Subsequent Events

12 Months Ended

May 31, 2018

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On June 21, 2018, the U.S. Supreme Court issued its opinion in South Dakota v. Wayfair, Inc. et al., reversing prior precedent, in particular Quill Corp. v. North Dakota (1992), which held that states could not constitutionally require retailers to collect and remit sales or use taxes in respect to mail order or internet sales made to residents of a state in the absence of the retailer having a physical presence in the taxing state. This ruling could potentially impact the Company, primarily in respect to sales made through its school book club channel, as well as certain sales made through its ecommerce internet sites, to residents in states that the Company had not previously remitted sales or use taxes based on its having no physical presence in such states. The Company has determined that this ruling impacts conditions that did not exist as of May 31, 2018 and therefore no effects of this change in law were recognized in the Consolidated Financial Statements. However, the Company has provided further information to Note 5, "Commitments and Contingencies."

On July 18, 2018, 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 2019. The dividend is payable on September 17, 2018 to shareholders of record on August 31, 2018.