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	$ 1.3
2023	1.0
2024	1.4
2025	1.7
2026	1.7
2027 - 2031	8.7
U.S. \| Other Postretirement Benefits
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	1.3
2023	1.3
2024	1.2
2025	1.1
2026	1.0
2027 - 2031	4.0
Medicare subsidy receipts
2022	0.0
2023	0.1
2024	0.0
2025	0.0
2026	0.0
2027 - 2031	$ 0.1

Employee Benefit Plans (Details) - Assumed health care cost trend rates	12 Months Ended
	May 31, 2021	May 31, 2020
Assumed health care cost trend rates [Abstract]
Health care cost trend rate assumed for the next fiscal year	6.00%	6.30%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.00%	5.00%
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate	2026	2026

Accumulated Other Comprehensive Income - Reclassification out of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from Accumulated other comprehensive income (loss)	$ 0.6	$ 1.0	$ 0.8
Postretirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from Accumulated other comprehensive income (loss)	(0.5)	(0.2)	(0.1)
Net amortization and deferrals \| Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (gain)		0.0	0.0
Net amortization and deferrals \| Postretirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (gain)		(0.2)	(0.1)
Recognized net actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from Accumulated other comprehensive income (loss)	0.6	1.0
Amortization of prior service (credit) cost	(0.5)	(0.2)
Recognized net actuarial loss \| Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (gain)		1.0	0.8
Amounts reclassified from Accumulated other comprehensive income (loss)	0.6	1.0
Amortization of prior service (credit) cost	0.0	0.0
Recognized net actuarial loss \| Postretirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (gain)		0.0	0.0
Amounts reclassified from Accumulated other comprehensive income (loss)	0.0	0.0
Amortization of prior service (credit) cost	(0.5)	(0.2)
Accumulated Defined Benefit Plans Adjustment \| Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax (benefit) expense	0.0	0.0	0.0
Accumulated Defined Benefit Plans Adjustment \| Postretirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax (benefit) expense	0.1	$ 0.0	$ 0.0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest \| Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (gain)	0.6
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest \| Postretirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (gain)	0.0
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest \| Pension Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (gain)	0.0
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest \| Postretirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial loss (gain)	$ (0.6)

Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI Activity (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (58.3)	$ (59.7)
Other comprehensive income (loss) before reclassifications	23.5	0.6
Other comprehensive income (loss)	23.6	1.4
Ending balance	(34.7)	(58.3)	$ (59.7)
Pension and postretirement adjustments, tax portion	2.0	0.1	0.5
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(50.0)	(47.1)
Other comprehensive income (loss) before reclassifications	19.9	(2.9)
Amortization of net actuarial loss	0.0	0.0
Amortization of prior service (credit) cost	0.0	0.0
Other comprehensive income (loss)	19.9	(2.9)
Ending balance	(30.1)	(50.0)	(47.1)
Recognized net actuarial loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amortization of net actuarial loss	0.6	1.0
Amortization of prior service (credit) cost	(0.5)	(0.2)
Pension Plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(9.6)	(13.1)
Other comprehensive income (loss) before reclassifications	(1.4)	2.5
Amortization of net actuarial loss	0.6	1.0	0.8
Other comprehensive income (loss)	(0.8)	3.5
Ending balance	(10.4)	(9.6)	(13.1)
Pension Plans \| Recognized net actuarial loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amortization of net actuarial loss	0.6	1.0
Amortization of prior service (credit) cost	0.0	0.0
Postretirement Benefits
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	1.3	0.5
Other comprehensive income (loss) before reclassifications	5.0	1.0
Amortization of net actuarial loss	(0.5)	(0.2)	(0.1)
Other comprehensive income (loss)	4.5	0.8
Ending balance	5.8	1.3	$ 0.5
Postretirement Benefits \| Recognized net actuarial loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Amortization of net actuarial loss	0.0	0.0
Amortization of prior service (credit) cost	$ (0.5)	$ (0.2)

Earnings (Loss) Per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to Class A and Common Shares	$ (11.0)	$ (43.8)	$ 15.6
Weighted average Shares of Class A Stock and Common Stock outstanding for basic earnings (loss) per share (in millions)	34.3	34.6	35.2
Dilutive effect of Class A Stock and Common Stock potentially issuable pursuant to stock-based compensation plans (in millions)*	0.0	0.0	0.6
Adjusted weighted average Shares of Class A Stock and Common Stock outstanding for diluted earnings (loss) per share (in millions)	34.3	34.6	35.8
Basic:
Basic earnings (loss) per share (in Dollars per share)	$ (0.32)	$ (1.27)	$ 0.44
Diluted:
Net income (loss) (in Dollars per share)	$ (0.32)	$ (1.27)	$ 0.43

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Earnings (Loss) Per Share (Details) - USD ($) $ in Millions	12 Months Ended
Earnings (Loss) Per Share (Details) - USD ($) $ in Millions	May 31, 2019	May 31, 2021	May 31, 2020
Earnings (Loss) Per Share (Details) [Line Items]
Number of potentially antidilutive shares outstanding		2.0
Options outstanding ( in shares)		4,987,262	3,002,981
Participating Restricted Stock Units [Member]
Earnings (Loss) Per Share (Details) [Line Items]
Undistributed Earnings Allocated to Participating Securities (in Dollars)	$ 0.1

Other Accrued Expenses (Details) - Schedule of accrued expenses - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Schedule of accrued expenses [Abstract]
Accrued payroll, payroll taxes and benefits	$ 32.4	$ 38.8
Accrued bonus and commissions	23.0	12.1
Accrued other taxes	31.4	22.9
Returns liability	45.2	43.5
Accrued advertising and promotions	12.6	9.9
Other accrued expenses	57.4	34.3
Total accrued expenses	$ 202.0	$ 161.5

Other Accrued Expenses - Schedule of Accrued Severance (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020
Cost Reduction Programs [Member]
Restructuring Reserve [Roll Forward]
Severance	$ 23.1	$ 13.1
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	5.7	5.5
Accruals	23.5	17.2
Payments	(25.5)	(17.0)
Ending balance	$ 3.7	$ 5.7

Derivatives and Hedging (Details) - USD ($) $ in Millions	12 Months Ended
Derivatives and Hedging (Details) - USD ($) $ in Millions	May 31, 2021	May 31, 2020
Derivative [Line Items]
Unrealized gain (loss) on foreign currency derivatives	$ (1.8)	$ 0.6
Not Designated as Hedging Instrument [Member] \| Foreign Currency Contract [Member]
Derivative [Line Items]
Notional amount of derivatives	$ 28.8	$ 23.5

Fair Value Measurements (Details) - Schedule of non-financial assets measured and recorded at fair value on a non-recurring basis - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairments and write downs	$ 11.1	$ 40.6	$ 0.9
Additions	0.0	1.6
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, net	0.0	0.0	0.0
Impairment of Long-Lived Assets to be Disposed of		0.6	0.9
Author advances		0.0
Author Advances, Property, plant and equipment, net		1.6
Prepublication assets		0.5
Prepublication costs		0.8
Asset impairments and write downs	1.5
Investment acquired			6.0
Investments Impairment Loss			0.0
Intangible assets		1.5	4.9
Impairment, Intangible assets		0.0	0.0
Additions		0.0
Operating Lease, Right-Of-Use Asset, Fair Value Disclosure	8.1
Fair Value, Nonrecurring \| Operating lease right-of-use assets, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairments and write downs	9.6
Additions	0.0
Fair Value, Nonrecurring \| Property, plant and equipment, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Additions	0.0	0.0	0.0
Fair Value, Nonrecurring \| Prepublication assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Additions		0.0
Fair Value, Nonrecurring \| Intangible assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible assets acquired		1.6	5.1
Fair Value, Nonrecurring \| Investment acquired
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Additions			6.0
Fair Value, Nonrecurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, net	0.0	0.0	0.0
Author advances		0.0
Prepublication assets		0.0
Investment acquired			0.0
Intangible assets		0.0	0.0
Operating Lease, Right-Of-Use Asset, Fair Value Disclosure	0.0
Fair Value, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, net	0.0	0.0	0.0
Author advances		0.0
Prepublication assets		0.0
Investment acquired			0.0
Intangible assets		0.0	0.0
Operating Lease, Right-Of-Use Asset, Fair Value Disclosure	0.0
Fair Value, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, net	0.0	0.0	0.0
Author advances		0.0
Prepublication assets		0.5
Investment acquired			6.0
Intangible assets		$ 1.6	$ 5.1
Operating Lease, Right-Of-Use Asset, Fair Value Disclosure	$ 9.1

Subsequent Events (Details) - Subsequent Event - $ / shares	Jul. 21, 2021	Jun. 05, 2021
Class A Stock
Subsequent Event [Line Items]
Dividends declared (in dollars per share)	$ 0.15
Common Stock \| Chief Executive Officer and Director
Subsequent Event [Line Items]
Shares held by CEO and Director's Estate		890,904

Schedule II Valuation and Qualifying Accounts and Reserves Schedule II (Details) - USD ($) $ in Millions	12 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2019
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance	$ 19.9	$ 11.6	$ 12.4
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	5.2	15.6	7.0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	3.7	7.3	7.8
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance	21.4	19.9	11.6
Reserve For Return
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance	43.5	34.5	30.0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	66.0	76.7	67.2
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	64.3	67.7	62.7
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance	45.2	43.5	34.5
Reserves for obsolescence
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance	91.1	72.9	67.5
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	36.6	34.3	20.8
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	28.1	16.1	15.4
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance	99.6	91.1	72.9
Reserve for royalty advances
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance	109.5	102.9	97.0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	5.4	8.1	6.8
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	(0.6)	1.5	0.9
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance	$ 115.5	$ 109.5	$ 102.9